Tencent Music Entertainment Group (TME) Income Statement
TME 2025 at a glance
Fiscal year ended December 31, 2025 · Chinese yuanTME revenue and net income
Where TME's revenue goes
2025Each bar shows an amount and its share of revenue. TME kept 33.6% of revenue as net income.
TME profit margins
TME growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +15.8% | +5.1% | +2.4% | — |
| Gross profit | +20.9% | +18.3% | +9.3% | — |
| Operating income | +11.8% | +29.9% | +15.6% | — |
| Net income | +66.4% | +44.3% | +21.6% | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
TME income statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥32.90B | CN¥28.40B | CN¥27.75B | CN¥28.34B | CN¥31.24B | CN¥29.15B | CN¥25.43B | CN¥18.98B | CN¥10.98B | CN¥4.36B |
| Cost of revenue | CN¥18.37B | CN¥16.38B | CN¥17.96B | CN¥19.57B | CN¥21.84B | CN¥19.85B | CN¥16.76B | CN¥11.71B | CN¥7.17B | CN¥3.13B |
| Gross profit | CN¥14.54B | CN¥12.03B | CN¥9.79B | CN¥8.77B | CN¥9.40B | CN¥9.30B | CN¥8.67B | CN¥7.28B | CN¥3.81B | CN¥1.23B |
| Research & development | CN¥2.32B | CN¥2.28B | CN¥2.52B | CN¥2.58B | CN¥2.34B | CN¥1.67B | CN¥1.16B | CN¥937.0M | CN¥797.0M | CN¥449.0M |
| Sales, general & admin | CN¥2.54B | CN¥3.81B | CN¥4.12B | CN¥4.41B | CN¥4.01B | CN¥3.10B | CN¥2.70B | CN¥2.26B | CN¥1.52B | CN¥783.0M |
| Total operating expenses | CN¥4.80B | CN¥3.31B | CN¥3.74B | CN¥4.33B | CN¥5.60B | CN¥4.59B | CN¥4.05B | CN¥3.97B | CN¥2.40B | CN¥1.14B |
| Operating income | CN¥9.74B | CN¥8.71B | CN¥6.06B | CN¥4.44B | CN¥3.80B | CN¥4.71B | CN¥4.62B | CN¥2.04B | CN¥1.59B | CN¥103.0M |
| Interest income | CN¥967.0M | CN¥1.20B | CN¥1.05B | CN¥641.0M | CN¥530.0M | CN¥622.0M | CN¥496.0M | CN¥185.0M | CN¥115.0M | CN¥20.0M |
| Interest expense | CN¥122.0M | CN¥124.0M | CN¥124.0M | CN¥115.0M | CN¥121.0M | CN¥97.0M | CN¥64.0M | CN¥35.0M | CN¥0 | CN¥0 |
| Income before taxes | CN¥13.28B | 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 |
| Income taxes | CN¥1.92B | CN¥1.60B | CN¥825.0M | CN¥534.0M | CN¥417.0M | CN¥456.0M | CN¥563.0M | CN¥171.0M | CN¥278.0M | CN¥29.0M |
| Net income | CN¥11.06B | CN¥6.64B | CN¥4.92B | CN¥3.68B | CN¥3.03B | CN¥4.16B | CN¥3.98B | CN¥1.83B | CN¥1.33B | CN¥82.0M |
| EBITDA | CN¥14.77B | CN¥9.81B | CN¥6.00B | CN¥5.65B | CN¥4.75B | CN¥5.55B | CN¥4.67B | CN¥2.41B | CN¥1.98B | CN¥329.0M |
| Gross margin | 44.2% | 42.3% | 35.3% | 31.0% | 30.1% | 31.9% | 34.1% | 38.3% | 34.7% | 28.3% |
| Operating margin | 29.6% | 30.7% | 21.8% | 15.7% | 12.2% | 16.2% | 18.2% | 10.7% | 14.5% | 2.4% |
| Net margin | 33.6% | 23.4% | 17.7% | 13.0% | 9.7% | 14.3% | 15.7% | 9.7% | 12.1% | 1.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥8.93B | CN¥7.85B | CN¥7.74B | CN¥8.46B | CN¥8.44B | CN¥7.36B | CN¥7.46B | CN¥7.01B | CN¥7.16B | CN¥6.77B | CN¥6.89B | CN¥6.57B |
| Cost of revenue | CN¥4.98B | CN¥4.32B | CN¥175.5M | CN¥4.78B | CN¥4.69B | CN¥4.11B | CN¥4.21B | CN¥4.02B | CN¥4.15B | CN¥4.00B | CN¥4.25B | CN¥4.23B |
| Gross profit | CN¥3.95B | CN¥3.52B | CN¥7.57B | CN¥3.68B | CN¥3.75B | CN¥3.24B | CN¥3.25B | CN¥2.99B | CN¥3.01B | CN¥2.77B | CN¥2.64B | CN¥2.34B |
| Research & development | — | — | — | — | — | CN¥2.28B | — | — | — | CN¥2.52B | CN¥2.52B | CN¥2.52B |
| Sales, general & admin | CN¥1.06B | CN¥1.21B | CN¥1.60B | CN¥1.05B | CN¥940.0M | CN¥944.0M | CN¥926.0M | CN¥998.0M | CN¥938.0M | CN¥949.0M | CN¥1.01B | CN¥1.05B |
| Total operating expenses | CN¥914.0M | CN¥1.20B | CN¥4.95B | CN¥972.0M | CN¥771.0M | −CN¥1.59B | CN¥844.0M | CN¥847.0M | CN¥812.0M | CN¥812.0M | CN¥1.07B | CN¥917.0M |
| Operating income | CN¥3.04B | CN¥2.32B | CN¥2.62B | CN¥2.71B | CN¥2.98B | CN¥4.84B | CN¥2.41B | CN¥2.14B | CN¥2.20B | CN¥1.96B | CN¥1.71B | CN¥1.43B |
| Interest income | CN¥229.0M | CN¥246.0M | CN¥190.0M | CN¥245.0M | CN¥254.0M | CN¥297.0M | CN¥315.0M | CN¥299.0M | CN¥304.0M | CN¥278.0M | CN¥277.0M | CN¥273.0M |
| Interest expense | CN¥5.0M | CN¥45.7M | CN¥84.0M | CN¥4.5M | CN¥12.0M | CN¥25.0M | CN¥29.0M | CN¥97.0M | CN¥26.0M | CN¥30.0M | CN¥13.0M | CN¥35.0M |
| Income before taxes | CN¥3.07B | CN¥2.58B | CN¥2.41B | CN¥2.69B | CN¥2.98B | CN¥4.83B | CN¥2.50B | CN¥2.08B | CN¥2.23B | CN¥1.91B | CN¥1.70B | CN¥1.44B |
| Income taxes | CN¥514.0M | CN¥454.2M | CN¥433.6M | CN¥477.0M | CN¥515.0M | CN¥446.0M | CN¥423.0M | CN¥367.0M | CN¥432.0M | CN¥381.0M | CN¥295.0M | CN¥176.0M |
| Net income | CN¥2.47B | CN¥2.08B | CN¥1.90B | 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 |
| EBITDA | CN¥3.23B | CN¥2.71B | CN¥6.36B | CN¥2.76B | CN¥3.08B | CN¥2.27B | CN¥2.27B | CN¥1.95B | CN¥2.00B | CN¥1.80B | CN¥1.72B | CN¥1.25B |
| Gross margin | 44.2% | 44.9% | 97.7% | 43.5% | 44.4% | 44.1% | 43.6% | 42.6% | 42.0% | 40.9% | 38.3% | 35.7% |
| Operating margin | 34.0% | 29.6% | 33.8% | 32.0% | 35.3% | 65.7% | 32.3% | 30.6% | 30.7% | 28.9% | 24.9% | 21.7% |
| Net margin | 27.7% | 26.5% | 24.6% | 25.4% | 28.5% | 58.3% | 26.2% | 22.6% | 23.5% | 21.0% | 18.9% | 17.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported in TME's financial statements (latest annual report filed April 17, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
TME financial results
In fiscal year 2025 (ended December 31, 2025), Tencent Music Entertainment reported revenue of CN¥32.9 billion, up 15.8% from the year before. It had net income of CN¥11.1 billion (up 66.4%), a net profit margin of 33.6%. Over five years revenue grew at an average rate of 2.4% a year. Figures are in Chinese yuan, the currency of its financial statements.
See the TME stock overview for the latest quote and news, or the TME chart for price history and technical indicators.
TME income statement FAQ
What is Tencent Music Entertainment's annual revenue?
Tencent Music Entertainment reported total revenue of CN¥32.9 billion for fiscal year 2025, which ended on December 31, 2025. That was up 15.8% from CN¥28.4 billion the previous year.
Is Tencent Music Entertainment profitable?
Yes. Tencent Music Entertainment reported net income of CN¥11.1 billion in fiscal 2025, a net profit margin of 33.6%; its operating margin was 29.6%.
What is Tencent Music Entertainment's gross margin?
Tencent Music Entertainment's gross margin was 44.2% in fiscal 2025: for every $100 of revenue, Tencent Music Entertainment kept $44 after the direct cost of its products and services.
How much does Tencent Music Entertainment spend on research and development?
Tencent Music Entertainment spent CN¥2.3 billion on research and development in fiscal 2025, 7.0% of revenue.
How fast is Tencent Music Entertainment growing?
Revenue grew 2.4% a year on average over the last five fiscal years, from CN¥29.2 billion to CN¥32.9 billion.
When will Tencent Music Entertainment report its next earnings?
Tencent Music Entertainment is expected to report results for the quarter ending September 30, 2026 on November 17, 2026 before the market opens.
When does Tencent Music Entertainment's fiscal year end?
Tencent Music Entertainment's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on April 17, 2026.