Tencent gaming Q1 2026 — domestic flat, internationals carry the beat

Domestic gaming revenue is structurally flat under regulator caps, but PUBG and Brawl Stars are up 31% combined.

Tencent Q1 2026 print: gaming revenue ¥51.6B, up 9% YoY, with domestic gaming flat and international gaming up 26% YoY. Three quarters in a row of double-digit international growth — the flywheel is no longer a story management tells, it is a number on the income statement.

PUBG Mobile and Brawl Stars are doing the work. Both crossed peak-quarter revenue in Q1, both are growing in markets the Chinese gaming sector historically did not touch. Brawl Stars MENA revenue is up 64% YoY on a base that is no longer small.