Weibo (WB) investor relations material

Executive summary

• Q4 2025 revenues reached $473.3M, up 4% year-over-year, driven by advertising growth in ecommerce and local services.

• Full-year 2025 revenues were $1.76B, flat year-over-year, with advertising and VAS revenues also flat.

• Q4 non-GAAP operating income was $100.4M (21% margin); full-year non-GAAP operating income was $503.6M (30% margin).

• Q4 net income was $66.4M (14% margin); full-year net income was $439.8M (25% margin).

• Announced an annual cash dividend of $150M ($0.61 per share/ADS) for FY2025.

Financial highlights

• Q4 advertising and marketing revenues rose 5% year-over-year to $403.8M; VAS revenues declined 2% to $69.5M.

• Full-year ad revenues were $1.5B, flat year-over-year; VAS revenues were $255.6M, flat year-over-year.

• Q4 operating margin was 21% (down from 30% last year); full-year operating margin was 30% (down from 33%).

• Q4 income tax expense rose to $31.3M due to withholding tax accruals; full-year income tax expense was $144.5M.

• Cash, equivalents, and short-term investments totaled $2.41B at year-end.

Outlook and guidance

• 2026 strategy focuses on user value, experience, and long-term retention.

• Plans to enhance user growth, engagement, and content ecosystem, with video as a key driver.

• Monetization to focus on brand marketing, KOL investment, and AI-powered ad solutions.

• Expect gradual returns from new marketing initiatives in H2 2026 and beyond.

• Management highlighted ongoing focus on AI-driven content recommendations and advertising efficiency.