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Tencent TCEHY

Tencent is a leading social platform and game developer based in China. Its flagship app, WeChat, is used by over 1.4 billion people. Tencent also operates a global gaming business through both in-house development and strategic investments. Revenue is categorized into Value-Added Services (VAS), Online Advertising, and FinTech and Business Services.

Ticker
TCEHY
Headquarters
Shenzhen, Guandong
CEO
Ma Huateng
IPO year
2004
Sector
Gaming and Social
Website
www.tencent.com
Management
Team & leadership ↗

Notes & Takes

"The largest public company in China or damn near close. WeChat dominates the consumer app scene with 1.4 billion MAUs. A global gaming powerhouse. Founder-led by Pony Ma, this company is poised to become the first publicly traded Chinese firm to join the trillion-dollar club."

Commentary: January 2026

Company Financials

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Quarterly Headlines

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Tencent Q2 2026

Jun 30, 2026

  • Total revenues up 11% with gross profits up 13%, 58% gross profit margins
  • Revenues from VAS up 8%, Domestic game revenues up 17%, social networks revenues up 0.8%, revenues from marketing services up 22%, revenues from fintech and business grew 9%
  • Operating profit up 9% YoY with margin at 33%
  • Net profit of 70.6 bill RMB up 9%
  • Capital expenditures of 52 bill RMB up 176% YoY
  • Total cash of 511 bill RMB, up 9% YoY
  • We recorded negative free cash flow of 14 bill RMB as capex exceeded operating cash flows
  • Repurchased 37 mill shares on HK stock exchange for HKD 16.9 bill

Tencent Q1 2026

Mar 31, 2026

  • Total revenues up 9% with gross profits up 11%. 57% gross profit margins
  • Operating profits up 9% with operating margins of 38.5%
  • Net profit of $59 billion RMB up 19% (8.7 bill USD)
  • Total cash of $533 bill RMB or $78 bill USD with net cash at $146 bill RMB or $21 bill USD
  • Fair value of our listed investees excluding subsidiaries was $547 bill RMB or $80 bill USD
  • VAS revenue up 4% with domestic games revenue up 6% and international up 13%. Social networks revenue was down 2%
  • Revenues from marketing services were up 20%
  • Revenues from fintech and business services up 9%

Tencent Q4 2025

Dec 31, 2025

  • Revenues up 13%
  • Gross profit up 19% YoY
  • Operating profits up 17%
  • Share repurchases will slow in 2026 to focus on deploying capital into AI investments
  • Domestic game revenues up 15%
  • International game revenues up 32%
  • Social networks revenues up 3%
  • Marketing revenues up 17%
  • Fintech revenues up 8%
  • Cloud segment turn an adjusted operating profit of RMB 5 billion in 2025 and expects revenue to pick up with profits being sustainable

Tencent Q3 2025

Sep 30, 2025

  • Revenues up 15% YoY with operating profit up 15%
  • Net profit of $72.8 billion RMB up 19%
  • Capital expenditures down 24% YoY
  • The fair value of our shareholdings in listed investee companies totaled $RMB 800 billion
  • Company repurchased HKD 21 billion worth of shares
  • Revenues from VAS increased 16%
  • Domestic games revenues up 15%
  • International games revenues up 43%
  • Social networks revenues rose 5%
  • Marketing services revenues up 21%
  • Revenues from FinTech and Business services up 10%

Tencent Q2 2025

Jun 30, 2025

  • VAS revenue up 16%
  • Marketing services up 20%
  • Fintech and business services up 10%
  • Total gross margin rate of 57% vs. 53% compared to the same period last year
  • $9 billion USD in net profit
  • Total revenue up 15%
  • Fintech services revenue growth was driven by higher revenues from consumer loan services, commercial payment activities and wealth management services.

Tencent Q1 2025

Mar 31, 2025

  • VAS revenue up 17%
  • Marketing services up 20%
  • Fintech and business services up 4.9%
  • Total gross margin rate of 56% vs. 53% compared to the same period last year
  • $6.9 billion in net income up 16%
  • Total revenue up 13%
  • Tencent Video maintained its leadership in long form video with 117 million subscribers
  • We rolled out AI features within Weixin to provide more interactive user experiences and increase productivity for content creators and developers. For example, we integrated our AI service Yuanbao as a Weixin contact, powered Weixin Search with large language models (LLMs), and provided a text-prompt image generating tool for Official Accounts.

Tencent Q4 2024

Dec 31, 2024

  • VAS revenue up 14%
  • Marketing services up 17.4%
  • Fintech and other businesses up 3.2%
  • Total gross margin of 53% vs. 50% compared to the same period last year
  • $7.1 billion in net income up 84%
  • Total revenue up 11%
  • Query rapidly increased in WeChat benefiting from AI capabilities
  • For 2025 we are increasing our dividend by 32%
  • We rapidly iterated our HunYuan Foundation Model, deployed AI for internal use cases, and prepared for breakout growth in consumer adoption of AI, via the Yuanbao and Weixin applications.

Tencent Q3 2024

Sep 30, 2024

  • Total revenue up 8%
  • Mini Programs’ GMV grew at a high teens year-on-year rate to over RMB 2 trillion in the third quarter of 2024, benefitting from better coverage and solutions for use cases such as food ordering, electric vehicle charging and medical services.
  • VAS revenues up 9.1%
  • Marketing services up 16.6%
  • Fintech and other businesses up 2%
  • Total gross margin of 53% vs. 49% compared to the same period last year
  • Net income of $7.5 billion