Tencent Music Entertainment Group (TME) Cash Flow Statement
Where TME’s cash came from and went, 2025
December 31, 2025 · Chinese yuan- Cash from operations
- CN¥10.16B −1.1% vs 2024
- Capital expenditures
- CN¥296.7M 0.9% of revenue
- Free cash flow
- CN¥9.86B 30.0% margin
- Returned to shareholders
- CN¥2.58B 26% of free cash flow
- Change in cash
- −CN¥4.13B cash at year-end CN¥8.49B
Drawn to scale: where the cash came from and how it was used. Hover for values.
TME operating cash flow, capex and free cash flow
TME cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | CN¥873.0M2016 | CN¥10.16B2025 | +31.3%/yr | |
| Capital expenditures | CN¥41.0M2016 | CN¥296.7M2025 | +24.6%/yr | |
| Free cash flow | CN¥832.0M2016 | CN¥9.86B2025 | +31.6%/yr | |
| Free cash flow margin | 19.1%2016 | 30.0%2025 | +10.9 pts | |
| Operating cash flow / net income | 7.662016 | 0.942025 | −6.71 | |
| Stock-based compensation | CN¥170.0M2016 | CN¥669.0M2025 | +16.4%/yr | |
| Dividends paid | CN¥02016 | CN¥1.93B2025 | — | |
| Share buybacks (net) | CN¥02016 | CN¥652.7M2025 | — | |
| Capex / revenue | 0.9%2016 | 0.9%2025 | 0.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TME cash flow by activity
TME net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
TME cash flow statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | CN¥10.75B | CN¥8.71B | CN¥6.04B | CN¥4.37B | CN¥3.63B | CN¥4.63B | CN¥4.54B | CN¥2.00B | CN¥1.60B | CN¥114.0M |
| Depreciation & amortization | CN¥1.38B | CN¥978.0M | CN¥1.00B | CN¥1.16B | CN¥1.00B | CN¥824.0M | CN¥583.0M | CN¥369.0M | CN¥379.0M | CN¥236.0M |
| Stock-based compensation | CN¥669.0M | CN¥596.0M | CN¥649.0M | CN¥665.0M | CN¥647.0M | CN¥569.0M | CN¥519.0M | CN¥487.0M | CN¥362.0M | CN¥170.0M |
| Change in working capital | −CN¥1.00B | CN¥1.56B | CN¥786.0M | CN¥2.22B | CN¥573.0M | −CN¥497.0M | CN¥982.0M | CN¥1.39B | CN¥455.0M | CN¥405.0M |
| Other non-cash items | −CN¥1.63B | −CN¥1.57B | −CN¥1.15B | −CN¥938.0M | −CN¥614.0M | −CN¥643.0M | −CN¥424.0M | CN¥1.39B | −CN¥293.0M | −CN¥52.0M |
| Cash from operating activities | CN¥10.16B | CN¥10.28B | CN¥7.34B | CN¥7.48B | CN¥5.24B | CN¥4.88B | CN¥6.20B | CN¥5.63B | CN¥2.50B | CN¥873.0M |
| Investing activities | ||||||||||
| Capital expenditures | −CN¥296.7M | −CN¥1.03B | −CN¥1.16B | −CN¥1.05B | −CN¥2.76B | −CN¥501.0M | −CN¥286.0M | −CN¥144.0M | −CN¥77.0M | −CN¥41.0M |
| Investments (net) | −CN¥8.36B | −CN¥6.82B | −CN¥1.86B | −CN¥1.45B | −CN¥6.00B | −CN¥14.21B | −CN¥8.10B | −CN¥1.19B | CN¥257.0M | CN¥496.0M |
| Acquisitions & other investing | −CN¥1.61B | CN¥1.03B | CN¥1.16B | CN¥1.05B | CN¥2.76B | CN¥501.0M | CN¥286.0M | CN¥144.0M | −CN¥663.0M | CN¥41.0M |
| Cash from investing activities | −CN¥10.27B | −CN¥6.82B | −CN¥1.86B | −CN¥1.45B | −CN¥6.00B | −CN¥14.21B | −CN¥8.10B | −CN¥1.19B | −CN¥483.0M | CN¥496.0M |
| Financing activities | ||||||||||
| Dividends paid | −CN¥1.93B | −CN¥1.51B | CN¥0 | −CN¥74.0M | −CN¥106.0M | CN¥0 | −CN¥127.0M | −CN¥19.0M | CN¥0 | CN¥0 |
| Share repurchases & issuance (net) | −CN¥652.7M | −CN¥1.93B | −CN¥1.25B | −CN¥3.13B | −CN¥3.48B | −CN¥134.0M | −CN¥31.0M | CN¥7.74B | CN¥79.0M | CN¥1.90B |
| Net borrowing (repayment) | −CN¥2.25B | −CN¥134.0M | −CN¥116.0M | −CN¥130.0M | −CN¥116.0M | CN¥5.33B | −CN¥63.0M | −CN¥63.0M | −CN¥63.0M | −CN¥63.0M |
| Shares issued | CN¥0 | CN¥0 | CN¥52.0M | CN¥3.0M | CN¥13.0M | CN¥0 | CN¥15.0M | CN¥7.32B | CN¥0 | CN¥0 |
| Other financing | CN¥427.2M | −CN¥263.0M | −CN¥225.0M | −CN¥91.0M | −CN¥22.0M | CN¥96.0M | CN¥175.0M | −CN¥7.24B | CN¥83.0M | −CN¥126.0M |
| Cash from financing activities | −CN¥4.41B | −CN¥3.83B | −CN¥1.54B | −CN¥3.42B | −CN¥3.71B | CN¥5.29B | −CN¥31.0M | CN¥7.74B | CN¥99.0M | CN¥1.71B |
| Summary | ||||||||||
| Net change in cash | −CN¥4.13B | −CN¥403.0M | CN¥4.01B | CN¥2.96B | −CN¥4.54B | −CN¥4.30B | −CN¥1.93B | CN¥12.18B | CN¥2.10B | CN¥3.07B |
| Cash at end of period | CN¥8.49B | CN¥13.16B | CN¥13.57B | CN¥9.55B | CN¥6.59B | CN¥11.13B | CN¥15.43B | CN¥17.36B | CN¥5.17B | CN¥3.07B |
| Free cash flow | CN¥9.86B | CN¥9.24B | CN¥6.17B | CN¥6.43B | CN¥2.48B | CN¥4.38B | CN¥5.91B | CN¥5.49B | CN¥2.42B | CN¥832.0M |
| Free cash flow margin | 30.0% | 32.5% | 22.2% | 22.7% | 7.9% | 15.0% | 23.3% | 28.9% | 22.1% | 19.1% |
| Capex / revenue | 0.9% | 3.6% | 4.2% | 3.7% | 8.8% | 1.7% | 1.1% | 0.8% | 0.7% | 0.9% |
| Operating cash flow / net income | 0.94 | 1.18 | 1.21 | 1.71 | 1.44 | 1.05 | 1.37 | 2.81 | 1.57 | 7.66 |
| Jun '26 | Mar '26 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||||
| Net income | CN¥2.47B | CN¥2.09B | CN¥2.15B | CN¥2.41B | CN¥4.29B | CN¥1.96B | CN¥1.58B | CN¥1.68B | CN¥1.42B | CN¥1.31B | CN¥1.17B |
| Depreciation & amortization | CN¥424.5M | CN¥88.7M | CN¥291.9M | CN¥88.7M | CN¥104.7M | — | CN¥108.9M | CN¥102.9M | CN¥118.0M | CN¥861.0M | CN¥101.5M |
| Stock-based compensation | — | CN¥163.0M | CN¥211.0M | CN¥147.0M | CN¥161.0M | CN¥156.0M | CN¥168.0M | CN¥164.0M | CN¥193.0M | CN¥117.0M | CN¥185.0M |
| Change in working capital | — | — | CN¥7.84B | CN¥4.16B | −CN¥289.0M | CN¥10.28B | CN¥7.79B | — | CN¥734.0M | CN¥734.0M | CN¥734.0M |
| Other non-cash items | −CN¥31.5M | −CN¥10.7M | −CN¥6.81B | −CN¥5.16B | −CN¥1.75B | −CN¥9.91B | −CN¥7.49B | CN¥995.1M | CN¥219.0M | −CN¥1.04B | −CN¥747.5M |
| Cash from operating activities | CN¥2.86B | CN¥2.33B | CN¥3.68B | CN¥1.64B | CN¥2.52B | CN¥2.48B | CN¥2.17B | CN¥2.94B | CN¥2.69B | CN¥1.98B | CN¥1.44B |
| Investing activities | |||||||||||
| Capital expenditures | CN¥0 | −CN¥2.34B | CN¥0 | CN¥0 | −CN¥319.0M | CN¥0 | CN¥0 | CN¥0 | −CN¥165.0M | −CN¥165.0M | −CN¥165.0M |
| Investments (net) | — | — | −CN¥1.24B | −CN¥633.0M | −CN¥3.22B | CN¥1.32B | −CN¥3.34B | CN¥693.0M | −CN¥5.50B | −CN¥193.0M | −CN¥1.14B |
| Acquisitions & other investing | −CN¥3.72B | CN¥8.99B | CN¥0 | CN¥0 | CN¥319.0M | −CN¥8.14B | CN¥0 | CN¥0 | CN¥165.0M | CN¥165.0M | CN¥165.0M |
| Cash from investing activities | −CN¥3.72B | CN¥6.65B | −CN¥1.24B | −CN¥633.0M | −CN¥3.22B | −CN¥6.82B | −CN¥3.34B | CN¥693.0M | −CN¥5.50B | −CN¥193.0M | −CN¥1.14B |
| Financing activities | |||||||||||
| Dividends paid | — | — | — | — | −CN¥1.51B | — | — | — | — | — | — |
| Share repurchases & issuance (net) | — | −CN¥651.6M | — | — | −CN¥2.14B | — | — | — | −CN¥1.35B | −CN¥1.35B | −CN¥1.35B |
| Shares issued | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Other financing | CN¥6.26B | CN¥1.66B | −CN¥2.12B | −CN¥2.06B | CN¥3.19B | −CN¥815.0M | −CN¥882.0M | −CN¥1.61B | CN¥827.0M | CN¥773.0M | CN¥500.0M |
| Cash from financing activities | CN¥6.26B | CN¥1.01B | −CN¥2.12B | −CN¥2.06B | −CN¥456.0M | −CN¥815.0M | −CN¥882.0M | −CN¥1.61B | −CN¥522.0M | −CN¥576.0M | −CN¥849.0M |
| Summary | |||||||||||
| Net change in cash | CN¥5.28B | CN¥9.95B | CN¥256.0M | −CN¥1.02B | −CN¥1.14B | CN¥2.96B | −CN¥2.04B | CN¥2.03B | −CN¥3.35B | CN¥1.19B | −CN¥569.0M |
| Cash at end of period | CN¥23.70B | CN¥18.42B | CN¥11.26B | CN¥11.00B | CN¥12.02B | CN¥13.16B | CN¥10.21B | CN¥12.25B | CN¥10.22B | CN¥13.57B | CN¥12.38B |
| Free cash flow | CN¥2.86B | CN¥2.33B | CN¥3.68B | CN¥1.64B | CN¥2.52B | CN¥2.48B | CN¥2.17B | CN¥2.94B | CN¥2.69B | CN¥1.81B | CN¥1.44B |
| Free cash flow margin | 32.1% | 29.7% | 43.5% | 19.4% | 34.2% | 33.3% | 30.9% | 41.1% | 39.7% | 26.3% | 21.9% |
| Capex / revenue | 0.0% | 29.8% | 0.0% | 0.0% | 4.3% | 0.0% | 0.0% | 0.0% | 2.4% | 2.4% | 2.5% |
| Operating cash flow / net income | 1.16 | 1.12 | 1.71 | 0.68 | 0.59 | 1.27 | 1.37 | 1.75 | 1.89 | 1.51 | 1.23 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported; data from EODHD.
TME cash generation
In fiscal 2025 (ended December 31, 2025), Tencent Music Entertainment generated CN¥10.2 billion of cash from operations (down 1.1%) and spent CN¥296.7 million on capital expenditures, leaving free cash flow of CN¥9.9 billion, 30.0% of revenue. It returned CN¥2.6 billion to shareholders through dividends (CN¥1.9 billion) and net share buybacks (CN¥652.7 million). Cash and equivalents fell by CN¥4.1 billion over the year.
Related: TME income statement, TME balance sheet, TME dividend history. See the TME stock overview for the latest quote and news.
TME cash flow FAQ
What is Tencent Music Entertainment's free cash flow?
Tencent Music Entertainment's free cash flow was CN¥9.9 billion in fiscal 2025: CN¥10.2 billion of operating cash flow minus CN¥296.7 million of capital expenditures It was CN¥9.2 billion a year earlier..
How much cash does Tencent Music Entertainment generate from operations?
Tencent Music Entertainment generated CN¥10.2 billion of cash from operating activities in fiscal 2025, 0.94 times its net income of CN¥10.8 billion.
How much does Tencent Music Entertainment spend on capital expenditures?
Tencent Music Entertainment spent CN¥296.7 million on capital expenditures in fiscal 2025, 0.9% of revenue, compared with CN¥1.0 billion the year before.
How much stock does Tencent Music Entertainment buy back?
Tencent Music Entertainment spent CN¥652.7 million on net share repurchases in fiscal 2025.
How much does Tencent Music Entertainment pay in dividends?
Tencent Music Entertainment paid CN¥1.9 billion in dividends in fiscal 2025, 19.5% of free cash flow.