JOYY (JOYY) Q2 2026 earnings summary

Executive summary

• Achieved Q2 2026 revenue of $591 million, up 16.3% year-over-year and 6.3% quarter-over-quarter, with all core segments—Social Entertainment, BIGO Ads, and Shopline—showing strong growth and improved profitability.

• Non-GAAP operating profit rose 28.2% year-over-year to $49 million; non-GAAP EBITDA increased 18.1% year-over-year to $57 million.

• Operating cash flow was $65 million, and net cash position stood at $3.06 billion as of June 30, 2026.

• Accelerated capital returns with $216 million in share repurchases and $142 million in dividends YTD, totaling $359 million returned to shareholders.

• Global average mobile MAUs reached 277.1 million, up 5.5% year-over-year.

Financial highlights

• Social Entertainment revenue: $423 million (+7.4% YoY, +5.6% QoQ); BIGO Ads: $134 million (+53.1% YoY, +7.1% QoQ); Shopline: $34 million (+28.6% YoY, +12.5% QoQ).

• Gross profit: $202 million (+8.8% YoY); gross margin: 34.1% (flat QoQ, down from 36.5% YoY).

• Non-GAAP net income: $63 million (10.7% margin); excluding FX losses, non-GAAP net income would have been $77 million.

• Operating expenses: $188 million (+4.7% YoY, +2.6% QoQ), with higher sales/marketing and G&A, but lower R&D YoY.

• Non-GAAP operating income margin: 8.3% in Q2 2026, up from 7.5% YoY.

Outlook and guidance

• Q3 2026 revenue guidance: $602–$622 million (+11.4%–15.2% YoY).

• Full-year 2026 non-GAAP operating income expected to grow ~20% YoY, up from previous teens-level guidance.

• Social Entertainment: Moderate single-digit YoY growth in Q3; full-year steady growth expected.

• BIGO Ads: Strong double-digit YoY growth in Q3 and mid-double-digit for full year.

• Shopline: Over 25% YoY growth in Q3; full-year growth to exceed 20%; expected to reach operating breakeven by 2028.