Tencent Music Entertainment Group (ADR)
Runs China's QQ Music, Kugou, Kuwo, WeSing, and Ximalaya audio ecosystem.
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Profile
Runs QQ Music, Kugou Music, Kuwo Music, WeSing, and Ximalaya across streaming, karaoke, social entertainment, and long-form audio in China. Most revenue comes from online music services, while the business depends on licensed content and contractual structures shaped by Chinese regulation.
Operates QQ Music, Kugou Music, Kuwo Music, and WeSing across music listening, karaoke, live streaming, and social interaction in China. Ximalaya adds long-form audio alongside the established music-centered apps.
Earns most revenue from online music services, including subscriptions, advertising, merchandise, and live performances, while social entertainment and other services form the remainder. Execution rests on combining distinct consumer brands with licensed catalogs, paid memberships, and adjacent music offerings.
Depends on third-party content licenses, Tencent's controlling relationship, and contractual arrangements for businesses restricted to foreign investment in China. Exclusive music-streaming rights ended under a 2021 antitrust remedy, and the Ximalaya acquisition carries competition commitments covering free content, service standards, and exclusionary conduct.
Company facts
Categories
Key statistics
Year to date −52.0% · Average volume (30d) 10.0M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 13, 2026 | Nomura | Target | $10 | |||
| Aug 12, 2026 | UBS | Reiterate | Neutral | $9.50 | $15 | |
| Aug 12, 2026 | China Renaissance | Downgrade | Buy | Hold | ||
| Mar 18, 2026 | UBS | Downgrade | Buy | Neutral | $10.50 | $13 |
| Mar 18, 2026 | Benchmark | Downgrade | Buy | Hold |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 11, 2026Q2 FY26 | $0.24 | $0.25 | +4.2% | $1.30B | $1.32B | +1.2% | −11.92% |
| May 12, 2026Q1 FY26 | $0.21 | $0.21 | 0.0% | $1.14B | $168.0M | −85.3% | −1.43% |
| Mar 17, 2026Q4 FY25 | $0.23 | $0.17 | −24.2% | $1.20B | $178.8M | −85.1% | −9.41% |
| Nov 12, 2025Q3 FY25 | $0.21 | $0.22 | +4.8% | $1.19B | $1.19B | +0.2% | −1.74% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.09B | $1.26B | $1.26B | $1.15B | $1.17B | $1.33B | |
| Gross profit | $482.4M | $557.8M | $547.9M | $1.13B | $524.4M | $587.6M | |
| Operating income | $719.6M | $443.1M | $403.2M | $389.5M | $345.3M | $451.6M | |
| Net income | $638.5M | $358.4M | $320.3M | $283.0M | $309.2M | $367.7M | |
| Diluted EPS | $0.41 | $0.23 | $0.21 | $0.18 | $0.20 | $0.24 | |
| Gross margin | 44.1% | 44.4% | 43.5% | 97.7% | 44.9% | 44.2% | |
| Operating margin | 65.7% | 35.3% | 32.0% | 33.8% | 29.6% | 34.0% |
Fiscal years (4-quarter sums)FY21 $4.65B · FY22 $3.34B · FY23 $4.13B · FY24 $4.23B · FY25 $4.76B
Revenue by product · FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $4.56B · Total debt $2.51B · Total assets $17.40B · Shareholders' equity $11.65B
Dividends
Last raised to $0.24 from $0.18 in Apr 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Apr 2, 2026 | Apr 2 | Apr 23 | $0.24 | raised from $0.18 |
| Apr 3, 2025 | Apr 3 | Apr 24 | $0.18 | raised from $0.137 |
| May 31, 2024 | May 31 | Jun 27 | $0.137 |
Ownership
Shares outstanding 1.54B · Float 1.12B · 72.8% free float
Insiders — filings are in the shares behind the receipt.
This listing is a depositary receipt and the Form 4 positions here are filed in the shares behind it, a different unit from the share count and in a ratio the filings never state, so no insider percentage is shown.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Schroder Investment Management Group | 45.63M | 2.97% | 13F | Aug 13, 2026 |
| BlackRock, Inc. | 32.78M | 2.13% | 13F | Aug 7, 2026 |
| Invesco Ltd. | 29.28M | 1.91% | 13F | Aug 14, 2026 |
| Krane Funds Advisors LLC | 22.54M | 1.47% | 13F | Aug 14, 2026 |
| Overlook Investments LP | 19.01M | 1.24% | 13F | Aug 4, 2026 |
Insider tradesForm 4
Nothing filed in the last 12 months.
View detailsPeers
- Bilibili (ADR)
Overlaps in live broadcasting, creator content, and podcasts
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Tencent Music Entertainment Group (ADR) | $8.58 | +0.18% | $13.16B | 10.5 | 11.5 | 2.7 | +11.8% |
| Bilibili (ADR) | $16.60 | +0.06% | $6.96B | 33.1 | 19.5 | 1.5 | +14.1% |
| Median | 33.1 | 19.5 | 1.5 | +14.1% |