Tencent Music Entertainment Group (TME) financial statements

Communication Services · Internet Content & Information · Market cap $13.4B

Tencent Music Entertainment Group reported revenue of 28.4B CNY in fiscal 2024, up 26.4% a year over 8 years.

Net income was 6.6B CNY and the operating margin 30.7%, against 2.4% in 2016.

Free cash flow was 9.2B CNY, and the company returned 1.5B CNY in dividends and 1.9B CNY in net buybacks.

The diluted share count rose 65% over the period (dilution).

Revenue and free cash flow

Fiscal years, $ billions (CNY).

010203040201620172018201920202021202220232024RevenueFree cash flow
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Income statement

Fiscal years, in CNY, from Tencent Music Entertainment Group's 10-K filings with the SEC.

Fiscal year201620172018201920202021202220232024
Revenue4.4B CNY11.0B CNY19.0B CNY25.4B CNY29.2B CNY31.2B CNY28.3B CNY27.8B CNY28.4B CNY
Cost of revenue3.1B CNY7.2B CNY11.7B CNY16.8B CNY19.9B CNY21.8B CNY19.6B CNY18.0B CNY16.4B CNY
Gross profit1.2B CNY3.8B CNY7.3B CNY8.7B CNY9.3B CNY9.4B CNY8.8B CNY9.8B CNY12.0B CNY
Research and development449M CNY797M CNY937M CNY1.2B CNY1.7B CNY2.3B CNY2.6B CNY2.5B CNY2.3B CNY
Selling, general and admin783M CNY1.5B CNY2.3B CNY2.7B CNY3.1B CNY4.0B CNY4.4B CNY4.1B CNY3.8B CNY
Operating income103M CNY1.6B CNY2.0B CNY4.6B CNY4.7B CNY3.8B CNY4.4B CNY6.1B CNY8.7B CNY
Interest expense——35M CNY64M CNY97M CNY121M CNY108M CNY141M CNY94M CNY
Pre-tax income114M CNY1.6B CNY2.0B CNY4.5B CNY4.6B CNY3.6B CNY4.4B CNY6.0B CNY8.7B CNY
Income tax29M CNY278M CNY171M CNY563M CNY456M CNY417M CNY534M CNY825M CNY1.6B CNY
Net income82M CNY1.3B CNY1.8B CNY4.0B CNY4.2B CNY3.0B CNY3.7B CNY4.9B CNY6.6B CNY
Diluted shares1.90B2.64B3.16B3.35B3.36B3.36B3.23B3.17B3.13B
Gross margin28.3%34.7%38.3%34.1%31.9%30.1%31.0%35.3%42.3%
Operating margin2.4%14.5%10.7%18.2%16.2%12.2%15.7%21.8%30.7%
Net margin1.9%12.1%9.7%15.7%14.3%9.7%13.0%17.7%23.4%

Balance sheet

Fiscal years, in CNY, from Tencent Music Entertainment Group's 10-K filings with the SEC.

Fiscal year201620172018201920202021202220232024
Cash and short-term investments3.1B CNY5.2B CNY17.4B CNY15.4B CNY11.1B CNY6.6B CNY9.6B CNY13.6B CNY13.2B CNY
Receivables—1.2B CNY1.5B CNY2.2B CNY2.8B CNY3.6B CNY2.7B CNY2.9B CNY3.5B CNY
Inventory—30M CNY35M CNY26M CNY18M CNY24M CNY14M CNY8M CNY23M CNY
Total current assets—7.5B CNY20.8B CNY26.9B CNY31.7B CNY26.8B CNY26.6B CNY29.9B CNY34.5B CNY
Property, plant and equipment108M CNY127M CNY168M CNY179M CNY176M CNY243M CNY323M CNY490M CNY803M CNY
Goodwill15.8B CNY16.3B CNY17.1B CNY17.1B CNY17.5B CNY19.1B CNY19.5B CNY19.5B CNY19.6B CNY
Total assets—30.0B CNY44.6B CNY52.7B CNY68.3B CNY67.3B CNY67.0B CNY75.5B CNY90.4B CNY
Total current liabilities—3.5B CNY6.2B CNY8.5B CNY9.6B CNY10.4B CNY11.7B CNY12.0B CNY16.6B CNY
Total liabilities—3.9B CNY6.8B CNY9.0B CNY15.5B CNY16.2B CNY17.9B CNY18.3B CNY20.7B CNY
Shareholders' equity20.6B CNY26.1B CNY37.7B CNY43.6B CNY52.2B CNY50.3B CNY48.1B CNY55.9B CNY67.9B CNY
Net debt-3.1B CNY-5.2B CNY-17.4B CNY-15.4B CNY-11.1B CNY-6.6B CNY-9.6B CNY-13.6B CNY-13.2B CNY

Cash flow

Fiscal years, in CNY, from Tencent Music Entertainment Group's 10-K filings with the SEC.

Fiscal year201620172018201920202021202220232024
Operating cash flow873M CNY2.5B CNY5.6B CNY6.2B CNY4.9B CNY5.2B CNY7.5B CNY7.3B CNY10.3B CNY
Capital spending41M CNY77M CNY144M CNY286M CNY501M CNY1.3B CNY527M CNY621M CNY1.0B CNY
Free cash flow832M CNY2.4B CNY5.5B CNY5.9B CNY4.4B CNY4.0B CNY7.0B CNY6.7B CNY9.2B CNY
Stock-based compensation170M CNY362M CNY487M CNY519M CNY569M CNY647M CNY665M CNY649M CNY596M CNY
Dividends paid—————0 CNY0 CNY—1.5B CNY
Share buybacks (net)————-134M CNY-3.5B CNY-3.1B CNY-1.2B CNY-1.9B CNY
Net borrowing————10M CNY————
Free cash flow margin19.1%22.1%28.9%23.3%15.0%12.8%24.5%24.2%32.5%
Dividends per share————————0.48 CNY
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Questions

What was Tencent Music Entertainment Group's revenue in 2024?

28.4B CNY in fiscal 2024, from its 10-K filing.

How much free cash flow does Tencent Music Entertainment Group generate?

9.2B CNY in fiscal 2024 (operating cash flow minus capital spending).

From Tencent Music Entertainment Group's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.