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BILI

Bilibili Inc.

BILI

Bilibili Inc. • NASDAQ
$26.63 ▲ 0.81% (+0.21)
Market Cap $11.14 B
52w High $32.50
52w Low $14.47
Dividend Yield 0%
P/E 106.5
Volume 763.00K
Outstanding Shares 418.36M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $7.338B ▲ $2.424B ▼ $219.002M ▲ 2.985% ▲ $0.52 ▲ $280.146M ▼
Q1-2025 $7.003B ▼ $2.524B ▼ $-9.102M ▼ -0.13% ▼ $-0.022 ▼ $567.879M ▲
Q4-2024 $7.734B ▲ $2.662B ▲ $89.96M ▲ 1.163% ▲ $0.22 ▲ $85.387M ▲
Q3-2024 $7.306B ▲ $2.614B ▲ $-79.515M ▲ -1.088% ▲ $-0.19 ▲ $-70.4M ▲
Q2-2024 $6.127B $2.418B $-608.7M -9.934% $-1.46 $-594.494M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $22.291B ▲ $38.794B ▲ $24.638B ▲ $14.163B ▼
Q1-2025 $17.532B ▲ $33.28B ▲ $18.9B ▲ $14.386B ▲
Q4-2024 $16.683B ▲ $32.699B ▲ $18.595B ▲ $14.108B ▲
Q3-2024 $15.234B ▲ $32.021B ▲ $18.298B ▲ $13.727B ▲
Q2-2024 $13.912B $31.318B $17.737B $13.585B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $219.002M ▲ $1.989B ▲ $-4.981B ▼ $4.052B ▲ $1.074B ▲ $2.025B ▲
Q1-2025 $-9.102M ▼ $1.302B ▲ $-2.202B ▼ $250.777M ▲ $-580.325M ▼ $1.266B ▲
Q4-2024 $89.96M ▲ $0 $0 $0 $0 $0
Q3-2024 $-79.515M ▼ $0 ▼ $0 ▲ $0 ▲ $0 ▲ $0 ▼
Q2-2024 $0 $1.751B $-3.942B $-107.497M $-2.305B $1.844B

Revenue by Products

Product Q3-2022Q4-2022
Advertising
Advertising
 $3.55Bn ▲$1.51Bn ▼
E Commerce And Others
E Commerce And Others
 $1.96Bn ▲$1.13Bn ▼
Mobile Game Services
Mobile Game Services
 $3.88Bn ▲$1.15Bn ▼
Value Added Services
Value Added Services
 $6.37Bn ▲$2.35Bn ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past five years, even through tougher macro and regulatory periods, showing that the platform continues to attract users and advertisers. Profitability, while still fragile, has improved markedly: operating losses have narrowed from very heavy to much more manageable, and earnings before interest, taxes, and depreciation have moved from clearly negative to positive. Net losses are still present but shrinking quickly, which signals better cost control, improving monetization, or both. The main story on the income statement is a business that has shifted from a “grow at any cost” phase toward a more disciplined, efficiency-focused model while still expanding its top line.

Balance Sheet

Balance Sheet The balance sheet shows a company that has de‑risked compared with its peak investment period. Total assets have come down from earlier highs but now look more stable, reflecting a move from aggressive expansion to consolidation. Cash levels remain solid relative to the scale of the business, giving Bilibili flexibility to invest and absorb shocks. Debt has been brought down meaningfully from prior elevated levels, reducing financial risk and interest burden. Shareholder equity has held broadly steady, suggesting that cumulative losses have not yet severely eroded the capital base, but there is not much room for prolonged large losses without further pressure.

Cash Flow

Cash Flow Cash generation is one of the brightest spots. Operating cash flow has swung from clearly negative to strongly positive, indicating that the core business now funds itself rather than relying on external capital. Free cash flow has improved from sustained outflows to solidly positive territory, even after continued investment in technology and infrastructure. Capital spending remains meaningful but is no longer overwhelming the cash earned from operations. This pattern typically reflects better monetization of the user base, improved working capital management, and tighter control of nonessential spending.

Competitive Edge

Competitive Edge Bilibili occupies a distinctive niche in China’s online entertainment market, centered on anime, comics, games, and youth culture. Its strength lies in a deeply engaged community with strong identity and loyalty, reinforced by interactive features such as real‑time “bullet comments” that competitors have struggled to replicate in the same way. A rich ecosystem of creators and user‑generated content keeps the platform fresh and lowers reliance on costly licensed content. The business has diversified across advertising, live streaming, value‑added services, mobile games, and some e‑commerce, which spreads risk across several revenue sources. Key risks include intense competition from larger platforms, shifting content regulations in China, and the need to keep creator economics attractive while still improving profitability.

Innovation and R&D

Innovation and R&D Innovation is a core part of Bilibili’s story. The company has invested heavily in recommendation algorithms, AI‑driven moderation, and tools that enhance both user experience and creator productivity. It is pushing into AI‑assisted content creation, smarter ad targeting, and on‑device optimization, all aimed at longer viewing times and higher engagement. Bilibili is also building its own original animation and broader intellectual property, which can deepen its moat and create new monetization paths over time. Experiments with new formats—such as interactive short dramas, live streaming integrations, and expansion to in‑car and smart TV environments—show a willingness to adapt to evolving consumption habits. The flip side is ongoing high R&D and content investment needs, which must be balanced against the push for sustained profitability.

Summary

Bilibili has transitioned from a pure growth story with heavy losses to a more balanced business that still expands but now shows clear progress toward sustainable profitability. Revenue continues to climb, losses are shrinking, cash flow has turned positive, and the balance sheet is less leveraged than before, all of which reduce financial risk. Its competitive strength is built on a unique, highly engaged community and a strong creator ecosystem, supported by ongoing AI and product innovation. At the same time, it operates in a fiercely competitive, fast‑changing, and tightly regulated market, which creates ongoing uncertainty around growth, margins, and long‑term strategic direction. Overall, Bilibili looks like a maturing platform business with real competitive assets and improving financial discipline, but still in the middle—not the end—of its profitability journey.

NEWS

November 13, 2025 · 5:00 AM UTC

Bilibili Inc. Announces Third Quarter 2025 Financial Results

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October 23, 2025 · 6:00 AM UTC

Bilibili Inc. to Report Third Quarter 2025 Financial Results on Thursday, November 13, 2025

Read more