Tencent Music Entmt A (TCMEF) Financials
Newest figures come from the 20-F for FY2025, filed Apr 17, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the TCMEF SEC filings page.
Tencent Music Entmt A (TCMEF) reported $4.7B in revenue for fiscal year 2025, up 20.9% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (20-F and 6-K reports).
Financial Health Signals
We do not publish a peer-relative financial health score for Tencent Music Entmt A, because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
Tencent Music Entmt A scores 4.66, well above the 2.99 safe threshold. The largest contribution to the score comes from a market capitalization of $15.3B against total liabilities of $2.8B. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Tencent Music Entmt A passes 6 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Tencent Music Entmt A generates $0.93 in operating cash flow ($1.5B OCF vs $1.6B net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Tencent Music Entmt A earns $103.60 in operating income for every $1 of interest expense ($1.9B vs $18.4M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Tencent Music Entmt A generated $4.7B in revenue in fiscal year 2025. This represents an increase of 20.9% from the prior year.
Tencent Music Entmt A's EBITDA was $2.1B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 58.8% from the prior year.
Tencent Music Entmt A reported $1.6B in net income in fiscal year 2025. This represents an increase of 73.7% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Tencent Music Entmt A generated $1.4B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 4.1% from the prior year.
Tencent Music Entmt A held $1.2B in cash as of fiscal year 2025; no long-term debt figure is on record for that period.
Not reported for fiscal year 2025.
Margins & Returns
Tencent Music Entmt A's gross margin was 44.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.8 percentage points from the prior year.
Tencent Music Entmt A's operating margin was 40.6% in fiscal year 2025, reflecting core business profitability. This is up 10.0 percentage points from the prior year.
Tencent Music Entmt A's net profit margin was 33.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 10.2 percentage points from the prior year.
Tencent Music Entmt A's ROE was 13.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 4.0 percentage points from the prior year.
Capital Allocation
Tencent Music Entmt A invested $331.3M in research and development in fiscal year 2025. This represents an increase of 6.1% from the prior year.
Tencent Music Entmt A invested $43.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 0.2% from the prior year.
Not reported for fiscal year 2025.
TCMEF Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F | FY1720-F | FY1620-F |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.7B+20.9% | $3.9B-0.5% | $3.9B-4.9% | $4.1B-16.2% | $4.9B+9.7% | $4.5B+22.3% | $3.7B+32.3% | $2.8B+63.6% | $1.7B+168.7% | $628.1M |
| Cost of Revenue | $2.6B+17.1% | $2.2B-11.3% | $2.5B-10.8% | $2.8B-17.2% | $3.4B+12.7% | $3.0B+26.4% | $2.4B+41.4% | $1.7B+54.5% | $1.1B+144.6% | $450.7M |
| Gross Profit | $2.1B+26.2% | $1.6B+19.4% | $1.4B+8.5% | $1.3B-13.8% | $1.5B+3.5% | $1.4B+14.4% | $1.2B+17.7% | $1.1B+80.7% | $585.6M+230.0% | $177.4M |
| R&D Expenses | $331.3M+6.1% | $312.4M-12.2% | $355.6M-4.9% | $374.1M+1.9% | $367.0M+43.7% | $255.5M+53.5% | $166.5M+22.2% | $136.3M+11.3% | $122.5M+89.4% | $64.7M |
| Operating Income | $1.9B+60.2% | $1.2B+39.8% | $853.4M+32.5% | $644.2M+8.0% | $596.3M-17.4% | $721.8M+8.7% | $663.9M+123.9% | $296.6M+21.1% | $244.8M+1550.4% | $14.8M |
| EBITDA | $2.1B+58.8% | $1.3B+33.4% | $994.8M+22.5% | $812.4M+7.8% | $753.4M-11.2% | $848.1M+13.4% | $747.7M+113.5% | $350.2M+15.6% | $303.1M+520.8% | $48.8M |
| Interest Expense | $18.4M+43.2% | $12.9M-35.2% | $19.9M+26.8% | $15.7M-17.5% | $19.0M+27.7% | $14.9M+61.7% | $9.2M+80.6% | $5.1M | N/A | N/A |
| Income Tax | $275.1M+25.3% | $219.6M+89.0% | $116.2M+50.1% | $77.4M+18.3% | $65.4M-6.4% | $69.9M-13.6% | $80.9M+225.2% | $24.9M-41.8% | $42.7M+923.0% | $4.2M |
| Net Income | $1.6B+73.7% | $910.2M+31.4% | $693.0M+30.0% | $533.1M+12.2% | $475.3M-25.4% | $636.8M+11.3% | $572.0M+114.5% | $266.6M+30.8% | $203.8M+1625.6% | $11.8M |
| Diluted Shares (Avg) | 3.11B-0.7% | 3.13B-1.2% | 3.17B-2.0% | 3.23B-3.8% | 3.36B+0.1% | 3.36B+0.4% | 3.35B+6.0% | 3.16B+19.7% | 2.64B+39.0% | 1.90B |
Not reported in any period shown, so not listed: SG&A Expenses, EPS (Basic), EPS (Diluted).
TCMEF Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F | FY1720-F | FY1620-F |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $14.7B+18.3% | $12.4B+16.5% | $10.6B+9.5% | $9.7B-7.9% | $10.6B+0.9% | $10.5B+38.3% | $7.6B+16.6% | $6.5B+40.7% | $4.6B | N/A |
| Current Assets | $4.6B-1.9% | $4.7B+12.2% | $4.2B+9.5% | $3.9B-8.4% | $4.2B-13.4% | $4.9B+25.6% | $3.9B+27.9% | $3.0B+163.3% | $1.1B | N/A |
| Cash & Equivalents | $1.2B-32.8% | $1.8B-5.6% | $1.9B+37.9% | $1.4B+33.9% | $1.0B-39.4% | $1.7B-23.0% | $2.2B-12.2% | $2.5B+217.4% | $795.2M+79.8% | $442.3M |
| Inventory | $5.9M+86.1% | $3.2M+179.6% | $1.1M-44.5% | $2.0M-46.1% | $3.8M+36.5% | $2.8M-26.1% | $3.7M-26.6% | $5.1M+10.4% | $4.6M | N/A |
| Goodwill | $2.9B+9.0% | $2.7B-2.2% | $2.8B-2.6% | $2.8B-5.8% | $3.0B+11.9% | $2.7B+8.9% | $2.5B-0.9% | $2.5B-0.6% | $2.5B+10.1% | $2.3B |
| Total Liabilities | $2.8B-1.9% | $2.8B+9.9% | $2.6B-0.4% | $2.6B+2.0% | $2.5B+6.7% | $2.4B+84.2% | $1.3B+30.1% | $993.8M+67.9% | $592.0M | N/A |
| Current Liabilities | $2.1B-8.0% | $2.3B+34.0% | $1.7B-0.4% | $1.7B+3.6% | $1.6B+11.4% | $1.5B+20.7% | $1.2B+34.4% | $907.3M+67.4% | $542.1M | N/A |
| Non-Current Liabilities | $698.3M+22.3% | $571.0M-35.9% | $890.2M-0.4% | $893.8M-0.9% | $902.1M-0.9% | $910.3M+1142.7% | $73.3M-15.3% | $86.5M+73.2% | $50.0M | N/A |
| Long-Term Debt | N/A | N/A | $793.8M-1.1% | $802.6M+1.0% | $794.3M+0.2% | $793.1M | N/A | N/A | N/A | N/A |
| Total Equity | $11.5B+23.5% | $9.3B+18.1% | $7.9B+12.9% | $7.0B-11.7% | $7.9B-1.4% | $8.0B+27.9% | $6.3B+14.1% | $5.5B+36.5% | $4.0B+35.2% | $3.0B |
| Retained Earnings | $4.2B+52.9% | $2.7B+14.9% | $2.4B+36.8% | $1.7B-21.5% | $2.2B+30.8% | $1.7B+69.2% | $1.0B+127.6% | $442.1M+134.5% | $188.6M | N/A |
Not reported in any period shown, so not listed: Short-Term Investments, Accounts Receivable, Long-Term Investments.
TCMEF Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F | FY1720-F | FY1620-F |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.5B+3.9% | $1.4B+36.2% | $1.0B-4.7% | $1.1B+31.9% | $822.1M+9.8% | $748.7M-15.9% | $890.6M+8.7% | $819.1M+113.2% | $384.2M+205.6% | $125.7M |
| Depreciation & Amortization | $196.6M+46.7% | $134.0M-5.3% | $141.4M-15.9% | $168.2M+7.1% | $157.1M+24.4% | $126.3M+50.8% | $83.7M+56.0% | $53.7M-7.9% | $58.3M+71.4% | $34.0M |
| Capital Expenditures | $43.6M-0.2% | $43.7M+88.1% | $23.2M+88.6% | $12.3M-50.6% | $25.0M+50.7% | $16.6M+21.3% | $13.6M-28.9% | $19.2M+66.5% | $11.5M+95.2% | $5.9M |
| Free Cash Flow | $1.4B+4.1% | $1.4B+35.0% | $1.0B-5.8% | $1.1B+34.5% | $797.2M+8.9% | $732.1M-16.5% | $876.9M+9.6% | $799.9M+114.6% | $372.7M+211.0% | $119.8M |
| Investing Cash Flow | -$1.5Bn/m | -$934.1Mn/m | -$262.4Mn/m | -$209.7Mn/m | -$941.4Mn/m | -$2.2Bn/m | -$1.2Bn/m | -$173.1Mn/m | -$74.2M-203.9% | $71.4M |
| Financing Cash Flow | -$664.8Mn/m | -$524.7Mn/m | -$216.6Mn/m | -$495.7Mn/m | -$582.2M-171.8% | $811.0Mn/m | -$4.5M-100.4% | $1.1B+7299.3% | $15.2M-93.8% | $246.6M |
| Dividends Paid | $283.3M+37.1% | $206.6M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Stock-Based Compensation, Share Buybacks.
TCMEF Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F | FY1720-F | FY1620-F |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 44.2%+1.8pp | 42.3%+7.1pp | 35.3%+4.3pp | 31.0%+0.9pp | 30.1%-1.8pp | 31.9%-2.2pp | 34.1%-4.2pp | 38.3%+3.6pp | 34.7%+6.5pp | 28.2% |
| Operating Margin | 40.6%+10.0pp | 30.7%+8.8pp | 21.8%+6.2pp | 15.7%+3.5pp | 12.2%-4.0pp | 16.2%-2.0pp | 18.2%+7.4pp | 10.7%-3.8pp | 14.5%+12.2pp | 2.4% |
| Net Margin | 33.6%+10.2pp | 23.4%+5.7pp | 17.7%+4.8pp | 13.0%+3.3pp | 9.7%-4.6pp | 14.2%-1.4pp | 15.7%+6.0pp | 9.7%-2.4pp | 12.1%+10.2pp | 1.9% |
| Return on Equity | 13.8%+4.0pp | 9.8%+1.0pp | 8.8%+1.2pp | 7.6%+1.6pp | 6.0%-1.9pp | 8.0%-1.2pp | 9.1%+4.3pp | 4.9%-0.2pp | 5.1%+4.7pp | 0.4% |
| Return on Assets | 10.8%+3.4pp | 7.3%+0.8pp | 6.5%+1.0pp | 5.5%+1.0pp | 4.5%-1.6pp | 6.1%-1.5pp | 7.6%+3.5pp | 4.1%-0.3pp | 4.4% | N/A |
| Current Ratio | 2.22+0.1x | 2.09-0.4x | 2.49+0.2x | 2.27-0.3x | 2.56-0.7x | 3.30+0.1x | 3.17-0.2x | 3.33+1.2x | 2.12 | N/A |
| Debt-to-Equity | N/A | N/A | 0.100.0x | 0.120.0x | 0.100.0x | 0.10 | N/A | N/A | N/A | N/A |
| Liabilities-to-Equity | 0.24-0.1x | 0.310.0x | 0.330.0x | 0.370.0x | 0.320.0x | 0.30+0.1x | 0.210.0x | 0.180.0x | 0.15 | N/A |
| Asset Turnover | 0.320.0x | 0.31-0.1x | 0.37-0.1x | 0.420.0x | 0.460.0x | 0.43-0.1x | 0.48+0.1x | 0.43+0.1x | 0.37 | N/A |
| FCF Margin | 30.2%-4.9pp | 35.1%+9.2pp | 25.8%-0.3pp | 26.1%+9.8pp | 16.3%-0.1pp | 16.4%-7.6pp | 24.0%-5.0pp | 29.0%+6.9pp | 22.1%+3.0pp | 19.1% |
Where Tencent Music Entmt A Ranks
Frequently Asked Questions
Tencent Music Entmt A (TCMEF) reported $4.7B in total revenue for fiscal year 2025. This represents a 20.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
Tencent Music Entmt A (TCMEF) revenue grew by 20.9% year-over-year, from $3.9B to $4.7B in fiscal year 2025.
Yes, Tencent Music Entmt A (TCMEF) reported a net income of $1.6B in fiscal year 2025, with a net profit margin of 33.6%.
Tencent Music Entmt A (TCMEF) had EBITDA of $2.1B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
Tencent Music Entmt A (TCMEF) had a gross margin of 44.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
Tencent Music Entmt A (TCMEF) had an operating margin of 40.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
Tencent Music Entmt A (TCMEF) had a net profit margin of 33.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Tencent Music Entmt A (TCMEF) has a return on equity of 13.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
Tencent Music Entmt A (TCMEF) generated $1.4B in free cash flow during fiscal year 2025. This represents a 4.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
Tencent Music Entmt A (TCMEF) generated $1.5B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
Tencent Music Entmt A (TCMEF) had $14.7B in total assets as of fiscal year 2025, including both current and long-term assets.
Tencent Music Entmt A (TCMEF) invested $43.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
Tencent Music Entmt A (TCMEF) invested $331.3M in research and development during fiscal year 2025.
Tencent Music Entmt A (TCMEF) had a current ratio of 2.22 as of fiscal year 2025, which is generally considered healthy.
Tencent Music Entmt A (TCMEF) had a liabilities-to-equity ratio of 0.24 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2025, because the filing data we hold for that year carries no long-term debt figure.
Tencent Music Entmt A (TCMEF) had a return on assets of 10.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Tencent Music Entmt A (TCMEF) has an Altman Z-Score of 4.66, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
Tencent Music Entmt A (TCMEF) has a Piotroski F-Score of 6 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Tencent Music Entmt A (TCMEF) has an earnings quality ratio of 0.93x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Tencent Music Entmt A (TCMEF) has an interest coverage ratio of 103.60x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.