Cash Flow Statement

Operating Cash Flow

+80%

+48%

10Y

Currency: CNY

	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025
Operating Cash Flow
Net Income	322	107	0	0	441	0	0	0	485	0	0	0	1 064	0	0	0	1 568	0	0	0	2 816	0	0	0	5 222	0	0	0	8 115	0	0	0	10 225	0	0	0	12 785	0	0	0	15 563	0	0	0	23 888	0	0	0	29 108	0	0	0	41 447	0	0	0	72 471	0	0	0	79 984	0	0	0	95 888	0	0	0	160 125	0	0	0	227 810	0	0	0	188 709	0	0	0	118 048	0	0	0	196 467	0	0	0
Depreciation & Amortization	17	6	0	0	28	0	0	0	57	0	0	0	134	0	0	0	193	0	0	0	360	0	0	0	538	0	0	0	779	0	0	0	1 934	0	0	0	2 613	0	0	0	3 590	0	0	0	4 801	0	0	0	6 674	0	0	0	12 741	0	0	0	23 611	0	0	0	34 248	0	0	0	44 673	0	0	0	50 774	0	0	0	57 670	0	0	0	61 216	0	0	0	59 008	0	0	0	56 213	0	0	0
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	78	19	40	72	101	158	169	182	161	174	196	269	321	373	439	452	496	539	610	657	733	795	833	847	1 012	0	0	0	1 786	0	0	0	2 497	0	0	0	2 841	0	0	0	4 455	0	0	0	6 253	0	0	0	7 900	2 033	4 486	7 231	10 127	11 902	12 956	6 328	12 634	7 072	9 767	20 302	21 625	26 654	26 959	26 232	24 949	23 956	23 000	22 730	21 073	21 632	22 294	23 016	20 702	28 830	29 978	30 789
Other Non-Cash Items	14	6	0	0	9	0	0	0	(57)	0	0	0	90	0	0	0	129	0	0	0	525	0	0	0	989	0	0	0	1 949	0	0	0	1 858	0	0	0	2 749	0	0	0	2 424	0	0	0	3 170	0	0	0	8 307	0	0	0	10 879	0	0	0	257	0	0	0	1 836	0	0	0	9 927	0	0	0	(23 881)	0	0	0	(82 659)	0	0	0	(57 693)	0	0	0	60 402	0	0	0	30 144	0	0	0
Cash Taxes Paid	11	0	0	0	25	0	0	0	24	0	0	0	66	0	0	0	106	0	0	0	322	0	0	0	456	0	0	0	872	0	0	0	1 836	0	0	0	2 225	0	0	0	3 118	0	5 837	0	4 703	0	2 782	0	5 047	0	11 176	0	10 516	0	7 451	0	13 862	0	23 467	0	14 521	0	24 703	0	17 228	0	29 981	0	20 322	0	37 118	0	28 526	0	45 903	0	27 669	0	47 553	0	34 729	0	65 035	0	46 184	0	75 190	0
Cash Interest Paid	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	3 060	0	7 047	0	10 761	0	7 076	0	10 626	0	7 525	0	11 777	0	9 342	0	14 909	0	11 478	0	17 548	0	12 417	0	19 420	0
Change in Working Capital	(1)	305	404	(275)	(686)	(91)	(163)	788	507	1 264	1 455	1 513	219	1 324	1 331	1 592	(54)	1 897	2 374	2 733	(121)	5 010	6 066	7 234	1 650	9 313	9 895	11 221	1 476	12 936	12 725	12 847	(659)	15 057	16 870	18 384	1 283	21 544	22 436	22 822	2 797	23 970	26 235	28 896	852	35 825	36 193	37 919	1 342	52 659	56 985	63 709	451	75 216	83 751	97 546	9 801	100 279	100 461	101 816	(9 625)	114 489	118 844	131 207	(1 898)	174 452	193 511	195 857	7 101	190 462	178 350	172 801	(27 635)	158 004	161 753	161 739	(46 141)	174 566	179 551	203 611	(15 496)	232 015	245 437	258 429	(24 303)	263 060	283 328	290 623
Cash from Operating Activities	352 N/A	362 +3%	404 +12%	(275) N/A	(208) +25%	(210) -1%	(163) +22%	788 N/A	994 +26%	1 264 +27%	1 455 +15%	1 513 +4%	1 507 0%	1 324 -12%	1 331 +0%	1 592 +20%	1 836 +15%	1 897 +3%	2 374 +25%	2 733 +15%	3 580 +31%	5 010 +40%	6 066 +21%	7 234 +19%	8 398 +16%	9 313 +11%	9 895 +6%	11 221 +13%	12 319 +10%	12 936 +5%	12 725 -2%	12 847 +1%	13 358 +4%	15 057 +13%	16 870 +12%	18 384 +9%	19 429 +6%	21 544 +11%	22 436 +4%	22 822 +2%	24 374 +7%	23 970 -2%	26 235 +9%	28 896 +10%	32 711 +13%	35 825 +10%	36 193 +1%	37 919 +5%	45 431 +20%	52 659 +16%	56 985 +8%	63 709 +12%	65 518 +3%	75 216 +15%	83 751 +11%	97 546 +16%	106 140 +9%	100 279 -6%	100 461 +0%	101 816 +1%	106 443 +5%	114 489 +8%	118 844 +4%	131 207 +10%	148 590 +13%	174 452 +17%	193 511 +11%	195 857 +1%	194 119 -1%	190 462 -2%	178 350 -6%	172 801 -3%	175 186 +1%	158 004 -10%	161 753 +2%	161 739 0%	146 091 -10%	174 566 +19%	179 551 +3%	203 611 +13%	221 962 +9%	232 015 +5%	245 437 +6%	258 429 +5%	258 521 +0%	263 060 +2%	283 328 +8%	290 623 +3%
Investing Cash Flow
Capital Expenditures	(59)	(14)	0	0	(91)	0	0	0	(256)	0	0	0	(314)	0	0	0	(764)	0	0	0	(1 404)	0	0	0	(821)	0	0	0	(2 059)	0	0	0	(4 841)	0	0	0	(4 526)	(1 035)	(2 499)	(4 119)	(5 988)	(4 891)	(5 037)	(3 784)	(6 616)	(4 490)	(5 608)	(7 007)	(10 060)	(12 833)	(13 045)	(13 495)	(17 248)	(6 402)	(13 548)	(7 748)	(31 958)	(36 168)	(44 106)	(42 725)	(51 620)	(49 808)	(50 385)	(47 743)	(52 632)	(54 277)	(58 461)	(61 433)	(61 252)	(62 835)	(62 137)	(58 682)	(60 461)	(59 698)	(58 599)	(51 093)	(50 324)	(47 764)	(40 127)	(54 330)	(47 050)	(56 998)	(53 686)	(70 863)	(89 321)	(102 438)	(122 380)	(108 705)
Other Items	36	(42)	(76)	(837)	(905)	(767)	(756)	136	245	(369)	(602)	(974)	(549)	(1 031)	(781)	(652)	30	(1 133)	(1 728)	(2 537)	(1 110)	(2 649)	(3 125)	(3 528)	(4 204)	(6 742)	(9 508)	(11 282)	(9 956)	(13 800)	(15 135)	(15 301)	(10 514)	(12 835)	(12 263)	(15 559)	(11 744)	(18 099)	(14 787)	(13 120)	(13 146)	(12 930)	(26 049)	(26 990)	(21 772)	(30 060)	(24 377)	(32 792)	(53 545)	(51 140)	(51 232)	(69 245)	(53 675)	(88 713)	(86 016)	(86 095)	(64 434)	(65 427)	(74 849)	(76 802)	(100 293)	(84 178)	(64 932)	(58 328)	(63 538)	(92 770)	(114 336)	(138 884)	(120 703)	(121 903)	(128 829)	(126 795)	(118 088)	(83 920)	(65 743)	(69 938)	(54 547)	(102 201)	(101 737)	(81 165)	(78 111)	(70 888)	(32 200)	(16 384)	(32 866)	18 676	(26 765)	(82 153)
Cash from Investing Activities	(24) N/A	(47) -97%	(76) -61%	(837) -1 004%	(995) -19%	(754) +24%	(756) 0%	136 N/A	(11) N/A	(369) -3 395%	(602) -63%	(974) -62%	(863) +11%	(1 031) -20%	(781) +24%	(652) +17%	(734) -13%	(1 133) -54%	(1 728) -53%	(2 537) -47%	(2 515) +1%	(2 649) -5%	(3 125) -18%	(3 528) -13%	(5 025) -42%	(6 742) -34%	(9 508) -41%	(11 282) -19%	(12 015) -7%	(13 800) -15%	(15 135) -10%	(15 301) -1%	(15 355) 0%	(12 835) +16%	(12 263) +4%	(15 559) -27%	(16 270) -5%	(19 134) -18%	(17 285) +10%	(17 240) +0%	(19 134) -11%	(17 821) +7%	(31 086) -74%	(30 773) +1%	(28 388) +8%	(34 550) -22%	(29 985) +13%	(39 799) -33%	(63 605) -60%	(63 973) -1%	(64 277) 0%	(82 740) -29%	(70 923) +14%	(95 115) -34%	(99 564) -5%	(93 843) +6%	(96 392) -3%	(101 595) -5%	(118 955) -17%	(119 527) 0%	(151 913) -27%	(133 986) +12%	(115 317) +14%	(106 071) +8%	(116 170) -10%	(147 047) -27%	(172 797) -18%	(200 317) -16%	(181 955) +9%	(184 738) -2%	(190 966) -3%	(185 477) +3%	(178 549) +4%	(143 618) +20%	(124 342) +13%	(121 031) +3%	(104 871) +13%	(149 965) -43%	(141 864) +5%	(135 495) +4%	(125 161) +8%	(127 886) -2%	(85 886) +33%	(87 247) -2%	(122 187) -40%	(83 762) +31%	(149 145) -78%	(190 858) -28%
Financing Cash Flow
Net Issuance of Common Stock	(38)	0	0	0	1 914	0	0	0	(112)	0	0	0	(207)	0	0	0	(3)	0	0	0	(322)	0	0	0	(13)	0	0	0	(278)	0	0	0	(1 326)	0	0	0	97	0	0	0	(1 295)	0	96	0	(291)	0	(24)	0	(483)	0	(1 155)	0	(1 711)	0	(582)	0	(2 061)	0	(2 426)	0	(2 225)	0	(2 704)	0	(2 180)	0	(2 049)	0	(149)	0	(1 007)	0	(3 954)	0	(10 560)	0	(31 194)	0	(46 576)	0	(47 075)	0	(94 665)	0	(103 819)	0	(137 774)	0
Net Issuance of Debt	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	292	0	0	0	(292)	0	0	0	202	0	0	0	5 097	0	0	0	2 917	0	0	0	(4 826)	0	0	0	2 852	0	2 836	0	2 777	0	(34)	0	13 029	0	30 551	0	37 464	0	9 270	0	29 012	0	32 022	0	5 295	0	(15 933)	0	(19 641)	0	(13 309)	0	(6 995)	0	(5 420)	0	28 307	0	45 065	0	438	0	6 658	0	2 652	0	(7 212)	0	(20 689)	0	31 312	0
Cash Paid for Dividends	0	(27)	0	0	(29)	0	0	0	(132)	0	0	0	(145)	0	0	0	(210)	0	0	0	(258)	0	0	0	(555)	0	0	0	(639)	0	0	0	(838)	0	0	0	(1 108)	0	0	0	(1 468)	0	(1 759)	0	(1 761)	0	(2 640)	0	(2 640)	0	(6 356)	0	(3 699)	0	(5 052)	0	(5 052)	0	(11 828)	0	(6 776)	0	(15 091)	0	(8 315)	0	(18 654)	0	(10 339)	0	(22 842)	0	(12 503)	0	(25 455)	0	(12 952)	0	(33 935)	0	(20 983)	0	(49 842)	0	(28 859)	0	(66 394)	0
Other	(10)	0	1 479	1 732	(148)	1 739	92	(119)	(3)	(323)	(491)	(485)	0	(258)	(140)	(234)	0	30	(83)	(78)	3	(897)	(1 142)	(851)	(32)	424	2 043	2 632	(67)	5 039	4 008	1 867	3 620	381	(1 875)	3 656	3 451	(697)	(842)	(218)	1 619	5 361	21 395	16 793	17 625	28 094	13 722	14 993	8 622	2 042	(3 905)	13 594	(611)	29 807	30 827	31 914	4 699	32 272	39 999	12 009	39 086	12 522	42 106	16 960	31 808	25 467	32 908	45 197	31 130	31 404	14 126	53 258	9 770	17 854	(18 013)	(69 235)	(16 245)	(23 483)	(17 283)	(39 770)	(17 167)	(33 037)	(23 184)	(105 691)	(23 127)	17 202	(20 281)	67 455
Cash from Financing Activities	(48) N/A	(65) -35%	1 479 N/A	1 732 +17%	1 737 +0%	1 766 +2%	92 -95%	(119) N/A	(247) -108%	(323) -31%	(491) -52%	(485) +1%	(352) +27%	(258) +27%	(140) +46%	(234) -67%	79 N/A	30 -62%	(83) N/A	(78) +6%	(870) -1 011%	(897) -3%	(1 142) -27%	(851) +25%	(397) +53%	424 N/A	2 043 +382%	2 632 +29%	4 112 +56%	5 039 +23%	4 008 -20%	1 867 -53%	4 373 +134%	381 -91%	(1 875) N/A	3 656 N/A	(2 386) N/A	(697) +71%	(842) -21%	(218) +74%	1 708 N/A	5 361 +214%	22 568 +321%	16 793 -26%	18 350 +9%	28 094 +53%	9 851 -65%	14 993 +52%	18 528 +24%	11 948 -36%	21 833 +83%	23 500 +8%	31 443 +34%	29 807 -5%	21 329 -28%	31 914 +50%	26 598 -17%	54 171 +104%	54 131 0%	33 908 -37%	35 380 +4%	8 816 -75%	12 509 +42%	13 254 +6%	1 672 -87%	(4 669) N/A	28 918 N/A	15 061 -48%	13 647 -9%	13 921 +2%	(11 267) N/A	35 775 N/A	21 620 -40%	29 704 +37%	2 823 -90%	(57 385) N/A	(59 953) -4%	(67 191) -12%	(88 336) -31%	(83 478) +5%	(82 573) +1%	(98 443) -19%	(144 758) -47%	(171 097) -18%	(176 494) -3%	(136 165) +23%	(106 824) +22%	(85 912) +20%
Change in Cash
Effect of Foreign Exchange Rates	0	0	0	0	0	0	0	(17)	(20)	(26)	(28)	(19)	(24)	(24)	(28)	(26)	(76)	(125)	(138)	(136)	(76)	(21)	(1)	2	(1)	(2)	(4)	(19)	(52)	(88)	(121)	(146)	(172)	(137)	(93)	(18)	(2)	(38)	(120)	(203)	(103)	(10)	131	(64)	(188)	(309)	(427)	147	371	390	1 394	1 234	2 426	2 346	579	(691)	(2 551)	(4 644)	(1 315)	1 854	2 207	3 301	2 179	1 823	1 085	2 842	1 248	(3 717)	(6 004)	(6 294)	(8 114)	(4 717)	(3 089)	(3 885)	2 703	5 981	7 506	7 092	5 638	1 661	1 353	2 009	(929)	(1 093)	359	1 097	1 187	661
Net Change in Cash	280 N/A	250 -11%	1 807 +622%	620 -66%	534 -14%	803 +50%	(826) N/A	787 N/A	716 -9%	547 -24%	334 -39%	35 -90%	268 +667%	11 -96%	381 +3 251%	680 +78%	1 104 +62%	670 -39%	424 -37%	(19) N/A	119 N/A	1 443 +1 111%	1 798 +25%	2 858 +59%	2 976 +4%	2 992 +1%	2 425 -19%	2 553 +5%	4 365 +71%	4 087 -6%	1 477 -64%	(733) N/A	2 204 N/A	2 466 +12%	2 639 +7%	6 463 +145%	771 -88%	1 675 +117%	4 189 +150%	5 161 +23%	6 845 +33%	11 499 +68%	17 848 +55%	14 852 -17%	22 485 +51%	29 060 +29%	15 632 -46%	13 260 -15%	725 -95%	1 024 +41%	15 935 +1 456%	5 703 -64%	28 464 +399%	12 254 -57%	6 095 -50%	34 926 +473%	33 795 -3%	48 211 +43%	34 322 -29%	18 051 -47%	(7 883) N/A	(7 380) +6%	18 215 N/A	40 213 +121%	35 177 -13%	25 578 -27%	50 880 +99%	6 884 -86%	19 807 +188%	13 351 -33%	(31 997) N/A	18 382 N/A	15 168 -17%	40 205 +165%	42 937 +7%	(10 696) N/A	(11 227) -5%	(35 498) -216%	(45 011) -27%	(13 701) +70%	15 581 N/A	7 695 -51%	13 864 +80%	(1 008) N/A	(39 801) -3 849%	44 230 N/A	28 546 -35%	14 514 -49%
Free Cash Flow
Free Cash Flow	293 N/A	348 +19%	404 +16%	(275) N/A	(298) -8%	(210) +30%	(163) +22%	788 N/A	738 -6%	1 264 +71%	1 455 +15%	1 513 +4%	1 194 -21%	1 324 +11%	1 331 +0%	1 592 +20%	1 072 -33%	1 897 +77%	2 374 +25%	2 733 +15%	2 175 -20%	5 010 +130%	6 066 +21%	7 234 +19%	7 578 +5%	9 313 +23%	9 895 +6%	11 221 +13%	10 260 -9%	12 936 +26%	12 725 -2%	12 847 +1%	8 518 -34%	15 057 +77%	16 870 +12%	18 384 +9%	14 904 -19%	20 509 +38%	19 937 -3%	18 702 -6%	18 386 -2%	19 078 +4%	21 197 +11%	25 113 +18%	26 095 +4%	31 335 +20%	30 585 -2%	30 912 +1%	35 371 +14%	39 826 +13%	43 940 +10%	50 214 +14%	48 270 -4%	68 814 +43%	70 203 +2%	89 798 +28%	74 182 -17%	64 111 -14%	56 355 -12%	59 091 +5%	54 823 -7%	64 681 +18%	68 459 +6%	83 464 +22%	95 958 +15%	120 175 +25%	135 050 +12%	134 424 0%	132 867 -1%	127 627 -4%	116 213 -9%	114 119 -2%	114 725 +1%	98 306 -14%	103 154 +5%	110 646 +7%	95 767 -13%	126 802 +32%	139 424 +10%	149 281 +7%	174 912 +17%	175 017 +0%	191 751 +10%	187 566 -2%	169 200 -10%	160 622 -5%	160 948 +0%	181 918 +13%

Income Statement Balance Sheet Cash Flow Statement

Tencent Holdings Ltd
XMUN:NNN1

Cash Flow Statement

Cash Flow Statement
Tencent Holdings Ltd

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Tencent Holdings Ltd XMUN:NNN1

Cash Flow Statement

Cash Flow Statement Tencent Holdings Ltd

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Tencent Holdings Ltd
XMUN:NNN1

Cash Flow Statement
Tencent Holdings Ltd