Tencent Music Entertainment Group (TME) Financial Statements

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Tencent Music Entertainment Group financial statements at a glance

Tencent Music Entertainment Group reported revenue of 32.90 billion CNY for fiscal year 2025 (ended December 31, 2025), up 15.8% from fiscal year 2024. Net income was 11.06 billion CNY, a net margin of 33.6%, and diluted earnings per share were 3.56 CNY.

At the end of fiscal year 2025 it had total assets of 102.52 billion CNY, total liabilities of 19.47 billion CNY and shareholders' equity of 80.29 billion CNY, with cash and short-term investments of 24.32 billion CNY and total debt of 3.81 billion CNY.

Its operations brought in 10.23 billion CNY of cash; capital spending was 1.19 billion CNY, leaving free cash flow of 9.04 billion CNY.

The tables below show the income statement, balance sheet and cash flow statement; the key figures of the last 5 fiscal years are at the bottom of the page.

Figures from company filings, in CNY; latest fiscal year ended December 31, 2025.

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Tencent Music Entertainment Group

TMEChina
Technology
CNY (Local)

Income Statement

Annual • CNY

Total Revenue
32.90B
Prev Year: 28.40B
YoY: +15.8%
Operating Revenue
32.90B
Prev Year: 28.40B
YoY: +15.8%
Net Income from Continuing Operation Net Minority Interest
11.06B
Prev Year: 6.64B
YoY: +66.4%
Total Unusual Items Excluding Goodwill
2.51B
Prev Year: -26.00M
YoY: +9746.2%
Total Unusual Items
2.51B
Prev Year: -26.00M
YoY: +9746.2%
Normalized EBITDA
12.27B
Prev Year: 9.84B
YoY: +24.7%
Tax Rate for Calcs
0.145
Prev Year: 0
Tax Effect of Unusual Items
363.44M
Prev Year: -4.78M
YoY: +7697.0%
Noncontrolling Interests
-297.00M
Prev Year: -465.00M
YoY: +36.1%
Special Income Charges
2.29B
Prev Year: -35.00M
YoY: +6628.6%
Gain on Sale of Business
2.37B
Write-offs
82.00M
Prev Year: 64.00M
YoY: +28.1%
Restructuring and Mergers Acquisition
6.00M
Prev Year: -29.00M
YoY: +120.7%
Other Operating Expenses
-59.00M
Prev Year: -90.00M
YoY: +34.4%
Cost of Revenue
18.37B
Prev Year: 16.38B
YoY: +12.2%
Gross Profit
14.54B
Prev Year: 12.03B
YoY: +20.9%
Operating Expense
4.80B
Prev Year: 4.59B
YoY: +4.6%
Selling General and Administrative
2.54B
Prev Year: 4.68B
YoY: -45.7%
General and Administrative Expense
1.60B
Prev Year: 3.81B
YoY: -58.0%
Other General and Administrative
1.60B
Prev Year: 3.81B
YoY: -58.0%
Selling and Marketing Expense
941.00M
Prev Year: 865.00M
YoY: +8.8%
Research and Development
2.32B
Operating Income
9.74B
Prev Year: 7.44B
YoY: +30.9%
Net Non Operating Interest Income Expense
932.00M
Prev Year: 1.07B
YoY: -13.1%
Non-operating Interest Income
1.05B
Prev Year: 1.20B
YoY: -11.9%
Non-operating Interest Expense
122.00M
Prev Year: 124.00M
YoY: -1.6%
Other Income Expense
2.61B
Prev Year: 201.00M
YoY: +1197.5%
Gain on Sale of Securities
223.00M
Prev Year: 9.00M
YoY: +2377.8%
Equity in Earnings of Affiliates
42.00M
Prev Year: 96.00M
YoY: -56.3%
Other Non-operating Income (expense)
58.00M
Prev Year: 131.00M
YoY: -55.7%
Pre-tax Income
13.28B
Prev Year: 8.71B
YoY: +52.4%
Provision for Income Taxes
1.92B
Prev Year: 1.60B
YoY: +20.0%
Net Income Common Stockholders
11.06B
Prev Year: 6.64B
YoY: +66.4%
Net Income
11.06B
Prev Year: 6.64B
YoY: +66.4%
Net Income Including Non-Controlling Interests
11.35B
Prev Year: 7.11B
YoY: +59.7%
Net Income from Continuing Operations
11.35B
Prev Year: 7.11B
YoY: +59.7%
Diluted NI Available to Com Stockholders
11.06B
Prev Year: 6.64B
YoY: +66.4%
Basic EPS
3.6
Prev Year: 2.15
YoY: +67.4%
Diluted EPS
3.56
Prev Year: 2.12
YoY: +67.9%
Weighted Average Shares (basic)
3.07B
Prev Year: 3.08B
YoY: -0.6%
Weighted Average Shares (diluted)
3.11B
Prev Year: 3.13B
YoY: -0.7%
Total Operating Income as Reported
13.36B
Prev Year: 8.71B
YoY: +53.4%
Total Expenses
23.16B
Prev Year: 20.96B
YoY: +10.5%
Net Income from Continuing and Discontinued Operation
11.06B
Prev Year: 6.64B
YoY: +66.4%
Normalized Income
8.91B
Prev Year: 6.67B
YoY: +33.7%
Interest Income
1.05B
Prev Year: 1.20B
YoY: -11.9%
Interest Expense
122.00M
Prev Year: 124.00M
YoY: -1.6%
Net Interest Income
932.00M
Prev Year: 1.07B
YoY: -13.1%
EBIT
13.40B
Prev Year: 8.84B
YoY: +51.6%
EBITDA
14.77B
Prev Year: 9.81B
YoY: +50.5%
Reconciled Cost of Revenue
18.37B
Prev Year: 16.38B
YoY: +12.2%
Reconciled Depreciation
1.38B
Prev Year: 978.00M
YoY: +40.6%
Values in CNY

Tencent Music Entertainment Group key figures by fiscal year

FY2025FY2024FY2023FY2022FY2021
Revenue32.9B CNY28.4B CNY27.8B CNY28.3B CNY31.2B CNY
Gross profit14.5B CNY12.0B CNY9.8B CNY8.8B CNY9.4B CNY
Operating income9.7B CNY7.4B CNY5.0B CNY3.5B CNY3.1B CNY
Net income11.1B CNY6.6B CNY4.9B CNY3.7B CNY3.0B CNY
Diluted EPS3.56 CNY2.12 CNY1.55 CNY1.14 CNY0.90 CNY
Total assets102.5B CNY90.4B CNY75.5B CNY67.0B CNY67.3B CNY
Total liabilities19.5B CNY20.7B CNY18.3B CNY17.9B CNY16.2B CNY
Shareholders' equity80.3B CNY67.9B CNY55.9B CNY48.1B CNY50.3B CNY
Cash and short-term investments24.3B CNY27.2B CNY23.5B CNY20.9B CNY20.4B CNY
Total debt3.8B CNY6.1B CNY6.0B CNY6.0B CNY5.4B CNY
Operating cash flow10.2B CNY10.3B CNY7.3B CNY7.5B CNY5.2B CNY
Capital spending1.2B CNY1.0B CNY1.2B CNY1.1B CNY2.8B CNY
Free cash flow9.0B CNY9.2B CNY6.2B CNY6.4B CNY2.5B CNY

In CNY. Fiscal years as reported by the company; statements on this page go back to fiscal year 2016.

Questions and answers

What was Tencent Music Entertainment Group's revenue in fiscal year 2025?

32.90 billion CNY, up 15.8% from 28.40 billion CNY in fiscal year 2024.

How much profit does Tencent Music Entertainment Group make?

Tencent Music Entertainment Group reported net income of 11.06 billion CNY for fiscal year 2025 (33.6% of revenue); operating income was 9.74 billion CNY.

How much cash and debt does Tencent Music Entertainment Group have?

At the end of fiscal year 2025: cash and short-term investments of 24.32 billion CNY and total debt of 3.81 billion CNY.

What is Tencent Music Entertainment Group's free cash flow?

9.04 billion CNY in fiscal year 2025 (operating cash flow of 10.23 billion CNY minus capital spending of 1.19 billion CNY).

Disclaimer: This analysis is for informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. Data may be incomplete, delayed, or contain inaccuracies. Consult with a qualified financial advisor before making any investment decisions.
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