Jun 2026 (Q2 FY26) — Aug 27, 2026
Bilibili Q2 FY26 — Strong Growth in Users, Ad Revenue, and Profitability
Read the full callBilibili (BILI) earnings
- Dec 2022
- Jun 2026 (Q2 FY26)
- Dec 2025
Bilibili earnings: last reported Thu, 27 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 960 | Quarterly, as filed | Quarter to Dec 2022 | Revenue from operations as filed. No quarter a year earlier is in the series, so no change is shown. | |
| Operating margin | -37.9 | Operating profit / revenue | Quarter to Dec 2022 | For the quarter; a change is in percentage points. No quarter a year earlier is in the series, so no change is shown. | |
| Net profit | Quarterly, as filed | Quarter to Dec 2022 | Not in the filed figures for the quarter to dec 2022. No older figure is substituted. |
Guidance
What management said, and what became of it
16 of 18 judged targets kept · 14 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Advertising market share | further expansion | Dec 2025 | Advertising revenue grew 28% year-over-year, marking another quarter of industry-leading growth. | On Track |
| Adjusted operating margin | year-over-year improvement | Dec 2025 | our adjusted operating profit margin reached 7.0% in the first quarter versus 4.9% in the same period a year ago. | Achieved |
| Ncard San Guo game launch | Launch | Sep 2025 | We're iterating the product and optimizing user acquisition as we prepare for its official launch this July. | Missed |
2 of Bilibili Inc.'s 32 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 29 more targets are in the full ledger.
Claimed
- DAUs increased by 7% year-over-year to 117 million.
- Advertising revenue grew 28% year-over-year to RMB 3.1 billion, marking 14th straight quarter of over 20% YoY growth.
- Adjusted net profit reached RMB 704 million, up 25% year-over-year, with margin expanding to 8.9%.
- Gross margin expanded to 37.2%, marking 16th consecutive quarter of improvement.
- Total time spent on platform expanded by 14% year-over-year.
Qualified
- Game revenues were RMB 1.4 billion, down 14% year-over-year, mainly due to a high base set last year.
- Total operating expenses were up 7% year-over-year to RMB 2.6 billion, with R&D up 16% due to continued AI investments.
Price
$14.43 +1.12% · +$0.16
Performance −45.1% 1Y
1Y: $26.3 on 14 Oct 2025 → $14.43. High $35.92 (28 Jan 2026), low $14.27 (14 Oct 2026).
- Previous close
- $14.27
- 52-week range
- $14.27 – $35.92
- One year
- −46.32%
Overview
- Symbol
- BILI
- Sector
- Information Technology
- Industry
- Services-Computer Processing & Data Preparation
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
16 of 18 judged targets kept · 14 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Advertising market share | further expansion | Dec 2025 | Advertising revenue grew 28% year-over-year, marking another quarter of industry-leading growth. | On Track |
| Adjusted operating margin | year-over-year improvement | Dec 2025 | our adjusted operating profit margin reached 7.0% in the first quarter versus 4.9% in the same period a year ago. | Achieved |
| Ncard San Guo game launch | Launch | Sep 2025 | We're iterating the product and optimizing user acquisition as we prepare for its official launch this July. | Missed |
Claimed
- DAUs increased by 7% year-over-year to 117 million.
- Advertising revenue grew 28% year-over-year to RMB 3.1 billion, marking 14th straight quarter of over 20% YoY growth.
- Adjusted net profit reached RMB 704 million, up 25% year-over-year, with margin expanding to 8.9%.
- Gross margin expanded to 37.2%, marking 16th consecutive quarter of improvement.
- Total time spent on platform expanded by 14% year-over-year.
Qualified
- Game revenues were RMB 1.4 billion, down 14% year-over-year, mainly due to a high base set last year.
- Total operating expenses were up 7% year-over-year to RMB 2.6 billion, with R&D up 16% due to continued AI investments.
The full ledger
Open Bilibili Inc.’s full ledger
A free account opens 5 company ledgers a month. All 32 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 19, 2026
Bilibili Q1 FY26 — Strong Growth in Community, Commercialization, and Profitability Driven by AI
Read the full callDec 2025 (Q4 FY25) — Mar 5, 2026
Bilibili Q4 FY25 — First Full Year GAAP Profitability and Strong User Engagement
Read the full callEvery analysed call
Bilibili earnings calls (BILI)
Financials
What the filings say
| Line item | Dec 2022 |
|---|---|
| Sales | 960 |
| Operating profit | -364 |
| Operating margin | −37.9% |
| Interest | 10 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 1,648 | 1,648 | 2,817 | — | — | — | — | — |
| Total liabilities | 480 | 1,132 | 2,465 | 4,761 | 3,855 | 2,642 | 2,547 | 3,663 |
| Fixed assets | 57 | 74 | 117 | 212 | 178 | 101 | 81 | 99 |
| Investments | 137 | 181 | 515 | 2,363 | 670 | 374 | 371 | 922 |
| Total assets | 1,526 | 2,229 | 3,658 | 8,168 | 6,065 | 4,670 | 4,480 | 5,887 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 107 | 28 | 115 | -415 | -567 | 38 | 824 | 1,022 |
| Cash from investing | -465 | -569 | -1,365 | -3,857 | 1,538 | 248 | -19 | -1,336 |
| Cash from financing | 724 | 730 | 1,277 | 4,769 | -631 | -715 | -387 | 584 |
| Net cash flow | 404 | 204 | -44 | 446 | 386 | -415 | 419 | 277 |
| Capital expenditure | -43 | -43 | -92 | -151 | -110 | -26 | -64 | -73 |
| Free cash flow | 65 | -15 | 23 | -567 | -677 | 12 | 760 | 949 |
BILI operating KPIs by quarter
| KPI | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|
| Daily active users (DAU) | 113MDAU 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 | 115MIn Q1, DAUs grew 8% year-over-year to 115 million and MAUs increased to 376 million.Source: earnings call transcript | 117MIn 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) | 366MQ4 MAUs also grew by 8% year-over-year to 366 million.Source: earnings call transcript | 376MIn Q1, DAUs grew 8% year-over-year to 115 million and MAUs increased to 376 million.Source: earnings call transcript | 371MIn 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 | 107In Q4, average daily time spend continued to rise, up 8% to 107 minutes.Source: earnings call transcript | — | 113Average 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 | 36MThis is reflected in our MPUs, which surged 21% year-over-year to a record 36 million.Source: earnings call transcript | 34.4MMeanwhile, 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 | 33.4MMeanwhile, 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 | 291MIn 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 | 299MBy 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 | 25.3MPremium 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 | 24.8MPremium members reached 24.8 million by the end of the first quarter, up 5% year-over-year.Source: earnings call transcript | 25.7MAt 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.
Insider filings
3 filings, all on Sep 16, 2026.
Open market
decisions to buy or sellNobody bought or sold BILI on the open market in this window. The filings below are 3 awards.
Compensation
not trading decisions- 3
- Award — granted as compensation
Latest filings (3)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 16, 2026 | Chen Rui Chairman of the Board and CEO | Award | 4,000,000 | $0 |
| Sep 16, 2026 | Fan Xin Chief Financial Officer | Award | 400,000 | $0 |
| Sep 16, 2026 | Li Ni Vice Chairwoman and COO | Award | 4,000,000 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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