Bilibili (BILI) Q4 FY25 earnings call

Earnings call· Dec 2025 (Q4 FY25)· Information Technology· Mar 5, 2026

Source: earnings call transcript

Bilibili achieved its first full year of GAAP profitability in FY25, driven by strong user engagement and accelerating advertising revenue growth. The company continues to see content consumption upgrades towards high-quality content, reinforcing its community-centric model. Strategic investments in AI are aimed at further enhancing content creation, user discovery, and monetization efficiency, positioning Bilibili for sustained growth as its user base matures.

You’re reading a preview. Opening the full call uses 1 concall credit.

BILI operating KPIs by quarter

BILI operating KPIs stated on its earnings calls, by fiscal quarter
KPI	This call Dec 2025 Q4 FY25	Mar 2026 Q1 FY26	Jun 2026 Q2 FY26	Change vs prior quarter
Daily active users (DAU)	113M DAU growth accelerated every single quarter year-over-year, up 4% in Q1, 7% in Q2, 9% in Q3 and 10% in Q4, hitting 113 million users. Source: earnings call transcript	115M In Q1, DAUs grew 8% year-over-year to 115 million and MAUs increased to 376 million. Source: earnings call transcript	117M In Q2, DAUs increased by 7% year-over-year to 117 million, while MAUs grew to 371 million. Source: earnings call transcript	+1.7%
Monthly active users (MAU)	366M Q4 MAUs also grew by 8% year-over-year to 366 million. Source: earnings call transcript	376M In Q1, DAUs grew 8% year-over-year to 115 million and MAUs increased to 376 million. Source: earnings call transcript	371M In Q2, DAUs increased by 7% year-over-year to 117 million, while MAUs grew to 371 million. Source: earnings call transcript	-1.3%
Average daily time spent per user	107 In Q4, average daily time spend continued to rise, up 8% to 107 minutes. Source: earnings call transcript	—	113 Average daily time spend rose to 113 minutes from 105 minutes a year ago, which drove total time spent of over 14%. Source: earnings call transcript	—
Monthly paying users	36M This is reflected in our MPUs, which surged 21% year-over-year to a record 36 million. Source: earnings call transcript	34.4M Meanwhile, MPUs increased by 7% year-over-year to 34.4 million as more users directly pay for content and services they truly care about on our platform. Source: earnings call transcript	33.4M Meanwhile, MPUs increased 7% year-over-year to 33.4 million, reflecting users increasing willingness to pay for the content and community experiences they truly value. Source: earnings call transcript	-2.9%
Official members	284M+ By the end of 2025, we had over 284 million official members and their 12-month retention rate remained stable at around 80%. Source: earnings call transcript	291M In the first quarter, total user time spent rose 19% year-over-year and 291 million official members maintained an 80% 12-month retention rate. Source: earnings call transcript	299M By the end of Q2, our official members reached 299 million with 12-month retention remaining solid at around 80%. Source: earnings call transcript	+2.7%
Official member 12-month retention rate	~80% By the end of 2025, we had over 284 million official members and their 12-month retention rate remained stable at around 80%. Source: earnings call transcript	80% In the first quarter, total user time spent rose 19% year-over-year and 291 million official members maintained an 80% 12-month retention rate. Source: earnings call transcript	~80% By the end of Q2, our official members reached 299 million with 12-month retention remaining solid at around 80%. Source: earnings call transcript	—
Paid subscribers	25.3M Premium memberships reached 25.3 million by year-end, up 12% year-over-year supported by a strong performance from our Chinese anime slate led by our hit production, Mortal's Journey to Immortality, [Foreign Language], annual subscriptions and auto renewals remained around 80%, highlighting the loyalty and long-term commitment of our core community. Source: earnings call transcript	24.8M Premium members reached 24.8 million by the end of the first quarter, up 5% year-over-year. Source: earnings call transcript	25.7M At the end of Q2, premium members reached 25.7 million up 9% year-over-year with around 80% on annual or auto renewal plans. Source: earnings call transcript	+3.6%

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.