Bilibili Inc. Announces First Quarter 2026 Financial Results
Rhea-AI Summary
Bilibili (Nasdaq:BILI, HKEX:9626) reported unaudited Q1 2026 results with total net revenues of RMB7.47 billion, up 7% year over year. DAUs reached 115.2 million and average daily time spent rose to 119 minutes. Net profit was RMB202.0 million versus a prior loss; adjusted net profit grew 62% to RMB585.4 million. Advertising revenue increased 30% to RMB2.59 billion, while mobile games revenue declined 12% to RMB1.52 billion. Gross margin improved to 37.1%. Cash, time deposits and short-term investments totaled RMB24.19 billion. The company completed its US$200 million share repurchase program, buying back 9.9 million listed securities.
Positive
- Total net revenues rose 7% year over year to RMB7.47 billion
- Advertising revenues increased 30% year over year to RMB2.59 billion
- Gross profit reached RMB2.77 billion with margin improving to 37.1%
- Net profit of RMB202.0 million versus a RMB10.7 million loss in Q1 2025
- Adjusted net profit grew 62% year over year to RMB585.4 million
- Profit from operations increased 1,011% year over year to RMB166.8 million
- Cash, time deposits and short-term investments totaled RMB24.19 billion
- Completed US$200 million buyback, repurchasing 9.9 million listed securities
Negative
- Mobile games revenues declined 12% year over year to RMB1.52 billion
- IP derivatives and other revenues decreased 4% year over year to RMB448.2 million
- Cost of revenues increased 5% year over year to RMB4.70 billion
- Research and development expenses rose 9% year over year to RMB921.1 million
News Market Reaction – BILI
In the May 19 session, BILI gained 1.88%, reflecting a mild positive market reaction. Argus tracked a trough of -11.5% from its starting point during tracking. Our momentum scanner triggered 45 alerts that day, indicating elevated trading interest and price volatility. Trading volume was very high at 3.0x the daily average, suggesting strong buying interest.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Mar 05 | Earnings results | Positive | -7.1% | Q4 and FY2025 results showed user recovery and first full year of GAAP profit. |
| Nov 13 | Earnings results | Positive | -4.8% | Q3 2025 results with higher DAUs, revenue growth, and stronger adjusted profits. |
| Aug 21 | Earnings results | Positive | -6.1% | Q2 2025 marked first profitable quarter with strong revenue and margin gains. |
| May 20 | Earnings results | Positive | +0.9% | Q1 2025 results showed strong revenue growth, margins, and adjusted profitability. |
| Feb 20 | Earnings results | Positive | +8.8% | Q4 and FY2024 results delivered first GAAP‑profitable quarter and solid revenue growth. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Across the last 5 earnings releases with generally positive summaries, the stock saw negative next‑day moves after 3 of them.
Recent earnings releases from Q4/FY2024 through Q4/FY2025 highlighted a transition to profitability, with milestones such as the first GAAP‑profitable quarter in Q4 2024 and the first full year of GAAP profitability in 2025. Revenues and user metrics trended upward, supported by strong advertising and mobile games. Despite this, price reactions were often negative or muted following earnings. Today’s Q1 2026 report continues the profitability and margin expansion narrative with further growth in users, engagement, and advertising.
Key Terms
value-added services financial
revenue-sharing costs financial
gross profit margin financial
profit from operations financial
adjusted net profit financial
non-GAAP financial measures financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
SHANGHAI, May 19, 2026 (GLOBE NEWSWIRE) -- Bilibili Inc. (“Bilibili” or the “Company”) (Nasdaq: BILI and HKEX: 9626), an iconic brand and a leading video community for young generations in China, today announced its unaudited financial results for the first quarter ended March 31, 2026.
First Quarter 2026 Highlights:
- Average daily active users (DAUs) were 115.2 million, representing an increase of
8% year over year. Average daily time spent was 119 minutes, representing an increase of 11 minutes year over year. - Total net revenues were RMB7.47 billion (US
$1.08 billion ), representing an increase of7% year over year. Advertising revenues, a key driver of total net revenues, were RMB2.59 billion (US$375.3 million ), representing an increase of30% year over year. - Gross profit was RMB2.77 billion (US
$402.0 million ), representing an increase of9% year over year. Gross profit margin reached37.1% , improving from36.3% in the same period of 2025. - Net profit was RMB202.0 million (US
$29.3 million ), compared with a net loss of RMB10.7 million in the same period of 2025. Net profit margin was2.7% , compared with a net loss ratio of0.2% in the same period of 2025. - Adjusted net profit1 was RMB585.4 million (US
$84.9 million ), representing an increase of62% year over year. Adjusted net profit margin1 was7.8% , improving from5.2% in the same period of 2025.
“Our performance in the first quarter demonstrates the strong momentum we brought into 2026,” said Mr. Rui Chen, Chairman and Chief Executive Officer of Bilibili. “Our community is thriving with more high-quality content offerings. DAUs grew
Mr. Sam Fan, Chief Financial Officer of Bilibili, said, “We continued our positive financial trajectory in the first quarter, delivering solid revenue growth, further margin expansion and sustained profitability. Total net revenues increased by
First Quarter 2026 Financial Results
Total net revenues. Total net revenues were RMB7.47 billion (US
Value-added services (VAS). Revenues from VAS were RMB2.91 billion (US
Advertising. Revenues from advertising were RMB2.59 billion (US
Mobile games. Revenues from mobile games were RMB1.52 billion (US
IP derivatives and others. Revenues from IP derivatives and others were RMB448.2 million (US
Cost of revenues. Cost of revenues was RMB4.70 billion (US
Gross profit. Gross profit was RMB2.77 billion (US
Total operating expenses. Total operating expenses were RMB2.61 billion (US
Sales and marketing expenses. Sales and marketing expenses were RMB1.15 billion (US
General and administrative expenses. General and administrative expenses were RMB532.7 million (US
Research and development expenses. Research and development expenses were RMB921.1 million (US
Profit from operations. Profit from operations was RMB166.8 million (US
Adjusted profit from operations1. Adjusted profit from operations was RMB523.9 million (US
Total other income/(expenses), net. Total other income was RMB54.5 million (US
Income tax expense. Income tax expense was RMB19.3 million (US
Net profit/(loss). Net profit was RMB202.0 million (US
Adjusted net profit1. Adjusted net profit was RMB585.4 million (US
Basic and diluted EPS and adjusted basic and diluted EPS1. Basic and diluted earnings per share were RMB0.50 (US
Cash and cash equivalents, time deposits and short-term investments. As of March 31, 2026, the Company had cash and cash equivalents, time deposits and short-term investments of RMB24.19 billion (US
Share Repurchase Program
Pursuant to the Company’s two-year US
1 Adjusted profit from operations, adjusted net profit, adjusted net profit margin, and adjusted basic and diluted EPS are non-GAAP financial measures. For more information on non-GAAP financial measures, please see the section “Use of Non-GAAP Financial Measures” and the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results.”
Conference Call
The Company’s management will host an earnings conference call at 8:00 AM U.S. Eastern Time on May 19, 2026 (8:00 PM Beijing/Hong Kong Time on May 19, 2026). Details for the conference call are as follows:
| Event Title: | Bilibili Inc. First Quarter 2026 Earnings Conference Call |
| Registration Link: | https://register-conf.media-server.com/register/BI1530efabe5854ae9b543c742532a0334 |
All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers and a personal PIN, which will be used to join the conference call.
Additionally, a live webcast of the conference call will be available on the Company’s investor relations website at http://ir.bilibili.com, and a replay of the webcast will be available following the session.
About Bilibili Inc.
Bilibili is an iconic brand and a leading video community with a mission to enrich the everyday lives of young generations in China. Bilibili offers a wide array of video-based content with “All the Videos You Like” as its value proposition. Bilibili builds its community around aspiring users, high-quality content, talented content creators and the strong emotional bonds among them. Bilibili pioneered the “bullet chatting” feature, a live comment function that has transformed users’ viewing experience by displaying the thoughts and feelings of audience members viewing the same video. The Company has now become the welcoming home of diverse interests among young generations in China and a frontier for promoting Chinese culture around the world.
For more information, please visit: http://ir.bilibili.com.
Use of Non-GAAP Financial Measures
The Company uses non-GAAP measures, such as adjusted profit from operations, adjusted net profit, adjusted net profit margin, adjusted net profit per share and per ADS, basic and diluted and adjusted net profit attributable to the Bilibili Inc.’s shareholders in evaluating its operating results and for financial and operational decision-making purposes. The Company believes that the non-GAAP financial measures help identify underlying trends in its business by excluding the impact of share-based compensation expenses, amortization expense related to intangible assets acquired through business acquisitions, income tax related to intangible assets acquired through business acquisitions, gain/loss on fair value change in investments in publicly traded companies, and loss on repurchase of convertible senior notes. The Company calculates adjusted net profit margin by dividing the adjusted net profit by revenue for the same period. The Company believes that the non-GAAP financial measures provide useful information about the Company’s results of operations, enhance the overall understanding of the Company’s past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.
The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP and therefore, may not be comparable to similar measures presented by other companies. The non-GAAP financial measures have limitations as analytical tools, and when assessing the Company’s operating performance, cash flows or liquidity, investors should not consider them in isolation, or as a substitute for net loss, cash flows provided by operating activities or other consolidated statements of operations and cash flows data prepared in accordance with U.S. GAAP.
The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.
For more information on the non-GAAP financial measures, please see the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results.”
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB6.8980 to US
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue,” or other similar expressions. Among other things, outlook and quotations from management in this announcement, as well as Bilibili’s strategic and operational plans, contain forward-looking statements. Bilibili may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its interim and annual reports to shareholders, in announcements, circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Bilibili’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: results of operations, financial condition, and stock price; Bilibili’s strategies; Bilibili’s future business development, financial condition and results of operations; Bilibili’s ability to retain and increase the number of users, members and advertising customers, provide quality content, products and services, and expand its product and service offerings; competition in the online entertainment industry; Bilibili’s ability to maintain its culture and brand image within its addressable user communities; Bilibili’s ability to manage its costs and expenses; PRC governmental policies and regulations relating to the online entertainment industry, general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the SEC and the Hong Kong Stock Exchange. All information provided in this announcement and in the attachments is as of the date of the announcement, and the Company undertakes no duty to update such information, except as required under applicable law.
For investor and media inquiries, please contact:
In China:
Bilibili Inc.
Juliet Yang
Tel: +86-21-2509-9255 Ext. 8523
E-mail: ir@bilibili.com
Piacente Financial Communications
Helen Wu
Tel: +86-10-6508-0677
E-mail: bilibili@tpg-ir.com
In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: bilibili@tpg-ir.com
| BILIBILI INC. Unaudited Condensed Consolidated Statements of Operations (All amounts in thousands, except for share and per share data) | ||||||||
| For the Three Months Ended | ||||||||
| March 31, | December 31, | March 31, | ||||||
| 2025 | 2025 | 2026 | ||||||
| RMB | RMB | RMB | ||||||
| Net revenues: | ||||||||
| Value-added services (VAS) | 2,807,340 | 3,261,824 | 2,912,485 | |||||
| Advertising | 1,997,635 | 3,041,977 | 2,588,788 | |||||
| Mobile games | 1,731,155 | 1,540,411 | 1,522,552 | |||||
| IP derivatives and others | 467,118 | 477,155 | 448,210 | |||||
| Total net revenues | 7,003,248 | 8,321,367 | 7,472,035 | |||||
| Cost of revenues | (4,464,150 | ) | (5,240,127 | ) | (4,698,795 | ) | ||
| Gross profit | 2,539,098 | 3,081,240 | 2,773,240 | |||||
| Operating expenses: | ||||||||
| Sales and marketing expenses | (1,166,975 | ) | (1,128,169 | ) | (1,152,711 | ) | ||
| General and administrative expenses | (515,638 | ) | (528,128 | ) | (532,667 | ) | ||
| Research and development expenses | (841,477 | ) | (921,060 | ) | (921,107 | ) | ||
| Total operating expenses | (2,524,090 | ) | (2,577,357 | ) | (2,606,485 | ) | ||
| Profit from operations | 15,008 | 503,883 | 166,755 | |||||
| Other (expenses)/income: | ||||||||
| Investment (loss)/income, net (including impairments) | (62,203 | ) | (52,874 | ) | 64,551 | |||
| Interest income | 94,173 | 113,509 | 107,832 | |||||
| Interest expense | (32,571 | ) | (40,360 | ) | (39,337 | ) | ||
| Exchange losses | (11,659 | ) | (35,120 | ) | (74,555 | ) | ||
| Others, net | (1,837 | ) | 18,856 | (3,963 | ) | |||
| Total other (expenses)/income, net | (14,097 | ) | 4,011 | 54,528 | ||||
| Profit before income tax | 911 | 507,894 | 221,283 | |||||
| Income tax (expense)/benefit | (11,588 | ) | 6,040 | (19,288 | ) | |||
| Net (loss)/profit | (10,677 | ) | 513,934 | 201,995 | ||||
| Net loss/(profit) attributable to noncontrolling interests | 1,575 | (533 | ) | 7,784 | ||||
| Net (loss)/profit attributable to the Bilibili Inc.’s shareholders | (9,102 | ) | 513,401 | 209,779 | ||||
| Net (loss)/profit per share, basic | (0.02 | ) | 1.23 | 0.50 | ||||
| Net (loss)/profit per ADS, basic | (0.02 | ) | 1.23 | 0.50 | ||||
| Net (loss)/profit per share, diluted | (0.02 | ) | 1.14 | 0.48 | ||||
| Net (loss)/profit per ADS, diluted | (0.02 | ) | 1.14 | 0.48 | ||||
| Weighted average number of ordinary shares, basic | 420,086,397 | 418,687,963 | 419,457,332 | |||||
| Weighted average number of ADS, basic | 420,086,397 | 418,687,963 | 419,457,332 | |||||
| Weighted average number of ordinary shares, diluted | 420,086,397 | 457,602,895 | 459,453,791 | |||||
| Weighted average number of ADS, diluted | 420,086,397 | 457,602,895 | 459,453,791 | |||||
The accompanying notes are an integral part of this press release.
| BILIBILI INC. Notes to Unaudited Financial Information (All amounts in thousands, except for share and per share data) | |||||
| For the Three Months Ended | |||||
| March 31, | December 31 | March 31, | |||
| 2025 | 2025 | 2026 | |||
| RMB | RMB | RMB | |||
| Share-based compensation expenses included in: | |||||
| Cost of revenues | 23,996 | 26,956 | 29,407 | ||
| Sales and marketing expenses | 16,417 | 21,111 | 23,828 | ||
| General and administrative expenses | 144,497 | 138,327 | 155,814 | ||
| Research and development expenses | 105,855 | 111,268 | 107,364 | ||
| Total | 290,765 | 297,662 | 316,413 | ||
| BILIBILI INC. Unaudited Condensed Consolidated Balance Sheets (All amounts in thousands, except for share and per share data) | |||||
| December 31, | March 31, | ||||
| 2025 | 2026 | ||||
| RMB | RMB | ||||
| Assets | |||||
| Current assets: | |||||
| Cash and cash equivalents | 12,183,538 | 6,595,253 | |||
| Time deposits | 5,522,327 | 8,278,068 | |||
| Restricted cash | 50,800 | 800 | |||
| Accounts receivable, net | 1,268,219 | 1,321,452 | |||
| Prepayments and other current assets | 2,077,999 | 2,172,463 | |||
| Short-term investments | 6,447,197 | 9,320,751 | |||
| Total current assets | 27,550,080 | 27,688,787 | |||
| Non-current assets: | |||||
| Property and equipment, net | 695,105 | 1,163,379 | |||
| Production cost, net | 1,599,896 | 1,479,420 | |||
| Intangible assets, net | 3,109,603 | 3,060,335 | |||
| Goodwill | 2,818,125 | 2,818,125 | |||
| Long-term investments, net | 4,761,653 | 4,586,159 | |||
| Other long-term assets | 633,301 | 627,897 | |||
| Total non-current assets | 13,617,683 | 13,735,315 | |||
| Total assets | 41,167,763 | 41,424,102 | |||
| Liabilities | |||||
| Current liabilities: | |||||
| Accounts payable | 5,497,415 | 5,950,738 | |||
| Salary and welfare payables | 1,710,322 | 1,276,317 | |||
| Taxes payable | 405,887 | 365,882 | |||
| Short-term loan and current portion of long-term debt | 4,860,846 | 4,860,845 | |||
| Deferred revenue | 4,661,863 | 4,568,529 | |||
| Accrued liabilities and other payables | 3,190,679 | 3,548,839 | |||
| Total current liabilities | 20,327,012 | 20,571,150 | |||
| Non-current liabilities: | |||||
| Long-term debt | 4,775,871 | 4,705,631 | |||
| Other long-term liabilities | 516,317 | 538,341 | |||
| Total non-current liabilities | 5,292,188 | 5,243,972 | |||
| Total liabilities | 25,619,200 | 25,815,122 | |||
| Total Bilibili Inc.’s shareholders’ equity | 15,573,282 | 15,641,483 | |||
| Noncontrolling interests | (24,719 | ) | (32,503 | ) | |
| Total shareholders’ equity | 15,548,563 | 15,608,980 | |||
| Total liabilities and shareholders’ equity | 41,167,763 | 41,424,102 | |||
| BILIBILI INC. Unaudited Reconciliations of GAAP and Non-GAAP Results (All amounts in thousands, except for share and per share data) | ||||||||
| For the Three Months Ended | ||||||||
| March 31, | December 31, | March 31, | ||||||
| 2025 | 2025 | 2026 | ||||||
| RMB | RMB | RMB | ||||||
| Profit from operations | 15,008 | 503,883 | 166,755 | |||||
| Add: | ||||||||
| Share-based compensation expenses | 290,765 | 297,662 | 316,413 | |||||
| Amortization expense related to intangible assets acquired through business acquisitions | 36,692 | 36,657 | 40,687 | |||||
| Adjusted profit from operations | 342,465 | 838,202 | 523,855 | |||||
| Net (loss)/profit | (10,677 | ) | 513,934 | 201,995 | ||||
| Add: | ||||||||
| Share-based compensation expenses | 290,765 | 297,662 | 316,413 | |||||
| Amortization expense related to intangible assets acquired through business acquisitions | 36,692 | 36,657 | 40,687 | |||||
| Income tax related to intangible assets acquired through business acquisitions | (4,136 | ) | (4,131 | ) | (1,731 | ) | ||
| Loss on fair value change in investments in publicly traded companies | 48,869 | 34,280 | 28,066 | |||||
| Adjusted net profit | 361,513 | 878,402 | 585,430 | |||||
| Net (loss)/profit margin | -0.2 | % | 6.2 | % | 2.7 | % | ||
| Adjusted net profit margin | 5.2 | % | 10.6 | % | 7.8 | % | ||
| Net loss/(profit) attributable to noncontrolling interests | 1,575 | (533 | ) | 7,784 | ||||
| Adjusted net profit attributable to the Bilibili Inc.'s shareholders | 363,088 | 877,869 | 593,214 | |||||
| Adjusted net profit per share, basic | 0.86 | 2.10 | 1.41 | |||||
| Adjusted net profit per ADS, basic | 0.86 | 2.10 | 1.41 | |||||
| Adjusted net profit per share, diluted | 0.85 | 1.94 | 1.31 | |||||
| Adjusted net profit per ADS, diluted | 0.85 | 1.94 | 1.31 | |||||
| Weighted average number of ordinary shares, basic | 420,086,397 | 418,687,963 | 419,457,332 | |||||
| Weighted average number of ADS, basic | 420,086,397 | 418,687,963 | 419,457,332 | |||||
| Weighted average number of ordinary shares, diluted | 425,621,074 | 457,602,895 | 459,453,791 | |||||
| Weighted average number of ADS, diluted | 425,621,074 | 457,602,895 | 459,453,791 | |||||
