Bilibili (BILI) Q3 2025 earnings summary

Executive summary

• Achieved strong user and financial growth in Q3 2025, with record highs in DAUs (117.3 million, up 9% year-over-year), MAUs (376 million, up 8%), and user engagement metrics, driven by high-quality content and a vibrant community.

• Monthly paying users reached 35 million, up 17% year-over-year, with premium memberships and fan charging programs as key drivers.

• Net profit reached RMB 469.4 million, reversing a net loss in the same period last year.

• Adjusted net profit surged 233% year-over-year to RMB 786 million, reflecting improved operational efficiency.

• Advertising revenue grew 23% year-over-year, supported by AI-driven ad infrastructure and diversified advertiser base.

Financial highlights

• Total net revenues rose 5% year-over-year to RMB 7.7 billion (US$1.08 billion).

• Gross profit increased 11% year-over-year to RMB 2.82 billion, with gross margin expanding to 36.7% from 34.9%.

• Non-GAAP operating profit surged 153% year-over-year to RMB 688 million, with a 9% margin.

• Net cash provided by operating activities was RMB 2.02 billion.

• Cash and equivalents stood at RMB 23.5 billion as of September 30, 2025.

Outlook and guidance

• Gross margin expected to reach 37% in Q4, with a midterm target of 40%-45%.

• Adjusted operating margin projected to improve to around 10% in Q4, with a midterm target of 15%-30%.

• Management highlights robust growth opportunities in video-based content and commerce, with increasing user engagement and monetization potential.

• Continued investment in high-quality revenue engines, new game development, and AI talent.

• Focus on user growth, engagement, and monetization efficiency.