The earnings call highlighted significant growth in revenues and music subscriptions, driven by strategic partnerships, international expansion, and innovative user engagement strategies. However, challenges remain with the decline in social entertainment revenues and the lower gross margins in new growth areas. Overall, the positive aspects significantly outweigh the negatives.

Company Guidance

In the third quarter of 2025, Tencent Music Entertainment Group showcased impressive financial results, highlighted by a 21% year-on-year increase in total revenues, reaching RMB 8.5 billion. The online music segment experienced robust growth, with revenues climbing 27% year-on-year to RMB 7 billion, and music subscription revenues surging 70% year-on-year to RMB 4.5 billion. The company's monthly ARPPU rose to RMB 11.9, up from RMB 10.8 in the same period last year, significantly driven by the expansion in the SVIP membership program. Offline performances and artist-related merchandise sales also exhibited a notable triple-digit year-on-year revenue growth, with successful international concerts and events contributing to this rise. Meanwhile, social entertainment services and other revenues slightly declined by 3% year-on-year, and gross margin improved by 0.9 percentage points to 43.5%. The company's net profit surged by 29% to RMB 2.2 billion, and non-IFRS net profit rose by 28% to RMB 2.5 billion. Going forward, Tencent Music aims to sustain high-quality growth through a dual-engine strategy focusing on platform and content ecosystem development, with expectations for continued strong performance in both subscription and non-subscription segments.

Strong Financial Performance

Total revenues increased by 21% year-on-year to RMB 8.5 billion, marking the highest revenue growth since Q1 2021. Net profit increased by 29% to RMB 2.2 billion.

Music Subscription Growth

Music subscription revenues grew 70% year-on-year to RMB 4.5 billion, with monthly ARPPU reaching RMB 11.9 compared to RMB 10.8 in the same period last year.

Expansion of Concerts and Events

Successfully hosted several international concerts and events, including G-Dragon's tour across 6 cities, drawing over 150,000 attendees and leading to a significant increase in live concert revenue.

Notable Partnerships and Content Expansion

Strategic partnerships with Tencent Games, Blizzard Entertainment, and others to expand music library, including collaborations on game soundtracks and anime music.

Innovative User Engagement

Introduction of AI-powered features and enhancements, including Automix and personalized playlists, to deepen user engagement and increase content consumption.

Tencent Music Entertainment Group (TME) Earnings, Revenues Date & History

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TME Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Mar 23, 2026	2025 (Q4)	0.22 / -	0.177	―	―	―
Nov 12, 2025	2025 (Q3)	0.21 / 0.19	0.142	36.63% (+0.05)
Aug 12, 2025	2025 (Q2)	0.20 / 0.22	0.151	44.86% (+0.07)	―
May 13, 2025	2025 (Q1)	0.18 / 0.39	0.128	204.40% (+0.26)
Mar 18, 2025	2024 (Q4)	0.17 / 0.18	0.117	51.81% (+0.06)
Nov 12, 2024	2024 (Q3)	0.16 / 0.14	0.104	36.49% (+0.04)
Aug 13, 2024	2024 (Q2)	0.15 / 0.15	0.115	30.49% (+0.04)	―
May 13, 2024	2024 (Q1)	0.13 / 0.13	0.103	24.66% (+0.03)	―
Mar 19, 2024	2023 (Q4)	0.13 / 0.12	0.101	15.28% (+0.02)	―
Nov 14, 2023	2023 (Q3)	0.11 / 0.10	0.093	12.12% (+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

TME Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 12, 2025	$20.75	$19.01	-8.39%
Aug 12, 2025	$22.70	$25.39	+11.85%
May 13, 2025	$14.33	$14.69	+2.51%
Mar 18, 2025	$12.90	$14.91	+15.58%

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.