What is Bilibili's earnings per share (EPS)?

Bilibili (BLBLF) reported diluted earnings per share of $0.39 for fiscal year 2025. This represents a 188.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Bilibili Financials

BLBLF

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Bilibili (BLBLF) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI BLBLF FY2025 2026-04-22

Gross-margin expansion and a largely fixed cost base turned Bilibili from cash burner to self-funding operator.

Between FY2023 and FY2025, gross margin climbed from 24.2% to 36.6% while overhead stayed broadly contained, so the business crossed from subscale economics to profitable scale rather than merely posting a bigger top line. That shift shows up in cash conversion: operating cash flow reached $1.02B versus net income of $171M, meaning the turnaround is backed by cash, not just narrower accounting losses.

Capital intensity is now unusually light for a company that was recently loss-making: capex was only $73M against $1.02B of operating cash flow, so most internally generated cash remained available after maintenance spending. That helps explain why free cash flow reached $949M and stayed well ahead of reported earnings.

The balance sheet looks more self-funded than in earlier years: debt-to-equity fell from 0.8x in FY2021 to 0.3x in FY2025, so the company is relying less on leverage than it did during the cash-burning phase. Liquidity is still more workable than abundant at 1.4x, but strong cash generation reduces the pressure that short-term liabilities would have created a few years ago.

Financial Health Signals

Financial Profile 43/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Bilibili's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Bilibili has an operating margin of 3.7%, meaning the company retains $4 of operating profit per $100 of revenue. This below-average margin results in a low score of 13/100, suggesting thin profitability after operating expenses. This is up from -5.0% the prior year.

Growth

Bilibili's revenue surged 18.1% year-over-year to $4.3B, reflecting rapid business expansion. This strong growth earns a score of 62/100.

Leverage

Bilibili carries a low D/E ratio of 0.31, meaning only $0.31 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 96/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Bilibili's current ratio of 1.36 is below the typical benchmark, resulting in a score of 22/100. However, the company holds substantial cash reserves (60% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.

Cash Flow

Bilibili converts 21.9% of revenue into free cash flow ($948.7M). This strong cash generation earns a score of 68/100.

Returns

Bilibili generates a 7.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -9.7% the prior year.

Piotroski F-Score Neutral

6/9

Bilibili passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed

5.99x

For every $1 of reported earnings, Bilibili generates $5.99 in operating cash flow ($1.0B OCF vs $170.7M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe

7.5x

Bilibili earns $7.5 in operating income for every $1 of interest expense ($160.8M vs $21.5M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$4.3B

YoY+18.1%

5Y CAGR+18.7%

Bilibili generated $4.3B in revenue in fiscal year 2025. This represents an increase of 18.1% from the prior year.

EBITDA

$450.5M

YoY+234.6%

Bilibili's EBITDA was $450.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 234.6% from the prior year.

Net Income

$170.7M

YoY+191.4%

Bilibili reported $170.7M in net income in fiscal year 2025. This represents an increase of 191.4% from the prior year.

EPS (Diluted)

$0.39

YoY+188.6%

Bilibili earned $0.39 per diluted share (EPS) in fiscal year 2025. This represents an increase of 188.6% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$948.7M

YoY+24.8%

5Y CAGR+110.2%

Bilibili generated $948.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 24.8% from the prior year.

Cash & Debt

$1.7B

YoY+24.1%

5Y CAGR+18.9%

Bilibili held $1.7B in cash against $682.9M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

36.6%

YoY+3.9pp

5Y CAGR+13.0pp

Bilibili's gross margin was 36.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 3.9 percentage points from the prior year.

Operating Margin

3.7%

YoY+8.7pp

5Y CAGR+29.9pp

Bilibili's operating margin was 3.7% in fiscal year 2025, reflecting core business profitability. This is up 8.7 percentage points from the prior year.

Net Margin

3.9%

YoY+9.0pp

5Y CAGR+29.4pp

Bilibili's net profit margin was 3.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 9.0 percentage points from the prior year.

Return on Equity

7.7%

YoY+17.3pp

5Y CAGR+47.8pp

Bilibili's ROE was 7.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 17.3 percentage points from the prior year.

Capital Allocation

R&D Spending

$505.3M

YoY+0.1%

5Y CAGR+16.9%

Bilibili invested $505.3M in research and development in fiscal year 2025. This represents an increase of 0.1% from the prior year.

Share Buybacks

$117.6M

YoY+630.7%

Bilibili spent $117.6M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 630.7% from the prior year.

Capital Expenditures

$73.3M

YoY+15.0%

5Y CAGR-4.5%

Bilibili invested $73.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 15.0% from the prior year.

BLBLF Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$4.3B+18.1%	$3.7B+15.8%	$3.2B-0.1%	$3.2B+4.4%	$3.0B+65.4%	$1.8B
Cost of Revenue	$2.8B+11.2%	$2.5B+2.8%	$2.4B-8.0%	$2.6B+8.7%	$2.4B+71.5%	$1.4B
Gross Profit	$1.6B+32.2%	$1.2B+56.8%	$766.5M+37.3%	$558.1M-12.0%	$634.5M+45.8%	$435.3M
R&D Expenses	$505.3M+0.1%	$504.9M-19.8%	$629.2M-8.9%	$690.9M+55.0%	$445.6M+92.2%	$231.9M
SG&A Expenses	$294.9M+6.0%	$278.3M-6.9%	$298.9M-18.2%	$365.5M+26.8%	$288.3M+92.8%	$149.6M
Operating Income	$160.8M+187.3%	-$184.1M+74.2%	-$713.3M+41.1%	-$1.2B-20.1%	-$1.0B-109.6%	-$481.4M
Interest Expense	$21.5M+76.2%	$12.2M-47.4%	$23.2M-36.1%	$36.4M+49.1%	$24.4M+46.6%	$16.6M
Income Tax	$2.5M+149.0%	-$5.0M-145.2%	$11.1M-26.6%	$15.1M+1.0%	$15.0M+82.8%	$8.2M
Net Income	$170.7M+191.4%	-$186.8M+72.4%	-$677.7M+37.7%	-$1.1B-1.9%	-$1.1B-128.3%	-$468.0M
EPS (Diluted)	$0.39+188.6%	$-0.44+73.2%	$-1.64+40.4%	$-2.75+1.8%	$-2.80-110.5%	$-1.33

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q3'22	Q4'21	Q4'20	Q4'19
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BLBLF Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$5.9B+31.4%	$4.5B-4.1%	$4.7B-23.0%	$6.1B-25.8%	$8.2B+123.3%	$3.7B
Current Assets	$3.9B+45.6%	$2.7B+2.6%	$2.6B-25.6%	$3.5B-38.0%	$5.7B+137.1%	$2.4B
Cash & Equivalents	$1.7B+24.1%	$1.4B+38.6%	$1.0B-31.3%	$1.5B+24.9%	$1.2B+60.8%	$734.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$181.4M+7.9%	$168.1M-24.2%	$221.7M+15.1%	$192.6M-11.2%	$216.9M+34.3%	$161.5M
Goodwill	$403.0M+7.9%	$373.3M-2.7%	$383.8M-2.9%	$395.1M+7.7%	$366.9M+84.8%	$198.6M
Total Liabilities	$3.7B+43.8%	$2.5B-3.6%	$2.6B-31.5%	$3.9B-19.0%	$4.8B+93.1%	$2.5B
Current Liabilities	$2.9B+43.7%	$2.0B-20.7%	$2.5B+2.9%	$2.5B+30.8%	$1.9B+67.2%	$1.1B
Long-Term Debt	$682.9M+52.7%	$447.2M+491314.3%	$91K-100.0%	$1.3B-54.9%	$2.8B+118.3%	$1.3B
Total Equity	$2.2B+15.2%	$1.9B-4.6%	$2.0B-8.2%	$2.2B-35.1%	$3.4B+192.4%	$1.2B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q3'22	Q4'21	Q4'20	Q4'19
Total Assets	$5.9B+31.4%	$4.5B-4.1%	$4.7B-23.0%	$6.1B-9.4%	$6.7B-18.1%	$8.2B+123.3%	$3.7B+64.1%	$2.2B
Current Assets	$3.9B+45.6%	$2.7B+2.6%	$2.6B-25.6%	$3.5B-14.1%	$4.1B-27.9%	$5.7B+137.1%	$2.4B+62.7%	$1.5B
Cash & Equivalents	$1.7B+24.1%	$1.4B+38.6%	$1.0B-31.3%	$1.5B+91.9%	$768.4M-34.9%	$1.2B+60.8%	$734.1M-3.5%	$760.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$181.4M+7.9%	$168.1M-24.2%	$221.7M+15.1%	$192.6M+5.6%	$182.5M-15.9%	$216.9M+34.3%	$161.5M+50.9%	$107.0M
Goodwill	$403.0M+7.9%	$373.3M-2.7%	$383.8M-2.9%	$395.1M+3.1%	$383.1M+4.4%	$366.9M+84.8%	$198.6M+36.6%	$145.4M
Total Liabilities	$3.7B+43.8%	$2.5B-3.6%	$2.6B-31.5%	$3.9B-11.7%	$4.4B-8.3%	$4.8B+93.1%	$2.5B+117.8%	$1.1B
Current Liabilities	$2.9B+43.7%	$2.0B-20.7%	$2.5B+2.9%	$2.5B-1.7%	$2.5B+33.1%	$1.9B+67.2%	$1.1B+84.6%	$613.7M
Long-Term Debt	$682.9M+52.7%	$447.2M+491314.3%	$91K-100.0%	$1.3B-27.2%	$1.7B-38.0%	$2.8B+118.3%	$1.3B+160.6%	$490.5M
Total Equity	$2.2B+15.2%	$1.9B-4.6%	$2.0B-8.2%	$2.2B-5.0%	$2.3B-31.7%	$3.4B+192.4%	$1.2B+15.0%	$1.0B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BLBLF Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$1.0B+24.0%	$824.0M+2094.3%	$37.6M+106.6%	-$567.1M-36.5%	-$415.4M-459.9%	$115.4M
Capital Expenditures	$73.3M+15.0%	$63.8M+148.8%	$25.6M-76.8%	$110.3M-27.2%	$151.5M+64.2%	$92.3M
Free Cash Flow	$948.7M+24.8%	$760.3M+6271.2%	$11.9M+101.8%	-$677.3M-19.5%	-$566.9M-2549.8%	$23.1M
Investing Cash Flow	-$1.3B-6960.8%	-$18.9M-107.6%	$248.2M-83.9%	$1.5B+139.9%	-$3.9B-182.5%	-$1.4B
Financing Cash Flow	$584.5M+251.0%	-$387.1M+45.8%	-$714.8M-13.2%	-$631.4M-113.2%	$4.8B+273.3%	$1.3B
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$117.6M+630.7%	$16.1M	N/A	$50.4M	N/A	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q3'22	Q4'21	Q4'20	Q4'19
Operating Cash Flow	N/A	N/A	N/A	-$116.7M	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	$9.5M	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	-$126.2M	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	$1.2B	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	-$411.2M	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	$1.5M	N/A	N/A	N/A	N/A

BLBLF Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	36.6%+3.9pp	32.7%+8.5pp	24.2%+6.6pp	17.6%-3.3pp	20.9%-2.8pp	23.7%
Operating Margin	3.7%+8.7pp	-5.0%+17.5pp	-22.5%+15.7pp	-38.2%-5.0pp	-33.2%-7.0pp	-26.2%
Net Margin	3.9%+9.0pp	-5.1%+16.3pp	-21.4%+12.9pp	-34.3%+0.9pp	-35.1%-9.7pp	-25.4%
Return on Equity	7.7%+17.3pp	-9.7%+23.8pp	-33.4%+15.8pp	-49.3%-17.9pp	-31.4%+8.8pp	-40.2%
Return on Assets	2.9%+7.1pp	-4.2%+10.3pp	-14.5%+3.4pp	-17.9%-4.9pp	-13.1%-0.3pp	-12.8%
Current Ratio	1.36+0.0	1.34+0.3	1.03-0.4	1.43-1.6	3.02+0.9	2.13
Debt-to-Equity	0.31+0.1	0.23+0.2	0.00-0.6	0.57-0.2	0.82-0.3	1.10
FCF Margin	21.9%+1.2pp	20.7%+20.3pp	0.4%+21.7pp	-21.3%-2.7pp	-18.6%-19.9pp	1.3%

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q3'22	Q4'21	Q4'20	Q4'19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	1.36+0.0	1.34+0.3	1.03-0.4	1.43-0.2	1.64-1.4	3.02+0.9	2.13-0.3	2.42
Debt-to-Equity	0.31+0.1	0.23+0.2	0.00-0.6	0.57-0.2	0.74-0.1	0.82-0.3	1.10+0.6	0.48
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

What is Bilibili's annual revenue?

Bilibili (BLBLF) reported $4.3B in total revenue for fiscal year 2025. This represents a 18.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Bilibili's revenue growing?

Bilibili (BLBLF) revenue grew by 18.1% year-over-year, from $3.7B to $4.3B in fiscal year 2025.

Is Bilibili profitable?

Yes, Bilibili (BLBLF) reported a net income of $170.7M in fiscal year 2025, with a net profit margin of 3.9%.

What is Bilibili's EBITDA?

Bilibili (BLBLF) had EBITDA of $450.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Bilibili have?

As of fiscal year 2025, Bilibili (BLBLF) had $1.7B in cash and equivalents against $682.9M in long-term debt.

What is Bilibili's gross margin?

Bilibili (BLBLF) had a gross margin of 36.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Bilibili's operating margin?

Bilibili (BLBLF) had an operating margin of 3.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Bilibili's net profit margin?

Bilibili (BLBLF) had a net profit margin of 3.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Bilibili's return on equity (ROE)?

Bilibili (BLBLF) has a return on equity of 7.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Bilibili's free cash flow?

Bilibili (BLBLF) generated $948.7M in free cash flow during fiscal year 2025. This represents a 24.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Bilibili's operating cash flow?

Bilibili (BLBLF) generated $1.0B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Bilibili's total assets?

Bilibili (BLBLF) had $5.9B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Bilibili's capital expenditures?

Bilibili (BLBLF) invested $73.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Bilibili spend on research and development?

Bilibili (BLBLF) invested $505.3M in research and development during fiscal year 2025.

Does Bilibili buy back shares?

Yes, Bilibili (BLBLF) spent $117.6M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

What is Bilibili's current ratio?

Bilibili (BLBLF) had a current ratio of 1.36 as of fiscal year 2025, which is considered adequate.

What is Bilibili's debt-to-equity ratio?

Bilibili (BLBLF) had a debt-to-equity ratio of 0.31 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Bilibili's return on assets (ROA)?

Bilibili (BLBLF) had a return on assets of 2.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Bilibili's Piotroski F-Score?

Bilibili (BLBLF) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Bilibili's earnings high quality?

Bilibili (BLBLF) has an earnings quality ratio of 5.99x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Bilibili cover its interest payments?

Bilibili (BLBLF) has an interest coverage ratio of 7.5x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Bilibili?

Bilibili (BLBLF) scores 43 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.