Tencent Music Entertainment Group (TME) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 | Q1'21 |
|---|
| Cash from Operations | 2.34B | 3.68B | 1.64B | 2.52B | 2.48B | 2.17B | 2.94B | 2.69B | 1.98B | 1.44B | 2.07B | 1.85B | 2.49B | 1.25B | 1.24B | 2.49B | 822M | 1.59B | 146.44M | 1.88B |
| Operating CF Margin % | 30.2% | 43.52% | 19.4% | 34.24% | 33.25% | 30.86% | 41.12% | 39.69% | 28.68% | 21.94% | 28.37% | 26.44% | 33.59% | 17% | 17.97% | 37.54% | 10.81% | 20.44% | 1.83% | 24% |
| Operating CF Growth % | -5.69% | 70.12% | -44.36% | -6.22% | 25.44% | 50.24% | 42.43% | 45.03% | -20.73% | 15.1% | 66.56% | -25.74% | 203.41% | -21.5% | 747.45% | 32.8% | -55.9% | 2009.02% | -89.82% | 1129.49% |
| Net Income | 2.17B | 2.15B | 2.41B | 4.29B | 1.96B | 1.58B | 1.68B | 1.42B | 1.31B | 1.17B | 1.3B | 1.15B | 1.15B | 1.06B | 856M | 609M | 536M | 740M | 128.07M | 1.11B |
| Depreciation & Amortization | 1.07B | 0 | 0 | 0 | 978M | 0 | 0 | 0 | 1B | 0 | 0 | 0 | 1.16B | 0 | 0 | 0 | 1B | 0 | 18.58M | 220M |
| Stock-Based Compensation | 0 | 211M | 147M | 161M | 71M | 168M | 164M | 193M | 117M | 185M | 166M | 202M | 167M | 226M | 226M | 204M | 201M | 202M | 0 | 151M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -902.79M | 1.32B | -918M | -1.93B | -237M | 414M | 1.1B | 1.07B | -1.18B | 88M | 603M | 502M | -1.54B | -35M | 159M | 1.68B | -858M | 653M | -214.97K | -44M |
| Working Capital Changes | 0 | 0 | 0 | 0 | -289M | 0 | 0 | 0 | 734M | 0 | 0 | 0 | 1.56B | 0 | 0 | 0 | -58M | 0 | 0 | 445M |
| Change in Receivables | 0 | 0 | 0 | 0 | -539M | 0 | 0 | 0 | -204M | 0 | 0 | 0 | 906M | 0 | 0 | 0 | -769M | 0 | 0 | 10M |
| Change in Inventory | 0 | 0 | 0 | 0 | -15M | 0 | 0 | 0 | 7M | 0 | 0 | 0 | 10M | 0 | 0 | 0 | -6M | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 320M |
| Cash from Investing | -4.99B | -1.24B | -633M | -3.22B | 1.32B | -3.34B | 693M | -5.5B | -193M | -1.14B | -1.34B | 811M | -1.11B | -1.24B | 1.23B | -329M | 996M | -1.69B | -452.22M | -2.38B |
| Capital Expenditures | -857.47M | 0 | 0 | 0 | -319M | 0 | 0 | 0 | -165M | 0 | 0 | 0 | -85M | 0 | 0 | 0 | -159M | 0 | 0 | -39M |
| CapEx % of Revenue | 11.07% | - | - | - | 4.28% | - | - | - | 2.39% | - | - | - | 1.14% | - | - | - | 2.09% | - | 1.83% | 0.5% |
| Acquisitions | 971.08K | 0 | 0 | 0 | -34M | 0 | 0 | 0 | -9M | 0 | 0 | 0 | -165M | 0 | 0 | 0 | -2.08B | 0 | 0 | -2.07B |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -4.14B | -1.24B | -633M | -3.22B | 1.68B | -3.34B | 693M | -5.5B | -19M | -1.14B | -1.34B | 811M | -858M | -1.24B | 1.23B | -329M | 3.23B | -1.69B | -452.22M | -160M |
| Cash from Financing | -24.59M | -2.12B | -2.06B | -456M | -815M | -882M | -1.61B | -522M | -576M | -849M | -33M | -80M | -383M | -1.67B | -973M | -395M | -286M | -1.65B | -216.7M | -372M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -44M | 0 | 0 | 0 | 0 | -23M |
| Equity Issued (Net) | -651.6M | 0 | 0 | 0 | -2.14B | 0 | 0 | 0 | -1.35B | 0 | 0 | 0 | -3.15B | 0 | -967M | 0 | -3.58B | 0 | 0 | -327M |
| Dividends Paid | 0 | 0 | 0 | 0 | -1.51B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -651.6M | 0 | 0 | 0 | -2.14B | 0 | 0 | 0 | -1.35B | 0 | 0 | 0 | -3.15B | 0 | -967M | 0 | -3.58B | 0 | 0 | -327M |
| Other Financing | 627.01M | -2.12B | -2.06B | -456M | 2.83B | -882M | -1.61B | -522M | 773M | -849M | -33M | -80M | 2.76B | -1.67B | 38M | -395M | 3.3B | -1.65B | -216.7M | -22M |
| Net Change in Cash | -2.58B | 256M | -1.02B | -1.14B | 2.96B | -2.04B | 2.03B | -3.35B | 1.19B | -569M | 821M | 2.57B | 973M | -1.46B | 1.69B | 1.76B | 1.51B | -1.74B | -511.55M | -854M |
| Free Cash Flow | 0 | 3.68B | 1.64B | 2.52B | 2.16B | 2.17B | 2.94B | 2.69B | 1.81B | 1.44B | 2.07B | 1.85B | 2.41B | 1.25B | 1.24B | 2.49B | 663M | 1.59B | 0 | 1.68B |
| FCF Margin % | - | 43.52% | 19.4% | 34.24% | 28.98% | 30.86% | 41.12% | 39.69% | 26.29% | 21.94% | 28.37% | 26.44% | 32.44% | 17% | 17.97% | 37.54% | 8.72% | 20.44% | - | 21.45% |
| FCF Growth % | -100% | 70.12% | -44.36% | -6.22% | 19.26% | 50.24% | 42.43% | 45.03% | -24.78% | 15.1% | 66.56% | -25.74% | 263.35% | -21.5% | - | 48.63% | -62.24% | - | -100% | - |
| FCF per Share | - | 2.36 | 1.06 | 1.63 | 1.39 | 1.38 | 1.88 | 1.72 | 1.15 | 0.91 | 1.30 | 1.17 | 1.52 | 0.78 | 0.76 | 1.51 | 0.40 | 0.96 | - | 0.99 |
| FCF Conversion (FCF/Net Income) | 1.23x | 1.71x | 0.68x | 0.59x | 1.27x | 1.37x | 1.75x | 1.89x | 1.51x | 1.23x | 1.59x | 1.61x | 2.17x | 1.18x | 1.45x | 4.10x | 1.53x | 2.16x | 0.18x | 2.03x |
| Interest Paid | 0 | 0 | 0 | 0 | 119M | 0 | 0 | 0 | 117M | 0 | 0 | 0 | 115M | 0 | 0 | 0 | 105M | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |