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HUYA Inc

HUYA Inc. Reports First Quarter 2026 Unaudited Financial Results

GUANGZHOU, China , May 12, 2026 /PRNewswire/ -- HUYA Inc. ("Huya" or the "Company") (NYSE: HUYA), a leading game-related entertainment and services provider, today announced its unaudited financial results for the first quarter ended March 31, 2026.

First Quarter 2026 Highlights

  • Total net revenues increased by 14.6% to RMB1,728.4 million (US$250.6 million) for the first quarter of 2026, from RMB1,508.6 million for the same period of 2025.
  • Game-related services, advertising and other revenues increased by 69.4% to RMB627.4 million (US$91.0 million) for the first quarter of 2026, from RMB370.4 million for the same period of 2025.
  • Operating loss narrowed to RMB28.8 million (US$4.2 million) for the first quarter of 2026, compared with RMB59.6 million for the same period of 2025.
  • Non-GAAP[ 1] operating loss narrowed to RMB2.7 million (US$0.4 million) for the first quarter of 2026, compared with RMB35.6 million for the same period of 2025.
  • Net loss attributable to HUYA Inc.was RMB4.1 million (US$0.6 million) for the first quarter of 2026, compared with a net income attributable to HUYA Inc. of RMB0.9 million for the same period of 2025.
  • Non-GAAP net income attributable to HUYA Inc. was RMB21.1 million (US$3.1 million) for the first quarter of 2026, compared with RMB24.0 million for the same period of 2025.

Mr. Junhong Huang, Acting Chief Executive Officer of Huya, commented, "Huya continued to deliver solid results in the first quarter of 2026, underpinned by our ongoing transformation into a comprehensive game-related services provider. Total net revenues reached RMB1.73 billion, up 14.6% year-over-year, while game-related services, advertising, and other revenues grew 69.4% year-over-year to RMB627.4 million, representing a record 36.3% of total net revenues."

"Goose Goose Duck mobile continued to gain traction in the Chinese mainland, reaching as high as Top 5 on the local Apple App Store top-grossing games chart in April, demonstrating the game's promising monetization potential. Beyond game publishing, our broader game-related services also made meaningful progress. In-game item sales maintained rapid year-over-year growth, fueled by deeper collaborations with top-tier game titles, while our content-driven advertising services continued to attract leading game companies seeking integrated marketing solutions. With multiple new publishing titles in our pipeline, we are well-positioned to build on this momentum through disciplined execution," Mr. Huang concluded.

Mr. Raymond Peng Lei, Chief Financial Officer of Huya, added, "This quarter's steady top line growth and the continued improvement in both our revenue mix and operating performance underscore the earnings potential of our diversification efforts. The increased revenue contribution from businesses with higher gross margins led to a year-over-year and sequential gross margin expansion to 14.6% this quarter. Looking ahead, we remain focused on prudently pursuing growth opportunities while preserving earnings quality and delivering long-term value to our shareholders."

First Quarter 2026 Financial Results

Total net revenues increased by 14.6% to RMB1,728.4 million (US$250.6 million) for the first quarter of 2026, from RMB1,508.6 million for the same period of 2025.

Live streaming revenues were RMB1,101.0 million (US$159.6 million) for the first quarter of 2026, compared with RMB1,138.2 million for the same period of 2025, primarily reflecting the live streaming industry's current environment.

Game-related services, advertising and other revenues increased by 69.4% to RMB627.4 million (US$91.0 million) for the first quarter of 2026, from RMB370.4 million for the same period of 2025. The increase was primarily driven by higher revenues from in-game item sales and advertising, mainly attributable to the Company's deepened and broadened collaboration with game companies.

Cost of revenues increased by 11.8% to RMB1,475.2 million (US$213.9 million) for the first quarter of 2026, from RMB1,320.1 million for the same period of 2025, primarily due to increased costs of in-game virtual items, as well as increased revenue sharing fees and content costs. Revenue sharing fees and content costs, a key component of cost of revenues, increased by 6.9% year-over-year to RMB1,234.7 million (US$179.0 million) for the first quarter of 2026, mainly reflecting higher revenues.

Gross profit increased by 34.3% to RMB253.2 million (US$36.7 million) for the first quarter of 2026, from RMB188.5 million for the same period of 2025. Gross margin was 14.6% for the first quarter of 2026, compared with 12.5% for the same period of 2025.

Research and development expenses increased by 1.7% to RMB131.7 million (US$19.1 million) for the first quarter of 2026, from RMB129.5 million for the same period of 2025.

Sales and marketing expenses increased by 45.1% to RMB88.1 million (US$12.8 million) for the first quarter of 2026, from RMB60.7 million for the same period of 2025, primarily due to marketing and promotional efforts related to the launch of Goose Goose Duck mobile.

General and administrative expenses increased by 5.9% to RMB65.1 million (US$9.4 million) for the first quarter of 2026, from RMB61.4 million for the same period of 2025, primarily due to increased share-based compensation expenses.

Other income was RMB2.9 million (US$0.4 million) for the first quarter of 2026, compared with RMB3.5 million for the same period of 2025, primarily due to lower government subsidies.

Operating loss narrowed to RMB28.8 million (US$4.2 million) for the first quarter of 2026, compared with RMB59.6 million for the same period of 2025.

Non-GAAP operating loss narrowed to RMB2.7 million (US$0.4 million) for the first quarter of 2026, compared with RMB35.6 million for the same period of 2025.

Interest income was RMB30.3 million (US$4.4 million) for the first quarter of 2026, compared with RMB64.9 million for the same period of 2025, primarily due to a lower time deposit balance, mainly reflecting the payment of special cash dividends.

Net loss attributable to HUYA Inc. was RMB4.1 million (US$0.6 million) for the first quarter of 2026, compared with a net income attributable to HUYA Inc. of RMB0.9 million for the same period of 2025.

Non-GAAP net income attributable to HUYA Inc. was RMB21.1 million (US$3.1 million) for the first quarter of 2026, compared with RMB24.0 million for the same period of 2025.

Basic and diluted net loss per American depositary share ("ADS") were each RMB0.02 (US$0.00) for the first quarter of 2026. Basic and diluted net income per ADS were each RMB0.00 for the first quarter of 2025. Each ADS represents one Class A ordinary share of the Company.

Non-GAAP basic and diluted net income per ADS were each RMB0.09 (US$0.01) for the first quarter of 2026. Non-GAAP basic and diluted net income per ADS were each RMB0.10 for the first quarter of 2025.

As of March 31, 2026, the Company had cash and cash equivalents, short-term deposits and long-term deposits of RMB3,455.1 million (US$500.9 million), compared with RMB3,818.4 million as of December 31, 2025.

Earnings Webinar

The Company's management will host a Tencent Meeting Webinar at 6:00 a.m.U.S. Eastern Time on May 12, 2026 (6:00 p.m.Beijing/Hong Kong time on May 12, 2026), to review and discuss the Company's business and financial performance.

For participants who wish to join the webinar, please complete the online registration in advance using the links provided below. Upon registration, participants will receive an email with webinar access information, including meeting ID, meeting link, dial-in numbers, and a unique attendee ID to join the webinar.

Participant Online Registration:

A live webcast of the webinar will be accessible at https://ir.huya.com, and a replay of the webcast will be available following the session.

[1] The Company's non-GAAP financial measures exclude share-based compensation expenses, amortization of intangible assets from business acquisitions, and impairment loss of investments, to the extent applicable. For more information, please refer to the section titled "Use of Non-GAAP Financial Measures" and the table captioned "HUYA Inc. Unaudited Reconciliations of GAAP and Non-GAAP Results" at the end of this press release.

[2] For the purpose of this announcement only, Chinese Mainland excludes the Hong Kong Special Administrative Region, the Macao Special Administrative Region of the People's Republic of China, and Taiwan.

About HUYA Inc.

HUYA Inc. is a leading game-related entertainment and services provider. Huya delivers dynamic live streaming and video content and a rich array of services spanning games, e-sports, and other interactive entertainment genres to a large, highly engaged community of game enthusiasts. Huya has cultivated a robust entertainment ecosystem powered by AI and other advanced technologies, serving users and partners across the gaming universe, including game companies, e-sports tournament organizers, broadcasters and talent agencies. Leveraging this strong foundation, Huya has also expanded into innovative game-related services, such as game distribution, in-game item sales, advertising and more. Huya continues to extend its footprint in China and abroad, meeting the evolving needs of gamers, content creators, and industry partners worldwide.

For more information, please visit: https://ir.huya.com.

Use of Non-GAAP Financial Measures

The unaudited condensed consolidated financial information is prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), except that the consolidated statement of changes in shareholders' equity, consolidated statements of cash flows, and the detailed notes have not been presented. Huya uses non-GAAP gross profit, non-GAAP operating loss, non-GAAP net income (loss) attributable to HUYA Inc., non-GAAP net income (loss) attributable to ordinary shareholders, non-GAAP basic and diluted net income (loss) per ordinary share, and non-GAAP basic and diluted net income (loss) per ADS, which are non-GAAP financial measures. Non-GAAP gross profit is gross profit excluding share-based compensation expenses allocated in cost of revenues. Non-GAAP operating loss is operating loss excluding share-based compensation expenses and amortization of intangible assets from business acquisitions. Non-GAAP net income (loss) attributable to HUYA Inc. is net income (loss) attributable to HUYA Inc. excluding share-based compensation expenses, impairment loss of investments, and amortization of intangible assets from business acquisitions, net of income taxes, to the extent applicable. Non-GAAP net income (loss) attributable to ordinary shareholders is net income (loss) attributable to ordinary shareholders excluding share-based compensation expenses, impairment loss of investments, and amortization of intangible assets from business acquisitions, net of income taxes, to the extent applicable. Non-GAAP basic and diluted net income (loss) per ordinary share and per ADS is non-GAAP net income (loss) attributable to ordinary shareholders divided by the weighted average number of ordinary shares and ADS used in the calculation of non-GAAP basic and diluted net income (loss) per ordinary share and per ADS. The Company believes that separate analysis and exclusion of the impact of (i) share-based compensation expenses, (ii) impairment loss of investments, and (iii) amortization of intangible assets from business acquisitions (net of income taxes), add clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses the non-GAAP financial measures for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measures represent useful supplemental information for investors and analysts to assess its operating performance without the effect of (i) share-based compensation expenses, and (ii) amortization of intangible assets from business acquisitions, which have been and will continue to be significant recurring expenses in its business, and (iii) impairment loss of investments. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company's net income (loss) for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider a non-GAAP financial measure in isolation from or as an alternative to the financial measures prepared in accordance with U.S. GAAP.

The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned "HUYA Inc. Unaudited Reconciliations of GAAP and Non-GAAP Results" at the end of this announcement.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.8980 to US$1.00, the noon buying rate in effect on March 31, 2026, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollar amounts referred to in this announcement could have been or could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this announcement, as well as Huya's strategic and operational plans, contain forward-looking statements. Huya may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Huya's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Huya's goals and strategies; Huya's future business development, results of operations and financial condition; the expected growth of the live streaming industry and the game industry in mainland China and internationally; Huya's expectation regarding demand for and market acceptance of its products and services; Huya's ability retain and grow its user reach, broadcasters, talent agencies, business partners for game-related services and advertisers; Huya's ability to expand its product and service offerings; competition in the live streaming industry and game industry; Huya's efforts in complying with applicable data privacy and security regulations; fluctuations in general economic and business conditions in China; the economy in China and elsewhere generally; any regulatory developments in laws, regulations, rules, policies or guidelines applicable to Huya; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Huya's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Huya does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

In China:

HUYA Inc.
Investor Relations
Tel: +86-20-2290-7829
E-mail: ir@huya.com

Piacente Financial Communications
Jenny Cai
Tel: +86-10-6508-0677
E-mail: huya@tpg-ir.com

In the United States:

Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: huya@tpg-ir.com

 

HUYA INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except share, ADS, per share data and per ADS data)




As of December 31,


As of March 31,



2025


2026


2026



RMB


RMB


US$








Assets







Current assets







Cash and cash equivalents


692,663


360,398


52,247

Restricted cash and short-term deposits


12,031


31,537


4,572

Short-term deposits


3,125,760


2,874,686


416,742

Accounts receivable, net


238,569


339,951


49,283

Prepaid assets and amounts due from related
   parties, net


290,747


371,368


53,837

Prepayments and other current assets, net


547,078


524,849


76,086








Total current assets


4,906,848


4,502,789


652,767








Non-current assets







Long-term deposits


-


220,000


31,893

Investments


296,165


329,409


47,754

Goodwill


453,498


446,440


64,720

Property and equipment, net


604,368


653,732


94,771

Intangible assets, net


127,633


116,683


16,915

Right-of-use assets, net


304,017


310,640


45,033

Prepayments and other non-current assets


8,843


9,503


1,378








Total non-current assets


1,794,524


2,086,407


302,464








Total assets


6,701,372


6,589,196


955,231








Liabilities and shareholders' equity







Current liabilities







Accounts payable


237,903


384,594


55,754

Advances from customers and deferred revenue


228,167


208,398


30,211

Income taxes payable


61,479


55,101


7,988

Accrued liabilities and other current liabilities


1,032,437


852,899


123,644

Amounts due to related parties


150,166


104,470


15,145

Lease liabilities due within one year


18,982


16,470


2,388

Dividends payable


-


214,655


31,118








Total current liabilities


1,729,134


1,836,587


266,248








Non-current liabilities







Lease liabilities


1,766


12,808


1,857

Deferred tax liabilities


18,932


18,059


2,618

Deferred revenue


31,824


32,780


4,752








Total non-current liabilities


52,522


63,647


9,227








Total liabilities


1,781,656


1,900,234


275,475

 

HUYA INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)

(All amounts in thousands, except share, ADS, per share data and per ADS data)




As of December 31,


As of March 31,



2025


2026


2026



RMB


RMB


US$








Shareholders' equity







Class A ordinary shares (US$0.0001 par value;
   750,000,000 shares authorized as of December
   31, 2025 and March 31, 2026, respectively;
   73,146,779 and 79,404,675* shares issued and
   outstanding as of December 31, 2025 and March
   31, 2026, respectively)


54


58


8

Class B ordinary shares (US$0.0001 par value;
   200,000,000 shares authorized as of December
   31, 2025 and March 31, 2026, respectively;
   150,386,517 and 150,386,517 shares issued and
   outstanding as of December 31, 2025 and
   March 31, 2026, respectively)


98


98


14

Treasury shares


(128,056)


(125,183)


(18,148)

Additional paid-in capital


6,466,101


6,270,666


909,056

Statutory reserves


122,429


122,429


17,748

Accumulated deficit


(2,219,365)


(2,224,839)


(322,534)

Accumulated other comprehensive income


678,455


645,733


93,612








Total shareholders' equity


4,919,716


4,688,962


679,756








Total liabilities and shareholders' equity


6,701,372


6,589,196


955,231


* For the avoidance of doubt, the total outstanding ordinary shares include 5,655,480 Class A ordinary shares beneficially owned by participants
  of HUYA Inc.'s share incentive plans.

 

HUYA INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(All amounts in thousands, except share, ADS, per share data and per ADS data)



Three Months Ended



March 31,

2025


December 31,

2025


March 31,

2026


March 31,

2026




RMB


RMB


RMB


US$












Net revenues










Live streaming


1,138,151


1,145,950


1,100,993


159,610


Game-related services, advertising and other
   revenues


370,434


592,525


627,393


90,953












Total net revenues


1,508,585


1,738,475


1,728,386


250,563












Cost of revenues(1)


(1,320,102)


(1,493,767)


(1,475,234)


(213,864)












Gross profit


188,483


244,708


253,152


36,699












Operating expenses (1)










Research and development expenses


(129,525)


(123,054)


(131,709)


(19,094)


Sales and marketing expenses


(60,695)


(78,066)


(88,067)


(12,767)


General and administrative expenses


(61,445)


(125,958)


(65,092)


(9,436)












Total operating expenses


(251,665)


(327,078)


(284,868)


(41,297)












Other income, net


3,534


17,516


2,927


424












Operating loss


(59,648)


(64,854)


(28,789)


(4,174)












Interest income


64,916


32,144


30,327


4,396


Impairment loss of investments


-


(81,458)


-


-


Foreign currency exchange losses, net


(416)


(2,182)


(1,703)


(247)












Income (loss) before income tax expenses


4,852


(116,350)


(165)


(25)












Income tax expenses


(3,248)


(1,662)


(2,631)


(381)












Income (loss) before (loss) gain in equity method
   investments, net of income taxes


1,604


(118,012)


(2,796)


(406)












(Loss) gain in equity method investments, net of
   income taxes


(677)


429


(1,271)


(184)












Net income (loss) attributable to HUYA Inc.


927


(117,583)


(4,067)


(590)












Net income (loss) attributable to ordinary
   shareholders


927


(117,583)


(4,067)


(590)


 

HUYA INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)

(All amounts in thousands, except share, ADS, per share data and per ADS data)




Three Months Ended



March 31,

2025


December 31,

2025


March 31,

2026


March 31,

2026



RMB


RMB


RMB


US$










Net income (loss) per ADS*









—Basic


0.00


(0.51)


(0.02)


0.00

—Diluted


0.00


(0.51)


(0.02)


0.00

Net income (loss) per ordinary share









—Basic


0.00


(0.51)


(0.02)


0.00

—Diluted


0.00


(0.51)


(0.02)


0.00










Weighted average number of ADS used in
   calculating net income (loss) per ADS









—Basic


229,451,944


229,212,223


229,705,246


229,705,246

—Diluted


231,527,507


229,212,223


229,705,246


229,705,246










*  Each ADS represents one Class A ordinary share.


(1) Share-based compensation was allocated in cost of revenues and operating expenses as follows:




Three Months Ended




March 31,

2025


December 31,

2025


March 31,

2026


March 31,

2026




RMB


RMB


RMB


US$












Cost of revenues


3,383


3,335


2,435


353


Research and development expenses


6,313


5,561


4,437


643


Sales and marketing expenses


320


214


211


31


General and administrative expenses


8,048


13,720


13,512


1,959


     

HUYA INC.

UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands, except share, ADS, per share data and per ADS data)




Three Months Ended



March 31,

2025


December 31,

2025


March 31,

2026


March 31,

2026



RMB


RMB


RMB


US$










Gross profit


188,483


244,708


253,152


36,699

Share-based compensation expenses allocated
   in cost of revenues


3,383


3,335


2,435


353










Non-GAAP gross profit


191,866


248,043


255,587


37,052










Operating loss


(59,648)


(64,854)


(28,789)


(4,174)

Share-based compensation expenses


18,064


22,830


20,595


2,986

Amortization of intangible assets from
   business acquisitions


5,996


5,915


5,466


792










Non-GAAP operating loss


(35,588)


(36,109)


(2,728)


(396)










Net income (loss) attributable to HUYA Inc.


927


(117,583)


(4,067)


(590)

Impairment loss of investments


-


81,458


-


-

Share-based compensation expenses


18,064


22,830


20,595


2,986

Amortization of intangible assets from
   business acquisitions, net of income taxes


4,977


4,910


4,537


658










Non-GAAP net income (loss) attributable
   to HUYA Inc.


23,968


(8,385)


21,065


3,054










Net income (loss) attributable to ordinary
   shareholders


927


(117,583)


(4,067)


(590)

Impairment loss of investments


-


81,458


-


-

Share-based compensation expenses


18,064


22,830


20,595


2,986

Amortization of intangible assets from
   business acquisitions, net of income taxes


4,977


4,910


4,537


658










Non-GAAP net income (loss) attributable
   to ordinary shareholders


23,968


(8,385)


21,065


3,054










Non-GAAP net income (loss) per ordinary
   share









—Basic


0.10


(0.04)


0.09


0.01

—Diluted


0.10


(0.04)


0.09


0.01










Non-GAAP net income (loss) per ADS









—Basic


0.10


(0.04)


0.09


0.01

—Diluted


0.10


(0.04)


0.09


0.01










Weighted average number of ADS used in
   calculating Non-GAAP net income (loss)
   per ADS









—Basic


229,451,944


229,212,223


229,705,246


229,705,246

—Diluted


231,527,507


229,212,223


233,646,621


233,646,621

 

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SOURCE HUYA Inc.