TENCENT (0700.HK) closed fiscal year 2025 with net revenue of 752 B CNY, up 13.9 % year on year, and net income of 225 B CNY.
TENCENT (0700.HK) closed fiscal year 2025, whose accounting year ends in December, with net revenue of 752 B CNY, up 13.9 % year on year. Gross profit was 423 B CNY and EBIT 291 B CNY. EBITDA came to 357 B CNY. Net income came in at 225 B CNY, up 15.9 % year on year, and diluted EPS at 24.15 CNY. Over the whole period net revenue compounds at 10.7 % a year. The series covers 4 fiscal years, from 2022 to 2025. All figures are stated in CNY and are taken from the company's own published annual accounts, with no restatements or adjustments of our own. Each line item in the table carries its year-on-year change underneath.
Fiscal year end: December
| 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | |
|---|---|---|---|---|---|---|
| Net revenue | 555B | 609B | 660B | 752B | 826B | 905B |
| Net revenue — YoY growth | — | 9.82 % | 8.41 % | 13.86 % | 9.90 % | 9.53 % |
| Cost of sales | -316B | -316B | -311B | -329B | — | — |
| Gross profit | — | 293B | 349B | 423B | — | — |
| Gross profit — YoY growth | — | — | 19.15 % | 21.00 % | — | — |
| Cash operating expenses (excl. D&A) | — | -60.9B | -39.1B | -65.9B | — | — |
| EBITDA | 281B | 232B | 310B | 357B | — | — |
| EBITDA — YoY growth | — | -17.49 % | 33.56 % | 15.02 % | — | — |
| Depreciation & amortization (D&A) | -61.2B | -59.0B | -56.2B | -66.0B | — | — |
| EBIT | 220B | 173B | 254B | 291B | — | — |
| EBIT — YoY growth | — | -21.34 % | 46.60 % | 14.48 % | — | — |
| Net interest & non-operating items | -9.99B | -11.9B | -12.4B | -13.5B | — | — |
| EBT (pre-tax income) | 210B | 161B | 241B | 277B | — | — |
| EBT (pre-tax income) — YoY growth | — | -23.26 % | 49.69 % | 14.81 % | — | — |
| Income tax | -21.5B | -43.3B | -45.0B | -47.4B | — | — |
| Net income | 188B | 115B | 194B | 225B | 234B | 250B |
| Net income — YoY growth | — | -38.79 % | 68.44 % | 15.85 % | 4.21 % | 6.79 % |
| Unusual items (after tax) | -123B | 5.07B | -5.72B | -10.4B | — | — |
| Normalization adjustment (tax and other) | 0.47B | 2.83B | 2.39B | 4.96B | — | — |
| Normalized income (adjusted) | 65.4B | 123B | 191B | 219B | — | — |
| Normalized income (adjusted) — YoY growth | — | 88.38 % | 54.93 % | 15.01 % | — | — |
| Filing date | — | — | — | — | — | — |
Figures in CNY
Fiscal year end: December
| 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | |
|---|---|---|---|---|---|---|
| Basic EPS | 19.76 | 12.19 | 20.94 | 24.75 | 29.05 | 31.02 |
| Basic EPS — YoY growth | — | -38.32 % | 71.82 % | 18.20 % | 17.38 % | 6.79 % |
| Diluted EPS | 19.34 | 11.89 | 20.49 | 24.15 | 29.05 | 31.02 |
| Diluted EPS — YoY growth | — | -38.54 % | 72.34 % | 17.90 % | 20.28 % | 6.79 % |
| Normalized basic EPS | 6.86 | 13.02 | 20.58 | 24.15 | — | — |
| Normalized basic EPS — YoY growth | — | 89.84 % | 58.04 % | 17.34 % | — | — |
| Normalized diluted EPS | 6.74 | 12.81 | 20.27 | 23.73 | — | — |
| Normalized diluted EPS — YoY growth | — | 90.05 % | 58.26 % | 17.05 % | — | — |
Figures in CNY
