On March 11, 2026, Beijing time, JOYY Inc. announced its financial results for the fourth quarter and full year of 2025. In Q4 2025, the company's revenue reached $581.9 million, achieving both sequential and year-over-year growth. Revenue increased by 7.7% compared to the previous quarter and by 5.9% compared to the same period last year, marking a return to positive year-over-year growth.

Revenue from the company's live streaming business grew 1.5% sequentially to $394.4 million, marking the third consecutive quarter of sequential growth. The BIGO Ads advertising business saw its growth rate accelerate significantly, with revenue surging 61.5% year-over-year to $128.1 million. This strong performance further increased the proportion of total revenue contributed by non-live streaming segments.

For the full year 2025, the Group's total revenue was $2.12 billion. Live streaming business revenue accounted for $1.53 billion. BIGO Ads revenue reached $398.5 million, a substantial increase of 38.5% year-over-year. This growth drove the share of total revenue from non-live streaming businesses to 28%, an increase of 7.9 percentage points from 2024.

In the fourth quarter of 2025, JOYY's non-GAAP operating profit was $40.8 million, and operating cash flow reached $116 million. For the full year 2025, the company's non-GAAP operating profit and non-GAAP EBITDA were $150.8 million and $189.8 million, respectively, representing increases of 10.8% and 10.9% compared to the prior year.

As of December 31, 2025, the Group's net cash position stood at $3.26 billion. Robust operating profit and cash flow provide a solid foundation for shareholder returns. JOYY accelerated its share repurchases in the second half of 2025, repurchasing $67.4 million worth of shares in Q4 alone. Total repurchases for the full year amounted to $134.6 million. Combined with dividend distributions, the total capital returned to shareholders for the full year reached $332 million.

Furthermore, following the improvement in 2025 operating profit, JOYY will distribute an additional special cash dividend of $20 million in the first quarter, continuing to enhance shareholder returns. With the social entertainment business returning to growth and secondary growth drivers like advertising technology accelerating, JOYY Group's growth trajectory is becoming more defined, positioning the company to create stable long-term value for shareholders.