Tencent Music Entertainment Group

EDGAR

Annual consolidated revenue for 2025: about CNY 32.9B, using the latest reported figures. The previous period, 2024, was about CNY 28.4B.

Watchlist

Latest fiscal year

Revenue

32.9 billion CNY

2025 · CNY

Exact inputs and evidence
  • Revenue: 32902000000 CNY Source

Operating margin

40.62%

2025 · %

Exact inputs and evidence
  • Operating Income: 13364000000 CNY Source
  • Revenue: 32902000000 CNY Source

Operating cash flow

10.2 billion CNY

2025 · CNY

Exact inputs and evidence
  • Operating Cash Flow: 10231000000 CNY Source

Free cash flow

9.93 billion CNY

2025 · CNY

Exact inputs and evidence
  • Operating Cash Flow: 10231000000 CNY Source
  • Capital Expenditure: 305000000 CNY Source
Cash and cash equivalents
8.47 billion CNY Source
Exact value

8470000000 CNY

Long-term debt including current maturities
Not available
Shares outstanding
Not available

Company performance

Up to ten complete financial years · consolidated figures

Includes later revisions to earlier periods. Annual charts exclude incomplete years.

Latest filing recorded: 2026-09-11.

Financial data available through: 2025-12-31.

Coverage by financial measure
  • Revenue: 10 of 11 periods available· newest 2025-12-31
  • Operating income: 10 of 11 periods available· newest 2025-12-31
  • Net income: 10 of 11 periods available· newest 2025-12-31
  • Operating cash flow: 10 of 11 periods available· newest 2025-12-31
  • Capital expenditure: 10 of 11 periods available· newest 2025-12-31
  • Total assets: 9 of 11 periods available· newest 2025-12-31
  • Total liabilities: 9 of 11 periods available· newest 2025-12-31
  • Current assets: 9 of 11 periods available· newest 2025-12-31
  • Current liabilities: 9 of 11 periods available· newest 2025-12-31
  • Cash and cash equivalents: 10 of 11 periods available· newest 2025-12-31
  • long term debt: No compatible figures in this window
  • shares outstanding: No compatible figures in this window

Coverage describes values retained in this snapshot. Missing values are not zero; loading limits are reported separately.

What changed year over year

Latest complete year compared with the corresponding period one year earlier. These are measured changes; they do not establish their business causes.

  • Revenue

    +15.8%

    Prior period

    CNY 28.4 billion

    –

    Current period

    CNY 32.9 billion

    –

    Exact inputs and evidence

    32902000000 − 28401000000 = 4501000000 CNY

    28401000000 CNY · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    32902000000 CNY · 2025-01-01 – 2025-12-31

    Inspect current input Current source
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  • Net income

    +66.4%

    Prior period

    CNY 6.64 billion

    –

    Current period

    CNY 11.06 billion

    –

    Exact inputs and evidence

    11056000000 − 6644000000 = 4412000000 CNY

    6644000000 CNY · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    11056000000 CNY · 2025-01-01 – 2025-12-31

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  • Operating cash flow

    -0.4%

    Prior period

    CNY 10.28 billion

    –

    Current period

    CNY 10.23 billion

    –

    Exact inputs and evidence

    10231000000 − 10275000000 = -44000000 CNY

    10275000000 CNY · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    10231000000 CNY · 2025-01-01 – 2025-12-31

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  • Capital expenditure

    -4.4%

    Prior period

    CNY 319 million

    –

    Current period

    CNY 305 million

    –

    Exact inputs and evidence

    305000000 − 319000000 = -14000000 CNY

    319000000 CNY · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    305000000 CNY · 2025-01-01 – 2025-12-31

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Where revenue goes

How a period’s revenue divides into costs and what remains as profit. Items marked Derived are calculated by subtraction from reported figures.

2025 2025-01-01 – 2025-12-31

  • Revenue CNY 32.9 billion 100% of revenue
  • Operating costs Derived CNY 19.54 billion 59% of revenue
  • Operating income CNY 13.36 billion 41% of revenue
  • Tax, interest and other Derived CNY 2.31 billion 7% of revenue
  • Net income CNY 11.06 billion 34% of revenue

Cash

  • Operating cash flow CNY 10.23 billion 31% of revenue
  • Capital expenditure CNY 305 million 0.9% of revenue
  • Free cash flow Derived CNY 9.93 billion 30% of revenue

Share of revenue by period

  • Net income
  • Tax, interest and other
  • Operating costs
  • 2016 98%
  • 2017 12%85%
  • 2018 9.7%89%
  • 2019 16%82%
  • 2020 14%84%
  • 2021 9.7%88%
  • 2022 13%84%
  • 2023 18%78%
  • 2024 23%69%
  • 2025 34%59%
Values and sources
Revenue breakdown by annual reporting period
PeriodRevenueOperating costsOperating incomeTax, interest and otherNet incomeFree cash flowSource
2016 2016-01-01 – 2016-12-314361000000 4258000000 Derived 103000000 21000000 Derived 82000000 832000000 Derived
Source
2017 2017-01-01 – 2017-12-3110981000000 9388000000 Derived 1593000000 267000000 Derived 1326000000 2425000000 Derived
Source
2018 2018-01-01 – 2018-12-3118985000000 16946000000 Derived 2039000000 206000000 Derived 1833000000 5500000000 Derived
Source
2019 2019-01-01 – 2019-12-3125434000000 20812000000 Derived 4622000000 640000000 Derived 3982000000 6105000000 Derived
Source
2020 2020-01-01 – 2020-12-3129153000000 24443000000 Derived 4710000000 555000000 Derived 4155000000 4777000000 Derived
Source
2021 2021-01-01 – 2021-12-3131244000000 27444000000 Derived 3800000000 771000000 Derived 3029000000 5080000000 Derived
Source
2022 2022-01-01 – 2022-12-3128339000000 23896000000 Derived 4443000000 766000000 Derived 3677000000 7396000000 Derived
Source
2023 2023-01-01 – 2023-12-3127752000000 21693000000 Derived 6059000000 1139000000 Derived 4920000000 7172000000 Derived
Source
2024 2024-01-01 – 2024-12-3128401000000 19691000000 Derived 8710000000 2066000000 Derived 6644000000 9956000000 Derived
Source
2025 2025-01-01 – 2025-12-3132902000000 19538000000 Derived 13364000000 2308000000 Derived 11056000000 9926000000 Derived
Source

Amounts are exact, in CNY.

Growth

Sales over time and how quickly they are changing.

Revenue

Revenue reported for each complete financial period.

CNY 32.9B 2025
Revenue historyRevenue reported for each complete financial period. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.35.5B26.7B17.8B8.9B0.0201620212025
Values and sources
Revenue values and source evidence
PeriodSeriesValue(CNY)Source evidence
2016Revenue4361000000
2017Revenue10981000000
2018Revenue18985000000
2019Revenue25434000000
2020Revenue29153000000
2021Revenue31244000000
2022Revenue28339000000
2023Revenue27752000000
2024Revenue28401000000
2025Revenue32902000000

Revenue growth

Change in revenue from the same financial period one year earlier.

15.8% 2025
Revenue growth historyChange in revenue from the same financial period one year earlier. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.165%118%71%25%-22%201620212025
Values and sources
Revenue growth values and source evidence
PeriodSeriesValueSource evidence
2016Year over yearNo prior comparable period
2017Year over year151.8%
2018Year over year72.9%
2019Year over year34%
2020Year over year14.6%
2021Year over year7.2%
2022Year over year-9.3%
2023Year over year-2.1%
2024Year over year2.3%
2025Year over year15.8%

Profit and cash

How much revenue becomes profit, and how much cash operations generate.

Profit margins

Operating income, net income and free cash flow as a share of revenue.

Operating margin 40.6% 2025
Net margin 33.6% 2025
Free cash flow margin 30.2% 2025
Profit margins historyOperating income, net income and free cash flow as a share of revenue. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.44%33%22%11%0%201620212025
  • Operating margin
  • Net margin
  • Free cash flow margin
Values and sources
Profit margins values and source evidence
PeriodSeriesValueSource evidence
2016Operating margin2.4%
2017Operating margin14.5%
2018Operating margin10.7%
2019Operating margin18.2%
2020Operating margin16.2%
2021Operating margin12.2%
2022Operating margin15.7%
2023Operating margin21.8%
2024Operating margin30.7%
2025Operating margin40.6%
2016Net margin1.9%
2017Net margin12.1%
2018Net margin9.7%
2019Net margin15.7%
2020Net margin14.3%
2021Net margin9.7%
2022Net margin13%
2023Net margin17.7%
2024Net margin23.4%
2025Net margin33.6%
2016Free cash flow margin19.1%
2017Free cash flow margin22.1%
2018Free cash flow margin29%
2019Free cash flow margin24%
2020Free cash flow margin16.4%
2021Free cash flow margin16.3%
2022Free cash flow margin26.1%
2023Free cash flow margin25.8%
2024Free cash flow margin35.1%
2025Free cash flow margin30.2%

Operating cash flow

Cash generated by the company’s normal business operations.

CNY 10.2B 2025
Operating cash flow historyCash generated by the company’s normal business operations. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.11.1B8.3B5.5B2.8B0.0201620212025
Values and sources
Operating cash flow values and source evidence
PeriodSeriesValue(CNY)Source evidence
2016Operating cash flow873000000
2017Operating cash flow2500000000
2018Operating cash flow5632000000
2019Operating cash flow6200000000
2020Operating cash flow4885000000
2021Operating cash flow5239000000
2022Operating cash flow7481000000
2023Operating cash flow7337000000
2024Operating cash flow10275000000
2025Operating cash flow10231000000

Free cash flow

Operating cash flow minus capital expenditure for the same period and unit.

CNY 9.9B 2025
Free cash flow historyOperating cash flow minus capital expenditure for the same period and unit. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.10.8B8.1B5.4B2.7B0.0201620212025
Values and sources
Free cash flow values and source evidence
PeriodSeriesValue(CNY)Source evidence
2016Free cash flow832000000
2017Free cash flow2425000000
2018Free cash flow5500000000
2019Free cash flow6105000000
2020Free cash flow4777000000
2021Free cash flow5080000000
2022Free cash flow7396000000
2023Free cash flow7172000000
2024Free cash flow9956000000
2025Free cash flow9926000000

Balance sheet

Liabilities and short-term ability to meet obligations at each period end.

Liabilities to assets

Total liabilities as a share of total assets.

19% 2025
Liabilities to assets historyTotal liabilities as a share of total assets. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.28.8%21.6%14.4%7.2%0.0%2016-12-3120212025
Values and sources
Liabilities to assets values and source evidence
PeriodSeriesValueSource evidence
2016-12-31Liabilities / assetsNot reportedNo source recorded
2017Liabilities / assets12.8%
2018Liabilities / assets15.3%
2019Liabilities / assets17.1%
2020Liabilities / assets22.8%
2021Liabilities / assets24.1%
2022Liabilities / assets26.7%
2023Liabilities / assets24.3%
2024Liabilities / assets22.9%
2025Liabilities / assets19%

Current assets to current liabilities

Current assets divided by current liabilities.

2.22× 2025
Current assets to current liabilities historyCurrent assets divided by current liabilities. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.3.60×2.70×1.80×0.90×0.00×2016-12-3120212025
Values and sources
Current assets to current liabilities values and source evidence
PeriodSeriesValueSource evidence
2016-12-31Current assets / current liabilitiesNot reportedNo source recorded
2017Current assets / current liabilities2.12×
2018Current assets / current liabilities3.33×
2019Current assets / current liabilities3.17×
2020Current assets / current liabilities3.3×
2021Current assets / current liabilities2.56×
2022Current assets / current liabilities2.27×
2023Current assets / current liabilities2.49×
2024Current assets / current liabilities2.09×
2025Current assets / current liabilities2.22×

Cash generation

Compare reported profit with operating cash and capital spending. Free cash flow is calculated as operating cash flow minus capital expenditure when both exact, consolidated amounts match the same period and unit.

Cash generation by annual reporting period
PeriodNet incomeOperating cash flowCapital expenditureFree cash flow
2016 2016-01-01 – 2016-12-31
CNY 82 million
Exact value

Exact value: 82000000 CNY

2016-01-01 – 2016-12-31: 82000000 CNY Inspect Net Income Open source
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CNY 873 million
Exact value

Exact value: 873000000 CNY

2016-01-01 – 2016-12-31: 873000000 CNY Inspect Operating Cash Flow Open source
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CNY 41 million
Exact value

Exact value: 41000000 CNY

2016-01-01 – 2016-12-31: 41000000 CNY Inspect Capital Expenditure Open source
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CNY 832 million
Calculation and evidence

873000000 − 41000000 CNY

Exact free cash flow: 832000000 CNY

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2017 2017-01-01 – 2017-12-31
CNY 1.33 billion
Exact value

Exact value: 1326000000 CNY

2017-01-01 – 2017-12-31: 1326000000 CNY Inspect Net Income Open source
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CNY 2.5 billion
Exact value

Exact value: 2500000000 CNY

2017-01-01 – 2017-12-31: 2500000000 CNY Inspect Operating Cash Flow Open source
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CNY 75 million
Exact value

Exact value: 75000000 CNY

2017-01-01 – 2017-12-31: 75000000 CNY Inspect Capital Expenditure Open source
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CNY 2.43 billion
Calculation and evidence

2500000000 − 75000000 CNY

Exact free cash flow: 2425000000 CNY

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2018 2018-01-01 – 2018-12-31
CNY 1.83 billion
Exact value

Exact value: 1833000000 CNY

2018-01-01 – 2018-12-31: 1833000000 CNY Inspect Net Income Open source
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CNY 5.63 billion
Exact value

Exact value: 5632000000 CNY

2018-01-01 – 2018-12-31: 5632000000 CNY Inspect Operating Cash Flow Open source
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CNY 132 million
Exact value

Exact value: 132000000 CNY

2018-01-01 – 2018-12-31: 132000000 CNY Inspect Capital Expenditure Open source
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CNY 5.5 billion
Calculation and evidence

5632000000 − 132000000 CNY

Exact free cash flow: 5500000000 CNY

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2019 2019-01-01 – 2019-12-31
CNY 3.98 billion
Exact value

Exact value: 3982000000 CNY

2019-01-01 – 2019-12-31: 3982000000 CNY Inspect Net Income Open source
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CNY 6.2 billion
Exact value

Exact value: 6200000000 CNY

2019-01-01 – 2019-12-31: 6200000000 CNY Inspect Operating Cash Flow Open source
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CNY 95 million
Exact value

Exact value: 95000000 CNY

2019-01-01 – 2019-12-31: 95000000 CNY Inspect Capital Expenditure Open source
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CNY 6.11 billion
Calculation and evidence

6200000000 − 95000000 CNY

Exact free cash flow: 6105000000 CNY

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2020 2020-01-01 – 2020-12-31
CNY 4.16 billion
Exact value

Exact value: 4155000000 CNY

2020-01-01 – 2020-12-31: 4155000000 CNY Inspect Net Income Open source
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CNY 4.89 billion
Exact value

Exact value: 4885000000 CNY

2020-01-01 – 2020-12-31: 4885000000 CNY Inspect Operating Cash Flow Open source
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CNY 108 million
Exact value

Exact value: 108000000 CNY

2020-01-01 – 2020-12-31: 108000000 CNY Inspect Capital Expenditure Open source
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CNY 4.78 billion
Calculation and evidence

4885000000 − 108000000 CNY

Exact free cash flow: 4777000000 CNY

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2021 2021-01-01 – 2021-12-31
CNY 3.03 billion
Exact value

Exact value: 3029000000 CNY

2021-01-01 – 2021-12-31: 3029000000 CNY Inspect Net Income Open source
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CNY 5.24 billion
Exact value

Exact value: 5239000000 CNY

2021-01-01 – 2021-12-31: 5239000000 CNY Inspect Operating Cash Flow Open source
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CNY 159 million
Exact value

Exact value: 159000000 CNY

2021-01-01 – 2021-12-31: 159000000 CNY Inspect Capital Expenditure Open source
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CNY 5.08 billion
Calculation and evidence

5239000000 − 159000000 CNY

Exact free cash flow: 5080000000 CNY

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2022 2022-01-01 – 2022-12-31
CNY 3.68 billion
Exact value

Exact value: 3677000000 CNY

2022-01-01 – 2022-12-31: 3677000000 CNY Inspect Net Income Open source
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CNY 7.48 billion
Exact value

Exact value: 7481000000 CNY

2022-01-01 – 2022-12-31: 7481000000 CNY Inspect Operating Cash Flow Open source
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CNY 85 million
Exact value

Exact value: 85000000 CNY

2022-01-01 – 2022-12-31: 85000000 CNY Inspect Capital Expenditure Open source
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CNY 7.4 billion
Calculation and evidence

7481000000 − 85000000 CNY

Exact free cash flow: 7396000000 CNY

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2023 2023-01-01 – 2023-12-31
CNY 4.92 billion
Exact value

Exact value: 4920000000 CNY

2023-01-01 – 2023-12-31: 4920000000 CNY Inspect Net Income Open source
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CNY 7.34 billion
Exact value

Exact value: 7337000000 CNY

2023-01-01 – 2023-12-31: 7337000000 CNY Inspect Operating Cash Flow Open source
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CNY 165 million
Exact value

Exact value: 165000000 CNY

2023-01-01 – 2023-12-31: 165000000 CNY Inspect Capital Expenditure Open source
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CNY 7.17 billion
Calculation and evidence

7337000000 − 165000000 CNY

Exact free cash flow: 7172000000 CNY

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2024 2024-01-01 – 2024-12-31
CNY 6.64 billion
Exact value

Exact value: 6644000000 CNY

2024-01-01 – 2024-12-31: 6644000000 CNY Inspect Net Income Open source
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CNY 10.28 billion
Exact value

Exact value: 10275000000 CNY

2024-01-01 – 2024-12-31: 10275000000 CNY Inspect Operating Cash Flow Open source
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CNY 319 million
Exact value

Exact value: 319000000 CNY

2024-01-01 – 2024-12-31: 319000000 CNY Inspect Capital Expenditure Open source
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CNY 9.96 billion
Calculation and evidence

10275000000 − 319000000 CNY

Exact free cash flow: 9956000000 CNY

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2025 2025-01-01 – 2025-12-31
CNY 11.06 billion
Exact value

Exact value: 11056000000 CNY

2025-01-01 – 2025-12-31: 11056000000 CNY Inspect Net Income Open source
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CNY 10.23 billion
Exact value

Exact value: 10231000000 CNY

2025-01-01 – 2025-12-31: 10231000000 CNY Inspect Operating Cash Flow Open source
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CNY 305 million
Exact value

Exact value: 305000000 CNY

2025-01-01 – 2025-12-31: 305000000 CNY Inspect Capital Expenditure Open source
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CNY 9.93 billion
Calculation and evidence

10231000000 − 305000000 CNY

Exact free cash flow: 9926000000 CNY

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Capital expenditure uses the canonical mapped positive-spending convention. A missing, ambiguous, incompatible, or negative-sign input is left blank. Values use the latest reported version.

Dataset coverage and company identifiers

Coverage reflects filings processed into this Fundies dataset; it does not imply every source filing is loaded.

144 filings · 991 latest values · 991 originally reported values

Dataset published . Source filing dates and reporting periods are shown separately.

Identifiers: 0001744676, 1744676, TCMEF, TME, edgar:1744676

Also known as Tencent Music Entertainment Group