Bilibili Inc. Q1 2026 Earnings Recap

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%.