Tencent Holdings Ltd

00700: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Tencent Earnings: The Moat Is Not the Model, but the 1.4 Billion Users on WeChat

Ivan Su

May 14, 2026

Tencent's key revenue lines were in line after adjusting for Lunar New Year timing effects that delayed revenue recognition. Total revenue grew by 9%, while the adjusted operating margin held at a decade-high of 38.5% despite rising investment in artificial intelligence.

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Tencent Holdings Ltd

Tencent Earnings: The Moat Is Not the Model, but the 1.4 Billion Users on WeChat

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