Tencent Music Entertainment Group income statement

In fiscal 2025, Tencent Music Entertainment Group reported revenue of $4.58bn, up 16.0% on the year before, operating income of $1.86bn (a 40.6% margin) and net income of $1.54bn. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.

Income statement

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

Tencent Music Entertainment Group: income statement, annual
Fiscal year	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Revenue	657	1,626	2,877	3,683	4,226	4,844	4,220	3,922	3,947	4,578
Cost of revenue	471	1,062	1,774	2,427	2,877	3,386	2,914	2,538	2,276	2,556
Gross profit	186	564	1,103	1,256	1,348	1,458	1,306	1,384	1,671	2,023
Research and development	68	118	142	168	242	363	384	357	317	322
Operating income	16	236	309	669	683	589	662	856	1,211	1,860
Interest expense	—	—	—	1	1	2	3	3	2	2
Income before tax	17	236	304	657	671	563	651	854	1,211	1,847
Income tax	4	41	26	82	66	65	80	117	223	268
Net income	12	196	278	577	602	470	548	695	923	1,538
Diluted shares (average)	950m	1,320m	1,580m	1,674m	1,680m	1,682m	1,617m	1,584m	1,565m	1,554m

EBITDA is operating income plus depreciation and amortisation. EPS and share counts are restated for stock splits. A dash means the company did not report the line for that period; expense lines are shown as reported, so they need not add up to the totals when a company reports other items between them.

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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.