Tencent Music Entertainment Group (TME) quarterly income statement — complete revenue, gross profit & net income 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 |
|---|
| Sales/Revenue | 7.74B | 8.46B | 8.44B | 7.36B | 7.46B | 7.01B | 7.16B | 6.77B | 6.89B | 6.57B | 7.29B | 7B | 7.42B | 7.37B | 6.91B | 6.64B | 7.61B | 7.8B | 8.01B | 7.82B |
| Revenue Growth % | 3.84% | 20.64% | 17.9% | 8.69% | 8.2% | 6.79% | -1.73% | -3.37% | -7.17% | -10.81% | 5.52% | 5.42% | -2.39% | -5.64% | -13.77% | -15.08% | -8.73% | 3.04% | 15.52% | 23.97% |
| Cost of Goods Sold | 175.51M | 4.78B | 4.69B | 4.11B | 4.21B | 4.02B | 4.15B | 4B | 4.25B | 4.23B | 4.79B | 4.69B | 4.98B | 4.96B | 4.84B | 4.78B | 5.42B | 5.5B | 5.57B | 5.36B |
| COGS % of Revenue | 2.27% | 56.49% | 55.59% | 55.93% | 56.38% | 57.36% | 57.96% | 59.06% | 61.69% | 64.35% | 65.73% | 66.95% | 67.04% | 67.37% | 70.12% | 72% | 71.18% | 70.42% | 69.57% | 68.48% |
| Gross Profit | 7.57B | 3.68B | 3.75B | 3.24B | 3.25B | 2.99B | 3.01B | 2.77B | 2.64B | 2.34B | 2.5B | 2.31B | 2.45B | 2.4B | 2.06B | 1.86B | 2.19B | 2.31B | 2.44B | 2.47B |
| Gross Margin % | 97.73% | 43.51% | 44.41% | 44.07% | 43.62% | 42.64% | 42.04% | 40.94% | 38.31% | 35.65% | 34.27% | 33.05% | 32.96% | 32.63% | 29.88% | 28% | 28.82% | 29.58% | 30.43% | 31.52% |
| Gross Profit Growth % | 132.68% | 23.1% | 24.55% | 17% | 23.17% | 27.71% | 20.54% | 19.7% | 7.93% | -2.54% | 21.04% | 24.46% | 11.63% | 4.07% | -15.35% | -24.57% | -18.72% | -6.06% | 12.3% | 24.73% |
| Operating Expenses | 4.95B | 972M | 771M | -1.59B | 844M | 847M | 812M | 812M | 927M | 917M | 958M | 934M | 1.06B | 1.14B | 1.02B | 1.11B | 1.51B | 1.39B | 1.4B | 1.3B |
| OpEx % of Revenue | 63.93% | 11.49% | 9.13% | -21.67% | 11.32% | 12.07% | 11.34% | 12% | 13.45% | 13.96% | 13.15% | 13.34% | 14.26% | 15.51% | 14.74% | 16.72% | 19.85% | 17.81% | 17.51% | 16.64% |
| Selling, General & Admin | -1.07B | 1.31B | 1.16B | 1.14B | 1.17B | 1.22B | 1.15B | 1.14B | 1.27B | 1.27B | 1.25B | 1.23B | 1.36B | 1.44B | 1.42B | 1.34B | 1.82B | 1.64B | 1.68B | 1.55B |
| SG&A % of Revenue | -13.82% | 15.49% | 13.69% | 15.54% | 15.74% | 17.36% | 16.03% | 16.78% | 18.37% | 19.3% | 17.22% | 17.55% | 18.33% | 19.51% | 20.52% | 20.2% | 23.89% | 20.99% | 20.94% | 19.87% |
| Research & Development | 0 | 0 | 0 | 0 | 2.28B | 0 | 0 | 0 | 2.52B | 0 | 0 | 0 | 2.58B | 0 | 0 | 0 | 2.34B | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | 30.57% | - | - | - | 36.63% | - | - | - | 34.75% | - | - | - | 30.75% | - | - | - |
| Other Operating Expenses | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K |
| Operating Income | 2.62B | 2.71B | 2.98B | 4.84B | 2.41B | 2.14B | 2.2B | 1.96B | 1.71B | 1.43B | 1.54B | 1.38B | 1.39B | 1.26B | 1.04B | 749M | 682M | 919M | 1.03B | 1.16B |
| Operating Margin % | 33.8% | 32.02% | 35.28% | 65.74% | 32.3% | 30.56% | 30.7% | 28.95% | 24.87% | 21.69% | 21.12% | 19.72% | 18.69% | 17.12% | 15.13% | 11.27% | 8.97% | 11.77% | 12.92% | 14.88% |
| Operating Income Growth % | 8.67% | 26.4% | 35.49% | 146.86% | 40.55% | 50.46% | 42.82% | 41.85% | 23.49% | 13.01% | 47.27% | 84.38% | 103.52% | 37.21% | 0.97% | -35.65% | -47.38% | -27.06% | -6.5% | 11.17% |
| EBITDA | 3.69B | 2.69B | 3.16B | 5.02B | 2.59B | 2.32B | 2.38B | 2.14B | 1.89B | 1.47B | 1.76B | 1.6B | 1.61B | 1.45B | 1.04B | 935.5M | 868.5M | 1.07B | 1.19B | 1.32B |
| EBITDA Margin % | 47.61% | 31.77% | 37.4% | 68.18% | 34.7% | 33.13% | 33.21% | 31.6% | 27.48% | 22.44% | 24.12% | 22.84% | 21.64% | 19.65% | 15.05% | 14.08% | 11.42% | 13.77% | 14.87% | 16.86% |
| EBITDA Growth % | 42.45% | 15.71% | 32.77% | 134.47% | 36.66% | 57.67% | 35.31% | 33.73% | 17.9% | 1.83% | 69.15% | 70.98% | 84.97% | 34.71% | -12.73% | -29.1% | -40.17% | -21.08% | -11.16% | 14.89% |
| D&A (Non-Cash Add-back) | 1.07B | 0 | 179.25M | 179.25M | 179.25M | 180M | 180M | 180M | 180M | 0 | 218.5M | 218.5M | 218.5M | 186.5M | 0 | 186.5M | 186.5M | 155.5M | 155.5M | 155.5M |
| EBIT | 5.29B | 2.69B | 2.99B | 2.17B | 2.15B | 1.84B | 1.89B | 1.68B | 547M | 1.47B | 1.27B | 1.14B | 982M | 1.07B | 1.04B | 599M | 430M | 788M | 912M | 1.01B |
| Net Interest Income | 356.04M | 29.76M | 242M | 272M | 344M | 202M | 278M | 248M | 264M | 238M | 223M | 203M | 186M | 162M | 128M | 120M | 92M | 101M | 93M | 123M |
| Interest Income | 440.05M | 34.23M | 254M | 297M | 315M | 299M | 304M | 278M | 277M | 273M | 265M | 237M | 224M | 186M | 151M | 150M | 122M | 131M | 123M | 154M |
| Interest Expense | 84.01M | 4.47M | 12M | 25M | -29M | 97M | 26M | 30M | 13M | 35M | 42M | 34M | 38M | 24M | 23M | 30M | 30M | 30M | 30M | 31M |
| Other Income/Expense | -207.65M | -21M | 4M | -2M | 90M | -68M | 28M | -48M | -10M | 14M | -4M | -14M | -15M | -16M | -29M | -10M | -30M | -29M | -51M | -58M |
| Pretax Income | 2.41B | 2.69B | 2.98B | 4.83B | 2.5B | 2.08B | 2.23B | 1.91B | 1.7B | 1.44B | 1.53B | 1.37B | 1.37B | 1.25B | 1.02B | 739M | 652M | 890M | 984M | 1.11B |
| Pretax Margin % | 31.12% | 31.77% | 35.32% | 65.72% | 33.51% | 29.59% | 31.09% | 28.24% | 24.72% | 21.91% | 21.07% | 19.52% | 18.49% | 16.9% | 14.71% | 11.12% | 8.57% | 11.4% | 12.29% | 14.14% |
| Income Tax | 433.58M | 477M | 515M | 446M | 423M | 367M | 432M | 381M | 295M | 176M | 187M | 167M | 168M | 152M | 124M | 90M | 75M | 102M | 113M | 127M |
| Effective Tax Rate % | 17.99% | 17.74% | 17.27% | 9.23% | 16.93% | 17.68% | 19.41% | 19.94% | 17.31% | 12.23% | 12.18% | 12.22% | 12.24% | 12.21% | 12.2% | 12.18% | 11.5% | 11.46% | 11.48% | 11.48% |
| Net Income | 1.9B | 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 | 827M | 926M |
| Net Margin % | 24.56% | 25.44% | 28.54% | 58.33% | 26.24% | 22.57% | 23.49% | 21.01% | 18.95% | 17.78% | 17.82% | 16.39% | 15.5% | 14.41% | 12.4% | 9.17% | 7.05% | 9.48% | 10.33% | 11.84% |
| Net Income Growth % | -2.82% | 36.01% | 43.22% | 201.76% | 49.85% | 35.53% | 29.58% | 23.87% | 13.47% | 10.08% | 51.64% | 88.51% | 114.74% | 43.38% | 3.51% | -34.23% | -55.22% | -34.63% | -11.93% | 4.4% |
| Net Income (Continuing) | 1.98B | 2.21B | 2.47B | 4.39B | 2.08B | 1.71B | 1.79B | 1.53B | 1.41B | 1.26B | 1.35B | 1.2B | 1.21B | 1.09B | 892M | 649M | 577M | 788M | 871M | 979M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 2.76B | 2.68B | 2.5B | 1.96B | 1.86B | 1.74B | 1.67B | 1.44B | 1.29B | 1.23B | 1.14B | 1.08B | 1.03B | 1.07B | 155.06M | 789M | 738M | 662M | 583M | 532M |
| EPS (Diluted) | 1.20 | 1.38 | 1.56 | 2.78 | 1.26 | 1.00 | 1.08 | 0.92 | 0.84 | 0.74 | 0.82 | 0.72 | 0.72 | 0.66 | 0.53 | 0.37 | 0.32 | 0.44 | 0.48 | 0.54 |
| EPS Growth % | -4.76% | 38% | 44.44% | 202.17% | 50% | 35.14% | 31.71% | 27.78% | 16.67% | 12.12% | 54.72% | 94.59% | 125% | 50% | 10.42% | -31.48% | -55.56% | -35.29% | -14.29% | 3.85% |
| EPS (Basic) | 1.22 | 1.40 | 1.58 | 2.80 | 1.26 | 1.00 | 1.10 | 0.92 | 0.84 | 0.74 | 0.83 | 0.74 | 0.74 | 0.67 | 0.53 | 0.37 | 0.32 | 0.44 | 0.50 | 0.56 |
| Diluted Shares Outstanding | 1.55B | 1.56B | 1.55B | 1.55B | 1.56B | 1.57B | 1.57B | 1.56B | 1.57B | 1.59B | 1.58B | 1.58B | 1.59B | 1.6B | 1.62B | 1.65B | 1.65B | 1.67B | 1.69B | 1.7B |
| Basic Shares Outstanding | 1.53B | 1.56B | 1.53B | 1.53B | 1.55B | 1.57B | 1.54B | 1.54B | 1.57B | 1.57B | 1.58B | 1.56B | 1.57B | 1.59B | 1.61B | 1.64B | 1.64B | 1.65B | 1.67B | 1.68B |
| Dividend Payout Ratio | - | - | - | - | 77.06% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |