Bilibili ended 2025 with a mixture it had promised for years: sustained person momentum alongside its first full yr of GAAP profitability. The quarter’s outcomes additionally strengthened a structural shift within the firm’s mannequin: promoting is rising as the first development driver, whereas tighter price management continues to carry margins.
Bilibili reported fourth-quarter internet income of RMB 8.32 billion (USD 1.19 billion), up 8% year-on-year (YoY). Gross revenue elevated 11%, and gross margin improved to 37%, marking the corporate’s 14th consecutive quarter of margin growth. Internet revenue rose to RMB 514 million (USD 73.5 million) from RMB 89 million a yr earlier. Adjusted internet revenue climbed to RMB 878 million (USD 125.6 million), lifting adjusted internet margin to 10.6%.
For the complete yr, income grew 13% YoY to RMB 30.35 billion (USD 4.2 billion). Bilibili reported GAAP internet revenue of RMB 1.19 billion (USD 163.8 million), in contrast with a internet loss in 2024.
In response to consensus estimates by Zacks, Bilibili reported adjusted EPS of USD 0.28, above the USD 0.27 consensus forecast. Income of USD 1.19 billion exceeded the Zacks estimate by 2.87%.
Traders stay unenthused regardless of the headline beats. Bilibili’s US-listed shares closed at USD 25.55 on March 5, about 7.1% under the day gone by’s shut and effectively under the 52-week excessive of USD 36.4.
Promoting turns into Bilibili’s essential development driver
Promoting offered the clearest proof that engagement is translating into industrial worth. Promoting income rose 27% YoY to RMB 3.04 billion (USD 435 million) within the fourth quarter, considerably sooner than general income development. Full-year promoting income elevated 23% to RMB 10.06 billion (USD 1.4 billion).
Administration characterised the acceleration as a product and effectivity story quite than a cyclical rebound in promoting budgets. Through the earnings name, executives pointed to increasing promoting stock throughout extra eventualities, together with search, PC, and OTT (over-the-top) platforms. The corporate additionally cited enhancements in focusing on and conversion measurement pushed by synthetic intelligence instruments, in addition to a rising contribution from AI-focused advertisers.
Executives additional stated the platform’s person base is changing into extra invaluable to advertisers as customers age into higher-spending life phases.
The broader implication is that Bilibili is trying to develop promoting income with out considerably growing advert load. As an alternative, it’s counting on improved matching, conversion-focused codecs, and extra surfaces for monetization. The central threat mirrors that confronted by different content material platforms: how far promoting can scale with out eroding the person expertise tied to the platform’s fame for high-quality content material.
Group development and paying exercise improve
Bilibili’s person metrics strengthened towards the tip of the yr. Common day by day energetic customers rose 10% YoY to 113 million within the fourth quarter, whereas month-to-month energetic customers elevated 8% to 366 million. Common day by day time spent per energetic person climbed 8% to 107 minutes, indicating deeper engagement.
Administration additionally launched a direct indicator of spending exercise. Month-to-month paying customers reached a document 36 million, up 21% YoY.
Through the earnings name, executives attributed the expansion to what they described as a “content material consumption improve” towards longer, higher-quality video and interest-based communities. They pointed to stronger watch time for longer-form content material and growing creator exercise as proof that the platform’s content material flywheel stays intact.
Video games decline in This fall however stay secure for the yr
Gaming was the weakest phase in Bilibili’s fourth-quarter combine. Cellular video games income declined 14% YoY to RMB 1.54 billion (USD 220.3 million). Administration attributed the drop to a troublesome comparability following a powerful launch quarter within the earlier yr.
The total-year efficiency was extra secure. Cellular video games income elevated 14% to RMB 6.39 billion (USD 875.4 million), suggesting the phase stays resilient though quarterly income can fluctuate relying on launch timing.
Administration outlined two priorities. The primary is extending the lifecycle of its essential title, San Guo: Mou Ding Tian Xia, by means of seasonal updates and neighborhood engagement. The second is creating new titles with the potential to turn into class leaders. This method aligns with Bilibili’s broader technique, the place its neighborhood and content material ecosystem assist recreation advertising and distribution. Nevertheless, income can nonetheless fluctuate relying on launch schedules.
Price self-discipline continues to carry margins
The development in profitability was not pushed solely by income development. Working bills declined 3% YoY to RMB 2.58 billion within the fourth quarter. Gross sales and advertising bills fell 9%, largely on account of diminished advertising spending on video games. R&D spending remained practically unchanged at RMB 921 million.
Because of this, working revenue rose to RMB 504 million. Adjusted working revenue reached RMB 838 million, with an adjusted working margin of 10.1%.
Money technology strengthened the corporate’s monetary place. Working money stream totaled RMB 1.84 billion in This fall and RMB 7.15 billion for the complete yr. Bilibili ended 2025 with RMB 24.15 billion (USD 3.45 billion) in money, time deposits, and short-term investments.
Outlook facilities on margins and AI funding
Administration offered directional steerage quite than formal quantitative forecasts. Through the earnings name, CFO Xin Fan stated gross revenue ought to enhance barely quarter-on-quarter in Q1 2026. Adjusted working margin can also be anticipated to enhance YoY throughout the identical interval.
The corporate reiterated its medium- to long-term targets of 40–45% gross margin and 15–20% adjusted working margin.
On the identical time, Bilibili stated it plans to modestly improve funding in AI. A part of the incremental revenue will probably be reinvested into AI purposes tied to its core enterprise, with the acknowledged objective of enhancing high-quality content material provide and monetization effectivity.
The central query for buyers within the coming yr is whether or not Bilibili can maintain promoting development whereas preserving the neighborhood expertise that drives engagement. Latest outcomes recommend the platform’s development stays regular. The subsequent take a look at is how far working leverage can develop, significantly if gaming income stays uneven and AI spending rises.
Be aware: RMB figures are transformed to USD at a price of RMB 1 = USD 0.14 for reference, except in any other case acknowledged. Firm disclosures could apply totally different trade charges.
