Tencent Music Entertainment Group (63TA) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

May 18, 2026

After Close (Confirmed)

Period Ending

2026 (Q1)

Consensus EPS Forecast

0.17

Last Year’s EPS

0.35

Same Quarter Last Year

Analyst Consensus

Moderate Buy

Based on 12 Analysts Ratings

Earnings Call Summary

Q4 2025

Earnings Call Date:Mar 17, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call presented a broadly positive operational and financial picture: double-digit revenue growth across both quarter and full year, margin expansion, strong net profit gains, successful scaling of SVIP membership (>20 million) and notable traction in non-subscription monetization (live events, merchandise, advertising). Management also highlighted significant AI adoption and creator platform scale. Key risks were acknowledged — short-term subscription pressure from competition, AI-driven content and copyright challenges, a very high Q4 effective tax rate, a modest decline in social entertainment revenue, and reduced quarterly disclosure of some operating metrics. On balance, the company demonstrated solid growth and profitability momentum while transparently outlining the main near-term challenges and strategic responses.

Company Guidance

Guidance: management said it will continue investing in content and technology while focusing on IP development, but expects 2026 gross profit margin to be roughly flat-to-slightly below 2025’s 44.2% (Q4: 44.7%), with operating profit margin and overall net-profit margin broadly similar to 2025 (though possibly a bit lower), and that subscription revenue may face short‑term pressure amid competition even as non‑subscription lines (ads, live events, merchandise) keep scaling; they highlighted strategic levers including the >20 million SVIP base, the AD‑supported plan piloted in late 2025, continued ROI‑focused marketing, a combined cash balance of ~RMB38.0 billion, and a declared 2025 dividend of USD0.24 per ADS (~USD368 million) to be paid in Q2 2026, and said certain operating metrics will no longer be disclosed quarterly (total paying users will be reported annually as of year‑end).

Revenue Growth — Q4 and Full Year 2025

Total revenues grew 15% YoY to RMB 8.6 billion in Q4 2025; full-year 2025 total revenues were RMB 32.9 billion, up 16% YoY.

Strong Online Music and Subscription Performance

Online music service revenues for 2025 were RMB 26.7 billion, up 23% YoY. Music subscription revenues: Q4 2025 RMB 4.6 billion (up 13% YoY) and full-year 2025 RMB 17.7 billion (up 16% YoY).

Rapid Growth in Non-Subscription Music Services

Revenues from music services other than subscription were RMB 2.5 billion in Q4 2025, up 41% YoY. Company noted more than doubled revenues from IP-related merchandise and fan-based consumption in 2025.

Profitability and Margin Expansion

Q4 2025 gross margin was 44.7%, up 1.1 percentage points YoY; full-year gross margin was 44.2%, up 1.9 percentage points YoY. Q4 net profit increased 10% YoY to RMB 2.3 billion; net profit attributable to equity holders up 13% YoY to RMB 2.2 billion. Non-IFRS net profit up 8% YoY in Q4 and up 22% YoY for full-year 2025.

SVIP and Membership Traction

SVIP users surpassed 20 million by year-end 2025, with ARPPU trending slightly upward and the AD-supported subscription plan showing initial traction.

Successful Live Events and Merchandise Execution

Produced large-scale events including G-DRAGON 20-concert Asia tour attracting ~260,000 fans (two Taipei Dome shows drew over 75,000 fans). Exclusive merchandise and commemorative releases achieved strong sales during tours and special events.

AI and Creator Platform Adoption

One-stop AI music production platform reported over 10 million users and more than 150,000 professional creators; company integrated AI across recommendation, content creation and commerce features to improve distribution and conversion.

Cash Position and Shareholder Returns

Combined cash, cash equivalents, term deposits and short-term investments were RMB 38.0 billion as of Dec 31, 2025 (up from RMB 36.1 billion on Sep 30, 2025). Declared dividend of USD 0.24 per ADS (~USD 368 million) for 2025.

Tencent Music Entertainment Group (DE:63TA) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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DE:63TA Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
May 18, 2026	2026 (Q1)	0.17 / -	0.346	―	―	―
Mar 17, 2026	2025 (Q4)	0.19 / 0.18	0.157	11.90% (+0.02)
Nov 12, 2025	2025 (Q3)	0.18 / 0.17	0.126	36.63% (+0.05)
Aug 12, 2025	2025 (Q2)	0.18 / 0.19	0.134	44.86% (+0.06)	―
May 13, 2025	2025 (Q1)	0.16 / 0.35	0.114	204.40% (+0.23)
Mar 18, 2025	2024 (Q4)	0.15 / 0.16	0.104	51.81% (+0.05)
Nov 12, 2024	2024 (Q3)	0.14 / 0.13	0.092	36.49% (+0.03)
Aug 13, 2024	2024 (Q2)	0.14 / 0.13	0.102	30.49% (+0.03)	―
May 13, 2024	2024 (Q1)	0.12 / 0.11	0.091	24.66% (+0.02)	―
Mar 19, 2024	2023 (Q4)	0.11 / 0.10	0.09	15.28% (+0.01)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

DE:63TA Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Mar 17, 2026	€12.57	€9.69	-22.87%
Nov 12, 2025	€17.93	€17.44	-2.72%
Aug 12, 2025	€18.41	€19.88	+7.94%
May 13, 2025	€12.28	€12.37	+0.79%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.