Tencent Music Entertainment Group ADR (TME) financial statements: income statement, balance sheet and cash flow
Tencent Music Entertainment Group ADR's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Tencent Music Entertainment Group ADR reported revenue of $32.9B (+15.8% year on year).
Income statement
Tencent Music Entertainment Group ADR income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Total revenues
$32.9B
$28.4B
$27.8B
$28.3B
Cost of revenues
($18.4B)
($16.4B)
($18.0B)
($19.6B)
Gross profit
$14.5B
$12.0B
$9.8B
$8.8B
Selling and marketing expenses
($941.0M)
($865.0M)
($897.0M)
($1.1B)
General and administrative expenses
($3.9B)
($3.8B)
($4.1B)
($4.4B)
Total operating expenses
($4.9B)
($4.7B)
($5.0B)
($5.6B)
Interest income
$1.1B
$1.2B
$1.1B
$711.0M
Other gains, net
$2.6B
$165.0M
$230.0M
$516.0M
Operating profit
$13.4B
$8.7B
$6.1B
$4.4B
Share of net profit of investments accounted for using equit method
$42.0M
$96.0M
$127.0M
$38.0M
Finance costs
($129.0M)
($94.0M)
($141.0M)
($108.0M)
Profit before income tax
$13.3B
$8.7B
$6.0B
$4.4B
Income tax expense
($1.9B)
($1.6B)
($825.0M)
($534.0M)
Equity holders of the Company
$11.1B
$6.6B
$4.9B
$3.7B
Non-controlling interests
$297.0M
$465.0M
$300.0M
$162.0M
Profit for the year
$11.4B
$7.1B
$5.2B
$3.8B
Basic
$10.81
$6.46
$4.73
$3.45
Diluted
$10.67
$6.36
$4.66
$3.41
Tencent Music Entertainment Group ADR income statement, quarters
Line item
Jun 30, 2026 · YTD
Jun 30, 2020 · YTD
Total revenues
$16.8B
$13.2B
Cost of revenues
($9.3B)
($9.1B)
Gross profit
$7.5B
$4.1B
Selling and marketing expenses
($507.0M)
($1.1B)
General and administrative expenses
($2.0B)
($1.4B)
Total operating expenses
($2.5B)
($2.5B)
Interest income
$475.0M
$327.0M
Other gains, net
$218.0M
$145.0M
Operating profit
$5.7B
$2.2B
Share of net profit of investments accounted for using equity method
$30.0M
($19.0M)
Finance costs
($51.0M)
($37.0M)
Profit before income tax
$5.7B
$2.1B
Income tax expense
($971.0M)
($269.0M)
Equity holders of the Company
$4.6B
$1.8B
Non-controlling interests
$128.0M
$3.0M
Profit for the period
$4.7B
$1.8B
Basic
$4.41
$1.65
Diluted
$4.37
$1.64
Balance sheet
Tencent Music Entertainment Group ADR balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Property, plant and equipment
$1.2B
$803.0M
$490.0M
$323.0M
Land use rights
$2.3B
$2.4B
$2.4B
$2.5B
Right-of-use assets
$287.0M
$295.0M
$367.0M
$398.0M
Intangible assets
$2.9B
$2.0B
$2.0B
$2.4B
Goodwill
$20.5B
$19.6B
$19.5B
$19.5B
Investments accounted for using equity method
$1.7B
$4.7B
$4.3B
$4.3B
Financial assets at fair value through other comprehensive income
$26.2B
$14.5B
$6.5B
$3.2B
Other investments
$303.0M
$309.0M
$307.0M
$304.0M
Prepayments, deposits and other assets
$365.0M
$425.0M
$540.0M
$709.0M
Deferred tax assets
$498.0M
$422.0M
$352.0M
$347.0M
Term deposits
$13.8B
$10.4B
$8.7B
$6.5B
Total non-current assets
$70.1B
$55.9B
$45.6B
$40.5B
Inventories
$41.0M
$23.0M
$8.0M
$14.0M
Accounts receivable
$3.9B
$3.5B
$2.9B
$2.7B
Prepayments, deposits and other assets
$4.2B
$3.8B
$3.4B
$3.0B
Other investments
$83.0M
$46.0M
$37.0M
$37.0M
Term deposits
$15.8B
$14.0B
$9.9B
$11.3B
Restricted cash
$15.0M
$11.0M
$31.0M
$34.0M
Cash and cash equivalents
$8.5B
$13.2B
$13.6B
$9.6B
Total current assets
$32.5B
$34.5B
$29.9B
$26.6B
Total assets
$102.5B
$90.4B
$75.5B
$67.0B
Share capital
$2.0M
$2.0M
$2.0M
$2.0M
Additional paid-in capital
$29.9B
$29.0B
$36.6B
$36.5B
Shares held for share award schemes
-801.0M
-520.0M
-302.0M
-202.0M
Treasury shares
-664.0M
-550.0M
-7.0B
-6.3B
Other reserves
$22.4B
$19.8B
$9.7B
$6.1B
Retained earnings
$29.4B
$20.1B
$17.0B
$12.1B
Equity attributable to equity holders of the Company
$80.3B
$67.9B
$55.9B
$48.1B
Non-controlling interests
$2.8B
$1.9B
$1.3B
$1.0B
Total equity
$83.0B
$69.7B
$57.2B
$49.1B
Notes payable
$3.5B
$3.6B
$5.6B
$5.5B
Other payables and other liabilities
$379.0M
—
—
$6.0M
Deferred tax liabilities
$504.0M
$198.0M
$239.0M
$211.0M
Lease liabilities
$200.0M
$219.0M
$297.0M
$306.0M
Deferred revenue
$303.0M
$179.0M
$148.0M
$106.0M
Total non-current liabilities
$4.9B
$4.2B
$6.3B
$6.2B
Accounts payable
$6.3B
$6.9B
$5.0B
$0
Other payables and other liabilities
$3.6B
$3.4B
$3.5B
$4.0B
Notes payables
$0
$2.2B
—
—
Current tax liabilities
$1.1B
$934.0M
$567.0M
$404.0M
Lease liabilities
$116.0M
$106.0M
$115.0M
$123.0M
Deferred revenue
$3.5B
$3.1B
$2.9B
$2.2B
Total current liabilities
$14.6B
$16.6B
$12.0B
$11.7B
Total liabilities
$19.5B
$20.7B
$18.3B
$17.9B
Total equity and liabilities
$102.5B
$90.4B
$75.5B
$67.0B
Tencent Music Entertainment Group ADR balance sheet, quarters
Line item
Jun 30, 2026
Jun 30, 2020
Property, plant and equipment
$1.5B
$178.0M
Land use rights
$2.3B
—
Right-of-use assets
$322.0M
$131.0M
Intangible assets
$5.9B
$2.0B
Goodwill
$29.8B
$17.1B
Investments accounted for using equity method
$2.7B
$2.3B
Financial assets at fair value through other comprehensive income
$19.1B
$8.7B
Other investments
$934.0M
$217.0M
Prepayments, deposits and other assets
$445.0M
$998.0M
Deferred tax assets
$633.0M
$214.0M
Term deposits
$13.6B
$1.0B
Total non-current assets
$77.3B
$32.7B
Inventories
$98.0M
$30.0M
Accounts receivable
$4.2B
$2.0B
Prepayments, deposits and other assets
$4.7B
$2.2B
Other investments
$72.0M
$37.0M
Short-term investments
$123.0M
$12.0M
Term deposits
$6.8B
$9.5B
Restricted cash
$8.0M
—
Cash and cash equivalents
$23.7B
$11.8B
Total current assets
$39.7B
$25.6B
Total assets
$116.9B
$58.4B
Share capital
$2.0M
$2.0M
Additional paid-in capital
$34.9B
$34.7B
Shares held for share award schemes
-870.0M
-62.0M
Treasury shares
-3.4B
-134.0M
Other reserves
$16.5B
$5.8B
Retained earnings
$31.1B
$8.8B
Equity attributable to equity holders of the Company
$78.3B
$49.2B
Non-controlling interests
$2.8B
$101.0M
Total equity
$81.1B
$49.3B
Borrowings
$7.1B
—
Notes payable
$3.4B
—
Other payables and other liabilities
$468.0M
$102.0M
Deferred tax liabilities
$1.5B
$236.0M
Lease liabilities
$218.0M
$62.0M
Deferred revenue
$447.0M
$78.0M
Total non-current liabilities
$13.1B
$614.0M
Accounts payable
$6.7B
$136.0M
Other payables and other liabilities
$4.5B
$3.3B
Borrowings
$6.0B
—
Current tax liabilities
$999.0M
$399.0M
Lease liabilities
$137.0M
$74.0M
Deferred revenue
$4.4B
$1.6B
Total current liabilities
$22.7B
$8.4B
Cash flow statement
Tencent Music Entertainment Group ADR cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash generated from operations
$10.8B
$10.7B
$7.5B
$7.6B
Interest received
$1.2B
$913.0M
$707.0M
$587.0M
Income taxes paid
($1.8B)
($1.4B)
($825.0M)
($733.0M)
Net cash inflow from operating activities
$10.2B
$10.3B
$7.3B
$7.5B
Net cash payment for business combination
($1.1B)
($34.0M)
($9.0M)
($165.0M)
Purchase of property, plant and equipment
($305.0M)
($319.0M)
($165.0M)
($85.0M)
Purchase of intangible assets
($883.0M)
($713.0M)
($456.0M)
($442.0M)
Purchase of land use right
$0
$0
($543.0M)
($526.0M)
Placement of short-term investments
($3.8B)
($12.0B)
—
($160.0M)
Receipt from short-term investments
$3.9B
$12.0B
—
$1.2B
Placement of term deposits with initial terms of over three months
($17.9B)
($24.5B)
($13.7B)
($33.9B)
Receipt from maturity of term deposits with initial terms of over three months
$12.6B
$18.9B
$12.8B
$33.2B
Payments for disposal of subsidiaries
$0
($25.0M)
—
—
Proceeds from disposal of investments accounted for using equity method
$40.0M
$18.0M
$59.0M
—
Payments for acquisition of investments accounted for using equity method
($1.8B)
($234.0M)
($15.0M)
($473.0M)
Payments for acquisition of investments accounted for as financial assets at fair value through profit or loss
($39.0M)
($22.0M)
($10.0M)
($160.0M)
Payments for acquisition of investments accounted for as financial assets at fair value through other comprehensive income
($1.2B)
—
—
—
Payments for loan to third parties
$0
($11.0M)
($70.0M)
—
Receipts from repayments of loans to third parties
$0
$20.0M
$46.0M
—
Dividends received
$332.0M
$61.0M
$126.0M
$74.0M
Capital reduction of an associate
$0
$0
$7.0M
$21.0M
Other investing activities
$8.0M
$13.0M
$2.0M
$4.0M
Net cash outflow from investing activities
($10.2B)
($6.8B)
($1.9B)
($1.4B)
Proceeds from exercise of share options
$430.0M
$156.0M
$57.0M
$3.0M
Payments for acquisition of non-controlling interests in non-wholly owned subsidiaries
$0
($21.0M)
($23.0M)
($40.0M)
Shares withheld for share award schemes
-281.0M
-217.0M
-100.0M
-18.0M
Payments for repurchase of ordinary shares
-390.0M
-1.9B
-1.2B
-3.1B
Dividends paid to the Company's shareholders
($2.0B)
($1.5B)
—
—
Dividends paid to non-controlling interests
($54.0M)
($68.0M)
($42.0M)
($70.0M)
Proceeds from issuance of additional equity of non-wholly owned subsidiaries
$0
—
$52.0M
$3.0M
Capital contribution from non-controlling interests
$1.0M
$6.0M
—
—
Payments for interests
($119.0M)
($119.0M)
($117.0M)
($115.0M)
Principal elements of lease payments
($124.0M)
($134.0M)
($116.0M)
($130.0M)
Repayment of notes payable
($2.1B)
—
—
—
Net cash outflow from financing activities
($4.6B)
($3.8B)
($1.5B)
($3.4B)
Net increase/ (decrease) in cash and cash equivalents
($4.6B)
($373.0M)
$3.9B
$2.6B
Cash and cash equivalents at beginning of the year
$13.2B
$13.6B
$9.6B
$6.6B
Exchange differences on cash and cash equivalents
($49.0M)
($30.0M)
$76.0M
$348.0M
Cash and cash equivalents at end of the year
$8.5B
$13.2B
—
$9.6B
Tencent Music Entertainment Group ADR cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Jun 30, 2020 · YTD
Cash generated from operations
$5.0B
$2.5B
Interest received
$606.0M
$331.0M
Income taxes paid
($387.0M)
($370.0M)
Net cash inflow from operating activities
$5.2B
$2.5B
Net cash payment for business combinations
($7.4B)
($240.0M)
Purchase of property, plant and equipment
($193.0M)
($65.0M)
Purchase of intangible assets
($239.0M)
($235.0M)
Placement of short-term investments
($4.0B)
—
Receipt from short-term investments
$4.9B
—
Placement of term deposits with initial terms of over three months
($6.1B)
($15.0B)
Receipt from maturity of term deposits with initial terms of over three months
$16.1B
$12.0B
Proceeds from disposal of investments accounted for using equity method
$4.0M
—
Payments for acquisition of investments accounted for using equity method
($70.0M)
($1.8B)
Proceeds from disposal of investments accounted for as financial assets at fair value through profit or loss
$12.0M
—
Payments for acquisition of investments accounted for as financial assets at fair value through profit or loss
($229.0M)
—
Payments for acquisition of investments accounted for as financial assets at fair value through other comprehensive income
$0
—
Payments for loan to third parties
$0
($15.0M)
Dividends received
$198.0M
$0
Other investing activities
($4.0M)
—
Net cash (outflow)/inflow from investing activities
$2.9B
($6.2B)
Proceeds from short-term borrowings
$5.8B
—
Repayments of short-term borrowings
($55.0M)
—
Proceeds from long-term borrowings
$7.0B
—
Proceeds from exercise of share options
$4.0M
$42.0M
Payments for acquisition of non-controlling interests in non-wholly owned subsidiaries
($9.0M)
($6.0M)
Shares withheld for share award schemes
-23.0M
-18.0M
Payments for repurchase of ordinary shares
-2.7B
-134.0M
Dividends paid to the Company's shareholders
($2.5B)
—
Dividends paid to non-controlling interests
($41.0M)
—
Payments for interests
($48.0M)
—
Principal elements of lease payments
($61.0M)
($41.0M)
Net cash (outflow)/inflow from financing activities
$7.3B
($156.0M)
Net (decrease)/increase in cash and cash equivalents
$15.4B
($3.8B)
Cash and cash equivalents at beginning of the period