Income Statement

Revenue

+32%

+61%

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
Revenue
Interest Expense	0	0	0	1	5	5	5	47	47	57	64	37	5	0	0	0	2	0	0	0	0	0	0	0	0	0	0	0	35	0	0	0	73	0	0	0	327	202	294	0	394	204	336	0	866	553	728	0	1 510	876	971	0	2 167	1 161	1 427	0	3 060	1 827	2 255	0	4 898	2 687	3 256	0	7 690	3 763	3 828	0	7 449	3 548	3 638	0	7 918	4 015	4 430	0	9 985	5 127	5 809	0	11 885	6 053	5 962	0	12 447	0	3 541	0
Revenue	735 N/A	868 +18%	966 +11%	1 061 +10%	1 144 +8%	1 186 +4%	1 250 +5%	1 311 +5%	1 426 +9%	1 771 +24%	2 143 +21%	2 517 +17%	2 800 +11%	2 928 +5%	3 091 +6%	3 412 +10%	3 821 +12%	4 481 +17%	5 213 +16%	6 179 +19%	7 155 +16%	8 226 +15%	9 505 +16%	10 849 +14%	12 440 +15%	14 162 +14%	15 952 +13%	17 810 +12%	19 646 +10%	21 758 +11%	23 828 +10%	26 098 +10%	28 496 +9%	31 806 +12%	35 594 +12%	39 663 +11%	43 894 +11%	47 793 +9%	51 651 +8%	55 620 +8%	60 437 +9%	65 289 +8%	70 651 +8%	74 924 +6%	78 932 +5%	82 931 +5%	86 614 +4%	93 400 +8%	102 863 +10%	112 459 +9%	124 721 +11%	138 515 +11%	151 938 +10%	169 495 +12%	190 410 +12%	215 232 +13%	237 760 +10%	261 736 +10%	278 805 +7%	294 190 +6%	312 694 +6%	324 631 +4%	339 777 +5%	356 418 +5%	377 289 +6%	399 889 +6%	425 951 +7%	454 162 +7%	482 064 +6%	509 302 +6%	532 678 +5%	549 599 +3%	560 118 +2%	560 286 +0%	556 061 -1%	553 786 0%	554 552 +0%	569 067 +3%	584 241 +3%	598 773 +2%	609 015 +2%	618 530 +2%	630 439 +2%	643 007 +2%	660 257 +3%	680 778 +3%	704 165 +3%	729 841 +4%
Gross Profit
Cost of Revenue	(230)	(281)	(330)	(378)	(418)	(432)	(441)	(444)	(470)	(544)	(634)	(724)	(817)	(879)	(946)	(1 032)	(1 118)	(1 269)	(1 456)	(1 806)	(2 170)	(2 568)	(3 049)	(3 428)	(3 889)	(4 432)	(4 980)	(5 633)	(6 320)	(7 186)	(8 034)	(9 019)	(9 928)	(11 571)	(13 551)	(15 676)	(18 207)	(20 325)	(22 604)	(24 853)	(27 778)	(29 624)	(30 608)	(30 739)	(30 873)	(32 038)	(33 455)	(37 302)	(41 631)	(46 072)	(52 316)	(59 862)	(67 439)	(78 142)	(91 207)	(106 176)	(120 835)	(133 212)	(144 141)	(155 727)	(170 574)	(179 733)	(190 199)	(199 841)	(209 756)	(219 382)	(231 360)	(245 403)	(260 532)	(277 929)	(291 770)	(302 591)	(314 187)	(319 903)	(320 556)	(319 045)	(315 665)	(319 213)	(321 414)	(321 406)	(315 903)	(309 733)	(306 587)	(306 850)	(310 959)	(314 909)	(319 178)	(324 884)
Gross Profit	505 N/A	587 +16%	636 +8%	683 +7%	725 +6%	754 +4%	809 +7%	867 +7%	957 +10%	1 228 +28%	1 509 +23%	1 793 +19%	1 983 +11%	2 049 +3%	2 145 +5%	2 380 +11%	2 703 +14%	3 212 +19%	3 757 +17%	4 373 +16%	4 984 +14%	5 658 +14%	6 455 +14%	7 421 +15%	8 550 +15%	9 730 +14%	10 972 +13%	12 177 +11%	13 326 +9%	14 573 +9%	15 794 +8%	17 079 +8%	18 568 +9%	20 235 +9%	22 043 +9%	23 987 +9%	25 686 +7%	27 469 +7%	29 047 +6%	30 767 +6%	32 659 +6%	35 665 +9%	40 043 +12%	44 185 +10%	48 059 +9%	50 893 +6%	53 159 +4%	56 098 +6%	61 232 +9%	66 387 +8%	72 405 +9%	78 653 +9%	84 499 +7%	91 353 +8%	99 203 +9%	109 056 +10%	116 925 +7%	128 524 +10%	134 664 +5%	138 463 +3%	142 120 +3%	144 898 +2%	149 578 +3%	156 577 +5%	167 533 +7%	180 507 +8%	194 591 +8%	208 759 +7%	221 532 +6%	231 373 +4%	240 908 +4%	247 008 +3%	245 931 0%	240 383 -2%	235 505 -2%	234 741 0%	238 887 +2%	249 854 +5%	262 827 +5%	277 367 +6%	293 112 +6%	308 797 +5%	323 852 +5%	336 157 +4%	349 298 +4%	365 869 +5%	384 987 +5%	404 957 +5%
Operating Income
Operating Expenses	(169)	(197)	(217)	(242)	(257)	(314)	(365)	(419)	(472)	(628)	(718)	(792)	(896)	(840)	(884)	(975)	(1 108)	(1 198)	(1 361)	(1 638)	(1 805)	(2 059)	(2 241)	(2 351)	(2 673)	(2 896)	(3 199)	(3 439)	(3 726)	(4 216)	(5 036)	(6 037)	(7 150)	(8 379)	(9 148)	(9 994)	(10 737)	(12 408)	(12 814)	(14 269)	(15 468)	(17 309)	(19 280)	(20 876)	(22 011)	(22 164)	(22 216)	(23 073)	(25 106)	(26 446)	(28 177)	(30 738)	(34 379)	(37 698)	(41 208)	(45 055)	(47 298)	(52 011)	(56 593)	(60 142)	(63 320)	(65 374)	(66 311)	(68 556)	(71 811)	(80 001)	(85 726)	(92 360)	(97 894)	(100 966)	(108 183)	(114 495)	(121 744)	(129 211)	(133 187)	(133 903)	(132 714)	(130 971)	(132 331)	(132 226)	(133 034)	(126 168)	(128 796)	(135 756)	(141 144)	(152 760)	(162 506)	(172 255)
Selling, General & Administrative	(168)	(197)	(219)	(250)	(283)	(332)	(397)	(462)	(545)	(648)	(744)	(824)	(903)	(936)	(982)	(1 056)	(1 138)	(1 250)	(1 394)	(1 658)	(1 850)	(2 049)	(2 212)	(2 354)	(2 608)	(2 826)	(3 152)	(3 420)	(3 782)	(4 208)	(5 045)	(6 050)	(7 204)	(8 229)	(8 968)	(9 837)	(9 902)	(11 694)	(12 857)	(14 099)	(14 756)	(17 316)	(19 107)	(20 716)	(20 859)	(22 154)	(22 340)	(23 066)	(23 409)	(26 224)	(28 276)	(31 014)	(32 739)	(38 365)	(42 531)	(47 241)	(48 851)	(55 533)	(59 920)	(63 513)	(63 471)	(66 330)	(67 408)	(69 203)	(71 974)	(82 119)	(88 574)	(95 425)	(97 064)	(107 168)	(116 069)	(124 257)	(125 207)	(137 671)	(139 185)	(138 492)	(129 884)	(132 858)	(132 422)	(133 019)	(132 065)	(138 421)	(141 339)	(145 607)	(141 714)	(158 334)	(163 018)	(170 276)
Depreciation & Amortization	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	(849)	0	0	0	(911)	0	0	0	(1 076)	0	0	0	(1 370)	0	0	0	(1 761)	0	0	0	(1 743)	0	0	0	(2 284)	0	0	0	(2 868)	0	0	0	(4 319)	0	0	0	(5 234)	0	0	0	(6 041)	0	0	0	(5 671)	0	0	0	(7 435)	0	0	0
Other Operating Expenses	(1)	(0)	2	7	26	18	32	43	73	20	26	32	7	96	98	81	29	52	33	21	45	(11)	(29)	3	(65)	(71)	(47)	(19)	55	(7)	9	13	54	(150)	(179)	(157)	14	(714)	43	(170)	199	7	(173)	(160)	(76)	(10)	124	(7)	(327)	(222)	99	276	121	667	1 323	2 186	3 296	3 522	3 327	3 371	2 435	956	1 097	647	3 031	2 118	2 848	3 065	3 489	6 202	7 886	9 762	8 697	8 460	5 998	4 589	3 211	1 887	91	793	4 702	12 253	12 543	9 851	8 005	5 574	512	(1 979)
Operating Income	336 N/A	390 +16%	419 +7%	440 +5%	469 +6%	440 -6%	444 +1%	448 +1%	484 +8%	600 +24%	791 +32%	1 001 +27%	1 088 +9%	1 209 +11%	1 261 +4%	1 404 +11%	1 595 +14%	2 014 +26%	2 396 +19%	2 735 +14%	3 179 +16%	3 599 +13%	4 214 +17%	5 070 +20%	5 877 +16%	6 833 +16%	7 774 +14%	8 738 +12%	9 599 +10%	10 357 +8%	10 758 +4%	11 042 +3%	11 418 +3%	11 855 +4%	12 895 +9%	13 993 +9%	14 949 +7%	15 061 +1%	16 233 +8%	16 498 +2%	17 191 +4%	18 356 +7%	20 763 +13%	23 309 +12%	26 048 +12%	28 729 +10%	30 943 +8%	33 025 +7%	36 126 +9%	39 941 +11%	44 228 +11%	47 915 +8%	50 120 +5%	53 655 +7%	57 995 +8%	64 001 +10%	69 627 +9%	76 513 +10%	78 071 +2%	78 321 +0%	78 800 +1%	79 524 +1%	83 267 +5%	88 021 +6%	95 722 +9%	100 506 +5%	108 865 +8%	116 399 +7%	123 638 +6%	130 407 +5%	132 725 +2%	132 513 0%	124 187 -6%	111 172 -10%	102 318 -8%	100 838 -1%	106 173 +5%	118 883 +12%	130 496 +10%	145 141 +11%	160 078 +10%	182 629 +14%	195 056 +7%	200 401 +3%	208 154 +4%	213 109 +2%	222 481 +4%	232 702 +5%
Pre-Tax Income
Interest Income Expense	2	2	2	(0)	(5)	13	13	(28)	(47)	5	(1)	26	30	(49)	(59)	(56)	1	(152)	(156)	(133)	(36)	34	97	122	168	197	235	267	313	353	321	310	218	180	210	621	794	1 477	1 776	1 665	1 910	1 344	1 107	751	291	(76)	(237)	(834)	(1 350)	(2 033)	(1 358)	(1 009)	(637)	664	3 218	6 273	7 864	13 780	15 579	33 343	31 830	29 932	29 366	9 077	9 192	6 441	8 183	18 696	43 416	58 306	62 643	54 709	31 469	8 160	(5 282)	(21 205)	(23 691)	(16 619)	(13 717)	2 359	5 767	(3 888)	7 451	19 086	32 555	37 283	35 255	27 647
Non-Reccuring Items	0	0	0	0	0	0	0	0	0	0	0	0	(1)	0	0	0	(61)	0	0	(19)	(39)	0	0	0	(5)	0	0	0	1	459	459	459	464	261	261	(203)	(692)	0	(678)	0	180	2 077	2 809	2 846	2 674	1 393	1 071	1 675	1 440	1 497	952	1 005	2 157	3 709	5 379	6 121	10 724	9 435	6 036	(8 385)	(16 164)	(12 041)	(9 491)	3 725	4 486	5 080	4 081	6 358	12 968	12 268	15 290	24 325	92 406	101 478	100 884	118 706	127 743	116 818	116 673	87 795	(1 911)	1 486	(854)	(2 716)	2 966	(62)	975	10 506
Total Other Income	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(2 610)	58	(1 002)	(1 026)	(2 190)	(2 223)	(1 743)	(2 042)
Pre-Tax Income	338 N/A	392 +16%	421 +7%	440 +5%	464 +5%	454 -2%	457 +1%	420 -8%	437 +4%	605 +38%	790 +31%	1 027 +30%	1 117 +9%	1 160 +4%	1 202 +4%	1 349 +12%	1 535 +14%	1 862 +21%	2 240 +20%	2 584 +15%	3 105 +20%	3 632 +17%	4 311 +19%	5 192 +20%	6 041 +16%	7 030 +16%	8 008 +14%	9 006 +12%	9 913 +10%	11 170 +13%	11 538 +3%	11 811 +2%	12 099 +2%	12 296 +2%	13 366 +9%	14 411 +8%	15 051 +4%	16 538 +10%	17 330 +5%	18 164 +5%	19 281 +6%	21 777 +13%	24 678 +13%	26 906 +9%	29 013 +8%	30 046 +4%	31 777 +6%	33 866 +7%	36 216 +7%	39 405 +9%	43 822 +11%	47 911 +9%	51 640 +8%	58 028 +12%	66 592 +15%	76 395 +15%	88 215 +15%	99 728 +13%	99 686 0%	103 279 +4%	94 466 -9%	97 415 +3%	103 142 +6%	100 823 -2%	109 400 +9%	112 027 +2%	121 129 +8%	141 453 +17%	180 022 +27%	200 981 +12%	210 658 +5%	211 547 +0%	248 062 +17%	220 810 -11%	197 920 -10%	198 339 +0%	210 225 +6%	219 082 +4%	233 452 +7%	235 295 +1%	161 324 -31%	180 285 +12%	200 651 +11%	215 745 +8%	241 485 +12%	248 107 +3%	256 968 +4%	268 813 +5%
Net Income
Tax Provision	(16)	(21)	(20)	(21)	(23)	(22)	49	58	48	33	(71)	(103)	(53)	(56)	(31)	(34)	34	(43)	(102)	(127)	(289)	(305)	(434)	(627)	(819)	(1 060)	(1 308)	(1 571)	(1 798)	(1 973)	(1 929)	(1 924)	(1 874)	(1 993)	(2 296)	(2 545)	(2 266)	(2 644)	(2 863)	(3 061)	(3 718)	(3 853)	(4 613)	(5 041)	(5 125)	(5 660)	(5 821)	(6 002)	(7 108)	(7 959)	(8 892)	(9 789)	(10 193)	(11 301)	(12 491)	(15 023)	(15 744)	(17 832)	(17 464)	(15 699)	(14 482)	(13 548)	(13 171)	(13 281)	(13 512)	(14 592)	(15 924)	(18 325)	(19 897)	(21 251)	(20 360)	(20 073)	(20 252)	(18 275)	(19 177)	(20 829)	(21 516)	(27 712)	(34 289)	(38 193)	(43 276)	(45 980)	(45 003)	(42 895)	(45 018)	(44 566)	(45 749)	(46 634)
Income from Continuing Operations	322	371	401	419	441	432	507	478	485	638	719	924	1 064	1 104	1 171	1 315	1 568	1 820	2 138	2 457	2 816	3 327	3 877	4 565	5 222	5 970	6 700	7 435	8 115	9 197	9 609	9 887	10 225	10 303	11 070	11 865	12 785	13 894	14 467	15 102	15 563	17 924	20 066	21 865	23 888	24 386	25 956	27 864	29 108	31 446	34 930	38 122	41 447	46 727	54 101	61 372	72 471	81 896	82 222	87 580	79 984	83 867	89 971	87 542	95 888	97 435	105 205	123 128	160 125	179 730	190 298	191 474	227 810	202 535	178 743	177 510	188 709	191 370	199 163	197 102	118 048	134 305	155 648	172 850	196 467	203 541	211 219	222 179
Income to Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(2)	(10)	(18)	(26)	(31)	(42)	(43)	(48)	(66)	(67)	(72)	(74)	(62)	(56)	(36)	(20)	(22)	(21)	(37)	(60)	(53)	(67)	(61)	(48)	(61)	(9)	5	(4)	(78)	(150)	(242)	(362)	(302)	(340)	(401)	(392)	(352)	(339)	(219)	(130)	(961)	(1 572)	(2 262)	(2 293)	(1 265)	(1 228)	(1 063)	(1 585)	(2 578)	(2 439)	(1 238)	(1 001)	(278)	(1 012)	(2 100)	(2 308)	(2 988)	(2 067)	(2 243)	(577)	(466)	(702)	(943)	(2 643)	(2 832)	(3 038)	(2 922)	(3 076)	(2 394)	(3 536)	(3 216)	(4 273)
Net Income (Common)	322 N/A	371 +15%	401 +8%	419 +5%	441 +5%	432 -2%	507 +17%	478 -6%	485 +2%	638 +31%	719 +13%	924 +28%	1 064 +15%	1 104 +4%	1 171 +6%	1 315 +12%	1 566 +19%	1 810 +16%	2 120 +17%	2 430 +15%	2 785 +15%	3 286 +18%	3 834 +17%	4 517 +18%	5 156 +14%	5 903 +15%	6 627 +12%	7 361 +11%	8 054 +9%	9 141 +13%	9 574 +5%	9 867 +3%	10 203 +3%	10 282 +1%	11 033 +7%	11 805 +7%	12 732 +8%	13 826 +9%	14 406 +4%	15 054 +4%	15 502 +3%	17 915 +16%	20 071 +12%	21 861 +9%	23 810 +9%	24 236 +2%	25 714 +6%	27 502 +7%	28 806 +5%	31 106 +8%	34 529 +11%	37 730 +9%	41 095 +9%	46 388 +13%	53 882 +16%	61 242 +14%	71 510 +17%	80 324 +12%	79 960 0%	85 287 +7%	78 719 -8%	82 639 +5%	88 908 +8%	85 957 -3%	93 310 +9%	94 996 +2%	103 967 +9%	122 127 +17%	159 847 +31%	178 718 +12%	188 198 +5%	189 166 +1%	224 822 +19%	200 468 -11%	176 500 -12%	176 933 +0%	188 243 +6%	190 668 +1%	198 220 +4%	194 459 -2%	115 216 -41%	131 267 +14%	152 726 +16%	169 774 +11%	194 073 +14%	200 005 +3%	208 003 +4%	217 906 +5%
EPS (Diluted)	0.05 N/A	0.06 +20%	0.07 +17%	0.04 -43%	0.06 +50%	0.05 -17%	0.05 N/A	0.05 N/A	0.05 N/A	0.07 +40%	0.08 +14%	0.1 +25%	0.12 +20%	0.12 N/A	0.13 +8%	0.15 +15%	0.17 +13%	0.21 +24%	0.24 +14%	0.27 +13%	0.3 +11%	0.36 +20%	0.42 +17%	0.49 +17%	0.56 +14%	0.63 +12%	0.71 +13%	0.79 +11%	0.87 +10%	0.99 +14%	1.03 +4%	1.06 +3%	1.1 +4%	1.11 +1%	1.19 +7%	1.28 +8%	1.37 +7%	1.48 +8%	1.55 +5%	1.61 +4%	1.66 +3%	1.92 +16%	2.14 +11%	2.33 +9%	2.54 +9%	2.58 +2%	2.74 +6%	2.94 +7%	3.05 +4%	3.32 +9%	3.59 +8%	3.97 +11%	4.33 +9%	4.87 +12%	5.66 +16%	6.43 +14%	7.5 +17%	8.39 +12%	8.38 0%	8.93 +7%	8.23 -8%	8.64 +5%	9.29 +8%	8.98 -3%	9.71 +8%	9.89 +2%	10.8 +9%	12.65 +17%	16.56 +31%	18.44 +11%	19.41 +5%	19.55 +1%	23.18 +19%	20.69 -11%	18.24 -12%	18.28 +0%	19.41 +6%	19.8 +2%	20.59 +4%	20.26 -2%	11.98 -41%	13.84 +16%	16.17 +17%	18.13 +12%	20.62 +14%	21.59 +5%	22.49 +4%	23.6 +5%

Income Statement Balance Sheet Cash Flow Statement

Tencent Holdings Ltd
XMUN:NNN1

Income Statement

Earnings Waterfall
Tencent Holdings Ltd

Income Statement
Tencent Holdings Ltd

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Tencent Holdings Ltd XMUN:NNN1

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Earnings Waterfall Tencent Holdings Ltd

Income Statement Tencent Holdings Ltd

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Tencent Holdings Ltd
XMUN:NNN1

Earnings Waterfall
Tencent Holdings Ltd

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Tencent Holdings Ltd