JOYY Q4 Revenue Grows 5.9% YoY, BIGO Ads Up 61.5%
JOYY's Q4 2025 revenue rose 5.9% YoY to US$581.9M with 7.7% sequential growth, livestreaming revenue up 1.5% and BIGO Ads surging 61.5% to US$128.1M. Full-year 2025 revenue reached US$2.124B, non-GAAP operating income grew 10.8% to US$150.8M, and net cash stands at US$3.26B.
1. Fourth Quarter Financial Results
JOYY delivered US$581.9 million in Q4 revenue, up 5.9% year over year and 7.7% sequentially. Livestreaming revenue reached US$394.4 million, up 1.5% quarter over quarter, while advertising revenue climbed 62.4% to US$145.4 million. Non-GAAP operating income was US$40.8 million and operating cash flow totaled US$116.0 million.
2. Full Year 2025 Highlights
Total revenue for 2025 was US$2.1242 billion, with non-GAAP operating income of US$150.8 million, up 10.8% from 2024, and non-GAAP EBITDA of US$189.8 million, up 10.9% year over year. The company closed the year with US$3.26 billion in net cash.
3. Business Segment Growth
BIGO Ads revenue grew 61.5% to US$128.1 million in Q4, driving non-livestreaming revenue to 28.0% of total, up 7.9 points. The social entertainment segment posted a third consecutive quarter of sequential livestreaming growth, global mobile MAUs rose to 272.1 million, and AI-driven features boosted user engagement.
4. Shareholder Returns and Liquidity
JOYY has a US$900 million shareholder return program through 2027, executing US$67.4 million in share repurchases in Q4 and distributing US$332.0 million in dividends and buybacks in 2025. An additional US$20 million cash dividend will be paid in Q1 2026.