Tencent Holdings Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	224,842	194,073	115,216	188,243	224,822
Depreciation & Amortization	35,705	28,323	27,387	30,137	27,794
Other Amortization	30,323	27,890	31,621	31,079	29,876
Loss (Gain) From Sale of Assets	-	-194	-126	-108	-35
Asset Writedown & Restructuring Costs	-	1,563	134	17,428	8,704
Loss (Gain) From Sale of Investments	-	-7,031	3,931	-137,419	-149,453
Loss (Gain) on Equity Investments	-	-25,176	-5,800	16,129	16,444
Stock-Based Compensation	-	20,702	21,073	24,949	21,625
Other Operating Activities	12,182	-3,510	9,293	-5,875	-5,482
Change in Accounts Receivable	-	-1,048	-1,010	4,336	-4,026
Change in Inventory	-	20	1,882	-1,201	1,297
Change in Accounts Payable	-	10,872	8,044	-6,518	20,598
Change in Unearned Revenue	-	16,533	3,821	-6,637	2,293
Change in Other Net Operating Assets	-	-4,496	6,496	-8,452	-19,271
Operating Cash Flow	303,052	258,521	221,962	146,091	175,186
Operating Cash Flow Growth	17.22%	16.47%	51.93%	-16.61%	-9.75%
Capital Expenditures	-79,198	-62,927	-21,008	-22,679	-29,302
Sale of Property, Plant & Equipment	-	203	257	376	191
Cash Acquisitions	-	-7,847	-7,633	-12,267	-21,944
Divestitures	-	1	14	33	-
Sale (Purchase) of Intangibles	-	-33,121	-26,399	-28,171	-32,863
Investment in Securities	-	-36,785	-83,407	-50,413	-92,754
Other Investing Activities	-126,534	18,289	13,015	8,250	-1,877
Investing Cash Flow	-205,732	-122,187	-125,161	-104,871	-178,549
Short-Term Debt Issued	-	62,563	29,809	7,701	23,103
Long-Term Debt Issued	-	52,021	33,641	22,535	60,408
Total Debt Issued	-	114,584	63,450	30,236	83,511
Short-Term Debt Repaid	-	-40,049	-9,889	-15,378	-22,944
Long-Term Debt Repaid	-	-95,224	-50,909	-14,420	-5,200
Total Debt Repaid	-	-135,273	-60,798	-29,798	-28,144
Net Debt Issued (Repaid)	-	-20,689	2,652	438	55,367
Issuance of Common Stock	1,767	1,932	1,070	995	1,043
Repurchase of Common Stock	-78,082	-105,856	-48,387	-32,189	-4,997
Common Dividends Paid	-40,966	-28,859	-20,983	-12,952	-12,503
Other Financing Activities	30,126	-23,022	-16,925	-16,245	-17,290
Financing Cash Flow	-87,155	-176,494	-82,573	-59,953	21,620
Foreign Exchange Rate Adjustments	-1,643	359	1,353	7,506	-3,089
Net Cash Flow	8,522	-39,801	15,581	-11,227	15,168
Free Cash Flow	223,854	195,594	200,954	123,412	145,884
Free Cash Flow Growth	14.45%	-2.67%	62.83%	-15.40%	-8.85%
Free Cash Flow Margin	29.78%	29.62%	33.00%	22.25%	26.05%
Free Cash Flow Per Share	24.22	20.79	20.91	12.73	15.05
Cash Interest Paid	-	12,417	11,478	9,342	7,525
Cash Income Tax Paid	-	46,184	34,729	27,669	28,526
Levered Free Cash Flow	172,473	131,551	149,230	71,027	94,338
Unlevered Free Cash Flow	180,883	139,330	156,659	77,268	99,286
Change in Working Capital	-	21,881	19,233	-18,472	891

Source: S&P Global Market Intelligence. Standard template. Financial Sources.