Tencent Holdings Ltd

DB:NNND

China / Communication Services / Interactive Media & Services

Overview

Dividends

10Y Historical Financials

Stock Price

60.26 EUR


Key Metrics	Latest
Total Revenue	660.3 B
Adjusted EBITDA	232 B
EBITDA Margin	35.1%
Net Profit Margin	28.8%
Total Assets	1,781 B
Total Debt	358.1 B

10Y Historical Financial Statements

Summary Financials


Summary Financials

	Fiscal Year Ending										Latest
(in millions)	Dec-15	Dec-16	Dec-17	Dec-18	Dec-19	Dec-20	Dec-21	Dec-22	Dec-23	Dec-24	12 Months

Revenue	102,863	151,938	237,760	312,694	377,289	482,064	560,118	554,552	609,015	660,257	660,257
% Growth		47.7%	56.5%	31.5%	20.7%	27.8%	16.2%	-1.0%	9.8%	8.4%

Adjusted EBITDA	40,330	54,995	79,426	87,104	110,605	144,667	146,995	134,297	183,937	231,958	231,958
% Margin	39.2%	36.2%	33.4%	27.9%	29.3%	30.0%	26.2%	24.2%	30.2%	35.1%	35.1%

Adjusted EBIT	36,587	50,778	73,925	78,301	97,420	125,382	123,850	110,880	162,947	208,102	208,102
% Margin	35.6%	33.4%	31.1%	25.0%	25.8%	26.0%	22.1%	20.0%	26.8%	31.5%	31.5%

Adjusted Net Income	28,042	39,851	64,535	69,556	85,568	123,027	123,870	102,696	124,681	189,991	189,991
% Margin	27.3%	26.2%	27.1%	22.2%	22.7%	25.5%	22.1%	18.5%	20.5%	28.8%	28.8%

Adjusted Basic EPS	3.02	4.25	6.86	7.37	9.04	12.96	13.00	10.78	13.19	20.50	20.50

Supporting Calculations

Income Statement

Balance Sheet

Statement of Cashflows


Income Statement
											Press Release
CNY	Fiscal Year Ending										Latest
(in millions)	Dec-15	Dec-16	Dec-17	Dec-18	Dec-19	Dec-20	Dec-21	Dec-22	Dec-23	Dec-24	Dec-24
	FY - 9	FY - 8	FY - 7	FY - 6	FY - 5	FY - 4	FY - 3	FY - 2	FY - 1	FY	LTM

Revenue	102,863	151,938	237,760	312,694	377,289	482,064	560,118	554,552	609,015	660,257	660,257
% Growth	NA	47.7%	56.5%	31.5%	20.7%	27.8%	16.2%	-1.0%	9.8%	8.4%

Cost of Revenue	(41,631)	(67,439)	(120,835)	(170,574)	(209,705)	(260,440)	(314,187)	(315,665)	(315,903)	(311,011)	(311,011)
Gross Profit	61,232	84,499	116,925	142,120	167,584	221,624	245,931	238,887	293,112	349,246	349,246
% Revenue	59.5%	55.6%	49.2%	45.5%	44.4%	46.0%	43.9%	43.1%	48.1%	52.9%	52.9%

Research and Development	(9,039)	(11,845)	(17,456)	(22,936)	(30,387)	(38,972)	(51,880)	(61,401)	(64,078)	(70,686)	(70,686)
Selling and Marketing	(7,993)	(12,136)	(17,652)	(24,233)	(21,396)	(33,758)	(40,594)	(29,229)	(34,211)	(36,388)	(36,388)
General and Admin	(16,825)	(22,459)	(33,051)	(41,522)	(53,446)	(67,625)	(89,847)	(106,696)	(103,525)	(112,758)	(112,758)
Other Inc / (Exp)	7,752	12,566	36,856	40,680	47,407	97,480	185,060	170,057	68,103	107,799	107,799
Total Operating Exp	(26,105)	(33,874)	(31,303)	(48,011)	(57,822)	(42,875)	2,739	(27,269)	(133,711)	(112,033)	(112,033)

Operating Income	35,127	50,625	85,622	94,109	109,762	178,749	248,670	211,618	159,401	237,213	237,213
% Revenue	34.1%	33.3%	36.0%	30.1%	29.1%	37.1%	44.4%	38.2%	26.2%	35.9%	35.9%

Interest Expense	1,089	1,015	2,593	357	(362)	1,273	(608)	(1,393)	1,923	4,272	4,272
Pre-tax Income	36,216	51,640	88,215	94,466	109,400	180,022	248,062	210,225	161,324	241,485	241,485
Earnings of Discontinued Ops.	0	0	0	0	0	0	0	0	0	0	0
Provision for Taxes	(7,108)	(10,193)	(15,744)	(14,482)	(13,512)	(19,897)	(20,252)	(21,516)	(43,276)	(45,018)	(45,018)
Net Income to Company	29,108	41,447	72,471	79,984	95,888	160,125	227,810	188,709	118,048	196,467	196,467
% Margin	28.3%	27.3%	30.5%	25.6%	25.4%	33.2%	40.7%	34.0%	19.4%	29.8%	29.8%

Minority Interest in Earnings	(302)	(352)	(961)	(1,265)	(2,578)	(278)	(2,988)	(466)	(2,832)	(2,394)	(2,394)
Net Income to Stockholders	28,806	41,095	71,510	78,719	93,310	159,847	224,822	188,243	115,216	194,073	194,073

Preferred Dividends	0	0	0	0	0	0	0	0	0	0	0
Other Adj.	0	0	0	0	0	0	0	0	0	0	0

Net Income to Common	28,806	41,095	71,510	78,719	93,310	159,847	224,822	188,243	115,216	194,073	194,073
% Margin	28.0%	27.0%	30.1%	25.2%	24.7%	33.2%	40.1%	33.9%	18.9%	29.4%	29.4%

As Reported
Basic EPS (Continuing Ops)	3.10	4.38	7.60	8.34	9.86	16.84	23.60	19.76	12.19	20.94	20.94
Diluted EPS (Continuing Ops)	3.06	4.33	7.50	8.23	9.64	16.52	23.16	19.34	11.89	20.49	20.49

WA Basic Shares Out.	9,300.00	9,376.00	9,411.00	9,444.00	9,468.00	9,490.00	9,528.00	9,528.00	9,455.00	9,269.00	9,269.00
WA Diluted Shares Out.	9,430.00	9,494.00	9,536.00	9,568.00	9,603.00	9,650.00	9,696.00	9,695.00	9,610.00	9,408.00	9,408.00

EBITDA, EBIT Reconciliation
EBT, Incl. Unusual Items	36,216	51,640	88,215	94,466	109,400	180,022	248,062	210,225	161,324	241,485	241,485
Addback: Net Interest Expense	(1,089)	(1,015)	(2,593)	(357)	362	(1,273)	608	1,393	(1,923)	(4,272)	(4,272)
Addback: Other Non Operating Expenses, Total	2,901	2,310	(973)	(1,716)	1,604	(3,234)	15,640	15,496	(5,417)	(20,360)	(20,360)
Addback: Depreciation & Amortization	3,743	4,217	5,501	8,803	13,185	19,285	23,145	23,417	20,990	23,856	23,856
Addback: Restructuring Charges	0	0	0	0	0	0	0	0	0	0	0
Addback: Merger / Acquisition Expenses	0	0	0	0	0	0	0	0	0	(2,200)	(2,200)
Addback: Goodwill Impairment	99	277	124	784	20	4,205	8,702	0	0	1,369	1,369
Addback: Gain (Loss) On Sale Of Invest.	(1,589)	(2,523)	(10,963)	(15,273)	(14,180)	(55,005)	(149,160)	(116,287)	6,090	(7,923)	(7,923)
Addback: Gain (Loss) On Sale Of Assets	0	0	0	0	0	0	0	(108)	(126)	0	0
Addback: Asset Writedown	49	89	115	397	214	667	(2)	141	3	0	0
Addback: In Process R&D Expenses	0	0	0	0	0	0	0	0	0	0	0
Addback: Insurance Settlements	0	0	0	0	0	0	0	0	0	0	0
Addback: Legal Settlements	0	0	0	0	0	0	0	0	0	3	3
Addback: Other Unusual Items	0	0	0	0	0	0	0	20	2,996	0	0
Adjusted EBITDA	40,330	54,995	79,426	87,104	110,605	144,667	146,995	134,297	183,937	231,958	231,958
% Margin	39.2%	36.2%	33.4%	27.9%	29.3%	30.0%	26.2%	24.2%	30.2%	35.1%	35.1%

Adjusted EBIT	36,587	50,778	73,925	78,301	97,420	125,382	123,850	110,880	162,947	208,102	208,102
% Margin	35.6%	33.4%	31.1%	25.0%	25.8%	26.0%	22.1%	20.0%	26.8%	31.5%	31.5%

Adjusted Net Income Reconciliation
Net Income to Company	29,108	41,447	72,471	79,984	95,888	160,125	227,810	188,709	118,048	196,467	196,467
Addback: Unusual Items	(1,441)	(2,157)	(10,724)	(14,092)	(13,946)	(50,133)	(140,460)	(116,234)	8,963	(8,751)	(8,751)
Less: Tax Benefit of Unusual Items (26%)	375	561	2,788	3,664	3,626	13,035	36,520	30,221	(2,330)	2,275	2,275
Adjusted Net Income	28,042	39,851	64,535	69,556	85,568	123,027	123,870	102,696	124,681	189,991	189,991
% Margin	27.3%	26.2%	27.1%	22.2%	22.7%	25.5%	22.1%	18.5%	20.5%	28.8%	28.8%

Loading Error

Tencent Holdings Ltd

DB:NNND

China / Communication Services / Interactive Media & Services

10Y Historical Financials