TME

MKT CAP:$14B

Tencent Music Entertainment Group

Market Cap

$14B

Communication Services·Internet Content & Information·🇨🇳 China·NYSE

Communication·Internet·🇨🇳·NYSE

Stock Price

$10.08-$7.78 (-43.56%)

Apr 17, 2026

Company Details

Tencent Music Entertainment Group operates online music entertainment platforms to provide music streaming, online karaoke, and live streaming services in the People's Republic of China. It offers QQ Music, Kugou Music, and Kuwo Music that ...

CEO

Zhu Liang

IPO Date

Dec 12, 2018

Website

www.tencentmusic.com

Key Metrics TTM

Revenue

$4.6B

+14.6% YoY

Net Income

$1.2B

EPS (Diluted)

$0.76

Free Cash Flow

$1.4B

Revenue / Share

$2.94

Gross Margin

43.6%

Operating Margin

32.6%

Net Margin

25.8%

FCF Margin

30.7%

P/S

3.1x

P/E

12.1x

Earnings Reports

Q4 2025

May 12, 2026

PENDING

FY 2025

Apr 17, 2026

NEW

$4.7BEPS $1.01

Q3 2025

Nov 12, 2025

$1.2B+20.6%EPS $0.20

Q2 2025

Aug 12, 2025

$1.2B+17.9%EPS $0.23

Q4 2024

Apr 23, 2025

$1.1B+8.2%EPS $0.18

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 20	$1.2B	$394M	$189M
Q3 21	$1.1B	$337M	$134M
Q4 21	$1.1B	$320M	$100M
Q1 22	$971M	$272M	$109M
Q3 22	$1.1B	$351M	$184M
Q4 22	$1.1B	$358M	$203M
Q1 23	$1.0B	$338M	$202M
Q2 23	$1.1B	$365M	$225M
Q3 23	$960M	$342M	$208M
Q4 23	$1.0B	$386M	$250M
Q1 24	$989M	$405M	$286M
Q2 24	$1.0B	$440M	$321M
Q3 24	$1.0B	$437M	$313M
Q4 24	$1.1B	$475M	$352M
Q2 25	$1.2B	$548M	$435M
Q3 25	$1.2B	$538M	$396M

Valuation

Quarter	P/S	P/E
Q4 20	7.5x	50.3x
Q3 21	2.7x	20.4x
Q4 21	2.5x	21.8x
Q1 22	1.9x	19.0x
Q3 22	1.5x	15.2x
Q4 22	3.2x	27.7x
Q1 23	1.5x	11.0x
Q2 23	2.8x	17.3x
Q3 23	2.4x	14.4x
Q4 23	3.3x	18.8x
Q1 24	4.3x	22.6x
Q2 24	5.7x	27.9x
Q3 24	4.7x	21.8x
Q4 24	4.2x	18.1x
Q2 25	6.8x	26.7x
Q3 25	7.9x	30.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 20	$272M	$257M
Q3 21	$233M	$233M
Q4 21	$120M	$97M
Q1 22	$364M	$364M
Q3 22	$183M	$183M
Q4 22	$364M	$352M
Q1 23	$271M	$271M
Q2 23	$302M	$302M
Q3 23	$211M	$211M
Q4 23	$289M	$265M
Q1 24	$392M	$392M
Q2 24	$430M	$430M
Q3 24	$316M	$316M
Q4 24	$362M	$316M
Q2 25	$239M	$239M
Q3 25	$538M	$538M

Capital Expenditures

Quarter	CapEx
Q4 20	$16M
Q3 21	$0
Q4 21	$23M
Q1 22	$0
Q3 22	$0
Q4 22	$12M
Q1 23	$0
Q2 23	$0
Q3 23	$0
Q4 23	$24M
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q4 24	$47M
Q2 25	$0
Q3 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 20	+45.3%	+53.4%
Q3 21	+32.3%	+43.1%
Q4 21	+16.9%	+30.2%
Q1 22	-8.9%	-3.2%
Q3 22	-11.6%	-13.3%
Q4 22	-4.9%	-12.3%
Q1 23	-7.9%	-18.8%
Q2 23	+9.7%	-2.5%
Q3 23	-10.8%	-15.7%
Q4 23	-7.2%	-14.2%
Q1 24	-3.4%	-14.5%
Q2 24	-1.7%	-13.7%
Q3 24	+6.8%	-5.3%
Q4 24	+8.2%	-2.5%
Q2 25	+24.7%	+13.6%
Q3 25	+18.2%	+15.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 20	$20M	1.7%
Q3 21	$30M	2.6%
Q4 21	$29M	2.6%
Q1 22	$30M	3.1%
Q3 22	$33M	3.1%
Q4 22	$24M	2.2%
Q1 23	$30M	2.9%
Q2 23	$24M	2.3%
Q3 23	$27M	2.8%
Q4 23	$17M	1.7%
Q1 24	$28M	2.9%
Q2 24	$24M	2.3%
Q3 24	$25M	2.4%
Q4 24	$10M	1.0%
Q2 25	$21M	1.7%
Q3 25	$31M	2.5%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q4 20	$244M	$132M	$113M
Q3 21	—	$154M	$86M
Q4 21	$342M	$156M	$110M
Q1 22	—	$148M	$48M
Q3 22	—	$174M	$36M
Q4 22	$377M	$160M	$39M
Q1 23	—	$149M	$31M
Q2 23	—	$153M	$31M
Q3 23	—	$153M	$32M
Q4 23	$369M	$148M	$37M
Q1 24	—	$139M	$27M
Q2 24	—	$137M	$31M
Q3 24	—	$146M	$32M
Q4 24	$333M	$135M	$36M
Q2 25	—	$137M	$32M
Q3 25	—	$154M	$38M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$1.2B	$1.7B	$2.9B
Q2 22	$219M	$248M	$467M
Q3 22	$1.3B	$1.5B	$2.8B
Q4 22	$1.4B	$1.7B	$3.1B
Q1 23	$1.8B	$1.2B	$3.0B
Q2 23	$1.9B	$1.5B	$3.4B
Q3 23	$1.8B	$1.4B	$3.2B
Q4 23	$2.0B	$1.5B	$3.4B
Q1 24	$1.5B	$2.4B	$3.9B
Q2 24	$1.8B	$1.8B	$3.6B
Q3 24	$1.5B	$2.7B	$4.2B
Q4 24	$1.9B	$2.1B	$4.0B
Q1 25	$1.8B	$2.1B	$3.9B
Q2 25	$1.6B	$1.6B	$3.2B
Q3 25	$1.6B	$1.6B	$3.3B
Q4 25	$1.2B	$2.3B	$3.6B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 20	1.68B	+0.3%	+0.5%
Q3 21	1.67B	-0.8%	-0.4%
Q4 21	1.65B	-0.9%	-0.7%
Q1 22	1.65B	-0.2%	-1.6%
Q3 22	1.60B	-2.9%	-4.7%
Q4 22	1.59B	-1.0%	-4.9%
Q1 23	1.58B	-0.3%	-4.3%
Q2 23	1.58B	+0.1%	-4.0%
Q3 23	1.59B	+0.1%	-1.0%
Q4 23	1.57B	-0.9%	-0.9%
Q1 24	1.56B	-0.7%	-1.3%
Q2 24	1.57B	+0.5%	-0.9%
Q3 24	1.57B	-0.1%	-1.2%
Q4 24	1.56B	-0.7%	-1.1%
Q2 25	1.55B	-0.3%	-0.7%
Q3 25	1.56B	+0.5%	-0.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 20	—	—
Q3 21	—	—
Q4 21	—	—
Q1 22	—	—
Q3 22	—	—
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	$10.1K	100K
Q1 24	$9.9K	100K
Q2 24	$10.5K	100K
Q3 24	$10.3K	100K
Q4 24	$10.9K	100K
Q2 25	$12.3K	100K
Q3 25	$12.4K	100K

Revenue / Employee