Tencent Q2 2026 Earnings Preview: Revenue, WorkBuddy, and Analyst Targets

Bloomberg’s consensus is slightly higher at ~RMB 202.8 billion in revenue and ~RMB 68.1 billion in adjusted net profit .

For context, in Q2 2025 Tencent delivered revenue of RMB 184.5 billion (+15% YoY), gross profit of RMB 105 billion (+22% YoY), and non-IFRS net profit of ~RMB 63 billion (+10% YoY) . The Q2 2025 results beat expectations, leading over two dozen analysts to lift their price targets afterward .

Revenue & Profit Growth Drivers

Key segments to watch in this report:

• International Games: grew 35% YoY in Q2 2025 to RMB 18.8 billion, and analysts expect continued momentum .
• Domestic Games: grew 17% YoY in Q2 2025; gaming is considered a core growth engine .
• Marketing Services (ads): grew 20% YoY to RMB 35.8 billion in Q2 2025 . Analysts expect advertising revenue to rise 18–20% YoY in Q2 2026 .
• Gross margin: improved to 57% in Q2 2025 (up 4 percentage points), and the trend is expected to continue .

Total gaming revenue for Q2 is estimated at approximately RMB 65 billion, up ~10% YoY .

WorkBuddy — Disclosed Metrics and What to Expect

Important clarification: WorkBuddy’s disclosed user metrics apply to the Q2 2026 period, not Q2 2025. Tencent’s Q1 2026 earnings report first disclosed WorkBuddy metrics, noting ~20 million monthly active users (MAU) . Third-party data from Analysys showed :

• ~20 million MAU and over 13 million DAU
• DAU/MAU ratio of 65–75% — comparable to Slack-level stickiness
• ~20.97 million PC monthly visits in Q2 2026, ranking first among China’s office agent platforms, ahead of ByteDance’s TRAE and Alibaba’s QoderWork combined

Tencent has said that, measured by daily active accounts, WorkBuddy is “China’s most popular AI-powered productivity agent service” . However, Tencent has not yet set a commercial KPI for WorkBuddy, and the enterprise business is expected to be the main revenue source . The Q2 earnings call may provide an update on monetization progress, paying users, or ARPU.

Stock Performance & Price

• Last close: HK$470.80 (as of Aug 11, 2026) — down 2.2% on the day
• 52-week range: HK$411.00 to HK$683.00

The stock has pulled back sharply from its 4+ year high of ~HK$584 reached in August 2025 and is trading near the lower end of its 52-week range, suggesting cautious pre-earnings positioning.

Analyst Ratings & Price Targets

Analyst sentiment remains broadly bullish:

After the Q2 2025 results, more than two dozen analysts lifted their targets, with the consensus jumping ~5% to HK$688 . CMBI raised its SOTP-derived target to HK$760 (from HK$705) in August 2026, maintaining a Buy . Other notable targets include Nomura/Instinet at HK$727 (Buy), Citi at HK$758 (Buy), and Bernstein SocGen at HK$780 (Buy) .

TradingView’s panel of 44 analysts gives a max estimate of HK$887 and a min estimate of HK$427 .

Key Things to Watch

• Whether Tencent beats consensus: Q2 2025 beat expectations and triggered a wave of upgrades . A repeat beat in Q2 2026 could spark a rally, especially with the stock at depressed levels.
• WorkBuddy monetization update: any disclosed ARPU, paying user counts, or revenue contribution will be a major catalyst.
• AI investment intensity: analysts flagged that high AI spending remains a margin watch item . The Q2 2026 net profit forecast of 5.2% growth would end a streak of double-digit profit gains .
• Guidance: forward commentary on the gaming pipeline (especially international titles), advertising growth, and share buyback plans.

Bottom Line

Consensus expects modest single-digit profit growth on ~10% top-line growth. WorkBuddy’s user metrics (~20M MAU), PC traffic leadership, and any monetization details will be a spotlight. The stock trades well below the average analyst target (~HK$693), implying significant upside if results deliver a beat.