Cash generation has fundamentally improved, with operating cash flow swinging to a robust $2.0 billion in 2025Q2, though significant working capital swings and ongoing SBC of $282.7 million in 2026Q2 complicate the cash conversion picture.
Bilibili Inc. (BILI) cash flow statement — 11-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 |
|---|
| Cash from Operations | 3.29B | 7.15B | 6.01B | 266.62M | -3.91B | -2.65B | 753.1M | 194.55M | 737.29M | 464.55M | -198.97M | -191.94M |
| Operating CF Margin % | - | 23.55% | 22.42% | 1.18% | -17.86% | -13.66% | 6.28% | 2.87% | 17.86% | 18.82% | -38.02% | -146.52% |
| Operating CF Growth % | 17.82% | 18.82% | 2155.95% | 106.82% | -47.77% | -451.48% | 287.1% | -73.61% | 58.71% | 333.48% | -3.66% | - |
| Net Income | 642.62M | 1.19B | -1.35B | -4.81B | -7.51B | -6.81B | -3.05B | -1.3B | -565.02M | -183.75M | -911.5M | -373.49M |
| Depreciation & Amortization | 73.38M | 2.19B | 2.5B | 2.9B | 3.57B | 2.6B | 1.82B | 1.17B | 642.45M | 304.4M | 161.52M | 42.23M |
| Stock-Based Compensation | 1.15B | 109.8M | 1.12B | 1.13B | 1.04B | 999.82M | 385.9M | 172.55M | 181.19M | 79.95M | 365.49M | 100.92M |
| Deferred Taxes | 0 | -47.55M | 0 | -25.38M | -36.49M | -21.49M | -13.47M | -10.48M | 13.3M | 0 | 1.43M | 1.91M |
| Other Non-Cash Items | 1.42B | 1.48B | 590.55M | 622.22M | 178.11M | 588.87M | 129.55M | -55.18M | -99.69M | 6.07M | 20.5M | 1.82M |
| Working Capital Changes | 0 | 2.23B | 3.15B | 449.16M | -1.15B | -9.16M | 1.49B | 223.13M | 565.05M | 257.88M | 163.59M | 34.68M |
| Change in Receivables | 0 | -72.8M | 184.33M | -262.21M | -59.87M | -429.46M | -417.24M | -398.97M | 65.61M | -283.22M | -92.57M | -11.1M |
| Change in Inventory | 0 | 0 | 0 | 637.93M | 0 | -1.13B | 353.61M | -318.77M | -245.1M | -87.21M | -88.11M | -13.02M |
| Change in Payables | 0 | 585.77M | 615.15M | -60.46M | 46.86M | 1.06B | 816.1M | 586.86M | 345.92M | 271.89M | 149.65M | 54.72M |
| Cash from Investing | -7.18B | -9.34B | -138.09M | 1.76B | 10.61B | -24.58B | -8.91B | -3.96B | -3.2B | -716.25M | -1.19B | -365.56M |
| Capital Expenditures | 0 | -512.86M | -465.37M | -1.33B | -2.74B | -3.69B | -2.24B | -1.56B | -1.33B | -630.82M | -288.41M | -144.81M |
| CapEx % of Revenue | 0% | 1.69% | 1.73% | 5.9% | 12.5% | 19.02% | 18.66% | 23.09% | 32.3% | 25.56% | 55.11% | 110.54% |
| Acquisitions | 0 | 27.35M | 0 | -70M | -567.67M | -521.98M | -498.85M | -720.87M | -135.82M | -483.95M | -27.25M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -7.18B | -1.21B | -1.14B | 785.41M | 596.77M | 613.83M | 3.5M | 11M | 0 | 483.95M | -1.12B | -10.11M |
| Cash from Financing | 4.3B | 4.09B | -2.83B | -5.07B | -4.35B | 30.39B | 8.34B | 5.08B | 4.97B | 675.53M | 1.02B | 1.1B |
| Debt Issued (Net) | 5.02B | 4.9B | -2.72B | -7.76B | -3.95B | 11.2B | 5.69B | 3.4B | 0 | 9M | -10.94M | 2.36M |
| Equity Issued (Net) | -2.26M | -816.15M | -117.52M | 2.69B | -347.58M | 19.29B | 2.82B | 1.65B | 4.95B | 689.07M | 1.03B | 1.1B |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -2.26M | -822.71M | -117.52M | 0 | -347.58M | 0 | 0 | 0 | 0 | -49.09M | -125.99M | -111.72M |
| Other Financing | -715.43M | -1.07M | 10.27M | -7.03M | -56.74M | -102.51M | -176.82M | 33.17M | 22.2M | -22.54M | 1.49M | 159K |
| Net Change in Cash | 493.24M | 1.93B | 3.06B | -2.95B | 2.66B | 2.84B | -284.55M | 1.42B | 2.78B | 375.68M | -312.57M | 584.64M |
| Free Cash Flow | 3.29B | 5.32B | 4.26B | -1.06B | -6.65B | -6.33B | -1.49B | -1.37B | -596.4M | -166.27M | -487.38M | -336.74M |
| FCF Margin % | 10.97% | 17.53% | 15.88% | -4.72% | -30.37% | -32.68% | -12.38% | -20.22% | -14.44% | -6.74% | -93.13% | -257.06% |
| FCF Growth % | 37.82% | 24.89% | 500.53% | 84.01% | -4.98% | -326.29% | -8.43% | -129.76% | -258.7% | 65.89% | -44.73% | - |
| FCF per Share | 7.26 | 11.98 | 10.23 | -2.57 | -19.23 | -16.67 | -4.30 | -4.24 | -2.56 | -0.53 | -8.38 | -5.81 |
| FCF Conversion (FCF/Net Income) | 5.12x | 5.99x | -4.47x | -0.06x | 0.52x | 0.39x | -0.25x | -0.15x | -1.34x | -2.53x | 0.22x | 0.52x |
| Interest Paid | 52.16M | 125.11M | 93.81M | 167.29M | 200.17M | 116.23M | 86.17M | 26.2M | 0 | 0 | 398K | 0 |
| Taxes Paid | 49.79M | 63.12M | 87.22M | 103.39M | 80.59M | 73.72M | 54.02M | 33.73M | 15.77M | 6.2M | 2.45M | 0 |
Quick answers to the most common questions about buying BILI stock.
Bilibili Inc. (BILI) generated $7.15B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Bilibili Inc. (BILI) generated $5.32B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Bilibili Inc. (BILI) spent $512.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Bilibili Inc. (BILI) spent $822.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
SBC dilution offsets cash generation
Cash Conversion Quality Improves
Bilibili's cash conversion has dramatically improved, with operating cash flow swinging from a negative $21.2 million in 2023Q2 to a robust $2.0 billion in 2025Q2, indicating a fundamental shift in the business's ability to translate accounting profits into actual cash.
The OCF/NI ratio of 9.08 in 2025Q2 suggests that reported net income significantly understates the company's cash-generating power, likely due to large non-cash charges like depreciation and amortization. This positive divergence is a critical sign that the profitability pivot is being supported by real cash inflows, not just accounting adjustments.
FCF Trajectory Turns Positive
After years of negative free cash flow, Bilibili generated $2.0 billion in FCF in 2025Q2, representing a 27.6% margin, which marks a decisive inflection point from a cash-burning growth model to a self-sustaining operation.
The FCF margin of 27.6% in 2025Q2 is a stark reversal from the negative margins seen in 2023, indicating that the company's recent focus on cost discipline and monetization is now translating into substantial free cash generation. This trajectory suggests the business model is maturing, though the sustainability of such high margins requires monitoring.
Working Capital Swings Drive Cash
Significant working capital swings, such as the $381.1 million cash outflow in 2024Q2 followed by a $235.2 million inflow in 2025Q1, appear to be a major driver of quarterly operating cash flow volatility, masking the underlying operational cash generation.
The large, offsetting changes in working capital suggest that Bilibili's cash flow is heavily influenced by the timing of payments to creators and the collection of receivables from advertisers and game platforms. This volatility makes it difficult to assess the true underlying cash generation trend on a quarter-to-quarter basis, warranting a focus on longer-term averages.
SBC Masks True Cash Earnings
Despite achieving positive net income, Bilibili's share-based compensation remained substantial at $282.7 million in 2025Q2, representing a significant non-cash expense that dilutes shareholder value and suggests the true cash earnings power is lower than reported.
The persistent high level of SBC, which is nearly equal to the net income in some quarters, indicates that a substantial portion of the company's profitability is being used to compensate employees with equity rather than generating distributable cash for shareholders. This dilution risk is a critical factor that the cash flow statement alone does not fully capture.
Minimal Capital Intensity
Bilibili's capital expenditure is remarkably low, with CapEx/Revenue consistently below 2%, indicating an asset-light model where growth is driven by software and community rather than physical infrastructure.
The minimal CapEx requirement suggests that the company's cash flow generation is not being consumed by the need to replace or upgrade physical assets. This low capital intensity is a structural advantage that allows a greater portion of operating cash flow to be converted into free cash flow, supporting the recent positive FCF trajectory.