NYSE$HUYA
HUYA Inc · Q3 2025 earnings
Q3 2025 earnings · · Before market open · Investor relations
Briefing
Total revenue re-accelerates 9.8% as game-related services exceed 30% of mix
HUYA reported unaudited Q3 2025 results for the period ended September 30, 2025, with total net revenues of RMB1,688.3 million (US$237.1 million), up 9.8% year over year, marking a return to growth after prior volatility. Live streaming revenues rose 2.6% to RMB1,156.7 million while game-related services, advertising and other revenues surged 29.6% to RMB531.6 million, exceeding 30% of total revenue for the first time since its strategic pivot. Net income attributable to HUYA was RMB9.6 million versus RMB23.6 million a year ago, reflecting lower interest income after special dividends reduced time deposits. Non-GAAP net income was RMB36.3 million and non-GAAP operating income turned positive at RMB6.3 million. Gross margin improved to 13.4% from 13.2%. Average MAUs were 162.3 million.
- Total net revenues grew 9.8% to RMB1.69B; game-related services/advertising revenue jumped 29.6% to RMB531.6M (>30% of mix)
- Live streaming revenue rose 2.6% to RMB1.16B on higher average spending per paying user
- Reported net income was RMB9.6M; non-GAAP net income was RMB36.3M with non-GAAP operating income of RMB6.3M
- Gross profit increased 11.3% to RMB226.6M; gross margin expanded to 13.4%
- Cash, deposits and equivalents totaled RMB3.83B; average MAUs were 162.3M
Headline financials
Revenue & EPS history
HUYA · Revenue · Quarterly
¥1.69B
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 Q3 2025
+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 | — | — | — |
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