NYSE$HUYA
HUYA Inc · Q1 2026 earnings
Q1 2026 earnings · · Before market open · Investor relations
Briefing
HUYA Q1 2026: RMB1.73B revenue (+14.6% YoY), non-GAAP profit RMB21.1M as diversification accelerates
HUYA Inc. reported first-quarter 2026 unaudited results showing continued momentum in its transformation into a comprehensive game-related services provider. Total net revenues rose 14.6% year over year to RMB1,728.4 million, while game-related services, advertising and other revenues surged 69.4% to RMB627.4 million and reached a record 36.3% mix of total revenue. Live streaming revenue eased to RMB1,101.0 million amid industry conditions. Gross profit grew 34.3% to RMB253.2 million and gross margin expanded to 14.6% from 12.5%, helped by higher-margin diversification. GAAP operating loss narrowed to RMB28.8 million from RMB59.6 million, and non-GAAP operating loss narrowed to RMB2.7 million. Net loss attributable to HUYA was RMB4.1 million versus net income of RMB0.9 million a year ago, while non-GAAP net income attributable to HUYA was RMB21.1 million compared with RMB24.0 million in Q1 2025.
- Total net revenues increased 14.6% YoY to RMB1,728.4 million; game-related services, advertising and other revenues jumped 69.4% to RMB627.4 million.
- Gross margin expanded to 14.6% from 12.5% as higher-margin game-related businesses grew to 36.3% of revenue.
- GAAP operating loss narrowed to RMB28.8 million from RMB59.6 million; non-GAAP operating loss improved to RMB2.7 million from RMB35.6 million.
- Non-GAAP net income attributable to HUYA was RMB21.1 million despite a RMB4.1 million GAAP net loss, reflecting share-based compensation and acquisition-related adjustments.
- Cash, short-term deposits and long-term deposits totaled RMB3,455.1 million at March 31, 2026, down from RMB3,818.4 million at year-end after dividend payments.
Headline financials
Revenue & EPS history
HUYA · Revenue · Quarterly
¥1.73B
Forward guidance
Management emphasized disciplined pursuit of growth opportunities while preserving earnings quality, citing a pipeline of new publishing titles and continued expansion of game-related services.
Tailwinds
- Strong diversification into higher-margin game-related services with Goose Goose Duck mobile gaining traction.
- Operating loss narrowing and gross margin expansion support earnings quality improvement.
Headwinds
- Live streaming revenues declined amid challenging industry environment.
- GAAP net loss returned after prior-year breakeven on lower interest income from reduced deposits.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2026
+0.5%
Avg return
Earnings day
-2.3%
Avg return
5 days after
-3.6%
Avg return
30 days after
52%
17 / 33 earnings
Positive
+24.9%
Q1 2024
Best reaction
-18.3%
Q4 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -9.2% | -11.0% | -24.5% | |
| Q3 2025 | -4.3% | -3.9% | +11.4% | |
| Q2 2025 | +4.8% | +0.0% | +3.9% | |
| Q1 2025 | +1.4% | +0.0% | +8.7% | |
| Q4 2024 | -18.3% | -29.3% | -26.4% | |
| Q3 2024 | -5.6% | -5.3% | -2.5% | |
| Q2 2024 | +6.7% | -1.3% | -11.4% | |
| Q1 2024 | +24.9% | +35.7% | -4.3% | |
| Q4 2023 | +1.7% | -5.7% | -4.4% | |
| Q3 2023 | +12.0% | +12.0% | +9.9% | |
| Q2 2023 | -5.6% | -17.1% | -7.1% | |
| Q1 2023 | -7.0% | -9.0% | +10.8% | |
| Q4 2022 | -15.6% | -12.8% | -18.4% | |
| Q3 2022 | +20.4% | +9.1% | +29.6% | |
| Q2 2022 | -8.6% | -13.3% | -19.6% | |
| Q1 2022 | +5.6% | +7.4% | -1.5% | |
| Q4 2021 | +14.1% | +5.2% | -21.7% | |
| Q3 2021 | +8.9% | +19.0% | -12.6% | |
| Q2 2021 | +1.1% | +2.2% | -3.6% | |
| Q1 2021 | -2.3% | -4.5% | +9.6% | |
| Q4 2017 | +1.2% | -6.1% | -19.8% | |
| Q4 2020 | -13.9% | -16.2% | -27.9% | |
| Q3 2020 | +7.3% | +8.5% | +2.2% | |
| Q2 2020 | +7.0% | +0.3% | +6.5% | |
| Q1 2020 | -8.9% | -17.1% | +7.8% | |
| Q4 2019 | -3.6% | -13.2% | +7.4% | |
| Q3 2019 | -4.6% | -11.5% | -29.0% | |
| Q2 2019 | +4.9% | +19.1% | +18.5% | |
| Q1 2019 | +0.7% | -3.9% | +8.3% | |
| Q4 2018 | +18.8% | -4.2% | +7.3% | |
| Q3 2018 | -1.6% | -6.8% | -11.7% | |
| Q2 2018 | -14.3% | -20.4% | -16.1% | |
| Q1 2018 | -1.5% | +17.5% | +0.7% | |
| Q3 2017 | — | — | — | |
| Q2 2017 | — | — | — | |
| Q1 2017 | — | — | — | |
| Q4 2016 | — | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro