Research Reports

Q4 2025 total revenue reached $581.9 million, up 7.7% Q-o-Q and 5.9% year-on-year (CEO, CFO).
Live streaming revenue was $394.4 million, up 1.5% Q-o-Q, marking three consecutive quarters of sequential growth (CEO, CFO).
BIGO Ads revenue (first and third-party) was $128.1 million, up 61.5% year-on-year; third-party Audience Network revenue grew 82.5% year-on-year (CEO, CFO).
Non-live streaming businesses contributed 32.2% of total group revenue in Q4, up from 23.1% in the prior-year period (CEO, CFO).
Full-year 2025 total revenue was $2.12 billion; live streaming contributed $1.53 billion; BIGO Ads contributed $398.5 million, up 38.5% year-on-year (CEO).
Full-year non-GAAP operating income was $150.8 million, up 10.8% year-on-year; non-GAAP EBITDA was $189.8 million, up 10.9% year-on-year (CEO).
Q4 non-GAAP operating profit was $40.8 million; operating cash flow was $115 million (CEO) / $116 million (CFO).
Net cash as of December 31, 2025: $3.26 billion (CEO, CFO).
2025 shareholder returns: $332 million through share repurchases ($134.6 million) and dividends; Board approved an additional $20 million cash dividend (CEO, CFO).
Q4 share repurchases: $67.4 million (CFO).
Global social MAUs: 272.1 million, up 2.2% Q-o-Q (CEO).
BIGO Ads 3-year target: revenue milestone of $1 billion by 2028 (CEO).
New product revenue in Q4 increased 37.9% Q-o-Q, setting a new monthly record (CEO).

Q1 2026 net revenue: expected between $538 million and $548 million, implying 8.8% to 10.9% year-over-year growth (CFO).

"In 2025, our group revenue and social entertainment business regained growth momentum since Q2, and we saw meaningful progress in our segment growth curve of ad tech and other emerging areas." (CEO)
"We believe 2026 will be a landmark year for JOYY, marking the resolute beginning of our renewed growth journey and the defining step toward becoming a global diversified multi-engine technology company." (CEO)
"We have established a 3-year road map for the BIGO Audience Network, targeting a revenue milestone of $1 billion by 2028, accompanied by steady improvement in economics." (CEO)
"Our balance sheet remains healthy with a strong net cash position of $3.26 billion as December 31, 2025." (CFO)
"We believe our current valuation does not fully reflect our intrinsic value. We remain committed to actively utilizing our buyback program." (CEO)

Metric	Value	Speaker/Context
Total Revenue (Q4 2025)	$581.9M	Q-o-Q +7.7%, YoY +5.9% (CEO, CFO)
Live Streaming Revenue (Q4)	$394.4M	Q-o-Q +1.5% (CEO, CFO)
BIGO Ads Revenue (Q4)	$128.1M	YoY +61.5%, Q-o-Q +23.3% (CEO, CFO)
Third-Party Audience Network Revenue (Q4)	—	YoY +82.5%, Q-o-Q +27.3% (CEO)
Non-GAAP Operating Profit (Q4)	$40.8M	(CEO)
Operating Cash Flow (Q4)	$115M / $116M	CEO / CFO
Net Cash (Dec 31, 2025)	$3.26B	(CEO, CFO)
Full-Year 2025 Total Revenue	$2.12B	(CEO)
Full-Year 2025 BIGO Ads Revenue	$398.5M	YoY +38.5% (CEO)
Full-Year 2025 Non-GAAP Operating Income	$150.8M	YoY +10.8% (CEO)
Full-Year 2025 Non-GAAP EBITDA	$189.8M	YoY +10.9% (CEO)
Global Social MAUs (Q4)	272.1M	Q-o-Q +2.2% (CEO)
BIGO Paying Users (Q4)	—	Q-o-Q +1.5% (CEO, CFO)
Q1 2026 Revenue Guidance	$538M–$548M	YoY +8.8%–10.9% (CFO)

Topic: 直播业务复苏驱动因素与2026年展望
Key points:
- 直播业务连续三个季度实现环比复苏；Q1指引显示集团总营收同比增长约8.8%至10.9%。
- 预计Q1直播营收将恢复同比正增长，但受春节和斋月影响，环比将有季节性疲软。
- 2026年全年，管理层对集团实现正营收增长