Tencent Music Entertainment Group (TME) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$1.62	$1.7	+4.9%	—	$8.9B	—
Q1 26	$1.43	$1.46	+2.1%	—	$7.9B	—
Q4 25	$1.59	$1.6	+0.6%	—	$8.6B	—
Q3 25	$1.52	$1.54	+1.3%	—	$8.5B	—
Q2 25	$1.47	$1.66	+12.9%	—	$8.4B	—
Q1 25	$1.32	$1.37	+3.8%	—	$7.4B	—
Q4 24	$1.29	$1.47	+14.0%	—	$7.5B	—
Q3 24	$1.19	$1.16	-2.5%	—	$988.6M	—
Q2 24	$1.18	$1.19	+0.8%	—	$7.2B	—
Q1 24	$1.01	$1.09	+7.9%	—	$6.8B	—
Q4 23	$0.97	$1	+3.1%	—	$6.9B	—
Q3 23	$0.88	$0.89	+1.1%	—	$6.6B	—
Q2 23	$0.98	$0.97	-1.0%	—	$7.3B	—
Q1 23	$0.8	$0.89	+11.2%	—	$7B	—
Q4 22	$0.89	$0.91	+2.2%	—	$7.4B	—
Q3 22	$0.72	$0.86	+19.4%	—	$7.4B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$7.2	—	—	$32.9B	—
FY24	—	$4.3	—	—	$28.4B	—
FY23	—	$3.16	—	—	$27.8B	—
FY22	—	$2.3	—	—	$28.3B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$4.4B	$11B	$19B	$25.4B	$29.2B	$31.2B	$28.3B	$27.8B	$28.4B	$32.9B
YoY change	—	+151.8%	+72.9%	+34%	+14.6%	+7.17%	-9.3%	-2.07%	+2.34%	+15.8%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	4.4B	11B	19B	25.4B	29.2B	31.2B	28.3B	27.8B	28.4B	32.9B
Cost of revenue	3.1B	7.2B	11.7B	16.8B	19.9B	21.8B	19.6B	18B	16.4B	18.4B
Gross profit	1.2B	3.8B	7.3B	8.7B	9.3B	9.4B	8.8B	9.8B	12B	14.5B
Gross margin	28.3%	34.7%	38.3%	34.1%	31.9%	30.1%	31%	35.3%	42.3%	44.2%
Research & development	—	—	—	—	—	—	—	—	—	2.3B
Selling, general & administrative	1.1B	2.4B	4B	4.7B	5.6B	6.7B	5.6B	5B	4.7B	2.5B
Operating expenses	1.1B	2.4B	3.9B	4.6B	5.3B	6.3B	5.2B	4.8B	4.6B	4.8B
Operating income	93M	1.4B	3.4B	4.1B	4B	3.1B	3.5B	5B	7.4B	9.7B
Operating margin	2.13%	12.8%	17.7%	16%	13.6%	9.95%	12.5%	17.9%	26.2%	29.6%
Non-operating income, net	-11M	98M	-1.6B	-68M	138M	112M	245M	145M	201M	2.6B
Pretax income	114M	1.6B	2B	4.5B	4.6B	3.6B	4.4B	6B	8.7B	13.3B
Income tax	29M	278M	171M	563M	456M	417M	534M	825M	1.6B	1.9B
Net income	85M	1.3B	1.8B	4B	4.2B	3.2B	3.8B	5.2B	7.1B	11.4B
Net margin	1.95%	12%	9.65%	15.6%	14.3%	10.3%	13.5%	18.8%	25%	34.5%
EBITDA	352M	1.9B	2.5B	5.3B	5.5B	4.6B	5.5B	7.2B	9.8B	12.3B
EPS	0.05	0.82	1.19	2.37	1.25	1.82	2.3	3.16	4.3	7.2
Diluted EPS	0.05	0.81	1.16	2.37	1.24	1.8	2.28	3.1	4.24	7.12

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	6.6B	6.9B	6.8B	7.2B	988.6M	7.5B	7.4B	8.4B	8.5B	8.6B	7.9B	8.9B
Cost of revenue	4.2B	4.3B	4B	4.2B	567.1M	4.2B	4.1B	4.7B	4.8B	4.8B	4.3B	5B
Gross profit	2.3B	2.6B	2.8B	3B	421.5M	3.3B	3.2B	3.7B	3.7B	3.9B	3.5B	3.9B
Gross margin	35.7%	38.3%	40.9%	42%	42.6%	43.6%	44.1%	44.4%	43.5%	44.7%	44.9%	44.2%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1.3B	1.3B	1.1B	1.1B	171.6M	1.2B	1.1B	1.2B	1.3B	-1.1B	1.2B	1.3B
Operating expenses	1.3B	1.3B	1.1B	1.1B	171.6M	1.2B	1.1B	1.2B	1.3B	-1.1B	1.2B	1.3B
Operating income	1.1B	1.6B	1.6B	1.9B	249.9M	2.2B	2.1B	2.6B	2.4B	2.7B	2.3B	2.7B
Operating margin	16.3%	22.8%	24.2%	26%	25.3%	29.1%	28.5%	30.7%	28%	30.9%	29.6%	30.3%
Non-operating income, net	127M	-130M	28M	86M	14.2M	-14M	2.5B	147M	105M	-107M	59M	136M
Pretax income	1.4B	1.7B	1.9B	2.2B	292.6M	2.5B	4.8B	3B	2.7B	2.8B	2.6B	3.1B
Income tax	176M	295M	381M	432M	51.7M	423M	446M	515M	477M	486M	457M	514M
Net income	1.3B	1.4B	1.5B	1.8B	240.8M	2.1B	4.4B	2.5B	2.2B	2.3B	2.1B	2.6B
Net margin	19.2%	20.4%	22.6%	25.1%	24.4%	27.8%	59.7%	29.2%	26.1%	26.5%	27.1%	28.6%
EBITDA	1.5B	1.7B	1.9B	2.3B	306.2M	2.5B	4.9B	3B	2.7B	2.8B	2.6B	3.1B
EPS	0.74	0.84	0.92	1.08	1.02	1.28	2.8	1.58	1.4	1.44	1.36	1.58
Diluted EPS	0.74	0.84	0.92	1.08	1	1.26	2.78	1.56	1.38	1.42	1.34	1.56

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	147.4B	142.8B	—	—	96.2B	102.8B	—	26.9B	13.6B
Enterprise value	—	—	130B	120.5B	—	—	81.3B	85.3B	—	6.4B	429.2M
Shares outstanding	11.8B	11.8B	11.2B	12.2B	24B	12B	11.6B	11.4B	1.5B	1.5B	1.5B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	80.5	35.9	—	—	25.1	19.7	—	2.37	9.87
P/S	—	—	7.77	5.61	—	—	3.39	3.7	—	0.82	0.4
P/B	—	—	3.9	3.27	—	—	1.96	1.8	—	0.32	1.13
EV/EBITDA	—	—	52.6	22.9	—	—	14.9	11.9	—	0.52	0.26
EV/Sales	—	—	6.85	4.74	—	—	2.87	3.07	—	0.19	0.09
Earnings yield	—	—	1.24%	2.79%	—	—	3.99%	5.08%	—	42.2%	10.1%
FCF yield	—	—	3.72%	4.14%	—	—	6.68%	6%	—	33.6%	7.79%
PEG	—	—	—	—	—	—	—	—	—	—	8.34

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	28.3%	34.7%	38.3%	34.1%	31.9%	30.1%	31%	35.3%	42.3%	44.2%	44.2%
Operating margin	2.13%	12.8%	17.7%	16%	13.6%	9.95%	12.5%	17.9%	26.2%	29.6%	29.2%
Net margin	1.95%	12%	9.65%	15.6%	14.3%	10.3%	13.5%	18.8%	25%	34.5%	26.3%
ROE	0.41%	5.04%	4.85%	9.11%	7.92%	6.3%	7.81%	9.13%	10.2%	13.7%	11%
ROA	0.36%	4.4%	4.11%	7.55%	6.12%	4.78%	5.73%	6.91%	7.86%	11.1%	5.6%
ROIC	0.4%	5.54%	15.1%	16.7%	11.1%	7.65%	9.06%	10.8%	12.5%	13.3%	12.4%
Return on tangible assets	-0.71%	-22.1%	26.5%	26.2%	14.3%	15.8%	20.9%	19%	16.8%	22.2%	22.3%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.98	2.12	3.33	3.17	3.3	2.56	2.27	2.49	2.09	2.22	1.75
Quick ratio	1.98	2.11	3.33	3.17	3.3	2.56	2.27	2.49	2.09	2.22	1.74
Debt / equity	—	—	0	0	0.1	0.1	0.12	0.11	0.09	0.05	0.21
Debt / assets	—	—	0	0	0.08	0.08	0.09	0.08	0.07	0.04	0.14
Net debt / EBITDA	—	—	-7.06	-4.24	-3.73	-3.26	-2.73	-2.44	-2.15	-1.67	-1.22
Interest coverage	—	—	58.2	67.8	47.8	31.3	39	49.8	71.3	109.8	82.8
Effective tax rate	25.4%	17.4%	8.54%	12.4%	9.84%	11.5%	12.2%	13.6%	18.4%	14.5%	17.4%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	0.37	0.93	1.7	2.09	1.21	2.6	2.44	2.43	18.4	21.5	22
EPS (basic)	0.05	0.82	1.19	2.37	1.25	1.82	2.3	3.16	4.3	7.2	7.2
EPS (diluted)	0.05	0.81	1.16	2.37	1.24	1.8	2.28	3.1	4.24	7.12	0.85
Book value per share	1.75	2.22	3.39	3.59	2.19	4.24	4.23	5.01	45.2	54.2	7.44
FCF per share	0.07	0.21	0.49	0.49	0.18	0.21	0.55	0.54	5.99	5.9	6.12
Cash per share	0.28	0.44	1.56	1.85	1.08	1.7	1.8	2.06	17.6	15.9	18.6
Capex per share	0	0.01	0.01	0.01	0	0.01	0.01	0.01	0.21	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.94%	0.68%	0.7%	0.37%	0.37%	0.51%	0.3%	0.59%	1.12%	—	—
Capex / operating cash flow	3.25%	2.08%	2.1%	1.57%	2.18%	2.93%	1.11%	2.18%	2.97%	—	—
Payout ratio	—	—	0%	0%	0%	0%	0%	0%	21.2%	17.4%	29%
Dividend yield	—	—	0%	0%	—	—	0%	0%	—	7.37%	11.9%

Yield

11.9%

trailing twelve months

Frequency

Annual

Last dividend

$0.24

ex-dividend Apr 2, 2026

Payout ratio

29%

of earnings

Dividend growth

1 year

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Apr 2, 2026	$0.24
Apr 3, 2025	$0.18
May 31, 2024	$0.137

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$6.6B	$6.9B	$6.8B	$7.2B	$988.6M	$7.5B	$7.4B	$8.4B	$8.5B	$8.6B	$7.9B	$8.9B
YoY change	-10.8%	-7.16%	-3.37%	-1.73%	-85%	+8.2%	+8.69%	+17.9%	+756.1%	+15.9%	+7.33%	+5.82%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	3.3B	5.2B	17.4B	22.5B	26B	20.4B	20.9B	23.5B	27.2B	24.3B
Receivables	719M	1.2B	1.5B	2.2B	2.8B	3.6B	2.7B	2.9B	3.5B	3.9B
Inventory	14M	30M	35M	26M	18M	24M	14M	8M	23M	41M
Total current assets	5B	7.5B	20.8B	26.9B	31.7B	26.8B	26.6B	29.9B	34.5B	32.5B
Property, plant & equipment	108M	127M	168M	191M	178M	244M	323M	490M	803M	1.2B
Goodwill & intangibles	35.5B	36B	37.7B	37.5B	39B	46.9B	48.7B	48B	48.1B	51.4B
Total assets	23.5B	30B	44.6B	52.7B	68.3B	67.3B	67B	75.5B	90.4B	102.5B
Accounts payable	998M	1B	1.8B	2.6B	3.6B	4.3B	5B	5B	6.9B	6.3B
Short-term debt	—	—	—	69M	103M	92M	123M	115M	2.3B	116M
Total current liabilities	2.5B	3.5B	6.2B	8.5B	9.6B	10.4B	11.7B	12B	16.6B	14.6B
Long-term debt	—	—	0	78M	5.4B	5.3B	5.8B	5.9B	3.8B	3.7B
Total liabilities	2.9B	3.9B	6.8B	9B	15.5B	16.2B	17.9B	18.3B	20.7B	19.5B
Shareholders' equity	20.6B	26.1B	37.8B	43.7B	52.7B	51.1B	49.1B	57.2B	69.7B	83B
Total debt	—	—	0	147M	5.5B	5.4B	6B	6B	6.1B	3.8B
Net debt	—	—	-17.4B	-15.3B	-5.6B	-1.2B	-3.6B	-7.5B	-7.1B	-4.7B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	—	—	26.6B	—	—	—	26.7B	22.2B	22.3B	24.3B	26.7B	30.7B
Receivables	—	—	2.8B	—	—	—	3.2B	3.7B	3.7B	3.9B	3.8B	4.2B
Inventory	—	—	11M	—	—	—	18M	32M	57M	41M	48M	98M
Total current assets	—	—	32.5B	—	—	—	34.2B	30.9B	29.9B	32.5B	34.7B	39.7B
Property, plant & equipment	—	—	843M	—	—	—	1.2B	1.3B	1.4B	1.2B	1.6B	1.9B
Goodwill & intangibles	—	—	48B	—	—	—	48B	51.7B	51.5B	51.4B	51.1B	75.8B
Total assets	—	—	79.2B	—	—	—	98.1B	107.9B	104.9B	102.5B	99.9B	116.9B
Accounts payable	—	—	5.5B	—	—	—	7.3B	7B	6.6B	6.3B	6.2B	6.7B
Short-term debt	—	—	97M	—	—	—	2.3B	2.3B	104M	116M	111M	6.1B
Total current liabilities	—	—	12.2B	—	—	—	18.6B	16.5B	14.3B	14.6B	16.6B	22.7B
Long-term debt	—	—	5.9B	—	—	—	3.8B	3.8B	3.8B	3.7B	4.7B	10.8B
Total liabilities	—	—	18.4B	—	—	—	22.9B	21.5B	19.4B	19.5B	22.7B	35.9B
Shareholders' equity	—	—	60.8B	—	—	—	75.2B	86.4B	85.4B	83B	77.1B	81.1B
Total debt	—	—	6B	—	—	—	6.1B	6B	3.9B	3.8B	4.8B	16.9B
Net debt	—	—	-4.2B	—	—	—	-5.9B	-5B	-7.4B	-4.7B	-13.6B	-6.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	114M	1.6B	2B	4.5B	4.6B	3.6B	4.4B	6B	8.7B	13.3B
Depreciation & amortization	236M	379M	369M	583M	824M	1B	1.2B	1B	978M	1.4B
Stock-based compensation	170M	362M	487M	519M	569M	647M	665M	649M	596M	669M
Change in working capital	772M	1.4B	2.2B	982M	-497M	573M	2.2B	786M	1.6B	-1B
Operating cash flow	1.3B	3.6B	6.3B	6B	4.9B	5.4B	7.7B	7.6B	10.7B	10.2B
Capital expenditure	-41M	-75M	-132M	-95M	-108M	-159M	-85M	-165M	-319M	—
Investing cash flow	496M	-481M	-1.2B	-7.9B	-13.8B	-3.5B	-552M	-990M	-6.2B	-9.4B
Dividends paid	—	—	0	0	0	0	0	0	-1.5B	-2B
Share repurchases	—	0	0	0	-134M	-3.5B	-3.1B	-1.2B	-1.9B	-390M
Financing cash flow	1.7B	20M	7.3B	-120M	5.2B	-3.6B	-3.3B	-1.4B	-3.6B	-4.7B
Net change in cash	3.5B	3.2B	12.4B	-2B	-3.7B	-1.7B	3.8B	5.2B	925M	-3.8B
Free cash flow	832M	2.4B	5.5B	5.9B	4.4B	2.5B	6.4B	6.2B	9.2B	9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	—	—	—	—	—	—	—	—	—	—	—	—
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	—	—	—	—	—	—	—	1.6B	3.7B	2.4B	2.3B	2.9B
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	—	—	—	—	—	—	—	—	—	—	—	—
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	—	—	—	—	—	—	—	—	—	—	—	—
Net change in cash	—	—	—	—	—	—	—	1.6B	3.7B	2.4B	2.3B	2.9B
Free cash flow	1.4B	813M	2.7B	2.9B	305.1M	1.4B	2.5B	1.6B	3.7B	1.2B	2.3B	2.4B

Tencent Music Entertainment Group Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement