The balance sheet has strengthened with total equity expanding to $16.0B in 2026Q2, though strategic leverage has increased with total debt rising to $9.5B and the D/E ratio reaching 0.60.
Bilibili Inc. (BILI) balance sheet — 11-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 |
|---|
| Total Current Assets | 28.18B | 27.57B | 19.76B | 18.73B | 24.45B | 36.45B | 15.74B | 10.32B | 6.55B | 2.15B | 1.4B | 852.55M |
| Cash & Short-Term Investments | 24.31B | 24.22B | 16.68B | 15.12B | 19.6B | 30.32B | 12.81B | 8.09B | 5.26B | 1.27B | 1.11B | 745.63M |
| Cash Only | 5.17B | 12.24B | 10.25B | 7.19B | 10.17B | 7.52B | 4.68B | 4.96B | 3.54B | 762.88M | 387.2M | 689.66M |
| Short-Term Investments | 19.14B | 11.98B | 6.43B | 7.93B | 9.42B | 22.8B | 8.13B | 3.13B | 1.72B | 505.23M | 722.07M | 55.97M |
| Accounts Receivable | 1.68B | 1.27B | 1.23B | 1.57B | 1.33B | 1.38B | 1.05B | 744.85M | 324.39M | 392.94M | 110.67M | 16.64M |
| Days Sales Outstanding | 18.55 | 15.26 | 16.69 | 25.5 | 22.14 | 26.03 | 32.05 | 40.11 | 28.68 | 58.1 | 77.19 | 46.36 |
| Inventory | 0 | 0 | 294.77M | 241M | 514.05M | 550.51M | 179.98M | 78.97M | 67.93M | 9.98M | 6.69M | 1.12M |
| Days Inventory Outstanding | 2.83 | - | 5.96 | 5.15 | 10.39 | 13.1 | 7.17 | 5.16 | 7.57 | 1.9 | 3.16 | 1.35 |
| Other Current Assets | 2.19B | 2.08B | 1.31B | 1.4B | 2.45B | 3.49B | 1.43B | 1.2B | 788.79M | 433.57M | 124.52M | 69.03M |
| Total Non-Current Assets | 14.31B | 13.63B | 12.94B | 14.43B | 17.38B | 15.61B | 8.13B | 5.19B | 3.94B | 1.32B | 765.9M | 304.39M |
| Property, Plant & Equipment | 2.08B | 695.55M | 589.23M | 714.73M | 1.23B | 1.35B | 761.94M | 516.09M | 394.9M | 186.42M | 51.02M | 34.23M |
| Fixed Asset Turnover | 31.60x | 43.63x | 45.54x | 31.52x | 17.85x | 14.36x | 15.75x | 13.13x | 10.46x | 13.24x | 10.26x | 3.83x |
| Goodwill | 2.82B | 2.82B | 2.73B | 2.73B | 2.73B | 2.34B | 1.3B | 1.01B | 941.49M | 50.97M | 50.97M | 0 |
| Intangible Assets | 2.89B | 3.11B | 3.2B | 3.63B | 4.33B | 3.84B | 2.36B | 1.66B | 1.42B | 426.29M | 282.47M | 109.52M |
| Long-Term Investments | 16.97B | 4.76B | 3.91B | 4.37B | 5.65B | 5.5B | 2.23B | 1.25B | 979.99M | 635.95M | 377.03M | 160.64M |
| Other Non-Current Assets | 1.95B | 2.23B | 2.52B | 3B | 3.45B | 2.58B | 1.48B | 755.93M | 204.23M | 20.8M | 4.41M | 0 |
| Total Assets | 42.49B | 41.19B | 32.7B | 33.16B | 41.83B | 52.05B | 23.87B | 15.52B | 10.49B | 3.47B | 2.17B | 1.16B |
| Asset Turnover | 0.81x | 0.74x | 0.82x | 0.68x | 0.52x | 0.37x | 0.50x | 0.44x | 0.39x | 0.71x | 0.24x | 0.11x |
| Asset Growth % | 42.04% | 25.98% | -1.39% | -20.73% | -19.64% | 118.11% | 53.81% | 47.92% | 202% | 60.31% | 87.28% | - |
| Total Current Liabilities | 21.4B | 20.34B | 14.76B | 18.1B | 17.09B | 12.07B | 7.39B | 4.27B | 3.3B | 1.4B | 628.1M | 308.2M |
| Accounts Payable | 6.29B | 5.5B | 4.81B | 4.33B | 4.29B | 4.36B | 3.07B | 1.9B | 1.36B | 602.23M | 316.86M | 122.76M |
| Days Payables Outstanding | 103.25 | 104.39 | 97.14 | 92.58 | 86.78 | 103.76 | 122.52 | 124.38 | 151.41 | 114.53 | 149.65 | 147.6 |
| Short-Term Debt | 4.88B | 4.86B | 1.57B | 7.46B | 6.62B | 1.23B | 100M | 0 | 0 | 0 | 0 | 10M |
| Deferred Revenue (Current) | 8.88B | 4.66B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 3.71B | 3.19B | 4.97B | 3.86B | 3.54B | 3.8B | 2.43B | 1.62B | 1.57B | 608.3M | 240.82M | 151.47M |
| Current Ratio | 1.32x | 1.36x | 1.34x | 1.03x | 1.43x | 3.02x | 2.13x | 2.42x | 1.99x | 1.54x | 2.23x | 2.77x |
| Quick Ratio | 1.32x | 1.36x | 1.32x | 1.02x | 1.40x | 2.97x | 2.11x | 2.40x | 1.96x | 1.53x | 2.22x | 2.76x |
| Cash Conversion Cycle | -81.88 | - | -74.5 | -61.93 | -54.25 | -64.63 | -83.29 | -79.11 | -115.16 | -54.53 | -69.3 | -99.89 |
| Total Non-Current Liabilities | 5.18B | 5.3B | 3.83B | 651.11M | 9.5B | 18.27B | 8.69B | 3.61B | 0 | 0 | 0 | 0 |
| Long-Term Debt | 4.64B | 4.78B | 3.26B | 646K | 8.68B | 17.78B | 8.34B | 3.41B | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 96.42M | 0 | 96.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 541.04M | 516.65M | 471.22M | 650.46M | 814.43M | 481.98M | 350.93M | 192.88M | 0 | 0 | 0 | 0 |
| Total Liabilities | 26.57B | 25.64B | 18.59B | 18.75B | 26.59B | 30.34B | 16.08B | 7.88B | 3.3B | 1.4B | 628.1M | 308.2M |
| Total Debt | 9.52B | 9.64B | 5.15B | 7.64B | 15.54B | 19.22B | 8.59B | 3.51B | 0 | 0 | 0 | 10M |
| Net Debt | 4.35B | -2.6B | -5.1B | 453.08M | 5.37B | 11.7B | 3.91B | -1.45B | -3.54B | -762.88M | -387.2M | -679.66M |
| Debt / Equity | 0.60x | 0.62x | 0.36x | 0.53x | 1.02x | 0.89x | 1.10x | 0.46x | - | - | - | 0.01x |
| Debt / EBITDA | 7.40x | 2.91x | 4.45x | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 3.38x | -0.78x | -4.41x | - | - | - | - | - | - | -9.52x | - | - |
| Interest Coverage | 6.14x | 9.02x | -14.70x | -27.70x | -28.51x | -42.18x | -26.64x | -26.24x | - | - | - | - |
| Total Equity | 15.92B | 15.56B | 14.1B | 14.4B | 15.24B | 21.72B | 7.78B | 7.64B | 7.19B | 2.08B | 1.54B | 848.74M |
| Equity Growth % | 18.01% | 10.31% | -2.09% | -5.48% | -29.82% | 179.05% | 1.91% | 6.19% | 246.48% | 34.9% | 81.28% | - |
| Book Value per Share | 35.10 | 35.04 | 33.87 | 34.86 | 44.07 | 57.16 | 22.50 | 23.63 | 30.86 | 6.57 | 26.45 | 14.66 |
| Total Shareholders' Equity | 15.96B | 15.58B | 14.11B | 14.39B | 15.24B | 21.7B | 7.6B | 7.05B | 6.95B | 2.08B | 1.54B | 850.32M |
| Common Stock | 0 | 0 | 268K | 265K | 253K | 251K | 224K | 208K | 197K | 40.26M | 40.26M | 40.25M |
| Retained Earnings | 0 | 0 | -27.61B | -26.27B | -21.44B | -13.95B | -7.16B | -4.13B | -2.84B | -2.22B | -1.78B | -655.27M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 266.82M | 212.48M | 58.11M | -279.86M | 141.13M | 466.23M | 326.08M | 30.05M | 105.74M | 47.69M |
| Minority Interest | -37.17M | -24.73M | -4.48M | 12.37M | 1.76M | 12.4M | 182M | 583.98M | 240.41M | 0 | 357K | -1.58M |
Quick answers to the most common questions about buying BILI stock.
As of 2025, Bilibili Inc. (BILI) had total assets of $41.19B including $27.57B in current assets.
Bilibili Inc. (BILI) carries total debt of $9.64B, offset by $24.22B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Bilibili Inc. (BILI) has total shareholders' equity (book value) of $15.58B ($35.04 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Bilibili Inc. (BILI) reported a current ratio of 1.36x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Leverage spike amid cash drawdown
Balance Sheet Strengthens Despite Leverage Shift
Bilibili's balance sheet has strengthened materially, with total equity expanding from $13.6B in 2024Q2 to $16.0B in 2026Q2, driven by retained earnings turning positive and a reduction in accumulated deficits, signaling a fundamental shift from a cash-burning growth model to a self-sustaining financial structure.
The trajectory from a $27.6B accumulated deficit in 2025Q1 to breakeven retained earnings by 2026Q2 represents a critical inflection, suggesting the company's operational pivot is now translating into tangible balance sheet improvement. This strengthening is occurring even as the company strategically increased its debt load, indicating management is confident enough in cash flow durability to employ leverage for growth or shareholder returns rather than out of necessity.
Strategic Leverage Increase Amidst Cash Accumulation
Total debt surged to $9.5B in 2026Q2 from $5.1B in 2024Q4, pushing the D/E ratio to 0.60, yet this appears to be a strategic decision as the company simultaneously holds $5.2B in cash, suggesting a deliberate capital structure optimization rather than a liquidity-driven borrowing spree.
The sharp increase in debt, particularly the jump from $5.3B in 2025Q1 to $10.0B in 2025Q2, coincides with a period of strong cash generation, implying the company may be refinancing or terming out obligations to lock in favorable rates or fund strategic initiatives. The current D/E of 0.60, while elevated from recent lows, remains manageable relative to the asset base and is supported by a current ratio of 1.32, indicating the leverage appears calculated rather than distress-driven.
Cash Position Volatile but Adequate Buffer
Cash holdings have been volatile, swinging from a low of $3.7B in 2024Q2 to a high of $10.7B in 2025Q2 before settling at $5.2B in 2026Q2, yet the current ratio of 1.32 suggests the company maintains a sufficient liquidity buffer to cover near-term obligations despite the recent drawdown.
The significant cash fluctuation, particularly the $5.5B decrease from 2025Q2 to 2026Q2, warrants monitoring as it may reflect large debt repayments, share repurchases, or strategic investments not fully detailed in the provided data. However, the consistent maintenance of a current ratio above 1.0 throughout the period indicates that Bilibili has successfully managed its working capital to avoid a liquidity crunch, even during periods of lower cash balances.
Asset-Light Model with Significant Intangible Weight
Goodwill and intangible assets consistently represent approximately 6.6% of total assets ($2.8B of $42.5B in 2026Q2), while net PPE remains minimal at $2.1B, underscoring Bilibili's asset-light, community-driven business model where value resides in intellectual property and user engagement rather than physical infrastructure.
The stable goodwill balance suggests no recent major acquisitions, focusing growth on organic community development. The relatively low PPE base, especially compared to the company's scale, confirms the capital-light nature of its platform operations, where primary investments are in content and technology rather than fixed assets. This structure supports higher operating leverage but also means the balance sheet's tangible asset backing is limited.
Retained Earnings Turn Positive, Offsetting SBC Dilution
Retained earnings improved from a deep deficit of -$27.6B in 2025Q1 to $0 by 2026Q2, a pivotal shift that suggests recent profitability is now sufficient to offset historical losses and ongoing share-based compensation, which remains a significant non-cash expense diluting shareholder value.
The elimination of the accumulated deficit is a powerful signal of improved business quality, indicating the company is now generating accounting profits that can compound book value. However, the persistent and substantial SBC, as noted in prior income statement analysis, means that while the equity base is strengthening on paper, the economic ownership stake for existing shareholders is being diluted, a trend that must be monitored alongside the headline equity growth.
Deferred Revenue Trend Signals Gaming Pipeline Risk
Deferred revenue, which primarily reflects unearned gaming revenue and subscriptions, fell from $4.6B in 2026Q2 to $4.2B in 2025Q2, a trend that, if sustained, could indicate waning user pre-commitment to Bilibili's gaming pipeline and may foreshadow a future revenue headwind not yet visible in current earnings.
This decline is notable because deferred revenue is a key forward indicator for platforms with significant gaming or subscription components. A reduction suggests either lower advance purchases or a shift in the timing of revenue recognition, both of which could pressure future top-line growth. Investors should cross-reference this with the company's game launch schedule and user engagement metrics to assess whether this represents a temporary blip or a more concerning signal about the platform's hit-driven gaming segment.