Tencent Holdings Income Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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
Operating Revenue	758,962	743,689	652,498	603,620	547,358	552,433
Other Revenue	9,240	8,077	7,759	5,395	7,194	7,685
Revenue	768,202	751,766	660,257	609,015	554,552	560,118
Revenue Growth (YoY)	12.84%	13.86%	8.41%	9.82%	-0.99%	16.19%
Cost of Revenue	334,560	328,896	310,959	315,903	315,665	314,187
Gross Profit	433,642	422,870	349,298	293,112	238,887	245,931
Selling, General & Admin	181,467	173,854	149,149	137,719	135,925	130,441
Other Operating Expenses	738	3,388	-7,808	-7,571	-7,918	-8,360
Operating Expenses	182,205	177,242	141,341	130,148	128,007	122,081
Operating Income	251,437	245,628	207,957	162,964	110,880	123,850
Interest Expense	-13,204	-13,456	-12,447	-11,885	-9,985	-7,918
Interest & Investment Income	19,109	18,706	16,719	14,354	8,592	7,310
Earnings From Equity Investments	22,779	23,740	25,176	5,800	-16,129	-16,444
Currency Exchange Gain (Loss)	-1,674	-1,674	466	-383	633	804
Other Non Operating Income (Expenses)	-2,381	-1,258	-3,082	-2,775	-	-
EBT Excluding Unusual Items	276,066	271,686	234,789	168,075	93,991	107,602
Merger & Restructuring Charges	-	-4,000	-	-	-	-
Impairment of Goodwill	-1,813	-1,813	-1,262	-5	-	-8,702
Gain (Loss) on Sale of Investments	13,898	11,751	7,923	-3,766	116,287	149,160
Gain (Loss) on Sale of Assets	211	211	194	126	108	-
Asset Writedown	-586	-586	-159	-93	-141	2
Legal Settlements	-	-	-	-18	-	-
Other Unusual Items	-	-	-	-2,995	-20	-
Pretax Income	287,776	277,249	241,485	161,324	210,225	248,062
Income Tax Expense	48,308	47,448	45,018	43,276	21,516	20,252
Earnings From Continuing Operations	239,468	229,801	196,467	118,048	188,709	227,810
Minority Interest in Earnings	-4,354	-4,959	-2,394	-2,832	-466	-2,988
Net Income	235,114	224,842	194,073	115,216	188,243	224,822
Net Income to Common	235,114	224,842	194,073	115,216	188,243	224,822
Net Income Growth	17.55%	15.85%	68.44%	-38.79%	-16.27%	40.65%
Shares Outstanding (Basic)	9,067	9,085	9,269	9,455	9,528	9,528
Shares Outstanding (Diluted)	9,222	9,244	9,408	9,610	9,695	9,696
Shares Change (YoY)	-1.39%	-1.74%	-2.10%	-0.88%	-0.01%	0.48%
EPS (Basic)	25.93	24.75	20.94	12.19	19.76	23.60
EPS (Diluted)	25.33	24.15	20.49	11.89	19.34	23.16
EPS Growth	19.26%	17.90%	72.34%	-38.54%	-16.51%	40.20%
Free Cash Flow	230,508	215,570	195,594	200,954	123,412	145,884
Free Cash Flow Per Share	25.00	23.32	20.79	20.91	12.73	15.05
Dividend Per Share	4.763	4.763	4.229	3.086	2.123	1.303
Dividend Growth	12.63%	12.63%	37.02%	45.37%	62.87%	-3.25%
Gross Margin	56.45%	56.25%	52.90%	48.13%	43.08%	43.91%
Operating Margin	32.73%	32.67%	31.50%	26.76%	19.99%	22.11%
Profit Margin	30.61%	29.91%	29.39%	18.92%	33.95%	40.14%
Free Cash Flow Margin	30.01%	28.68%	29.62%	33.00%	22.25%	26.05%
EBITDA	282,354	273,397	230,089	183,954	134,297	146,995
EBITDA Margin	36.75%	36.37%	34.85%	30.20%	24.22%	26.24%
D&A For EBITDA	30,917	27,769	22,132	20,990	23,417	23,145
EBIT	251,437	245,628	207,957	162,964	110,880	123,850
EBIT Margin	32.73%	32.67%	31.50%	26.76%	19.99%	22.11%
Effective Tax Rate	16.79%	17.11%	18.64%	26.83%	10.23%	8.16%
Revenue as Reported	768,202	751,766	660,257	609,015	554,552	560,118
Advertising Expenses	-	30,572	25,062	22,836	18,764	31,335

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