Jun 2026 (Q2 FY26) — Aug 11, 2026
Tencent Music Entertainment Group Q2 FY26 — Strong IP-Driven Growth and Ximalaya Integration
Read the full callTencent Music Entertainment Group (TME) earnings
- Jun 2026 (Q2 FY26)
- Dec 2024
Tencent Music Entertainment Group earnings: last reported Tue, 11 Aug 2026, for the quarter ended Jun 2026.
Guidance
What management said, and what became of it
6 of 6 judged targets kept · 5 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Q2 FY26 gross margin vs Q2 FY25 | Q2 FY26 gross margin expected on par with Q2 FY25's 44.4% | Mar 2026 | Our gross margin in Q2 2026 was 44.2% compared with 44.4% in the same period of last year. | Achieved |
| Completion of USD 1 billion share repurchase program on time | Complete the USD 1 billion share repurchase program (announced March 2025) within its 24-month term, i.e., by approximately March 2027 | Mar 2026 | we remain on track to complete the 2025 stock repurchase program on time | On Track |
5 of Tencent Music Entertainment Group's 11 targets are still open. See which are on track and which have gone quiet. The 2 above are the free sample; 9 more targets are in the full ledger.
Claimed
- Total revenues grew 6% year-on-year to RMB 8.9 billion.
- Revenues from music-related services grew 11% year-on-year, driven by membership and offline performance.
- Adjusted EBITDA increased 5% year-on-year to RMB 3.3 billion.
- Cash, cash equivalents, term deposits, and short-term investments reached RMB 44.2 billion, up from RMB 41 billion QoQ.
- Repurchased USD 400 million of shares in Q2 FY26, part of a USD 1 billion program.
Qualified
- Gross margin slightly declined to 44.2% compared to 44.4% in Q2 FY25.
- Operating expenses increased to 14.5% of total revenue from 13.7% in Q2 FY25.
- Advertising business experienced headwinds in a challenging macro environment and competitive market.
Price
$8.67 +0.46% · +$0.04
Performance −61.2% 1Y
1Y: $22.36 on 17 Oct 2025 → $8.67. High $23.71 (27 Oct 2025), low $7.74 (2 Oct 2026).
- Previous close
- $8.63
- 52-week range
- $7.74 – $23.71
- One year
- −61.87%
Overview
- Symbol
- TME
- Sector
- Communication Services
- Industry
- Radio Broadcasting Stations
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
6 of 6 judged targets kept · 5 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Q2 FY26 gross margin vs Q2 FY25 | Q2 FY26 gross margin expected on par with Q2 FY25's 44.4% | Mar 2026 | Our gross margin in Q2 2026 was 44.2% compared with 44.4% in the same period of last year. | Achieved |
| Completion of USD 1 billion share repurchase program on time | Complete the USD 1 billion share repurchase program (announced March 2025) within its 24-month term, i.e., by approximately March 2027 | Mar 2026 | we remain on track to complete the 2025 stock repurchase program on time | On Track |
Claimed
- Total revenues grew 6% year-on-year to RMB 8.9 billion.
- Revenues from music-related services grew 11% year-on-year, driven by membership and offline performance.
- Adjusted EBITDA increased 5% year-on-year to RMB 3.3 billion.
- Cash, cash equivalents, term deposits, and short-term investments reached RMB 44.2 billion, up from RMB 41 billion QoQ.
- Repurchased USD 400 million of shares in Q2 FY26, part of a USD 1 billion program.
Qualified
- Gross margin slightly declined to 44.2% compared to 44.4% in Q2 FY25.
- Operating expenses increased to 14.5% of total revenue from 13.7% in Q2 FY25.
- Advertising business experienced headwinds in a challenging macro environment and competitive market.
The full ledger
Open Tencent Music Entertainment Group’s full ledger
A free account opens 5 company ledgers a month. All 11 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 12, 2026
Tencent Music Entertainment Group Q1 FY26 — Diversified Monetization and AI Strategy
Read the full callDec 2025 (Q4 FY25) — Mar 17, 2026
Tencent Music Q4 FY25 — Strong Revenue Growth Driven by Online Music Services and Non-Subscription Offerings
Read the full callEvery analysed call
Tencent Music Entertainment Group earnings calls (TME)
Financials
What the filings say
| Line item | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 |
|---|---|---|---|---|---|---|---|---|
| Total liabilities | 592 | 993 | 1,293 | 2,377 | 2,550 | 2,592 | 2,581 | 2,838 |
| Fixed assets | 20 | 24 | 26 | 27 | 38 | 47 | 69 | 110 |
| Total assets | 4,610 | 6,485 | 7,567 | 10,443 | 10,587 | 9,713 | 10,632 | 12,391 |
| Line item | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 384 | 819 | 891 | 747 | 825 | 1,084 | 1,033 | 1,408 |
| Cash from investing | -74 | -173 | -1,164 | -2,173 | -944 | -210 | -262 | -934 |
| Cash from financing | 15 | 1,125 | -4 | 809 | -584 | -496 | -216 | -525 |
| Capital expenditure | -12 | -19 | -14 | -17 | -25 | -12 | -23 | -44 |
| Free cash flow | 373 | 800 | 877 | 731 | 800 | 1,072 | 1,009 | 1,364 |
Insider filings
1 filing, all on Sep 29, 2026.
Open market
decisions to buy or sellNobody bought or sold TME on the open market in this window. The filing below is 1 option exercise.
Compensation
not trading decisions- 1
- Option exercise — converted options into shares
Latest filings (1)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 29, 2026 | PAN TSAI-CHUN Group Vice President | Option exercise | 155,320 | $599.5K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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