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BIBILI

Bilibili (BILI) Q4 FY25 earnings call: guidance and Q&A

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

Source: earnings call transcript

Executive summary

Bilibili Q4 FY25 — First Full Year GAAP Profitability and Strong User Engagement

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.

Highlights

5

  • Achieved first full year GAAP net profit of RMB 1.2 billion in FY25.

  • Q4 advertising revenue grew 27% year-over-year to RMB 3.0 billion, exceeding expectations.

  • Q4 adjusted net profit nearly doubled to RMB 878 million, with margin expanding to 10.6%.

  • DAU grew 10% year-over-year to 113 million in Q4, with average daily time spent up 8% to 107 minutes.

  • Monthly Paying Users (MPUs) surged 21% year-over-year to a record 36 million.

Concerns

1

  • Q4 game revenues were down 14% year-over-year to RMB 1.5 billion, reflecting a high base from the prior year.

Guidance & targets

CategoryTargetConfidence
Gross profit margin
improve slightly quarter-over-quarter
medium materiality
Medium
Adjusted operating margin
continue to improve year-over-year
medium materiality
Medium
Gross profit margin
40% to 45%
high materiality
High
Adjusted operating margin
15% to 20%
high materiality
High
NCard official rollout
around mid this year
medium materiality
High
Lumi Master paid beta testing
in the second quarter
medium materiality
High
Lumi Master official launch
globally within this year
medium materiality
High
San Mou global rollout
across more Asian markets later this year
medium materiality
High
Advertising business growth
continuous growth and further expansion in terms of market share
high materiality
High

Segment performance

SegmentRevenueYoYQoQMargin
VAS (Value-Added Services)
VAS revenues grew 6% year-over-year in Q4, driven by stronger user willingness to pay for content and services. Live broadcasting maintained steady growth and gross margin expansion. Premium memberships reached 25.3 million by year-end, supported by Chinese anime slate.
Premium memberships: 25.3 million (year-end 2025)Premium memberships growth YoY: 12%Premium memberships annual subscriptions and auto renewals: ~80%Fan charging program revenue growth FY25: doubledUsers supporting creators via fan charging FY25: >10 million
RMB 3.3 billion6%——
Advertising
Advertising revenues accelerated to RMB 3.0 billion in Q4, up 27% year-over-year, exceeding expectations. This industry-leading growth reflects rising user value and improved ad efficiency, with significant contributions from AI advertisers and new ad inventories.
Full year advertising revenues FY25: RMB 10.1 billionFull year advertising revenues growth FY25: 23%Top 5 ad verticals: games, digital products and home appliances, Internet services, e-commerce and automotiveHome decoration ad spend growth YoY Q4: >80%AI-related ad budgets growth YoY Q4: ~180%Ad spend aimed at deeper conversions growth YoY 2025: >40%Negative user feedback (ads) reduction 2025: >50%Smart ad delivery system cold start success rates lift 2025: ~300%Ad revenue from search, PC, OTT growth YoY: >60%
RMB 3.0 billion27%——
Mobile Games
Game revenues were down 14% year-over-year in Q4 due to a high base set by San Mou in the prior year. Full year game revenues still grew 14%. The company is focused on extending the lifecycle of San Mou and expanding it globally, while new self-developed titles like Escape from Duckov show strong potential.
Full year game revenues FY25: RMB 6.4 billionFull year game revenues growth FY25: 14%Escape from Duckov copies sold (first 3 weeks): >3 millionGame revenue from long-term operating games: ~70%
RMB 1.5 billion-14%——
IP Derivatives and Other
This segment contributed 6% of total revenues in Q4 2025.
RMB 0.5 billion———

BILI operating KPIs by quarter

BILI operating KPIs stated on its earnings calls, by fiscal quarter
KPIThis call Dec 2025 Q4 FY25 Mar 2026 Q1 FY26 Jun 2026 Q2 FY26Change 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.

Product announcements

ProductTypeDetails
Video podcast initiativelaunch
Escape from Duckovlaunch
NCardroadmap
Lumi Masterroadmap

Risks & headwinds

Game revenue decline due to high base Q4 FY25

Game revenues were down 14% year-over-year to RMB 1.5 billion in Q4

Mitigation:Focusing on extending the title's life cycle by elevating user experience and maintaining balanced monetization for San Mou; global expansion of San Mou; exploring new self-developed titles like Escape from Duckov.

Competitive market for advertising budgets 2026

overall market environment is still very much about competing for the existing market shares

Mitigation:Improving monetization efficiency, leveraging AI to strengthen capabilities, focusing on quality of conversion for advertisers, and targeting Bilibili's young, high-value user base.

What to watch in Q1 FY26

Gross profit margin trajectory

Q1 FY26
Current 37.0% in Q4 FY25
Target improve slightly quarter-over-quarter

Why it matters

Continued margin expansion is key to Bilibili's profitability goals and operational leverage.

We expect gross profit will improve slightly quarter-over-quarter in the first quarter

Find out whether BILI delivers this. Inve re-checks your case every morning.

Q&A highlights

How does Bilibili maintain user and time spent growth amidst competition, and what are the strategies to retain creators and users?

Management emphasized that Bilibili's core growth driver is the continuous supply of high-quality content, fostered by its fertile community that appreciates and spreads great content. This community provides crucial feedback for creators, leading to a continuous influx of new talent. The strategy involves focusing on high-quality content positioning and improving creator monetization and long-term creation support.

“The core driver behind Bilibili growth is the continued increase in supply those high-quality content on our platform. I've mentioned this before, in the content industry, the end game of competition is about quality.”

asked by Lincoln Kong · answered by Rui Chen

2 min read 5 chapters

Detailed narrative

User Growth and Engagement Momentum

Bilibili experienced accelerating user growth throughout 2025, with Q4 DAU reaching 113 million (up 10% YoY) and MAU growing 8% YoY to 366 million. Average daily time spent increased 8% to 107 minutes, reflecting a shift towards high-quality PUGV content. Watch time for videos longer than 5 minutes grew over 20%, with lifestyle content up 30%, Chinese anime up 56%, and game-related content up 24% in Q4.

Commercialization Milestones and Advertising Strength

The company achieved its first full year of GAAP profitability in FY25, reporting RMB 1.2 billion net profit on RMB 30.3 billion total revenue (up 13% YoY). Q4 advertising revenue surged 27% YoY to RMB 3.0 billion, driven by rising user value and improved ad efficiency. AI advertisers significantly ramped up spending, climbing nearly 180% YoY in Q4, indicating Bilibili's appeal to tech-savvy audiences.

AI Integration and Creator Ecosystem

Bilibili is integrating AI across its platform to enhance content discovery, boost distribution efficiency, and empower creators. AI-driven tools have streamlined content creation, with AI music videos reaching the million-view milestone growing over fivefold YoY in Q4. Nearly 3 million creators earned income on the platform in 2025, with average income per creator growing 21% YoY, fostering a robust creator ecosystem.

Game Business Strategy and Pipeline

The game business focuses on extending the lifecycle of existing titles like San Mou, which saw a 14% YoY revenue decline in Q4 due to a high base but is expanding globally. New self-developed titles like Escape from Duckov (sold over 3 million copies in 3 weeks) are being adapted for consoles and mobile. The pipeline includes NCard and Lumi Master, with NCard targeting a mid-2026 rollout and Lumi Master a Q2 2026 beta and global launch within the year.

Financial Resilience and Margin Expansion

Bilibili demonstrated strong financial resilience, with Q4 gross profit margin reaching 37.0% (14th consecutive quarter of expansion) and adjusted operating profit margin improving to 10.1%. Adjusted net profit margin expanded to 10.6% from 5.8% YoY. The company generated RMB 1.8 billion in operating cash flow in Q4 and RMB 7.1 billion for the full year, ending FY25 with RMB 24.2 billion in cash and investments.

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