Bilibili Inc.

Bilibili Inc. Earnings Recaps

BILI Communication Services 3 recaps
Q1 2026 May 20, 2026

Bilibili's Q1 results show moderate progress with 7% revenue growth and continued margin expansion, but the market responded cautiously, reflected in a modest 1.9% stock increase. While engagement and advertising revenue grew steadily, the market appears to be digesting the absence of a stronger upside or more aggressive guidance.

Key takeaways
  • Daily Active Users increased 8% year-over-year to 115 million, with average daily time spent rising 11 minutes to 119 minutes, driving a 19% increase in total user time spent.
  • Advertising revenue grew 30% year-over-year to RMB 2.6 billion, fueled by strong contributions from games, AI advertisers (+170% YoY ad budgets), and digital product segments.
  • Total revenues rose 7% year-over-year to RMB 7.5 billion; gross margin expanded to 37.1%, marking the 15th consecutive quarter of margin improvement.
  • Operating profit increased more than tenfold year-over-year, while adjusted net profit grew 62% with a non-GAAP net profit margin of 7.8%.
  • Creator ecosystem showed healthy growth with daily active creators up 6%, daily submissions increasing 19%, and average creator income rising 24%.
Full recap
Q3 2025 Nov 13, 2025

Solid growth and improved profitability were key highlights for Bilibili in Q3 2025, as the company leveraged its engaged community and quality content to enhance commercial value.

Key takeaways
  • Daily active users (DAUs) reached 117 million, up 9% year over year, while monthly active users (MAUs) grew 8% to 376 million.
  • Total net revenues increased 5% year over year to RMB 7.7 billion, with gross profit rising 11% and gross margin expanding to 36.7%.
  • Non-GAAP net profit surged 233% year over year, reflecting successful cost management and a shift toward higher-margin revenue streams.
  • Monthly paying users rose 17% year over year to a record 35 million, driven by increased engagement with gaming and value-added services.
  • The launch of the successful game "Escape from Duckhoff, Haori Yakufu" reinforces Bilibili's capabilities in game development, catering to a growing market demand.
Full recap
Q2 2025 Aug 21, 2025

Bilibili demonstrated robust performance in Q2 2025, achieving a 20% year-over-year revenue increase, driven by significant growth in its gaming and advertising segments.

Key takeaways
  • Total net revenues reached RMB 7.3 billion, supported by a 60% increase in gaming revenues and a 20% rise in advertising revenues.
  • Gross profit soared by 46% year-over-year, with gross margin expanding to 36.5%.
  • Daily active users (DAUs) grew to 109 million, reflecting a 7% increase, alongside a 9% rise in monthly paying users to 31 million.
  • Engagement metrics improved, with average daily time spent increasing to 105 minutes, driven by high-quality content offerings.
  • The successful Bilibili World event attracted over 400,000 participants, showcasing the platform's strong community engagement and brand vitality.
Full recap