Bilibili (BLBLF) Financials
Newest figures come from the 20-F for FY2025, filed Apr 16, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the BLBLF SEC filings page.
Bilibili Inc (BLBLF) reported $4.3B in revenue for fiscal year 2025, up 18.1% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 10 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 (20-F and 6-K reports).
Bilibili has moved from loss-making growth to modest profitability as gross-margin expansion and disciplined overhead outran revenue growth.
Between FY2023 and FY2025, revenue grew36.8% while gross profit grew107.4% , showing the business improved its economics faster than it expanded sales. SG&A grew only8.5% over that span, so the move into profit reflects both a wider gross spread and tighter overhead intensity rather than revenue growth alone.
FY2025 operating cash flow reached
Liabilities grew
Financial Health Signals
We do not publish a peer-relative financial health score for Bilibili Inc, because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
Bilibili Inc passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, 1 of 2 operating efficiency signals passes.
For every $1 of reported earnings, Bilibili Inc 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.
Bilibili Inc earns $7.47 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
Earnings & Revenue
Bilibili Inc generated $4.3B in revenue in fiscal year 2025. This represents an increase of 18.1% from the prior year.
Bilibili Inc'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.
Bilibili Inc reported $170.7M in net income in fiscal year 2025. The change from the prior year is not meaningful, because that figure was zero or negative.
Bilibili Inc earned $0.39 per diluted share (EPS) in fiscal year 2025. The change from the prior year is not meaningful, because that figure was zero or negative.
Cash & Balance Sheet
Bilibili Inc 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.
Bilibili Inc held $1.7B in cash against $682.9M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Bilibili Inc'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.
Bilibili Inc'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.
Bilibili Inc's net profit margin was 3.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 8.9 percentage points from the prior year.
Bilibili Inc's ROE was 7.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 17.2 percentage points from the prior year.
Capital Allocation
Bilibili Inc invested $505.3M in research and development in fiscal year 2025. This represents an increase of 0.1% from the prior year.
Bilibili Inc 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.
Bilibili Inc 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
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F | FY1720-F | FY1620-F |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.3B+18.1% | $3.7B+15.8% | $3.2B-0.1% | $3.2B+4.4% | $3.0B+65.4% | $1.8B+88.9% | $973.6M+62.1% | $600.5M+58.3% | $379.4M+403.4% | $75.4M |
| 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+74.9% | $802.6M+68.6% | $476.1M+61.4% | $295.0M+165.0% | $111.3M |
| Gross Profit | $1.6B+32.2% | $1.2B+56.8% | $766.5M+37.3% | $558.1M-12.0% | $634.5M+45.8% | $435.3M+154.6% | $171.0M+37.4% | $124.4M+47.4% | $84.4Mn/m | -$35.9M |
| 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+80.5% | $128.5M+64.3% | $78.2M+81.6% | $43.0M+227.7% | $13.1M |
| SG&A Expenses | $923.2M+4.8% | $881.3M+3.6% | $850.5M-21.2% | $1.1B-9.9% | $1.2B+74.9% | $684.8M+166.2% | $257.3M+69.0% | $152.3M+100.8% | $75.8M-5.0% | $79.8M |
| Operating Income | $160.8Mn/m | -$184.1Mn/m | -$713.3Mn/m | -$1.2Bn/m | -$1.0Bn/m | -$481.4Mn/m | -$214.8Mn/m | -$106.0Mn/m | -$34.5Mn/m | -$128.9M |
| EBITDA | $450.5M+234.6% | $134.6Mn/m | -$328.7Mn/m | -$728.0Mn/m | -$625.7Mn/m | -$217.5Mn/m | -$57.1Mn/m | -$12.6M-209.6% | $11.5Mn/m | -$105.6M |
| Interest Expense | $21.5M+76.2% | $12.2M-47.4% | $23.2M-36.1% | $36.4M+49.1% | $24.4M+46.7% | $16.6M+148.8% | $6.7M | N/A | N/A | N/A |
| Income Tax | $2.5Mn/m | -$5.0M-145.2% | $11.1M-26.6% | $15.1M+1.0% | $15.0M+82.8% | $8.2M+58.8% | $5.2M+36.3% | $3.8M+176.9% | $1.4M+201.7% | $452K |
| Net Income | $170.7Mn/m | -$184.5Mn/m | -$679.2Mn/m | -$1.1Bn/m | -$1.1Bn/m | -$460.9Mn/m | -$185.1Mn/m | -$80.2Mn/m | -$87.8Mn/m | -$131.1M |
| EPS (Basic) | $0.41n/m | -$0.44n/m | -$1.64n/m | -$2.75n/m | -$2.80n/m | -$1.33n/m | -$0.57 | -$0.38 | -$1.26 | -$2.94 |
| EPS (Diluted) | $0.39n/m | -$0.44n/m | -$1.64n/m | -$2.75n/m | -$2.80n/m | -$1.33n/m | -$0.57 | -$0.38 | -$1.26 | -$2.94 |
| Diluted Shares (Avg) | N/A | N/A | N/A | N/A | N/A | N/A | 323M | 233M | 70M | 58M |
BLBLF Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F | FY1720-F | FY1620-F |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $5.9B+31.4% | $4.5B-4.1% | $4.7B-23.0% | $6.1B-25.8% | $8.2B+123.3% | $3.7B+64.1% | $2.2B+46.1% | $1.5B+185.8% | $533.9M | N/A |
| Current Assets | $3.9B+45.6% | $2.7B+2.6% | $2.6B-25.6% | $3.5B-38.0% | $5.7B+137.1% | $2.4B+62.7% | $1.5B+55.7% | $952.7M+187.9% | $330.9M | N/A |
| Cash & Equivalents | $1.7B+24.1% | $1.4B+38.6% | $1.0B-31.3% | $1.5B+24.9% | $1.2B+64.7% | $717.0M+0.6% | $712.8M+38.4% | $514.9M+339.1% | $117.3M+110.3% | $55.8M |
| Short-Term Investments | $921.9M+148.6% | $370.8M-0.8% | $373.7M-44.3% | $670.3M-71.6% | $2.4B+359.3% | $514.5M+184.1% | $181.1M+31.7% | $137.5M+83.2% | $75.1Mn/m | $0 |
| Inventory | $30.4M-13.1% | $35.0M+33.1% | $26.3M-58.6% | $63.4M-11.3% | $71.5M+191.7% | $24.5M+144.2% | $10.0M+25.5% | $8.0M+421.8% | $1.5M | 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+50.9% | $107.0M+126.8% | $47.2M-21.9% | $60.4M | N/A |
| Long-Term Investments | $680.9M+27.1% | $535.9M-12.9% | $615.0M-24.9% | $819.3M-5.1% | $863.5M+152.3% | $342.2M+90.4% | $179.7M+26.1% | $142.5M+45.8% | $97.7Mn/m | $0 |
| Goodwill | $403.0M+7.9% | $373.3M-2.7% | $383.8M-2.9% | $395.1M+7.7% | $366.9M+84.8% | $198.6M+36.6% | $145.4M+6.2% | $136.9M+1648.1% | $7.8M+6.7% | $7.3M |
| Total Liabilities | $3.7B+43.8% | $2.5B-3.6% | $2.6B-31.5% | $3.9B-19.0% | $4.8B+93.1% | $2.5B+117.8% | $1.1B+135.9% | $479.8M-42.3% | $832.0M | N/A |
| Current Liabilities | $2.9B+43.7% | $2.0B-20.7% | $2.5B+2.9% | $2.5B+30.8% | $1.9B+67.2% | $1.1B+84.6% | $613.7M+27.9% | $479.8M+123.3% | $214.9M | N/A |
| Non-Current Liabilities | $756.8M+44.2% | $525.0M+472.4% | $91.7M-93.3% | $1.4B-52.0% | $2.9B+115.2% | $1.3B+157.1% | $518.2Mn/m | $0-100.0% | $617.1M | N/A |
| Long-Term Debt | $682.9M+52.7% | $447.2M | N/A | $1.3B-54.9% | $2.8B+118.3% | $1.3B+160.6% | $490.5M | N/A | N/A | N/A |
| Total Equity | $2.2B+15.2% | $1.9B-4.6% | $2.0B-8.2% | $2.2B-35.1% | $3.4B+192.4% | $1.2B+15.0% | $1.0B+0.2% | $1.0Bn/m | -$298.1M | N/A |
Not reported in any period shown, so not listed: Retained Earnings.
BLBLF Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F | FY1720-F | FY1620-F |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.0B+24.0% | $824.0M+2094.3% | $37.6Mn/m | -$567.1Mn/m | -$415.4M-459.9% | $115.4M+313.0% | $27.9M-73.9% | $107.2M+50.2% | $71.4Mn/m | -$28.7M |
| Depreciation & Amortization | $289.7M-9.1% | $318.8M-17.1% | $384.6M-20.5% | $483.8M+26.3% | $383.2M+45.2% | $263.9M+67.4% | $157.6M+68.7% | $93.4M+103.4% | $45.9M+97.5% | $23.3M |
| Stock-Based Compensation | $167.4M+9.5% | $152.9M-4.1% | $159.5M+5.7% | $150.9M-3.8% | $156.9M+165.3% | $59.1M+138.6% | $24.8M-6.0% | $26.4M+114.5% | $12.3M-76.7% | $52.6M |
| Capital Expenditures | $73.3M+15.0% | $63.8M+148.9% | $25.6M-76.8% | $110.3M-27.2% | $151.5M+64.2% | $92.3M+117.0% | $42.5M-0.4% | $42.7M+91.7% | $22.3M+266.4% | $6.1M |
| Free Cash Flow | $948.7M+24.8% | $760.3M+6271.1% | $11.9Mn/m | -$677.3Mn/m | -$566.9M-2549.9% | $23.1Mn/m | -$14.6M-122.6% | $64.5M+31.4% | $49.1Mn/m | -$34.7M |
| Investing Cash Flow | -$1.3Bn/m | -$18.9M-107.6% | $248.2M-83.9% | $1.5Bn/m | -$3.9Bn/m | -$1.4Bn/m | -$568.6Mn/m | -$464.9Mn/m | -$110.1Mn/m | -$171.0M |
| Financing Cash Flow | $584.5Mn/m | -$387.1Mn/m | -$714.8Mn/m | -$631.4M-113.2% | $4.8B+273.3% | $1.3B+75.1% | $729.5M+0.8% | $723.6M+596.9% | $103.8M-29.6% | $147.5M |
| Share Buybacks | $117.6M+630.7% | $16.1M | N/A | $50.4M | N/A | N/A | N/A | N/A | $7.5M | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
BLBLF Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F | FY1720-F | FY1620-F |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 36.6%+3.9pp | 32.7%+8.5pp | 24.2%+6.6pp | 17.6%-3.3pp | 20.9%-2.8pp | 23.7%+6.1pp | 17.6%-3.2pp | 20.7%-1.5pp | 22.3%+69.9pp | -47.7% |
| Operating Margin | 3.7%+8.7pp | -5.0%+17.5pp | -22.5%+15.7pp | -38.2%-5.0pp | -33.2%-7.0pp | -26.2%-4.1pp | -22.1%-4.4pp | -17.7%-8.6pp | -9.1% | -171.0% |
| Net Margin | 3.9%+8.9pp | -5.0%+16.4pp | -21.4%+12.8pp | -34.2%+0.8pp | -35.0%-10.0pp | -25.1%-6.0pp | -19.0%-5.7pp | -13.4%+9.8pp | -23.2% | -173.9% |
| Return on Equity | 7.7%+17.2pp | -9.6%+24.0pp | -33.5%+15.7pp | -49.2%-17.9pp | -31.3%+8.3pp | -39.6%-21.3pp | -18.3%-10.3pp | -7.9% | N/A | N/A |
| Return on Assets | 2.9%+7.0pp | -4.1%+10.4pp | -14.5%+3.4pp | -17.9%-4.9pp | -13.0%-0.4pp | -12.6%-4.3pp | -8.3%-3.0pp | -5.3%+11.2pp | -16.4% | N/A |
| Current Ratio | 1.360.0x | 1.34+0.3x | 1.03-0.4x | 1.43-1.6x | 3.02+0.9x | 2.13-0.3x | 2.42+0.4x | 1.99+0.4x | 1.54 | N/A |
| Debt-to-Equity | 0.31+0.1x | 0.23 | N/A | 0.57-0.2x | 0.82-0.3x | 1.10+0.6x | 0.48 | N/A | N/A | N/A |
| Liabilities-to-Equity | 1.65+0.3x | 1.320.0x | 1.30-0.4x | 1.75+0.3x | 1.40-0.7x | 2.12+1.0x | 1.12+0.6x | 0.47 | N/A | N/A |
| Asset Turnover | 0.74-0.1x | 0.82+0.1x | 0.68+0.2x | 0.52+0.2x | 0.37-0.1x | 0.50+0.1x | 0.440.0x | 0.39-0.3x | 0.71 | N/A |
| FCF Margin | 21.9%+1.2pp | 20.7%+20.3pp | 0.4%+21.7pp | -21.3%-2.7pp | -18.6%-19.9pp | 1.3%+2.8pp | -1.5%-12.3pp | 10.8%-2.2pp | 13.0%+59.0pp | -46.1% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it. Market cap is stated at each company's latest close.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Bilibili Inc BLBLF | FY2025 | $4.3B | $170.7M | 3.9% | N/A | — |
| Tencent Music Entmt A TCMEF | FY2025 | $4.7B | $1.6B | 33.6% | $15.3B | — |
| Fang Holdings Ltd SFUNY | FY2024 | $30.7M | -$28.8M | -93.7% | $9.0M | — |
Where Bilibili Inc Ranks
Frequently Asked Questions
Bilibili Inc (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.
Bilibili Inc (BLBLF) revenue grew by 18.1% year-over-year, from $3.7B to $4.3B in fiscal year 2025.
Yes, Bilibili Inc (BLBLF) reported a net income of $170.7M in fiscal year 2025, with a net profit margin of 3.9%.
Bilibili Inc (BLBLF) had EBITDA of $450.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
As of fiscal year 2025, Bilibili Inc (BLBLF) had $1.7B in cash and equivalents against $682.9M in long-term debt.
Bilibili Inc (BLBLF) had a gross margin of 36.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
Bilibili Inc (BLBLF) had an operating margin of 3.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
Bilibili Inc (BLBLF) had a net profit margin of 3.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Bilibili Inc (BLBLF) has a return on equity of 7.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
Bilibili Inc (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.
Bilibili Inc (BLBLF) generated $1.0B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
Bilibili Inc (BLBLF) had $5.9B in total assets as of fiscal year 2025, including both current and long-term assets.
Bilibili Inc (BLBLF) invested $73.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
Bilibili Inc (BLBLF) invested $505.3M in research and development during fiscal year 2025.
Bilibili Inc (BLBLF) had a current ratio of 1.36 as of fiscal year 2025, which is considered adequate.
Bilibili Inc (BLBLF) had a debt-to-equity ratio of 0.31 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
Bilibili Inc (BLBLF) had a liabilities-to-equity ratio of 1.65 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
Bilibili Inc (BLBLF) had a return on assets of 2.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Bilibili Inc (BLBLF) has a Piotroski F-Score of 6 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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.
Bilibili Inc (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.
Bilibili Inc (BLBLF) has an interest coverage ratio of 7.47x, 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.