NYSE : TME
Tencent Music Entertainment Group — Financial statements
Communication Services · Internet Content & Information · China
Last price 8.37 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 13.82B
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Financial statements
Tencent Music Entertainment Group (TME) reported revenue of 33.93B CNY (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 33.93B | 32.90B | 28.40B | 27.75B | 28.34B | 31.24B |
| Cost of Revenue | 18.89B | 18.37B | 16.38B | 17.96B | 19.57B | 21.84B |
| Gross Profit | 15.04B | 14.54B | 12.03B | 9.79B | 8.77B | 9.40B |
| Selling, General & Admin | 5.06B | 4.86B | 4.68B | 5.02B | 5.56B | 6.69B |
| Other Operating Expenses | -90.00M | -117.00M | -221.00M | -222.00M | -334.00M | -423.00M |
| Operating Expenses | 4.97B | 4.74B | 4.46B | 4.80B | 5.22B | 6.26B |
| Operating Income | 10.06B | 9.79B | 7.57B | 5.00B | 3.55B | 3.14B |
| Interest Expense | -136.00M | -122.00M | -124.00M | -124.00M | -115.00M | -120.00M |
| Interest & Investment Income | 1.17B | 1.23B | 1.21B | 1.07B | 725.00M | 557.00M |
| Earnings From Equity Investments | 33.00M | 42.00M | 96.00M | 127.00M | 38.00M | -47.00M |
| Currency Exchange Gain (Loss) | -7.00M | -7.00M | 30.00M | -17.00M | 7.00M | -1.00M |
| EBT Excluding Unusual Items | 11.15B | 10.94B | 8.79B | 6.05B | 4.21B | 3.53B |
| Gain (Loss) on Sale of Investments | -54.00M | 2.35B | -102.00M | -11.00M | 26.00M | 105.00M |
| Gain (Loss) on Sale of Assets | 1.00M | -10.00M | ||||
| Other Unusual Items | 22.00M | -6.00M | 29.00M | 4.00M | 141.00M | 8.00M |
| Pretax Income | 11.12B | 13.28B | 8.71B | 6.04B | 4.37B | 3.63B |
| Income Tax Expense | 1.93B | 1.92B | 1.60B | 825.00M | 534.00M | 417.00M |
| Earnings From Continuing Operations | 9.19B | 11.35B | 7.11B | 5.22B | 3.84B | 3.21B |
| Minority Interest in Earnings | -270.00M | -297.00M | -465.00M | -300.00M | -162.00M | -186.00M |
| Net Income | 8.92B | 11.06B | 6.64B | 4.92B | 3.68B | 3.03B |
| Net Income to Common | 8.92B | 11.06B | 6.64B | 4.92B | 3.68B | 3.03B |
| Shares Outstanding (Basic) | 1.55B | 1.53B | 1.54B | 1.56B | 1.60B | 1.66B |
| Shares Outstanding (Diluted) | 1.56B | 1.55B | 1.57B | 1.58B | 1.62B | 1.68B |
| EPS (Basic) | 5.77 | 7.21 | 4.31 | 3.15 | 2.30 | 1.82 |
| EPS (Diluted) | 5.73 | 7.12 | 4.24 | 3.10 | 2.28 | 1.80 |
| Free Cash Flow | 10.90B | 9.93B | 9.96B | 7.17B | 7.40B | 5.08B |
| Free Cash Flow Per Share | 6.98 | 6.39 | 6.36 | 4.53 | 4.57 | 3.02 |
| Dividend Per Share | 1.68 | 1.68 | 1.31 | 0.97 | ||
| Gross Margin | 44.32% | 44.18% | 42.34% | 35.30% | 30.96% | 30.10% |
| Operating Margin | 29.66% | 29.77% | 26.65% | 18.01% | 12.53% | 10.05% |
| Profit Margin | 26.28% | 33.60% | 23.39% | 17.73% | 12.97% | 9.70% |
| Free Cash Flow Margin | 32.13% | 30.17% | 35.05% | 25.84% | 26.10% | 16.26% |
| EBITDA | 11.28B | 10.92B | 8.29B | 5.86B | 4.71B | 4.14B |
| EBITDA Margin | 33.23% | 33.19% | 29.18% | 21.12% | 16.62% | 13.25% |
| D&A For EBITDA | 1.21B | 1.12B | 717.00M | 863.00M | 1.16B | 1.00B |
| EBIT | 10.06B | 9.79B | 7.57B | 5.00B | 3.55B | 3.14B |
| EBIT Margin | 29.66% | 29.77% | 26.65% | 18.01% | 12.53% | 10.05% |
| Effective Tax Rate | 17.39% | 14.49% | 18.40% | 13.65% | 12.21% | 11.48% |
| Revenue as Reported | 33.93B | 32.90B | 28.40B | 27.75B | 28.34B | 31.24B |
| Advertising Expenses | 672.00M | 611.00M | 603.00M | 852.00M | 2.39B |
Balance sheet
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 23.70B | 8.47B | 13.16B | 13.57B | 9.55B | 6.59B |
| Short-Term Investments | 6.76B | 15.85B | 14.04B | 9.97B | 11.33B | 12.81B |
| Trading Asset Securities | 195.00M | 1.03B | ||||
| Cash & Short-Term Investments | 30.65B | 24.32B | 27.21B | 23.54B | 20.88B | 20.43B |
| Accounts Receivable | 4.18B | 3.90B | 3.51B | 2.92B | 2.67B | 3.61B |
| Other Receivables | 993.00M | 1.02B | 1.10B | 846.00M | 253.00M | 187.00M |
| Receivables | 5.18B | 4.92B | 4.61B | 3.76B | 2.92B | 3.80B |
| Inventory | 98.00M | 41.00M | 23.00M | 8.00M | 14.00M | 24.00M |
| Prepaid Expenses | 3.37B | 2.87B | 2.43B | 2.39B | 2.00B | 2.08B |
| Restricted Cash | 8.00M | 15.00M | 11.00M | 31.00M | 34.00M | |
| Other Current Assets | 386.00M | 294.00M | 263.00M | 205.00M | 700.00M | 460.00M |
| Total Current Assets | 39.69B | 32.46B | 34.54B | 29.94B | 26.56B | 26.79B |
| Property, Plant & Equipment | 1.86B | 1.49B | 1.10B | 857.00M | 721.00M | 526.00M |
| Long-Term Investments | 36.41B | 42.00B | 29.89B | 19.84B | 14.33B | 15.40B |
| Goodwill | 29.76B | 20.52B | 19.65B | 19.54B | 19.49B | 19.12B |
| Other Intangible Assets | 8.15B | 5.19B | 4.41B | 4.47B | 4.85B | 4.32B |
| Long-Term Deferred Tax Assets | 633.00M | 498.00M | 422.00M | 352.00M | 347.00M | 346.00M |
| Other Long-Term Assets | 445.00M | 365.00M | 425.00M | 540.00M | 709.00M | 743.00M |
| Total Assets | 116.95B | 102.52B | 90.44B | 75.54B | 67.01B | 67.25B |
| Accounts Payable | 6.72B | 6.28B | 6.88B | 5.01B | 5.00B | 4.33B |
| Accrued Expenses | 2.55B | 2.73B | 2.47B | 2.39B | 3.02B | 3.26B |
| Short-Term Debt | 5.97B | 2.15B | ||||
| Current Portion of Leases | 137.00M | 116.00M | 106.00M | 115.00M | 123.00M | 92.00M |
| Current Income Taxes Payable | 999.00M | 1.09B | 934.00M | 567.00M | 404.00M | 363.00M |
| Current Unearned Revenue | 4.45B | 3.54B | 3.10B | 2.96B | 2.20B | 1.87B |
| Other Current Liabilities | 1.90B | 824.00M | 903.00M | 976.00M | 975.00M | 534.00M |
| Total Current Liabilities | 22.75B | 14.59B | 16.55B | 12.01B | 11.72B | 10.45B |
| Long-Term Debt | 10.53B | 3.50B | 3.57B | 5.64B | 5.54B | 5.06B |
| Long-Term Leases | 218.00M | 200.00M | 219.00M | 297.00M | 306.00M | 205.00M |
| Long-Term Unearned Revenue | 447.00M | 303.00M | 179.00M | 148.00M | 112.00M | 118.00M |
| Long-Term Deferred Tax Liabilities | 1.46B | 504.00M | 198.00M | 239.00M | 211.00M | 271.00M |
| Other Long-Term Liabilities | 468.00M | 379.00M | 93.00M | |||
| Total Liabilities | 35.87B | 19.47B | 20.72B | 18.33B | 17.88B | 16.20B |
| Common Stock | 2.00M | 2.00M | 2.00M | 2.00M | 2.00M | 2.00M |
| Additional Paid-In Capital | 34.93B | 29.92B | 29.04B | 36.58B | 36.46B | 36.24B |
| Retained Earnings | 31.36B | 29.62B | 20.28B | 17.19B | 12.27B | 14.34B |
| Treasury Stock | -3.39B | -664.00M | -550.00M | -7.00B | -6.35B | -3.66B |
| Comprehensive Income & Other | 15.37B | 21.41B | 19.09B | 9.14B | 5.72B | 3.40B |
| Total Common Equity | 78.27B | 80.29B | 67.86B | 55.91B | 48.10B | 50.32B |
| Minority Interest | 2.80B | 2.76B | 1.86B | 1.29B | 1.03B | 738.00M |
| Shareholders' Equity | 81.07B | 83.05B | 69.73B | 57.20B | 49.13B | 51.05B |
| Total Liabilities & Equity | 116.95B | 102.52B | 90.44B | 75.54B | 67.01B | 67.25B |
| Total Debt | 16.88B | 3.81B | 6.05B | 6.05B | 5.96B | 5.36B |
| Net Cash (Debt) | 13.77B | 20.50B | 21.16B | 17.49B | 14.92B | 15.07B |
| Net Cash Per Share | 8.81 | 13.19 | 13.52 | 11.04 | 9.22 | 8.96 |
| Filing Date Shares Outstanding | 1.65B | 1.57B | 1.54B | 1.56B | 1.60B | 1.66B |
| Total Common Shares Outstanding | 1.65B | 1.57B | 1.54B | 1.56B | 1.60B | 1.64B |
| Working Capital | 16.94B | 17.87B | 17.99B | 17.92B | 14.84B | 16.34B |
| Book Value Per Share | 47.41 | 51.01 | 44.14 | 36.03 | 30.61 | 30.64 |
| Tangible Book Value | 40.37B | 54.58B | 43.80B | 31.90B | 23.76B | 26.87B |
| Tangible Book Value Per Share | 24.45 | 34.68 | 28.49 | 20.56 | 15.12 | 16.36 |
| Machinery | 220.00M | 321.00M | 431.00M | 449.00M | 435.00M | |
| Construction In Progress | 1.10B | 718.00M | 341.00M | 132.00M | 37.00M | |
| Leasehold Improvements | 124.00M | 135.00M | 168.00M | 166.00M | 137.00M |
Cash flow statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 8.92B | 11.06B | 6.64B | 4.92B | 3.68B | 3.03B |
| Depreciation & Amortization | 1.32B | 1.23B | 835.00M | 1.00B | 1.16B | 1.00B |
| Other Amortization | 143.00M | 143.00M | 143.00M | |||
| Loss (Gain) From Sale of Investments | -2.35B | -2.35B | 102.00M | 11.00M | -26.00M | -95.00M |
| Loss (Gain) on Equity Investments | -42.00M | -42.00M | -96.00M | -127.00M | -38.00M | 47.00M |
| Stock-Based Compensation | 669.00M | 669.00M | 596.00M | 649.00M | 665.00M | 647.00M |
| Provision & Write-off of Bad Debts | 6.00M | 6.00M | 17.00M | 17.00M | 47.00M | 9.00M |
| Other Operating Activities | 3.63B | 548.00M | 478.00M | 77.00M | -225.00M | 28.00M |
| Change in Accounts Receivable | -355.00M | -355.00M | -539.00M | -204.00M | 906.00M | -769.00M |
| Change in Inventory | -17.00M | -17.00M | -15.00M | 7.00M | 10.00M | -6.00M |
| Change in Accounts Payable | -783.00M | -783.00M | 1.84B | 52.00M | 663.00M | 631.00M |
| Change in Other Net Operating Assets | 122.00M | 122.00M | 265.00M | 931.00M | 642.00M | 717.00M |
| Operating Cash Flow | 11.27B | 10.23B | 10.28B | 7.34B | 7.48B | 5.24B |
| Capital Expenditures | -367.00M | -305.00M | -319.00M | -165.00M | -85.00M | -159.00M |
| Cash Acquisitions | -7.42B | -1.06B | -34.00M | -9.00M | -165.00M | -2.08B |
| Divestitures | -25.00M | 3.00M | ||||
| Sale (Purchase) of Intangibles | -695.00M | -883.00M | -713.00M | -999.00M | -968.00M | -2.60B |
| Investment in Securities | 4.76B | -8.32B | -5.81B | -794.00M | -306.00M | -1.25B |
| Other Investing Activities | 277.00M | 340.00M | 74.00M | 128.00M | 78.00M | 88.00M |
| Investing Cash Flow | -3.44B | -10.23B | -6.82B | -1.86B | -1.45B | -6.00B |
| Long-Term Debt Repaid | -2.25B | -134.00M | -116.00M | -130.00M | -116.00M | |
| Lease Payments | -109.00M | -124.00M | -134.00M | -116.00M | -130.00M | -116.00M |
| Net Debt Issued (Repaid) | 10.47B | -2.25B | -134.00M | -116.00M | -130.00M | -116.00M |
| Issuance of Common Stock | 377.00M | 430.00M | 156.00M | 57.00M | 3.00M | 104.00M |
| Repurchase of Common Stock | -3.00B | -671.00M | -2.14B | -1.35B | -3.15B | -3.58B |
| Common Dividends Paid | -2.54B | -1.98B | -1.51B | |||
| Other Financing Activities | -173.00M | -172.00M | -202.00M | -130.00M | -147.00M | -114.00M |
| Financing Cash Flow | 5.14B | -4.65B | -3.83B | -1.54B | -3.42B | -3.71B |
| Foreign Exchange Rate Adjustments | -266.00M | -49.00M | -30.00M | 76.00M | 348.00M | -67.00M |
| Net Cash Flow | 12.70B | -4.69B | -403.00M | 4.01B | 2.96B | -4.54B |
| Free Cash Flow | 10.90B | 9.93B | 9.96B | 7.17B | 7.40B | 5.08B |
| Free Cash Flow Margin | 32.13% | 30.17% | 35.05% | 25.84% | 26.10% | 16.26% |
| Free Cash Flow Per Share | 6.98 | 6.39 | 6.36 | 4.53 | 4.57 | 3.02 |
| Levered Free Cash Flow | 7.14B | 6.28B | 6.65B | 3.14B | 5.00B | 1.04B |
| Unlevered Free Cash Flow | 7.22B | 6.35B | 6.72B | 3.22B | 5.07B | 1.12B |
| Free Cash Flow After Leases | 10.79B | 9.80B | 9.82B | 7.06B | 7.27B | 4.96B |
| Cash Interest Paid | 109.00M | 119.00M | 119.00M | 117.00M | 115.00M | 105.00M |
| Cash Income Tax Paid | 1.29B | 1.82B | 1.35B | 825.00M | 733.00M | 589.00M |
| Change in Working Capital | -1.03B | -1.03B | 1.56B | 786.00M | 2.22B | 573.00M |
Ratios
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 13.88B | 27.15B | 17.58B | 14.26B | 13.27B | 11.59B |
| Enterprise Value | 11.86B | 24.94B | 14.30B | 12.22B | 11.61B | 9.40B |
| Last Close Price | 8.41 | 17.09 | 10.93 | 8.60 | 7.90 | 6.54 |
| PE Ratio | 9.98 | 17.18 | 19.31 | 20.55 | 24.88 | 24.32 |
| Forward PE | 8.72 | 18.06 | 15.15 | 16.19 | 17.62 | 19.91 |
| PS Ratio | 2.78 | 5.77 | 4.52 | 3.64 | 3.23 | 2.36 |
| PB Ratio | 1.20 | 2.29 | 1.84 | 1.77 | 1.86 | 1.44 |
| P/TBV Ratio | 2.34 | 3.48 | 2.93 | 3.17 | 3.85 | 2.74 |
| P/FCF Ratio | 8.47 | 19.13 | 12.89 | 14.10 | 12.37 | 14.50 |
| P/OCF Ratio | 8.19 | 18.56 | 12.49 | 13.78 | 12.23 | 14.06 |
| PEG Ratio | 1.81 | 1.08 | 0.79 | 0.87 | 0.98 | 26.73 |
| EV/Sales Ratio | 2.37 | 5.30 | 3.68 | 3.12 | 2.83 | 1.91 |
| EV/EBITDA Ratio | 7.14 | 15.97 | 12.60 | 14.78 | 17.01 | 14.42 |
| EV/EBIT Ratio | 8.00 | 17.81 | 13.79 | 17.34 | 22.56 | 19.02 |
| EV/FCF Ratio | 7.23 | 17.57 | 10.48 | 12.08 | 10.83 | 11.76 |
| Debt / Equity Ratio | 0.21 | 0.05 | 0.09 | 0.11 | 0.12 | 0.10 |
| Debt / EBITDA Ratio | 1.48 | 0.35 | 0.72 | 1.01 | 1.27 | 1.29 |
| Debt / FCF Ratio | 1.55 | 0.38 | 0.61 | 0.84 | 0.81 | 1.05 |
| Net Debt / Equity Ratio | -0.17 | -0.25 | -0.30 | -0.31 | -0.30 | -0.29 |
| Net Debt / EBITDA Ratio | -1.22 | -1.88 | -2.55 | -2.98 | -3.17 | -3.64 |
| Net Debt / FCF Ratio | -1.26 | -2.07 | -2.12 | -2.44 | -2.02 | -2.97 |
| Asset Turnover | 0.30 | 0.34 | 0.34 | 0.39 | 0.42 | 0.46 |
| Inventory Turnover | 290.66 | 573.97 | 1,056.52 | 1,632.45 | 1,029.79 | 1,040.00 |
| Quick Ratio | 1.57 | 2.00 | 1.92 | 2.27 | 2.03 | 2.32 |
| Current Ratio | 1.75 | 2.23 | 2.09 | 2.49 | 2.27 | 2.56 |
| Return on Equity (ROE) | 10.97% | 14.86% | 11.20% | 9.82% | 7.66% | 6.19% |
| Return on Assets (ROA) | 5.60% | 6.35% | 5.70% | 4.38% | 3.31% | 2.90% |
| Return on Invested Capital (ROIC) | 13.57% | 15.08% | 13.99% | 11.68% | 8.88% | 8.15% |
| Return on Capital Employed (ROCE) | 10.70% | 11.10% | 10.20% | 7.90% | 6.40% | 5.50% |
| Earnings Yield | 10.02% | 5.82% | 5.18% | 4.87% | 4.02% | 4.11% |
| FCF Yield | 11.81% | 5.23% | 7.76% | 7.09% | 8.08% | 6.90% |
| Dividend Yield | 2.85% | 1.39% | 1.57% | 1.50% | ||
| Payout Ratio | 28.49% | 17.92% | 22.70% | |||
| Buyback Yield / Dilution | -0.22% | 0.70% | 1.18% | 2.04% | 3.82% | -0.08% |
| Total Shareholder Return | 2.63% | 2.10% | 2.76% | 3.54% | 3.82% | -0.08% |