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    BILI
    Earnings call· Dec 2025(Q4 FY25)

    Bilibili Q4 FY25 earnings call BILI

    Mar 5, 2026 Source

    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

    9
    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

    4
    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———

    Operational metrics

    40
    Daily Active Users (DAU)
    113 millionup 10% year-over-year
    Q4 FY25

    DAU growth accelerated every single quarter year-over-year, up 4% in Q1, 7% in Q2, 9% in Q3 and 10% in Q4.

    Monthly Active Users (MAU)
    366 millionup 8% year-over-year
    Q4 FY25

    Q4 MAUs also grew by 8% year-over-year to 366 million.

    Average daily time spent
    107 minutesup 8%
    Q4 FY25

    In Q4, average daily time spend continued to rise, up 8% to 107 minutes.

    Monthly Paying Users (MPUs)
    36 millionsurged 21% year-over-year
    Q4 FY25

    MPUs surged 21% year-over-year to a record 36 million.

    GAAP Net Profit
    RMB 1.2 billion
    FY25

    For the year, total revenues grew to RMB 30.3 billion, up 13% year-over-year and we reported a GAAP net profit of RMB 1.2 billion.

    Total Revenues
    RMB 8.3 billionup 8% year-over-year
    Q4 FY25

    In Q4, total revenues increased by 8% year-over-year to RMB 8.3 billion.

    Gross Profit
    RMB 3.1 billiongrew 11% year-over-year
    Q4 FY25

    gross profit grew 11% and gross profit margin rose to 37.0%, marking our 14th consecutive quarter of margin expansion.

    Gross Profit Margin
    37.0%up from 36.1% in the same period last year
    Q4 FY25

    gross profit grew 11% and gross profit margin rose to 37.0%, marking our 14th consecutive quarter of margin expansion.

    Adjusted Net Profit
    RMB 878 millionnearly doubled
    Q4 FY25

    our adjusted net profit nearly doubled to RMB 878 million, and our adjusted net profit margin expanded to 10.6%.

    Adjusted Net Profit Margin
    10.6%expanded to 10.6% from 5.8% in the same period last year
    Q4 FY25

    our adjusted net profit nearly doubled to RMB 878 million, and our adjusted net profit margin expanded to 10.6%.

    Average age of users
    26.5
    Start of 2026

    By the start of 2026, the average age of our users reached 26.5.

    Watch time for videos longer than 5 minutes
    >20%grew by more than 20%
    Q4 FY25

    watch time for videos longer than 5 minutes grew by more than 20%.

    Watch time of lifestyle content
    >30%grew by more than 30%
    Q4 FY25

    In Q4, watch time of lifestyle content grew by more than 30%.

    Watch time of Chinese anime content
    56%increased by 56% year-over-year
    Q4 FY25

    while Chinese anime and game-related content increased by 56% and 24% year-over-year, respectively.

    Watch time of game-related content
    24%increased by 24% year-over-year
    Q4 FY25

    while Chinese anime and game-related content increased by 56% and 24% year-over-year, respectively.

    Total watch time for video podcast
    >8 billion
    H2 2025

    In the second half of 2025, total watch time for video podcast exceeded 8 billion minutes.

    AI music videos reaching million view milestone
    over fivefoldgrew over fivefold year-over-year
    Q4 FY25

    In the fourth quarter, the number of AI music videos reaching the million view milestone, grew over fivefold year-over-year.

    Creators with over 1,000 followers
    >30%increased by more than 30% year-over-year
    Q4 FY25

    In Q4, the number of creators with over 1,000 followers increased by more than 30% year-over-year.

    Creators earning income
    nearly 3 million
    2025

    In 2025, nearly 3 million creators earned income on our platform across advertising in VAS channels.

    Average income per creator
    21%grew 21% year-over-year
    2025

    And with improved commercialization efficiency, average income per creator grew 21% year-over-year.

    Users supporting creators via fan charging
    >10 million
    2025

    Last year, more than 10 million users supported high-quality PUGV content and creators through fan charging.

    Active users following creators
    >90up from 81 a year ago
    Q4 FY25

    In Q4, each active user followed over 90 creators on average, up from 81 a year ago.

    Official members
    >284 million
    End of 2025

    By the end of 2025, we had over 284 million official members.

    Official members 12-month retention rate
    ~80%remained stable
    2025

    and their 12-month retention rate remained stable at around 80%.

    Bullet chats on CCTV partnership
    >133 million
    Chinese New Year

    On the day of the broadcast, more than 133 million bullet chats were shared.

    DAU on Chinese New Year broadcast day
    16%up 16% compared with last year
    Chinese New Year

    DAUs reached a record high, up 16% compared with last year.

    Ad spend aimed at deeper conversions
    >40%grew by more than 40% year-over-year
    2025

    Ad spend aimed at deeper conversions grew by more than 40% year-over-year.

    Negative user feedback (ads)
    >50%cut by over 50%
    2025

    and negative user feedback was cut by over 50%.

    Smart ad delivery system cold start success rates
    ~300%lifting cold start success rates by nearly 300% from last year
    2025

    Our smart ad delivery system and AI-powered creative tools, now streamlined campaign setups lifting cold start success rates by nearly 300% from last year.

    Ad revenue from search, PC, OTT
    >60%up by over 60% year-over-year
    Q4 FY25

    new openings in search. PC and OTT drove ad revenue in these scenarios, up by over 60% year-over-year.

    Cost of Revenues
    RMB 5.2 billionincreased by 6% year-over-year
    Q4 FY25

    Our cost of revenues increased by 6% year-over-year to RMB 5.2 billion in the fourth quarter.

    Total Operating Expenses
    RMB 2.6 billiondown 3% year-over-year
    Q4 FY25

    Our total operating expenses were down 3% year-over-year to RMB 2.6 billion in the fourth quarter.

    Sales and Marketing Expenses
    RMB 1.1 billiondecreased by 9% year-over-year
    Q4 FY25

    Sales and marketing expenses decreased by 9% year-over-year to RMB 1.1 billion, mainly due to decreased marketing expenses for our games.

    G&A Expenses
    RMB 528 millionincreased 4%
    Q4 FY25

    G&A expenses increased 4% to RMB 528 million.

    R&D Expenses
    RMB 921 millionflat
    Q4 FY25

    and R&D expenses were flat at RMB 921 million.

    Operating Profit
    RMB 504 millionup 299% year-over-year
    Q4 FY25

    Our operating profit was RMB 504 million, up 299% year-over-year.

    Adjusted Operating Profit
    RMB 838 million
    Q4 FY25

    Our adjusted operating profit was RMB 838 million.

    Adjusted Operating Profit Margin
    10.1%improving from 6.0% in the same period a year ago
    Q4 FY25

    and our adjusted operating profit margin reached 10.1%, improving from 6.0% in the same period a year ago.

    Net Profit
    RMB 514 millionversus RMB 89 million in Q4 2024
    Q4 FY25

    Net profit was RMB 514 million versus RMB 89 million in Q4 2024.

    Cash and Investments Balance
    RMB 24.2 billion
    As of 2025-12-31

    As of the 31st of December 2025, we had cash and cash equivalents, time deposits and short-term investments of RMB 24.2 billion or USD 3.5 billion.

    Industry KPIs

    5
    MetricValueDetails
    Family dap dau113 millionusers
    CAPEX compute commitmentsmodestly increase
    Advertising revenue by segmentRMB 3.0 billionRMB
    Share buyback capital returnedUSD 14.7 millionUSD
    Ai feature adoption monetization180%%

    Product announcements

    4
    ProductTypeDetails
    Video podcast initiativelaunch
    Escape from Duckovlaunch
    NCardroadmap
    Lumi Masterroadmap

    Risks & headwinds

    2
    Game revenue decline due to high baseQ4 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 budgets2026

    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

    5

    Gross profit margin trajectory

    Q1 FY26
    Current37.0% in Q4 FY25
    Targetimprove 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

    Q&A highlights

    5

    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 read5 chapters

    Detailed Narrative

    01

    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.

    02

    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.

    03

    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.

    04

    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.

    05

    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.

    AI-generated summary of the company’s earnings call. Not investment advice.