Bilibili Inc. Announces Fourth Quarter and Fiscal Year 2025 Financial Results
Rhea-AI Summary
Bilibili (Nasdaq: BILI) reported fourth-quarter and full-year 2025 results on March 5, 2026, showing user and revenue recovery and its first full year of GAAP profitability. Q4 revenue was RMB8.32 billion (+8% YoY); FY revenue was RMB30.35 billion (+13% YoY).
Key beats included advertising growth (Q4 RMB3.04B, +27% YoY; FY RMB10.06B, +23% YoY), gross profit margin improvement to 36.6% for FY, net profit of RMB1.19 billion for FY, and cash and equivalents of RMB24.15 billion as of Dec 31, 2025.
Positive
- Total net revenues +13% YoY for FY2025 to RMB30.35 billion
- Advertising revenue +23% YoY for FY2025 to RMB10.06 billion
- Returned to GAAP profitability with FY2025 net profit of RMB1.19 billion
- Strong cash position with RMB24.15 billion in cash, deposits and short-term investments
- Share repurchases US$131.2 million total repurchased through Dec 31, 2025
Negative
- Mobile games revenue fell 14% YoY in Q4 2025 to RMB1.54 billion
- Revenue-sharing costs rose 12% YoY for FY2025 to RMB12.09 billion
News Market Reaction – BILI
On the day this news was published, BILI declined 7.09%, reflecting a notable negative market reaction. Argus tracked a trough of -14.0% from its starting point during tracking. Our momentum scanner triggered 30 alerts that day, indicating elevated trading interest and price volatility. This price movement removed approximately $870M from the company's valuation, bringing the market cap to $11.40B at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
BILI was up 3.46% pre-release. Key internet peers like SNAP, PINS, Z and ZG showed modest gains (about 1–2%), while the momentum scanner flagged only NBIS moving down. This points to a stock-specific reaction rather than a coordinated sector move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 13 | Q3 2025 earnings | Positive | -4.8% | Improved Q3 2025 users, revenues and margins with higher adjusted profit. |
| Aug 21 | Q2 2025 earnings | Positive | -6.1% | First profitable quarter with strong revenue and margin expansion across segments. |
| May 20 | Q1 2025 earnings | Positive | +0.9% | Robust Q1 revenue, advertising and games growth with adjusted profitability. |
| Feb 20 | Q4/FY 2024 earnings | Positive | +8.8% | First GAAP profitable quarter and strong FY2024 revenue and margin gains. |
| Nov 14 | Q3 2024 earnings | Positive | -12.6% | Strong Q3 revenue, games and ads growth with first non-GAAP net profit. |
Earnings releases have generally been fundamentally positive but followed by mixed to negative next-day moves, with an average reaction of -2.77% across recent earnings events.
Over the past five earnings cycles, Bilibili has moved from initial non‑GAAP profitability in Q3 2024 to its first profitable quarter in Q2 2025, and then to sustained GAAP profitability. Prior updates highlighted accelerating DAU growth, margin expansion and rising advertising and mobile game revenues. Despite these constructive fundamentals, immediate price reactions often skewed negative. Today’s Q4 and FY2025 report extends the profitability trend with stronger margins and cash generation, reinforcing that 2025 was the first full year of GAAP profitability and building directly on that trajectory.
Historical Comparison
In the last five earnings releases, BILI’s average next-day move was -2.77% despite consistently improving user metrics and profitability. Today’s positive pre-release setup contrasts with that generally cautious post-earnings pattern.
Earnings history shows a clear progression: first non-GAAP profitability in 2024, first GAAP-profitable quarter in early 2025, and now a fully GAAP-profitable FY2025 with expanding margins and stronger cash generation.
Market Pulse Summary
The stock moved -7.1% in the session following this news. A negative reaction despite positive news fits Bilibili’s recent earnings pattern, where the average move on results was -2.77% even as profitability improved. This report delivered Q4 net profit of RMB513.9 million and FY2025 net profit of RMB1.19 billion, alongside stronger cash of RMB24.15 billion. Any sharp decline would have reflected market expectations or positioning rather than the backward-looking fundamentals, which continued to show margin gains and sustained user growth.
Key Terms
value-added services financial
gross profit margin financial
net profit margin financial
adjusted net profit financial
operating activities financial
AI-generated analysis. Not financial advice.
SHANGHAI, March 05, 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 fourth quarter and fiscal year ended December 31, 2025.
Fourth Quarter 2025 Highlights:
- Average daily active users (DAUs) were 113.0 million, an increase of
10% year over year. - Average daily time spent per active user were 107 minutes, an increase of
8% year over year. - Total net revenues were RMB8.32 billion (US
$1,189.9 million ), an increase of8% year over year. Advertising revenues, a key driver of total net revenues, were RMB3.04 billion (US$435.0 million ), an increase of27% year over year. - Gross profit was RMB3.08 billion (US
$440.6 million ), an increase of11% year over year. Gross profit margin was37.0% , improving from36.1% in the same period of 2024. - Net profit was RMB513.9 million (US
$73.5 million ), an increase of478% year over year. Net profit margin was6.2% , improving from1.1% in the same period of 2024. - Adjusted net profit1 was RMB878.4 million (US
$125.6 million ), an increase of94% year over year. Adjusted net profit margin1 was10.6% , improving from5.8% in the same period of 2024.
Fiscal Year 2025 Highlights:
- Total net revenues were RMB30.35 billion (US
$4,339.7 million ), an increase of13% year over year. Advertising revenues, a key driver of total net revenues, were RMB10.06 billion (US$1,438.3 million ), an increase of23% year over year. - Gross profit was RMB11.11 billion (US
$1,589.3 million ), an increase of27% year over year. Gross profit margin was36.6% , improving from32.7% in 2024. - Net profit was RMB1.19 billion (US
$170.3 million ), compared with a net loss of RMB1.36 billion in 2024. Net profit margin was3.9% , compared with a net loss margin of5.1% in 2024. - Adjusted net profit1 was RMB2.59 billion (US
$370.0 million ), compared with an adjusted net loss of RMB39.0 million in 2024. Adjusted net profit margin1 was8.5% , compared with an adjusted net loss margin of0.1% in 2024.
“2025 was a landmark year for Bilibili, marked by resurgent community growth and our first full year of GAAP profitability,” said Rui Chen, Chairman and Chief Executive Officer of Bilibili. “Our user metrics strengthened across the board, highlighted by four consecutive quarters of accelerating year-over-year DAU growth. In the fourth quarter, our DAUs reached 113 million, up
Mr. Sam Fan, Chief Financial Officer of Bilibili, said, “Our strong financial execution and growth throughout the year culminated in our first full year of GAAP profitability. In the fourth quarter, total net revenues grew
Fourth Quarter 2025 Financial Results
Total net revenues. Total net revenues were RMB8.32 billion (US
Value-added services (VAS). Revenues from VAS were RMB3.26 billion (US
Advertising. Revenues from advertising were RMB3.04 billion (US
Mobile games. Revenues from mobile games were RMB1.54 billion (US
IP derivatives and others. Revenues from IP derivatives and others were RMB477.2 million (US
Cost of revenues. Cost of revenues was RMB5.24 billion (US
Gross profit. Gross profit was RMB3.08 billion (US
Total operating expenses. Total operating expenses were RMB2.58 billion (US
Sales and marketing expenses. Sales and marketing expenses were RMB1.13 billion (US
General and administrative expenses. General and administrative expenses were RMB528.1 million (US
Research and development expenses. Research and development expenses were RMB921.1 million (US
Profit from operations. Profit from operations was RMB503.9 million (US
Adjusted profit from operations1. Adjusted profit from operations was RMB838.2 million (US
Total other income/(expenses), net. Total other income was RMB4.0 million (US
Income tax benefit. Income tax benefit was RMB6.0 million (US
Net profit. Net profit was RMB513.9 million (US
Adjusted net profit1. Adjusted net profit was RMB878.4 million (US
Basic and diluted EPS and adjusted basic and diluted EPS1. Basic and diluted earnings per share were RMB1.23 (US
Net cash provided by operating activities. Net cash provided by operating activities was RMB1.84 billion (US
Fiscal 2025 Financial Results
Total net revenues. Total net revenues were RMB30.35 billion (US
Value-added services (VAS). Revenues from VAS were RMB11.93 billion (US
Advertising. Revenues from advertising were RMB10.06 billion (US
Mobile games. Revenues from mobile games were RMB6.39 billion (US
IP derivatives and others. Revenues from IP derivatives and others were RMB1.97 billion (US
Cost of revenues. Cost of revenues was RMB19.23 billion (US
Gross profit. Gross profit was RMB11.11 billion (US
Total operating expenses. Total operating expenses were RMB9.99 billion (US
Sales and marketing expenses. Sales and marketing expenses were RMB4.39 billion (US
General and administrative expenses. General and administrative expenses were RMB2.06 billion (US
Research and development expenses. Research and development expenses were RMB3.53 billion (US
Profit/(loss) from operations. Profit from operations was RMB1.12 billion (US
Adjusted profit/(loss) from operations1. Adjusted profit from operations was RMB2.44 billion (US
Total other income/(expenses), net. Total other income was RMB83.6 million (US
Income tax expense/(benefit). Income tax expense was RMB17.1 million (US
Net profit/(loss). Net profit was RMB1.19 billion (US
Adjusted net profit/(loss)1. Adjusted net profit was RMB2.59 billion (US
Basic and diluted EPS and adjusted basic and diluted EPS1. Basic and diluted earnings per share were RMB2.85 (US
Net cash provided by operating activities. Net cash provided by operating activities was RMB7.15 billion (US
Cash and cash equivalents, time deposits and short-term investments. As of December 31, 2025, the Company had cash and cash equivalents, time deposits and short-term investments of RMB24.15 billion (US
Share Repurchase Program
Pursuant to the Company’s two-year US
1 Adjusted profit/(loss) from operations, adjusted net profit/(loss), adjusted net profit/(loss) 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 7:00 AM U.S. Eastern Time on March 5, 2026 (8:00 PM Beijing/Hong Kong Time on March 5, 2026). Details for the conference call are as follows:
| Event Title: | Bilibili Inc. Fourth Quarter and Fiscal Year 2025 Earnings Conference Call |
| Registration Link: | https://edge.media-server.com/mmc/p/a8f754d3 |
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/(loss) from operations, adjusted net profit/(loss), adjusted net profit/(loss) margin, adjusted net profit/(loss) per share and per ADS, basic and diluted and adjusted net profit/(loss) 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/(loss) margin by dividing the adjusted net profit/(loss) 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 profit/(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 RMB6.9931 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, 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 Securities and Exchange Commission 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 | For the Year Ended | ||||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||||
| 2024 | 2025 | 2025 | 2024 | 2025 | |||||||||||||||
| RMB | RMB | RMB | RMB | RMB | |||||||||||||||
| Net revenues: | |||||||||||||||||||
| Value-added services (VAS) | 3,083,071 | 3,022,526 | 3,261,824 | 10,999,137 | 11,928,286 | ||||||||||||||
| Advertising | 2,388,673 | 2,569,930 | 3,041,977 | 8,189,175 | 10,058,430 | ||||||||||||||
| Mobile games | 1,797,537 | 1,510,739 | 1,540,411 | 5,610,323 | 6,394,638 | ||||||||||||||
| IP derivatives and others | 464,880 | 582,266 | 477,155 | 2,032,890 | 1,966,412 | ||||||||||||||
| Total net revenues | 7,734,161 | 7,685,461 | 8,321,367 | 26,831,525 | 30,347,766 | ||||||||||||||
| Cost of revenues | (4,945,945 | ) | (4,867,533 | ) | (5,240,127 | ) | (18,057,562 | ) | (19,233,654 | ) | |||||||||
| Gross profit | 2,788,216 | 2,817,928 | 3,081,240 | 8,773,963 | 11,114,112 | ||||||||||||||
| Operating expenses: | |||||||||||||||||||
| Sales and marketing expenses | (1,236,593 | ) | (1,050,774 | ) | (1,128,169 | ) | (4,401,655 | ) | (4,394,107 | ) | |||||||||
| General and administrative expenses | (505,861 | ) | (508,669 | ) | (528,128 | ) | (2,031,063 | ) | (2,062,066 | ) | |||||||||
| Research and development expenses | (919,321 | ) | (904,537 | ) | (921,060 | ) | (3,685,214 | ) | (3,533,488 | ) | |||||||||
| Total operating expenses | (2,661,775 | ) | (2,463,980 | ) | (2,577,357 | ) | (10,117,932 | ) | (9,989,661 | ) | |||||||||
| Profit/(loss) from operations | 126,441 | 353,948 | 503,883 | (1,343,969 | ) | 1,124,451 | |||||||||||||
| Other (expenses)/income: | |||||||||||||||||||
| Investment loss, net (including impairments) | (283,191 | ) | (70,336 | ) | (52,874 | ) | (470,081 | ) | (242,288 | ) | |||||||||
| Interest income | 110,150 | 122,526 | 113,509 | 434,980 | 431,847 | ||||||||||||||
| Interest expense | (19,986 | ) | (42,135 | ) | (40,360 | ) | (89,193 | ) | (150,572 | ) | |||||||||
| Exchange gains/(losses) | 10,529 | (21,683 | ) | (35,120 | ) | (68,715 | ) | (80,172 | ) | ||||||||||
| Debt extinguishment loss | (17,649 | ) | - | - | (38,629 | ) | (2 | ) | |||||||||||
| Others, net | 139,107 | 112,321 | 18,856 | 175,412 | 124,822 | ||||||||||||||
| Total other (expenses)/income, net | (61,040 | ) | 100,693 | 4,011 | (56,226 | ) | 83,635 | ||||||||||||
| Profit/(loss) before income tax | 65,401 | 454,641 | 507,894 | (1,400,195 | ) | 1,208,086 | |||||||||||||
| Income tax benefit/(expense) | 23,533 | 14,760 | 6,040 | 36,544 | (17,145 | ) | |||||||||||||
| Net profit/(loss) | 88,934 | 469,401 | 513,934 | (1,363,651 | ) | 1,190,941 | |||||||||||||
| Net loss/(profit) attributable to noncontrolling interests | 1,026 | 829 | (533 | ) | 16,851 | 2,590 | |||||||||||||
| Net profit/(loss) attributable to the Bilibili Inc.’s shareholders | 89,960 | 470,230 | 513,401 | (1,346,800 | ) | 1,193,531 | |||||||||||||
| Net profit/(loss) per share, basic | 0.22 | 1.13 | 1.23 | (3.23 | ) | 2.85 | |||||||||||||
| Net profit/(loss) per ADS, basic | 0.22 | 1.13 | 1.23 | (3.23 | ) | 2.85 | |||||||||||||
| Net profit/(loss) per share, diluted | 0.21 | 1.05 | 1.14 | (3.23 | ) | 2.74 | |||||||||||||
| Net profit/(loss) per ADS, diluted | 0.21 | 1.05 | 1.14 | (3.23 | ) | 2.74 | |||||||||||||
| Weighted average number of ordinary shares, basic | 417,829,038 | 417,467,814 | 418,687,963 | 416,470,256 | 418,913,625 | ||||||||||||||
| Weighted average number of ADS, basic | 417,829,038 | 417,467,814 | 418,687,963 | 416,470,256 | 418,913,625 | ||||||||||||||
| Weighted average number of ordinary shares, diluted | 424,208,294 | 454,956,127 | 457,602,895 | 416,470,256 | 444,026,799 | ||||||||||||||
| Weighted average number of ADS, diluted | 424,208,294 | 454,956,127 | 457,602,895 | 416,470,256 | 444,026,799 | ||||||||||||||
The accompanying notes are an integral part of this press release.
| BILIBILI INC. Notes to Unaudited Condensed Financial Information (All amounts in thousands, except for share and per share data) | ||||||||||||||||||
| For the Three Months Ended | For the Year Ended | |||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | ||||||||||||||
| 2024 | 2025 | 2025 | 2024 | 2025 | ||||||||||||||
| RMB | RMB | RMB | RMB | RMB | ||||||||||||||
| Share-based compensation expenses included in: | ||||||||||||||||||
| Cost of revenues | 25,350 | 27,418 | 26,956 | 84,178 | 104,684 | |||||||||||||
| Sales and marketing expenses | 18,524 | 19,277 | 21,111 | 60,460 | 76,605 | |||||||||||||
| General and administrative expenses | 137,513 | 141,341 | 138,327 | 568,194 | 561,330 | |||||||||||||
| Research and development expenses | 113,649 | 109,225 | 111,268 | 403,380 | 427,916 | |||||||||||||
| Total | 295,036 | 297,261 | 297,662 | 1,116,212 | 1,170,535 | |||||||||||||
| BILIBILI INC. Unaudited Condensed Consolidated Balance Sheets (All amounts in thousands, except for share and per share data) | |||||||
| December 31, | December 31, | ||||||
| 2024 | 2025 | ||||||
| RMB | RMB | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | 10,249,382 | 12,183,538 | |||||
| Time deposits | 3,588,475 | 5,522,327 | |||||
| Restricted cash | 50,000 | 50,800 | |||||
| Accounts receivable, net | 1,226,875 | 1,268,219 | |||||
| Prepayments and other current assets | 1,934,788 | 2,077,999 | |||||
| Short-term investments | 2,706,535 | 6,447,197 | |||||
| Total current assets | 19,756,055 | 27,550,080 | |||||
| Non-current assets: | |||||||
| Property and equipment, net | 589,227 | 695,105 | |||||
| Production cost, net | 1,851,207 | 1,599,896 | |||||
| Intangible assets, net | 3,201,012 | 3,109,603 | |||||
| Goodwill | 2,725,130 | 2,818,125 | |||||
| Long-term investments, net | 3,911,592 | 4,761,653 | |||||
| Other long-term assets | 664,277 | 633,301 | |||||
| Total non-current assets | 12,942,445 | 13,617,683 | |||||
| Total assets | 32,698,500 | 41,167,763 | |||||
| Liabilities | |||||||
| Current liabilities: | |||||||
| Accounts payable | 4,801,416 | 5,497,415 | |||||
| Salary and welfare payables | 1,599,482 | 1,710,322 | |||||
| Taxes payable | 428,932 | 405,887 | |||||
| Short-term loan and current portion of long-term debt | 1,571,836 | 4,860,846 | |||||
| Deferred revenue | 3,802,307 | 4,661,863 | |||||
| Accrued liabilities and other payables | 2,558,830 | 3,190,679 | |||||
| Total current liabilities | 14,762,803 | 20,327,012 | |||||
| Non-current liabilities: | |||||||
| Long-term debt | 3,264,153 | 4,775,871 | |||||
| Other long-term liabilities | 567,631 | 516,317 | |||||
| Total non-current liabilities | 3,831,784 | 5,292,188 | |||||
| Total liabilities | 18,594,587 | 25,619,200 | |||||
| Total Bilibili Inc.’s shareholders’ equity | 14,108,397 | 15,573,282 | |||||
| Noncontrolling interests | (4,484 | ) | (24,719 | ) | |||
| Total shareholders’ equity | 14,103,913 | 15,548,563 | |||||
| Total liabilities and shareholders’ equity | 32,698,500 | 41,167,763 | |||||
| BILIBILI INC. Unaudited Selected Condensed Consolidated Cash Flows Data (All amounts in thousands, except for share and per share data) | ||||||||||
| For the Three Months Ended | For the Year Ended | |||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | ||||||
| 2024 | 2025 | 2025 | 2024 | 2025 | ||||||
| RMB | RMB | RMB | RMB | RMB | ||||||
| Net cash provided by operating activities | 1,400,988 | 2,016,188 | 1,839,560 | 6,014,854 | 7,147,108 | |||||
| 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 | For the Year Ended | |||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | ||||||||||
| 2024 | 2025 | 2025 | 2024 | 2025 | ||||||||||
| RMB | RMB | RMB | RMB | RMB | ||||||||||
| Profit/(loss) from operations | 126,441 | 353,948 | 503,883 | (1,343,969 | ) | 1,124,451 | ||||||||
| Add: | ||||||||||||||
| Share-based compensation expenses | 295,036 | 297,261 | 297,662 | 1,116,212 | 1,170,535 | |||||||||
| Amortization expense related to intangible assets acquired through business acquisitions | 41,581 | 36,657 | 36,657 | 166,909 | 146,698 | |||||||||
| Adjusted profit/(loss) from operations | 463,058 | 687,866 | 838,202 | (60,848 | ) | 2,441,684 | ||||||||
| Net profit/(loss) | 88,934 | 469,401 | 513,934 | (1,363,651 | ) | 1,190,941 | ||||||||
| Add: | ||||||||||||||
| Share-based compensation expenses | 295,036 | 297,261 | 297,662 | 1,116,212 | 1,170,535 | |||||||||
| Amortization expense related to intangible assets acquired through business acquisitions | 41,581 | 36,657 | 36,657 | 166,909 | 146,698 | |||||||||
| Income tax related to intangible assets acquired through business acquisitions | (5,358 | ) | (4,131 | ) | (4,131 | ) | (21,578 | ) | (16,534 | ) | ||||
| Loss/(Gain) on fair value change in investments in publicly traded companies | 14,177 | (12,894 | ) | 34,280 | 24,524 | 95,896 | ||||||||
| Loss on repurchase of convertible senior notes | 17,649 | - | - | 38,629 | 2 | |||||||||
| Adjusted net profit/(loss) | 452,019 | 786,294 | 878,402 | (38,955 | ) | 2,587,538 | ||||||||
| Net profit/(loss) margin | 1.1 | % | 6.1 | % | 6.2 | % | (5.1 | %) | 3.9 | % | ||||
| Adjusted net profit/(loss) margin | 5.8 | % | 10.2 | % | 10.6 | % | (0.1 | %) | 8.5 | % | ||||
| Net loss/(profit) attributable to noncontrolling interests | 1,026 | 829 | (533 | ) | 16,851 | 2,590 | ||||||||
| Adjusted net profit/(loss) attributable to the Bilibili Inc.’s shareholders | 453,045 | 787,123 | 877,869 | (22,104 | ) | 2,590,128 | ||||||||
| Adjusted net profit/(loss) per share, basic | 1.08 | 1.89 | 2.10 | (0.05 | ) | 6.18 | ||||||||
| Adjusted net profit/(loss) per ADS, basic | 1.08 | 1.89 | 2.10 | (0.05 | ) | 6.18 | ||||||||
| Adjusted net profit/(loss) per share, diluted | 1.07 | 1.75 | 1.94 | (0.05 | ) | 5.88 | ||||||||
| Adjusted net profit/(loss) per ADS, diluted | 1.07 | 1.75 | 1.94 | (0.05 | ) | 5.88 | ||||||||
| Weighted average number of ordinary shares, basic | 417,829,038 | 417,467,814 | 418,687,963 | 416,470,256 | 418,913,625 | |||||||||
| Weighted average number of ADS, basic | 417,829,038 | 417,467,814 | 418,687,963 | 416,470,256 | 418,913,625 | |||||||||
| Weighted average number of ordinary shares, diluted | 424,208,294 | 454,956,127 | 457,602,895 | 416,470,256 | 444,026,799 | |||||||||
| Weighted average number of ADS, diluted | 424,208,294 | 454,956,127 | 457,602,895 | 416,470,256 | 444,026,799 | |||||||||
FAQ
What were Bilibili's Q4 2025 revenues and growth (BILI)?
Did Bilibili (BILI) achieve GAAP profitability in fiscal 2025?
How did Bilibili's advertising revenue perform in FY2025 (BILI)?
What is Bilibili's cash position and buyback status as of Dec 31, 2025 (BILI)?
Why did Bilibili's mobile games revenue decline in Q4 2025 (BILI)?
