Bilibili (BILI) Q4 2025 earnings summary

Executive summary

• Achieved first full year of GAAP profitability in 2025, reversing prior year losses and marking a significant financial turnaround, with net profit of RMB 1.19 billion and adjusted net profit of RMB 2.59 billion.

• Revenues grew 13% YoY to RMB 30.3 billion, driven by value-added services, advertising, and mobile games.

• User engagement hit record highs: DAUs reached 113 million (up 10% YoY), MAUs 366 million, and average daily time spent per user rose 8% to 107 minutes.

• AI integration accelerated content creation, discovery, monetization, and commercial efficiency.

• Management highlighted improved monetization efficiency, disciplined cost control, and a strong balance sheet entering 2026.

Financial highlights

• 2025 total revenues reached RMB 30.3 billion, up 13% YoY; Q4 revenues were RMB 8.3 billion, up 8% YoY.

• Full year net profit was RMB 1.19 billion, compared to a net loss of RMB 1.36 billion in 2024; adjusted net profit reached RMB 2.59 billion.

• Gross profit margin improved to 36.6% for the year and 37.0% in Q4, marking 14 consecutive quarters of margin expansion.

• Operating cash flow was RMB 7.1 billion for the year and RMB 1.8 billion in Q4.

• Basic EPS for 2025 was RMB 2.85; adjusted basic EPS was RMB 6.18.

Outlook and guidance

• Confident in continued user and revenue growth in 2026, driven by high-quality content, AI investments, and expanding content categories.

• Advertising expected to remain the clearest growth driver; gross profit and adjusted operating margin to improve YoY.

• Mid- to long-term targets: 40%-45% gross profit margin and 15%-20% adjusted operating margin.

• Modest increase in AI investment planned for 2026 to further enhance content supply and monetization.

• Focus remains on sustainable growth, capital allocation, and long-term value creation.