Weibo Announces Fourth Quarter and Fiscal Year 2025 Unaudited Financial Results and Annual Dividend

Rhea-AI Summary

Weibo (NASDAQ: WB) reported fourth-quarter 2025 net revenues of US$473.3M (Q4 net loss US$4.7M) and fiscal 2025 net revenues of US$1.76B with fiscal net income of US$449.0M (diluted EPS US$1.70). Monthly active users were 567M and average DAUs were 252M. The board approved an annual cash dividend of US$0.61 per share (~US$150M), payable in May 2026.

Q4 operating margin was 19% (non-GAAP 21%); year operating margin was 26% (non-GAAP 30%). Cash, cash equivalents and short-term investments totaled US$2.4B.

Positive

• Net income for fiscal 2025 of US$449.0M (diluted EPS US$1.70)
• Annual cash dividend approved of US$0.61 per share (~US$150M)
• Cash, cash equivalents and short-term investments of US$2.4B at Dec 31, 2025
• MAUs of 567M and average DAUs of 252M in December 2025

Negative

• Q4 net loss of US$4.7M versus Q4 2024 net income of US$8.9M
• Q4 operating margin declined to 19% from 26% (700 bps decline)
• Q4 costs and expenses rose 13% year-over-year to US$381.7M
• Cash from operations for 2025 fell 19% to US$519.5M from US$639.9M

News Market Reaction – WB

-10.65% 3.8x vol

14 alerts

-10.65% Session close to close

-7.1% Trough in 7 hr 51 min

$2.37B Market Cap

3.8x Rel. Volume

In the Mar 18 session, WB declined 10.65%, reflecting a significant negative market reaction. Argus tracked a trough of -7.1% from its starting point during tracking. Our momentum scanner triggered 14 alerts that day, indicating notable trading interest and price volatility. Trading volume was very high at 3.8x the daily average, suggesting heavy selling pressure.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock dropped -10.7% in the session following this news. A negative reaction despite the US$150M...

Analysis

The stock dropped -10.7% in the session following this news. A negative reaction despite the US$150M dividend and flat FY2025 revenues of US$1.76B would fit the past pattern, as the 2024 dividend-and-earnings combo saw a -3.16% move. Weaker Q4 margins versus last year and flat advertising and VAS revenues could reinforce skepticism. With WB trading 25.39% below its 52-week high, investors may focus on growth visibility and monetization efficiency.

Key Figures

Q4 2025 net revenues: US$473.3 million FY2025 net revenues: US$1.76 billion FY2025 operating margin: 26% +5 more

8 metrics

Q4 2025 net revenues US$473.3 million Fourth quarter 2025, up 4% year-over-year

FY2025 net revenues US$1.76 billion Fiscal year 2025, flat year-over-year

FY2025 operating margin 26% Income from operations of US$464.8 million in 2025

Q4 2025 non-GAAP operating margin 21% Non-GAAP income from operations of US$100.4 million

FY2025 non-GAAP net income US$439.8 million Non-GAAP net income attributable to shareholders in 2025

Cash & short-term investments US$2.4 billion Balance as of December 31, 2025

Annual dividend size US$150 million Aggregate cash dividend for FY2025

Dividend per share US$0.61 Per ordinary share or ADS for FY2025 dividend

Previous Dividends,earnings Reports

1 past event · Latest: Mar 13 (Neutral)

Same Type Pattern 1 events

Date	Event	Sentiment	24h Move	Catalyst
Mar 13	Earnings and dividend	Neutral	-3.2%	Q4 and FY2024 results plus US$200M annual dividend announcement.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

The last dividend-plus-earnings announcement on Mar 13, 2025 saw a next-day move of -3.16%, indicating past market caution around this combination.

Recent Company History

In the past year, WB’s key benchmark for this release is the Mar 13, 2025 announcement of Q4 and FY2024 results with a US$200M annual dividend and operating margin of 28% for FY2024. That report featured US$456.8M in Q4 revenues, US$1.75B for FY2024, and MAUs/DAUs of 590M/260M. The stock moved -3.16% over the next 24 hours, offering a reference point for how markets previously reacted to a similar full-year results plus dividend package.

Key Terms

ads, non-gaap, adjusted ebitda, withholding tax, +4 more

8 terms

ads financial

"US$0.61 per ordinary share, or US$0.61 per ADS, to holders of ordinary shares"

Ads are paid promotional messages a company places across media — online, on TV, in print, or on social platforms — to attract customers, explain products, or shape public perception. For investors, ads matter because they drive sales growth, affect how much a company must spend to win customers, and influence brand strength and long-term value. Ads can also create regulatory or reputational risk if claims are misleading, which can affect profits and stock price.

non-gaap financial

"This release contains the following non-GAAP financial measures: non-GAAP income from operations"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

adjusted ebitda financial

"Adjusted EBITDA represents non-GAAP net income attributable to Weibo's shareholders before interest"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

withholding tax financial

"increased withholding tax accrued related to all of the Company's wholly-foreign owned enterprises"

Withholding tax is a government-required portion of a payment—such as dividends, interest, or salary—that the payer keeps back and sends directly to tax authorities before the recipient receives the money. For investors it reduces the cash they actually get and changes the after-tax return on an investment; rates and refund or credit rules vary by country and can materially affect comparisons between similar investments, like a cashier holding part of a bill to cover taxes.

equity method investments financial

"non-GAAP to GAAP reconciling items on the share of equity method investments"

An equity method investment is an accounting approach used when a company owns a significant share of another company and can influence its decisions but does not fully control it; instead of listing the investment at cost, the investor records its share of the other company's profits or losses on its own income statement and adjusts the investment value on the balance sheet. For investors, this matters because it links the investor’s reported earnings and asset values directly to the financial performance of that partly-owned business, similar to how a partner’s gains affect a small business owner’s books.

ifrs financial

"reconciling material differences between its consolidated financial statements prepared under U.S. GAAP and IFRS"

International Financial Reporting Standards (IFRS) are a set of common accounting rules used by many companies worldwide to prepare financial statements, so numbers like revenue, profit and assets are measured in the same way across borders. For investors, IFRS matters because it makes it easier to compare the financial health and performance of different companies—like using the same ruler to measure different objects—reducing surprises and helping informed investment decisions.

form 20-f regulatory

"The company indicates it files annual reports on Form 20-F."

Form 20-F is the standardized annual disclosure that non-U.S. companies must file with the U.S. securities regulator when their shares are traded in the U.S.; it contains audited financial statements, a plain-language description of the business, management discussion, governance details and key risk factors. It matters to investors because it provides a consistent, comparable company “report card” and rulebook, helping buyers assess financial health, governance and risks before investing.

form 6-k regulatory

"Weibo Corporation published its unaudited financial results ... via Form 6-K as a foreign issuer"

A Form 6-K is a report that companies listed in certain countries file to provide important updates, such as financial results, corporate changes, or other significant information, to regulators and investors. It functions like an official company update or news release, helping investors stay informed about developments that could affect their investment decisions.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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BEIJING, March 18, 2026 /PRNewswire/ -- Weibo Corporation ("Weibo" or the "Company") (Nasdaq: WB and HKEX: 9898), a leading social media in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2025 and annual dividend.

"We ended the year 2025 with solid performance in the fourth quarter," said Gaofei Wang, CEO of Weibo. "On the user front, we focused on enhancing user value through reinforcing our social features and optimizing recommendation content ecosystem to improve content consumption. On the AI technology front, we continued to see robust growth of the user scale and search queries of our intelligent search function throughout this year, which further enhanced users' content consumption efficiency and drove more coherent and in-depth search demands on the platform. On the monetization front, our advertising business exhibited stabilized trend in 2025, driven by strong performance of certain key industries. We continued to beef up our efforts in strengthening our position in content marketing and strengthening AI capability to improve advertising efficiency. As our commitment to enhancing shareholder return, we are pleased to announce that our board of directors has approved an annual dividend payout of US$150 million to our shareholders for fiscal year 2025."

Fourth Quarter 2025 Highlights

• Net revenues were US$473.3 million, an increase of 4% year-over-year or an increase of 1% year-over-year on a constant currency basis ^[1].
• Advertising and marketing revenues were US$403.8 million, an increase of 5% year-over-year or an increase of 2% year-over-year on a constant currency basis ^[1].
• Value-added services ("VAS") revenues were US$69.5 million, a decrease of 2% year-over-year or a decrease of 4% year-over-year on a constant currency basis ^[1].
• Income from operations was US$91.6 million, representing an operating margin of 19%.
• Net loss attributable to Weibo's shareholders was US$4.7 million and diluted net loss per share was US$0.02.
• Non-GAAP income from operations was US$100.4 million, representing a non-GAAP operating margin of 21%.
• Non-GAAP net income attributable to Weibo's shareholders was US$66.4 million and non-GAAP diluted net income per share was US$0.25.
• Monthly active users ("MAUs") were 567 million in December 2025.
• Average daily active users ("DAUs") were 252 million in December 2025.

[1] We define constant currency (non-GAAP) by assuming that the average exchange rate in the fourth quarter of 2025 had been the same as it was in the fourth quarter of 2024, or RMB7.17=US$1.00.

Fiscal Year 2025 Highlights

• Net revenues were US$1.76 billion, flat year-over-year and flat year-over-year on a constant currency basis ^[2].
• Advertising and marketing revenues were US$1.50 billion, flat year-over-year and flat year-over-year on a constant currency basis ^[2].
• Value-added services ("VAS") revenues were US$255.6 million, flat year-over-year and flat year-over-year on a constant currency basis ^[2].
• Income from operations was US$464.8 million, representing an operating margin of 26%.
• Net income attributable to Weibo's shareholders was US$449.0 million and diluted net income per share was US$1.70.
• Non-GAAP income from operations was US$523.6 million, representing a non-GAAP operating margin of 30%.
• Non-GAAP net income attributable to Weibo's shareholders was US$439.8 million and non-GAAP diluted net income per share was US$1.65.

[2] We define constant currency (non-GAAP) by assuming that the average exchange rate of 2025 had been the same as it was in 2024, or RMB7.18=US$1.00.

Fourth Quarter 2025 Financial Results

For the fourth quarter of 2025, Weibo's total net revenues were US$473.3million, an increase of 4% compared to US$456.8 million for the same period last year.

Advertising and marketing revenues for the fourth quarter of 2025 were US$403.8 million, an increase of 5% compared to US$385.9 million for the same period last year. The increase was primarily driven by robust growth of advertising revenues from the ecommerce and local service sectors. Advertising and marketing revenues excluding advertising revenues from Alibaba were US$353.8 million, an increase of 2% compared to US$345.5 million for the same period last year.

VAS revenues for the fourth quarter of 2025 were US$69.5 million, a decrease of 2% year-over-year compared to US$71.0 million for the same period last year.

Costs and expenses for the fourth quarter of 2025 totaled US$381.7 million, an increase of 13% compared to US$338.9 million for the same period last year. The increase was mainly resulted from increased ad production cost and marketing expense. 

Income from operations for the fourth quarter of 2025 was US$91.6 million, compared to US$117.9 million for the same period last year. Operating margin was 19%, compared to 26% last year. Non-GAAP income from operations was US$100.4 million, compared to US$136.2 million for the same period last year. Non-GAAP operating margin was 21%, compared to 30% last year.

Non-operating loss for the fourth quarter of 2025 was US$57.6 million, compared to non-operating loss of US$85.1 million for the same period last year. Non-operating loss for the fourth quarter of 2025 mainly included (i) net interest and other loss of US$28.4 million; and (ii) loss from fair value change of investments of US$28.1 million, which was excluded under non-GAAP measures.

Income tax expenses for the fourth quarter of 2025 were US$31.3 million, compared to US$20.0 million for the same period last year. The increase of tax expense was primarily due to increased withholding tax accrued related to all of the Company's wholly-foreign owned enterprises' ("WFOE") earnings, to be remitted to Weibo Hong Kong Limited in the foreseeable future to fund its demand for U.S. dollars in business operations and potential investments, etc.

Net loss attributable to Weibo's shareholders for the fourth quarter of 2025 was US$4.7 million, compared to net income of US$8.9 million for the same period last year. Diluted net loss per share attributable to Weibo's shareholders for the fourth quarter of 2025 was US$0.02, compared to diluted net income per share attributable to Weibo's shareholders of US$0.04 for the same period last year. Non-GAAP net income attributable to Weibo's shareholders for the fourth quarter of 2025 was US$66.4 million, compared to US$106.6 million for the same period last year. Non-GAAP diluted net income per share attributable to Weibo's shareholders for the fourth quarter of 2025 was US$0.25, compared to US$0.40 for the same period last year.

As of December 31, 2025, Weibo's cash, cash equivalents and short-term investments totaled US$2.4 billion. For the fourth quarter of 2025, cash provided by operating activities was US$181.4 million, capital expenditures totaled US$10.4 million, and depreciation and amortization expenses amounted to US$15.3 million.

Fiscal Year 2025 Financial Results

For fiscal year 2025, Weibo's total net revenues were US$1.76 billion, relatively flat compared to US$1.75 billion in 2024.

Advertising and marketing revenues for 2025 were US$1.50 billion, relatively flat compared to US$1.50 billion in 2024. Advertising and marketing revenues excluding advertising revenues from Alibaba were US$1.33 billion, a decrease of 4% compared to US$1.38 billion for 2024.

VAS revenues for 2025 were US$255.6 million, relatively flat compared to US$256.0 million for 2024.

Costs and expenses for 2025 totaled US$1.29 billion, an increase of 3% compared to US$1.26 billion for 2024.

Income from operations for 2025 was US$464.8 million, compared to US$494.3 million for 2024. Operating margin for 2025 was 26%, compared to 28% last year. Non-GAAP income from operations was US$523.6 million, compared to US$584.1 million for 2024. Non-GAAP operating margin was 30%, compared to 33% last year.

Non-operating income for 2025 was US$140.8 million, compared to non-operating loss of US$73.7 million for 2024. Non-operating income in 2025 mainly included (i) net interest and other income of US$125.0 million, compared to US$0.9 million last year, with the increase mainly due to the equity pick up gain of US$76.7 million in 2025, compared to equity pick up loss of US$12.2 million in 2024; (ii) gain from fair value change of investments of US$21.3 million, which was excluded under non-GAAP measures; and (iii) investment related impairment of US$6.0 million, which was excluded under non-GAAP measures.

Income tax expenses for 2025 were US$144.5 million, compared to US$110.6 million for 2024. The increase was primarily due to i) increased withholding tax accrued related to all of the Company's WFOEs' earnings, to be remitted to Weibo Hong Kong Limited in the foreseeable future to fund its demand for U.S. dollars in business operations and potential investments, etc.; and ii) the recognition of deferred tax liability related to equity pick up gains in 2025.

Net income attributable to Weibo's shareholders for 2025 was US$449.0 million, compared to US$300.8 million for 2024. Diluted net income per share attributable to Weibo's shareholders for 2025 was US$1.70, compared to US$1.16 for 2024. Non-GAAP net income attributable to Weibo's shareholders for 2025 was US$439.8 million, compared to US$478.6 million for 2024. Non-GAAP diluted net income per share attributable to Weibo's shareholders for 2025 was US$1.65, compared to US$1.82 for 2024.

For fiscal year 2025, cash provided by operating activities was US$519.5 million, compared to US$639.9 million for 2024. Capital expenditures totaled US$42.4 million, and depreciation and amortization expenses amounted to US$59.1 million.

Annual Cash Dividend

The Company announced that its board of directors (the "Board") approved an annual cash dividend for the year ended December 31, 2025 of US$0.61 per ordinary share, or US$0.61 per ADS, to holders of ordinary shares and holders of ADSs, respectively, as of the close of business on April 17, 2026 Beijing/Hong Kong Time and New York Time, respectively, payable in U.S. dollars. The aggregate amount of cash dividends to be paid will be approximately US$150 million. For holders of Class A ordinary shares, in order to qualify for the dividend, all valid documents for the transfer of shares accompanied by the relevant share certificates must be lodged for registration with the Company's Hong Kong branch share registrar, Computershare Hong Kong Investor Services Limited, at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen's Road East, Wanchai, Hong Kong, no later than 4:30 p.m. on April 17, 2026 (Beijing/Hong Kong Time). The payment date is expected to be on or around May 15, 2026 for holders of ordinary shares and on or around May 22, 2026 for holders of ADSs.

Conference Call

Weibo's management team will host a conference call from 7:00 AM to 8:00 AM Eastern Time on March 18, 2026 (or 7:00 PM to 8:00 PM Beijing Time on March 18, 2026) to present an overview of the Company's financial performance and business operations.

Participants who wish to dial in to the teleconference must register through the below public participant link. Dial in and instruction will be in the confirmation email upon registering.

Participants Registration Link: https://register-conf.media-server.com/register/BI9a9688ac375946edb8d4042347b0d850

Additionally, a live and archived webcast of this conference call will be available at http://ir.weibo.com.

Non-GAAP Financial Measures

This release contains the following non-GAAP financial measures: non-GAAP income from operations, non-GAAP net income attributable to Weibo's shareholders, non-GAAP diluted net income per share attributable to Weibo's shareholders and adjusted EBITDA. These non-GAAP financial measures should be considered in addition to, not as a substitute for, measures of the Company's financial performance prepared in accordance with U.S. GAAP.

The Company's non-GAAP financial measures exclude stock-based compensation, amortization of intangible assets resulting from business acquisitions, net results of impairment and provision on investments, gain/loss on sale of investments and fair value change of investments, non-GAAP to GAAP reconciling items on the share of equity method investments, non-GAAP to GAAP reconciling items for the income/loss attributable to non-controlling interests, income tax expense related to the amortization of intangible assets resulting from business acquisitions and fair value change of investments (other non-GAAP to GAAP reconciling items have no tax effect), and amortization of issuance cost of convertible senior notes, unsecured senior notes and long-term loans. Adjusted EBITDA represents non-GAAP net income attributable to Weibo's shareholders before interest income/expense, net, income tax expenses/benefits, and depreciation expenses.

The Company's management uses these non-GAAP financial measures in their financial and operating decision-making, because management believes these measures reflect the Company's ongoing operating performance in a manner that allows more meaningful period-to-period comparisons. The Company believes that these non-GAAP financial measures provide useful information to investors and others in the following ways: (i) in comparing the Company's current financial results with the Company's past financial results in a consistent manner, and (ii) in understanding and evaluating the Company's current operating performance and future prospects in the same manner as management does. The Company also believes that the non-GAAP financial measures provide useful information to both management and investors by excluding certain expenses, gains/losses and other items (i) that are not expected to result in future cash payments or (ii) that are non-recurring in nature or may not be indicative of the Company's core operating results and business outlook.

Use of non-GAAP financial measures has limitations. The Company's non-GAAP financial measures do not include all income and expense items that affect the Company's operations. They may not be comparable to non-GAAP financial measures used by other companies. Accordingly, care should be exercised in understanding how the Company defines its non-GAAP financial measures. Reconciliations of the Company's non-GAAP financial measures to the nearest comparable GAAP measures are set forth in the section below titled "Unaudited Reconciliation of Non-GAAP to GAAP Results."

About Weibo

Weibo is a leading social media for people to create, share and discover content online. Weibo combines the means of public self-expression in real time with a powerful platform for social interaction, content aggregation and content distribution. Any user can create and post a feed and attach multi-media and long-form content. User relationships on Weibo may be asymmetric; any user can follow any other user and add comments to a feed while reposting. This simple, asymmetric and distributed nature of Weibo allows an original feed to become a live viral conversation stream.

Weibo enables its advertising and marketing customers to promote their brands, products and services to users. Weibo offers a wide range of advertising and marketing solutions to companies of all sizes. Weibo generates a substantial majority of its revenues from the sale of advertising and marketing services, including the sale of social display advertisement and promoted marketing offerings. Weibo displays content in a simple information feed format and offers native advertisement that conform to the information feed on our platform. We are continuously refining our social interest graph recommendation engine, which enables our customers to perform people marketing and target audiences based on user demographics, social relationships, interests and behaviors, to achieve greater relevance, engagement and marketing effectiveness.

Safe Harbor Statement

This press release 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," "future," "intends," "plans," "believes," "confidence," "estimates" and similar statements. Among other things, Weibo's expected financial performance and strategic and operational plans, as described, without limitation, in quotations from management in this press release, contain forward-looking statements. Weibo may also make written or oral forward-looking statements in the Company's periodic reports to the U.S. Securities and Exchange Commission ("SEC"), 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 statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, Weibo's limited operating history in certain new businesses; failure to sustain or grow active user base and the level of user engagement; the uncertain regulatory landscape in China; fluctuations in the Company's quarterly operating results; the Company's reliance on advertising and marketing sales for a majority of its revenues; failure to successfully develop, introduce, drive adoption of or monetize new features and products; failure to compete effectively for advertising and marketing spending; failure to successfully integrate acquired businesses; risks associated with the Company's investments, including equity pick-up and impairment; failure to compete successfully against new entrants and established industry competitors; changes in the macro-economic environment, including the depreciation of the Renminbi; and adverse changes in economic and political policies of the PRC government and its impact on the Chinese economy. Further information regarding these and other risks is included in Weibo's annual reports on Form 20-F and other filings with the SEC and the Hong Kong Stock Exchange. All information provided in this press release is current as of the date hereof, and Weibo assumes no obligation to update such information, except as required under applicable law.

Contact:
Investor Relations
Weibo Corporation
Phone: +86 10 5898-3336
Email: ir@staff.weibo.com

 

WEIBO CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands of U.S. dollars, except per share data)
		Three months ended				Twelve months ended
		December 31,		December 31,		December 31,		December 31,
		2024		2025		2024		2025
Net revenues:
Advertising and marketing		$          385,850		$          403,799		$       1,498,693		$          1,501,630
Value-added services		70,977		69,459		255,984		255,586
	Net revenues	456,827		473,258		1,754,677		1,757,216
Costs and expenses:
Cost of revenues (1)		100,529		123,396		369,521		421,837
Sales and marketing (1)		139,863		153,478		480,791		490,434
Product development (1)		75,921		92,224		308,747		324,222
General and administrative (1)		22,634		12,557		101,294		55,898
	Total costs and expenses	338,947		381,655		1,260,353		1,292,391
Income from operations		117,880		91,603		494,324		464,825
Non-operating income (loss):
Investment related income (loss), net		(86,737)		(29,186)		(74,557)		15,792
Interest and other income (loss), net		1,618		(28,402)		888		124,979
		(85,119)		(57,588)		(73,669)		140,771
Income before income tax expenses		32,761		34,015		420,655		605,596
Less: Income tax expenses		20,034		31,283		110,550		144,521
Net income		12,727		2,732		310,105		461,075
Less: Net income attributable to non-controlling interests		992		1,335		2,556		2,968
Accretion to redeemable non-controlling interests		2,870		6,119		6,748		9,087
Net income (loss) attributable to Weibo's shareholders		$               8,865		$             (4,722)		$           300,801		$             449,020
Basic net income (loss) per share attributable to Weibo's shareholders		$                 0.04		$                (0.02)		$                  1.27		$                    1.88
Diluted net income (loss) per share attributable to Weibo's shareholders		$                 0.04		$                (0.02)		$                  1.16		$                    1.70
Shares used in computing basic net income (loss) per share attributable
to Weibo's shareholders		237,970		239,281		237,324		238,787
Shares used in computing diluted net income (loss) per share attributable
to Weibo's shareholders		239,983		239,281		265,241		268,560
(1) Stock-based compensation in each category:
	Cost of revenues	$                1,115		$                    429		$                 5,954		$                    3,502
	Sales and marketing	2,553		768		13,041		7,901
	Product development	6,079		1,868		33,403		18,537
	General and administrative	3,650		1,512		17,316		12,127

 

WEIBO CORPORATION
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. dollars)
				As of
				December 31,		December 31,
				2024		2025
Assets
	Current assets:
			Cash and cash equivalents	$         1,890,632		$         2,298,941
			Short-term investments	459,852		106,139
			Accounts receivable, net	339,754		400,209
			Prepaid expenses and other current assets	348,774		330,356
			Amount due from SINA(1)	452,769		441,143
			Current assets subtotal	3,491,781		3,576,788
	Property and equipment, net			215,034		282,442
	Goodwill and intangible assets, net			272,004		265,573
	Long-term investments			1,389,199		1,663,346
	Other non-current assets			1,136,481		1,303,037
	Total assets			$         6,504,499		$         7,091,186
Liabilities, Redeemable Non-controlling Interests and Shareholders' Equity
	Liabilities:
		Current liabilities:
			Accounts payable	$             158,435		$            248,977
			Accrued expenses and other current liabilities	652,369		648,492
			Income tax payable	84,690		80,049
			Deferred revenues	72,642		78,315
			Current liabilities subtotal	968,136		1,055,833
		Long-term liabilities:
			Convertible senior notes	320,803		323,944
			Unsecured senior notes	744,662		745,630
			Long-term loans	795,311		793,976
			Other long-term liabilities	96,701		164,240
			Total liabilities	2,925,613		3,083,623
	Redeemable non-controlling interests			45,103		32,828
	Shareholders' equity :
		Weibo shareholders' equity		3,482,771		3,920,729
		Non-controlling interests		51,012		54,006
			Total shareholders' equity	3,533,783		3,974,735
	Total liabilities, redeemable non-controlling interests and     shareholders' equity			$         6,504,499		$         7,091,186
	(1) Included short-term loans to and interest receivable from SINA of US$417.7 million as of December 31, 2024 and US$401.9 million as of December 31, 2025.

 

WEIBO CORPORATION
UNAUDITED RECONCILIATION OF NON-GAAP TO GAAP RESULTS
(In thousands of U.S. dollars, except per share data)
				Three months ended						Twelve months ended
				December 31,			December 31,			December 31,			December 31,
				2024			2025			2024			2025
Income from operations				$	117,880		$	91,603		$	494,324		$	464,825
Add:	Stock-based compensation				13,397			4,577			69,714			42,067
	Amortization of intangible assets resulting from business acquisitions				4,874			4,247			20,056			16,727
Non-GAAP income from operations				$	136,151		$	100,427		$	584,094		$	523,619
Net income (loss) attributable to Weibo's shareholders				$	8,865		$	(4,722)		$	300,801		$	449,020
Add:	Stock-based compensation				13,397			4,577			69,714			42,067
	Amortization of intangible assets resulting from business   acquisitions				4,874			4,247			20,056			16,727
	Investment related gain/loss, net (1)				86,737			29,186			74,557			(15,792)
	Non-GAAP to GAAP reconciling items on the share of equity   method investments				(5,598)			44,959			13,323			(71,866)
	Non-GAAP to GAAP reconciling items for the income/loss   attributable to non-controlling interests				(346)			(511)			(1,718)			(2,086)
	Tax effects on non-GAAP adjustments (2)				(3,284)			(13,278)			(6,581)			14,004
	Amortization of  issuance cost of convertible senior notes, unsecured   senior notes and long-term loans				1,943			1,943			8,485			7,772
Non-GAAP net income attributable to Weibo's shareholders				$	106,588		$	66,401		$	478,637		$	439,846
Non-GAAP diluted net income per share attributable to Weibo's   shareholders				$	0.40	*	$	0.25	*	$	1.82	*	$	1.65	*
Shares used in computing GAAP diluted net income (loss) per share attributable   to Weibo's shareholders					239,983			239,281			265,241			268,560
Add:	The number of shares for dilution resulted from convertible senior notes (3)				26,411			29,492			-			-
	The number of shares for dilution resulted from stock options and   unvested restricted share units (3)				-			1,191			-			-
Shares used in computing non-GAAP diluted net income per share   attributable to Weibo's shareholders					266,394			269,964			265,241			268,560
Adjusted EBITDA:
	Net income (loss) attributable to Weibo's shareholders			$	8,865		$	(4,722)		$	300,801		$	449,020
	Non-GAAP adjustments				97,723			71,123			177,836			(9,174)
	Non-GAAP net income attributable to Weibo's shareholders				106,588			66,401			478,637			439,846
		Interest income, net			(1,514)			(12,942)			(26,423)			(42,158)
		Income tax expenses			23,318			44,561			117,131			130,517
		Depreciation expenses			9,248			10,763			36,819			41,254
	Adjusted EBITDA			$	137,640		$	108,783		$	606,164		$	569,459
Net revenues				$	456,827		$	473,258		$	1,754,677		$	1,757,216
Non-GAAP operating margin					30 %			21 %			33 %			30 %
(1)	To adjust impairment and provision on investments, gain/loss on sale of investments and fair value change of investments.
(2)	To adjust the income tax effects of non-GAAP adjustments, which primarily related to amortization of intangible assets resulting from business acquisitions and fair value change of investments. Other non-GAAP adjustment items have no tax effect, because (i) they were recorded in entities established in tax free jurisdictions, or (ii) full valuation allowances were provided for related deferred tax assets as it is more-likely-than-not they will not be realized.
(3)	To adjust the number of shares for dilution resulted from convertible debt, stock options and unvested restricted share units which were anti-dilutive under GAAP measures.
*	Net income attributable to Weibo's shareholders is adjusted for interest expense of convertible senior notes for calculating diluted EPS.

 

WEIBO CORPORATION
UNAUDITED ADDITIONAL INFORMATION
(In thousands of U.S. dollars)
			Three months ended				Twelve months ended
			December 31,		December 31,		December 31,		December 31,
			2024		2025		2024		2025
Net revenues
	Advertising and marketing
	Non-Ali advertisers		$          345,528		$          353,803		$       1,381,908		$       1,327,796
	Alibaba		40,322		49,996		116,785		173,834
	Subtotal		385,850		403,799		1,498,693		1,501,630
	Value-added services		70,977		69,459		255,984		255,586
			$          456,827		$          473,258		$       1,754,677		$       1,757,216

 

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SOURCE Weibo Corporation

FAQ

What dividend did Weibo (WB) announce for fiscal 2025 and when is the payment date?

Weibo approved a US$0.61 per share annual cash dividend, totaling about US$150 million. According to the company, the record date is April 17, 2026 and payment is expected on or around May 15 (ordinary shares) and May 22, 2026 (ADS).

What were Weibo's fourth-quarter 2025 revenues and profitability (WB)?

Weibo reported Q4 2025 net revenues of US$473.3 million with a net loss of US$4.7 million. According to the company, Q4 operating margin was 19% and non-GAAP operating margin was 21%.

How did Weibo perform for full-year 2025 in earnings per share and net income (WB)?

Weibo posted fiscal 2025 net income attributable to shareholders of US$449.0M, or diluted EPS of US$1.70. According to the company, non-GAAP diluted EPS was US$1.65 for 2025.

What user metrics did Weibo report for December 2025 (WB)?

Weibo reported 567 million MAUs and 252 million average DAUs in December 2025. According to the company, these metrics reflect continued user scale growth and engagement improvements tied to AI search and content features.

Did Weibo's operating costs change materially in Q4 2025 and what drove it (WB)?

Yes. Q4 2025 costs and expenses rose by 13% year-over-year to US$381.7 million. According to the company, the increase was mainly due to higher ad production costs and marketing expenses.

How strong is Weibo’s cash position after fiscal 2025 results (WB)?

Weibo held US$2.4 billion in cash, cash equivalents and short-term investments as of December 31, 2025. According to the company, operating cash provided for 2025 was US$519.5 million, down from US$639.9 million in 2024.