VALORANT Is Far From Dead — Record DAU in China & Growth Worldwide, Per Tencent's 2Q2026 Earnings

There's been a lot of talk lately about VALORANT "dying down," but Tencent's latest 2Q2026 earnings report tells a different story. Here's what the numbers actually show:

Revenue

• Domestic China market: Domestic games revenue grew 17% YoY to RMB 47.3 billion. VALORANT was cited as one of the major contributors to this growth, alongside its mobile spin-off, VALORANT: Mobile.
• International market (VALORANT global): International games revenue was RMB 18.6 billion, down 0.8% YoY on a reported basis, but up 4% YoY at constant currency. The growth was driven by Wuthering Waves and VALORANT, which offset declines in some Supercell titles.

User engagement — this is the key part

• VALORANT and Delta Force were both named as "domestic evergreen games" (长青游戏), with both titles hitting record-high average DAU in 2Q2026. Not "stable," not "holding up" — an all-time high in daily active users, years after launch.

TL;DR: Contrary to the narrative that VALORANT is fading, Tencent's own earnings report shows the opposite — record DAU in China, meaningful contribution to 17% domestic revenue growth, a mobile spin-off also pulling its weight, and the international version helping push constant-currency global revenue up 4%. This is not a game in decline.