Tencent Music Entertainment Group cash flow statement

In fiscal 2025, Tencent Music Entertainment Group's operations generated $1.42bn of cash; it spent $42.4m on capital projects, leaving free cash flow of $1.38bn. It returned $54.3m through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Tencent Music Entertainment Group: cash flow statement, annual
Fiscal year	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	132	370	853	898	708	812	1,114	1,037	1,428	1,424
Stock-based pay	26	54	74	75	82	100	99	92	83	93
Capital spending	6	11	20	14	16	25	13	23	44	42
Free cash flow	125	359	833	884	692	788	1,101	1,014	1,384	1,381
Free cash flow after stock pay	100	305	760	809	610	687	1,002	922	1,301	1,288
Share buybacks	—	—	—	—	19	539	466	177	268	54

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Tencent Music Entertainment Group's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Tencent Music Entertainment Group.