Bilibili Inc. Announces Second Quarter 2026 Financial Results
Rhea-AI Summary
Bilibili (Nasdaq: BILI; HKEX: 9626) reported unaudited second quarter 2026 results with total net revenues of RMB7.94 billion, up 8% year over year. Advertising revenue rose 28% to RMB3.13 billion, value‑added services grew 5% to RMB2.97 billion, while mobile games declined 14% to RMB1.39 billion.
Average DAUs reached 116.5 million and users spent 113 minutes per day, lifting total user time by 14%. Gross profit increased 10% to RMB2.95 billion with gross margin of 37.2%. Net profit climbed 55% to RMB339.1 million, and adjusted net profit rose 25% to RMB703.6 million. Cash, time deposits and short‑term investments totaled RMB24.30 billion. Under its US$300 million share repurchase program, Bilibili bought 1.9 million listed securities in Q2 and 5.8 million year‑to‑date for about US$118 million.
Positive
- Total net revenues RMB7.94 billion, up 8% YoY
- Advertising revenue RMB3.13 billion, up 28% YoY
- Gross profit RMB2.95 billion, up 10% YoY; margin 37.2%
- Net profit RMB339.1 million, up 55% YoY
- Adjusted net profit RMB703.6 million, up 25% YoY
- Cash, time deposits and short-term investments RMB24.30 billion at June 30, 2026
- Share repurchases 5.8 million securities for about US$118 million in 2026
Negative
- Mobile games revenue RMB1.39 billion, down 14% YoY
- Research and development expenses RMB1.01 billion, up 16% YoY
- Total operating expenses RMB2.58 billion, up 7% YoY
Market Reaction – BILI
Following this news, BILI has gained 2.91%, reflecting a moderate positive market reaction. Our momentum scanner has triggered 4 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $16.62. Trading volume is exceptionally heavy at 32.4x the average, suggesting very strong buying interest.
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Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 19 | Q1 2026 earnings | Positive | +1.9% | First-quarter results showed revenue growth, profitability, advertising expansion, and improved gross margin. |
| Mar 05 | Q4 2025 earnings | Positive | -7.1% | Fourth-quarter and full-year results showed revenue growth, profitability, and advertising expansion. |
| Nov 13 | Q3 2025 earnings | Positive | -4.8% | Third-quarter results showed user growth, advertising expansion, and sharply higher adjusted profit. |
| Aug 21 | Q2 2025 earnings | Positive | -6.1% | Second-quarter results marked the first profitable quarter with revenue and margin improvement. |
| May 20 | Q1 2025 earnings | Positive | +0.9% | First-quarter results showed revenue, advertising, mobile-games, and adjusted-profit growth. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Positive earnings announcements produced divergent reactions in three of five tag-specific events, with a five-event average move of -3.04%.
Key Terms
daus technical
adjusted net profit financial
non-gaap financial measures financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
SHANGHAI, Aug. 27, 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 second quarter ended June 30, 2026.
Second Quarter 2026 Highlights:
- Average daily active users (DAUs) were 116.5 million, representing an increase of
7% year over year. Average daily time spent was 113 minutes, driving total user time spent up by14% year over year. - Total net revenues were RMB7.94 billion (US
$1.17 billion ), representing an increase of8% year over year. Advertising revenues, a key driver of total net revenues, were RMB3.13 billion (US$461.4 million ), representing an increase of28% year over year. - Gross profit was RMB2.95 billion (US
$435.5 million ), representing an increase of10% year over year. Gross profit margin reached37.2% , improving from36.5% in the same period of 2025. - Net profit was RMB339.1 million (US
$50.0 million ), representing an increase of55% year over year. Net profit margin was4.3% , improving from3.0% in the same period of 2025. - Adjusted net profit1 was RMB703.6 million (US
$103.7 million ), representing an increase of25% year over year. Adjusted net profit margin1 was8.9% , improving from7.6% in the same period of 2025.
“We delivered a solid second quarter with continued growth across our ecosystem,” said Mr. Rui Chen, Chairman and Chief Executive Officer of Bilibili. “Our high-quality content and interest-based community continue to deepen user engagement, driving DAUs to 117 million, monthly active users to 371 million, and total user time spent up by over
Mr. Sam Fan, Chief Financial Officer of Bilibili, said, “We delivered another quarter of solid financial performance, with continued revenue growth and profit expansion. Total net revenues increased
Second Quarter 2026 Financial Results
Total net revenues. Total net revenues were RMB7.94 billion (US
Advertising. Revenues from advertising were RMB3.13 billion (US
Value-added services (VAS). Revenues from VAS were RMB2.97 billion (US
Mobile games. Revenues from mobile games were RMB1.39 billion (US
IP derivatives and others. Revenues from IP derivatives and others were RMB449.8 million (US
Cost of revenues. Cost of revenues was RMB4.98 billion (US
Gross profit. Gross profit was RMB2.95 billion (US
Total operating expenses. Total operating expenses were RMB2.58 billion (US
Sales and marketing expenses. Sales and marketing expenses were RMB1.06 billion (US
General and administrative expenses. General and administrative expenses were RMB510.8 million (US
Research and development expenses. Research and development expenses were RMB1.01 billion (US
Profit from operations. Profit from operations was RMB372.9 million (US
Adjusted profit from operations1. Adjusted profit from operations was RMB696.2 million (US
Total other expenses, net. Total other expenses were RMB1.4 million (US
Income tax expense. Income tax expense was RMB32.4 million (US
Net profit. Net profit was RMB339.1 million (US
Adjusted net profit1. Adjusted net profit was RMB703.6 million (US
Basic and diluted EPS and adjusted basic and diluted EPS1. Basic and diluted earnings per share were RMB0.82 (US
Cash and cash equivalents, time deposits and short-term investments. As of June 30, 2026, the Company had cash and cash equivalents, time deposits and short-term investments of RMB24.30 billion (US
Share Repurchase Program
Pursuant to the Company’s two-year US
1 Adjusted net profit, adjusted net profit margin, adjusted profit from operations 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 August 27, 2026 (8:00 PM Beijing/Hong Kong Time on August 27, 2026). Details for the conference call are as follows:
| Event Title: | Bilibili Inc. Second Quarter 2026 Earnings Conference Call |
| Registration Link: | https://register-conf.media-server.com/register/BI014b9f2c1441432badb1e9e1353bfea7 |
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 financial 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 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, 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 profit, 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 RMB6.7851 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 | For the Six Months Ended | |||||||||||||
| June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||
| 2025 | 2026 | 2026 | 2025 | 2026 | ||||||||||
| RMB | RMB | RMB | RMB | RMB | ||||||||||
| Net revenues: | ||||||||||||||
| Value-added services (VAS) | 2,836,596 | 2,912,485 | 2,967,415 | 5,643,936 | 5,879,900 | |||||||||
| Advertising | 2,448,888 | 2,588,788 | 3,130,759 | 4,446,523 | 5,719,547 | |||||||||
| Mobile games | 1,612,333 | 1,522,552 | 1,391,902 | 3,343,488 | 2,914,454 | |||||||||
| IP derivatives and others | 439,873 | 448,210 | 449,847 | 906,991 | 898,057 | |||||||||
| Total net revenues | 7,337,690 | 7,472,035 | 7,939,923 | 14,340,938 | 15,411,958 | |||||||||
| Cost of revenues | (4,661,844 | ) | (4,698,795 | ) | (4,984,967 | ) | (9,125,994 | ) | (9,683,762 | ) | ||||
| Gross profit | 2,675,846 | 2,773,240 | 2,954,956 | 5,214,944 | 5,728,196 | |||||||||
| Operating expenses: | ||||||||||||||
| Sales and marketing expenses | (1,048,189 | ) | (1,152,711 | ) | (1,062,592 | ) | (2,215,164 | ) | (2,215,303 | ) | ||||
| General and administrative expenses | (509,631 | ) | (532,667 | ) | (510,848 | ) | (1,025,269 | ) | (1,043,515 | ) | ||||
| Research and development expenses | (866,414 | ) | (921,107 | ) | (1,008,646 | ) | (1,707,891 | ) | (1,929,753 | ) | ||||
| Total operating expenses | (2,424,234 | ) | (2,606,485 | ) | (2,582,086 | ) | (4,948,324 | ) | (5,188,571 | ) | ||||
| Profit from operations | 251,612 | 166,755 | 372,870 | 266,620 | 539,625 | |||||||||
| Other (expense)/income: | ||||||||||||||
| Investment (loss)/income, net (including impairments) | (56,875 | ) | 64,551 | (74,102 | ) | (119,078 | ) | (9,551 | ) | |||||
| Interest income | 101,639 | 107,832 | 100,895 | 195,812 | 208,727 | |||||||||
| Interest expense | (35,506 | ) | (39,337 | ) | (37,549 | ) | (68,077 | ) | (76,886 | ) | ||||
| Exchange losses | (11,710 | ) | (74,555 | ) | (89,671 | ) | (23,369 | ) | (164,226 | ) | ||||
| Debt extinguishment loss | (2 | ) | - | - | (2 | ) | - | |||||||
| Others, net | (4,518 | ) | (3,963 | ) | 99,050 | (6,355 | ) | 95,087 | ||||||
| Total other (expense)/income, net | (6,972 | ) | 54,528 | (1,377 | ) | (21,069 | ) | 53,151 | ||||||
| Profit before income tax | 244,640 | 221,283 | 371,493 | 245,551 | 592,776 | |||||||||
| Income tax expense | (26,357 | ) | (19,288 | ) | (32,417 | ) | (37,945 | ) | (51,705 | ) | ||||
| Net profit | 218,283 | 201,995 | 339,076 | 207,606 | 541,071 | |||||||||
| Net loss attributable to noncontrolling interests | 719 | 7,784 | 4,653 | 2,294 | 12,437 | |||||||||
| Net profit attributable to Bilibili Inc.’s shareholders | 219,002 | 209,779 | 343,729 | 209,900 | 553,508 | |||||||||
| Net profit per share, basic | 0.52 | 0.50 | 0.82 | 0.50 | 1.32 | |||||||||
| Net profit per ADS, basic | 0.52 | 0.50 | 0.82 | 0.50 | 1.32 | |||||||||
| Net profit per share, diluted | 0.51 | 0.48 | 0.78 | 0.49 | 1.25 | |||||||||
| Net profit per ADS, diluted | 0.51 | 0.48 | 0.78 | 0.49 | 1.25 | |||||||||
| Weighted average number of ordinary shares, basic | 419,443,582 | 419,457,332 | 418,461,204 | 419,763,214 | 418,956,516 | |||||||||
| Weighted average number of ADS, basic | 419,443,582 | 419,457,332 | 418,461,204 | 419,763,214 | 418,956,516 | |||||||||
| Weighted average number of ordinary shares, diluted | 437,370,780 | 459,453,791 | 453,578,335 | 431,601,628 | 456,513,310 | |||||||||
| Weighted average number of ADS, diluted | 437,370,780 | 459,453,791 | 453,578,335 | 431,601,628 | 456,513,310 | |||||||||
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 | For the Six Months Ended | ||||||||
| June 30, | March 31, | June 30, | June 30, | June 30, | |||||
| 2025 | 2026 | 2026 | 2025 | 2026 | |||||
| RMB | RMB | RMB | RMB | RMB | |||||
| Share-based compensation expenses included in: | |||||||||
| Cost of revenues | 26,314 | 29,407 | 28,078 | 50,310 | 57,485 | ||||
| Sales and marketing expenses | 19,800 | 23,828 | 22,122 | 36,217 | 45,950 | ||||
| General and administrative expenses | 137,165 | 155,814 | 135,717 | 281,662 | 291,531 | ||||
| Research and development expenses | 101,568 | 107,364 | 96,771 | 207,423 | 204,135 | ||||
| Total | 284,847 | 316,413 | 282,688 | 575,612 | 599,101 | ||||
| BILIBILI INC. Unaudited Condensed Consolidated Balance Sheets (All amounts in thousands, except for share and per share data) | |||||
| December 31, | June 30, | ||||
| 2025 | 2026 | ||||
| RMB | RMB | ||||
| Assets | |||||
| Current assets: | |||||
| Cash and cash equivalents | 12,183,538 | 5,163,796 | |||
| Time deposits | 5,522,327 | 9,766,542 | |||
| Restricted cash | 50,800 | 800 | |||
| Accounts receivable, net | 1,268,219 | 1,681,119 | |||
| Prepayments and other current assets | 2,077,999 | 2,190,632 | |||
| Short-term investments | 6,447,197 | 9,369,368 | |||
| Total current assets | 27,550,080 | 28,172,257 | |||
| Non-current assets: | |||||
| Property and equipment, net | 695,105 | 2,076,571 | |||
| Production cost, net | 1,599,896 | 1,376,169 | |||
| Intangible assets, net | 3,109,603 | 2,893,031 | |||
| Goodwill | 2,818,125 | 2,818,125 | |||
| Long-term investments, net | 4,761,653 | 4,570,559 | |||
| Other long-term assets | 633,301 | 572,862 | |||
| Total non-current assets | 13,617,683 | 14,307,317 | |||
| Total assets | 41,167,763 | 42,479,574 | |||
| Liabilities | |||||
| Current liabilities: | |||||
| Accounts payable | 5,497,415 | 6,283,459 | |||
| Salary and welfare payables | 1,710,322 | 1,485,188 | |||
| Taxes payable | 405,887 | 400,415 | |||
| Short-term loans and current portion of long-term debts | 4,860,846 | 4,878,643 | |||
| Deferred revenue | 4,661,863 | 4,636,240 | |||
| Accrued liabilities and other payables | 3,190,679 | 3,705,014 | |||
| Total current liabilities | 20,327,012 | 21,388,959 | |||
| Non-current liabilities: | |||||
| Long-term debts | 4,775,871 | 4,635,647 | |||
| Other long-term liabilities | 516,317 | 540,847 | |||
| Total non-current liabilities | 5,292,188 | 5,176,494 | |||
| Total liabilities | 25,619,200 | 26,565,453 | |||
| Total Bilibili Inc.’s shareholders’ equity | 15,573,282 | 15,951,277 | |||
| Noncontrolling interests | (24,719 | ) | (37,156 | ) | |
| Total shareholders’ equity | 15,548,563 | 15,914,121 | |||
| Total liabilities and shareholders’ equity | 41,167,763 | 42,479,574 | |||
| 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 Six Months Ended | |||||||||||||
| June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||
| 2025 | 2026 | 2026 | 2025 | 2026 | ||||||||||
| RMB | RMB | RMB | RMB | RMB | ||||||||||
| Profit from operations | 251,612 | 166,755 | 372,870 | 266,620 | 539,625 | |||||||||
| Add: | ||||||||||||||
| Share-based compensation expenses | 284,847 | 316,413 | 282,688 | 575,612 | 599,101 | |||||||||
| Amortization expense related to intangible assets acquired through business acquisitions | 36,692 | 40,687 | 40,687 | 73,384 | 81,374 | |||||||||
| Adjusted profit from operations | 573,151 | 523,855 | 696,245 | 915,616 | 1,220,100 | |||||||||
| Net profit | 218,283 | 201,995 | 339,076 | 207,606 | 541,071 | |||||||||
| Add: | ||||||||||||||
| Share-based compensation expenses | 284,847 | 316,413 | 282,688 | 575,612 | 599,101 | |||||||||
| Amortization expense related to intangible assets acquired through business acquisitions | 36,692 | 40,687 | 40,687 | 73,384 | 81,374 | |||||||||
| Income tax related to intangible assets acquired through business acquisitions | (4,136 | ) | (1,731 | ) | (1,731 | ) | (8,272 | ) | (3,462 | ) | ||||
| Loss on fair value change in investments in publicly traded companies | 25,641 | 28,066 | 42,907 | 74,510 | 70,973 | |||||||||
| Loss on repurchase of convertible senior notes | 2 | - | - | 2 | - | |||||||||
| Adjusted net profit | 561,329 | 585,430 | 703,627 | 922,842 | 1,289,057 | |||||||||
| Net profit margin | 3.0 | % | 2.7 | % | 4.3 | % | 1.4 | % | 3.5 | % | ||||
| Adjusted net profit margin | 7.6 | % | 7.8 | % | 8.9 | % | 6.4 | % | 8.4 | % | ||||
| Net loss attributable to noncontrolling interests | 719 | 7,784 | 4,653 | 2,294 | 12,437 | |||||||||
| Adjusted net profit attributable to BilibiliInc.’s shareholders | 562,048 | 593,214 | 708,280 | 925,136 | 1,301,494 | |||||||||
| Adjusted net profit per share, basic | 1.34 | 1.41 | 1.69 | 2.20 | 3.11 | |||||||||
| Adjusted net profit per ADS, basic | 1.34 | 1.41 | 1.69 | 2.20 | 3.11 | |||||||||
| Adjusted net profit per share, diluted | 1.29 | 1.31 | 1.58 | 2.15 | 2.89 | |||||||||
| Adjusted net profit per ADS, diluted | 1.29 | 1.31 | 1.58 | 2.15 | 2.89 | |||||||||
| Weighted average number of ordinary shares, basic | 419,443,582 | 419,457,332 | 418,461,204 | 419,763,214 | 418,956,516 | |||||||||
| Weighted average number of ADS, basic | 419,443,582 | 419,457,332 | 418,461,204 | 419,763,214 | 418,956,516 | |||||||||
| Weighted average number of ordinary shares, diluted | 437,370,780 | 459,453,791 | 453,578,335 | 431,601,628 | 456,513,310 | |||||||||
| Weighted average number of ADS, diluted | 437,370,780 | 459,453,791 | 453,578,335 | 431,601,628 | 456,513,310 | |||||||||
