Revenue growth has decelerated to 7.9% in 2026Q2, but gross margins have expanded significantly from a low of 23.1% in 2023Q2 to 37.7%, indicating a successful shift toward monetization and cost discipline.
Bilibili Inc. (BILI) annual income statement — 11-year revenue, gross profit & net income 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 |
|---|
| Sales/Revenue | 29.99B | 30.35B | 26.83B | 22.53B | 21.9B | 19.38B | 12B | 6.78B | 4.13B | 2.47B | 523.31M | 131M |
| Revenue Growth % | 17.87% | 13.1% | 19.1% | 2.87% | 12.98% | 61.54% | 77.03% | 64.16% | 67.27% | 371.7% | 299.49% | - |
| Cost of Goods Sold | 19B | 19.23B | 18.06B | 17.09B | 18.05B | 15.34B | 9.16B | 5.59B | 3.27B | 1.92B | 772.81M | 303.57M |
| COGS % of Revenue | - | 63.38% | 67.3% | 75.84% | 82.42% | 79.14% | 76.33% | 82.44% | 79.28% | 77.75% | 147.68% | 231.74% |
| Gross Profit | 10.99B | 11.11B | 8.77B | 5.44B | 3.85B | 4.04B | 2.84B | 1.19B | 855.44M | 549.21M | -249.5M | -172.57M |
| Gross Margin % | 36.64% | 36.62% | 32.7% | 24.16% | 17.58% | 20.86% | 23.67% | 17.56% | 20.72% | 22.25% | -47.68% | -131.74% |
| Gross Profit Growth % | - | 26.67% | 61.23% | 41.37% | -4.79% | 42.36% | 138.62% | 39.14% | 55.76% | 320.12% | -44.58% | - |
| Operating Expenses | 10.23B | 9.99B | 10.12B | 10.51B | 12.21B | 10.47B | 5.98B | 2.69B | 1.58B | 773.48M | 645.22M | 196.31M |
| OpEx % of Revenue | - | 32.92% | 37.71% | 46.64% | 55.74% | 54.03% | 49.85% | 39.62% | 38.37% | 31.33% | 123.3% | 149.86% |
| Selling, General & Admin | 6.55B | 6.46B | 6.43B | 6.04B | 7.44B | 7.63B | 4.47B | 1.79B | 1.05B | 493.39M | 553.99M | 171.4M |
| SG&A % of Revenue | - | 21.27% | 23.97% | 26.8% | 33.98% | 39.38% | 37.24% | 26.42% | 25.36% | 19.99% | 105.86% | 130.84% |
| Research & Development | 3.63B | 3.53B | 3.69B | 4.47B | 4.77B | 2.84B | 1.51B | 894.41M | 537.49M | 280.09M | 91.22M | 24.91M |
| R&D % of Revenue | - | 11.64% | 13.73% | 19.83% | 21.76% | 14.65% | 12.61% | 13.2% | 13.02% | 11.35% | 17.43% | 19.02% |
| Other Operating Expenses | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.67M | -793K |
| Operating Income | 764.88M | 1.12B | -1.34B | -5.06B | -8.36B | -6.43B | -3.14B | -1.5B | -728.97M | -224.27M | -894.72M | -368.88M |
| Operating Margin % | 2.55% | 3.71% | -5.01% | -22.48% | -38.17% | -33.17% | -26.18% | -22.06% | -17.66% | -9.09% | -170.97% | -281.6% |
| Operating Income Growth % | - | 183.67% | 73.46% | 39.41% | -30% | -104.68% | -110.07% | -105.11% | -225.04% | 74.93% | -142.55% | - |
| EBITDA | 1.29B | 3.31B | 1.16B | -2.16B | -4.79B | -3.83B | -1.32B | -327.07M | -86.53M | 80.13M | -733.2M | -326.66M |
| EBITDA Margin % | 4.29% | 10.91% | 4.31% | -9.61% | -21.88% | -19.73% | -11.03% | -4.83% | -2.1% | 3.25% | -140.11% | -249.36% |
| EBITDA Growth % | 188.99% | 186.2% | 153.46% | 54.83% | -25.27% | -189.12% | -304.53% | -277.99% | -207.99% | 110.93% | -124.46% | - |
| D&A (Non-Cash Add-back) | 534.4M | 2.19B | 2.5B | 2.9B | 3.57B | 2.6B | 1.82B | 1.17B | 642.45M | 304.4M | 161.52M | 42.23M |
| EBIT | 770.83M | 1.36B | -1.31B | -4.57B | -7.15B | -6.56B | -2.89B | -1.22B | -539.03M | -174.87M | -894.72M | -368.88M |
| Net Interest Income | 281.07M | 281.27M | 345.79M | 377.55M | 30.13M | -85.1M | -25.25M | 116.24M | 68.71M | 1.48M | 1.5M | 2.35M |
| Interest Income | 406.57M | 431.85M | 434.98M | 542.47M | 281.05M | 70.37M | 83.3M | 162.78M | 68.71M | 1.48M | 1.5M | 2.35M |
| Interest Expense | 125.51M | 150.57M | 89.19M | 164.93M | 250.92M | 155.47M | 108.55M | 46.54M | 0 | 0 | 0 | 0 |
| Other Income/Expense | -83.48M | 83.64M | -56.23M | 331.18M | 954.44M | -284.38M | 140.31M | 227.47M | 189.94M | 49.4M | -13.64M | -2.18M |
| Pretax Income | 681.4M | 1.21B | -1.4B | -4.73B | -7.4B | -6.71B | -3B | -1.27B | -539.03M | -174.87M | -908.36M | -371.06M |
| Pretax Margin % | 2.27% | 3.98% | -5.22% | -21.01% | -33.81% | -34.63% | -25.01% | -18.7% | -13.05% | -7.08% | -173.58% | -283.26% |
| Income Tax | 46.74M | 17.14M | -36.54M | 78.7M | 104.14M | 95.29M | 53.37M | 35.87M | 25.99M | 8.88M | 3.14M | 2.42M |
| Effective Tax Rate % | 6.86% | 1.42% | 2.61% | -1.66% | -1.41% | -1.42% | -1.78% | -2.83% | -4.82% | -5.08% | -0.35% | -0.65% |
| Net Income | 642.62M | 1.19B | -1.35B | -4.82B | -7.51B | -6.81B | -3.01B | -1.29B | -551.72M | -183.75M | -910.07M | -371.58M |
| Net Margin % | 2.14% | 3.93% | -5.02% | -21.41% | -34.28% | -35.13% | -25.1% | -19.02% | -13.36% | -7.44% | -173.91% | -283.65% |
| Net Income Growth % | 123.51% | 188.62% | 72.07% | 35.77% | -10.27% | -126.08% | -133.65% | -133.63% | -200.26% | 79.81% | -144.92% | - |
| Net Income (Continuing) | 634.66M | 1.19B | -1.36B | -4.81B | -7.51B | -6.81B | -3.05B | -1.3B | -565.02M | -183.75M | -911.5M | -373.49M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -37.17M | -24.73M | -4.48M | 12.37M | 1.76M | 12.4M | 182M | 583.98M | 240.41M | 0 | 357K | -1.58M |
| EPS (Diluted) | 1.42 | 2.59 | -3.23 | -11.67 | -21.71 | -17.92 | -8.71 | -4.03 | -2.37 | -0.58 | -15.65 | -6.42 |
| EPS Growth % | 122.01% | 180.19% | 72.32% | 46.25% | -21.15% | -105.74% | -116.13% | -70.04% | -308.62% | 96.29% | -143.77% | - |
| EPS (Basic) | - | 2.80 | -3.23 | -11.67 | -21.71 | -17.92 | -8.71 | -4.04 | -2.37 | -0.58 | -15.65 | -6.42 |
| Diluted Shares Outstanding | 453.58M | 444.03M | 416.47M | 413.21M | 345.82M | 379.9M | 345.82M | 323.16M | 233.05M | 316.11M | 58.16M | 57.91M |
| Basic Shares Outstanding | 418.46M | 418.91M | 416.47M | 413.21M | 345.82M | 379.9M | 345.78M | 323.05M | 233.05M | 316.11M | 58.16M | 57.91M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying BILI stock.
For fiscal year 2025, Bilibili Inc. (BILI) reported total revenue of $30.35B. This represents a 23066.9% increase compared to $131.0M in 2015.
Bilibili Inc. (BILI) is profitable, generating $1.19B in net income for the fiscal year ending 2025 with a net profit margin of 3.9%.
Bilibili Inc. (BILI) reported an operating income of $1.12B, resulting in an operating profit margin of 3.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Bilibili Inc. (BILI) generated $11.11B in gross profit for the year, representing a gross profit margin of 36.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
ARPU growth must offset MAU saturation
Growth Deceleration Amidst Profitability Pivot
Bilibili's revenue growth has decelerated sharply from 25.8% in 2024Q3 to 7.9% in 2026Q2, indicating the platform is transitioning from a user-acquisition phase to a monetization-focused model as it reaches saturation in its core demographic.
The sequential decline in year-over-year revenue growth suggests the company's 'land grab' strategy has largely concluded, shifting the burden of future expansion to Average Revenue Per User (ARPU) growth. This deceleration coincides with the company's recent achievement of positive operating margins, implying a strategic trade-off where top-line growth is being sacrificed for bottom-line sustainability. Investors should now scrutinize whether the advertising and VAS segments can generate sufficient ARPU uplift to compensate for the slowing user base expansion.
Structural Margin Expansion from Deep Trough
Gross margins have expanded significantly from a low of 23.1% in 2023Q2 to 37.7% in 2026Q2, driven by a disciplined cost structure and a shift in revenue mix toward higher-margin advertising, though they remain structurally constrained by creator revenue-sharing costs.
The 1,460 basis point improvement in gross margin over ten quarters represents a fundamental shift in the company's cost of revenue, likely reflecting better leverage on content costs and a more favorable mix of advertising versus lower-margin live streaming revenue. However, the current 37.7% gross margin still trails the 37.8% reported by peer Hello Group, suggesting limited pricing power in its core community-driven model. The sustainability of this margin level is contingent on maintaining creator incentives while avoiding a 'race to the top' for talent compensation.
Operating Leverage Finally Engages
Operating income swung from a loss of $1.3 billion in 2023Q4 to a profit of $371.8 million in 2026Q2, demonstrating that the company's high fixed-cost base in R&D and SG&A is now scaling efficiently with revenue, a critical inflection for long-term viability.
The dramatic improvement in operating margin from -20.5% to 4.7% indicates that management's cost discipline, particularly in R&D spending which fell from $1.3 billion to $1.0 billion, is yielding tangible results. This operating leverage suggests the business model can generate meaningful profitability once it reaches sufficient scale, validating the prior years of heavy investment. However, the operating margin remains thin and vulnerable to any re-acceleration in spending or a downturn in the advertising market, which is a key component of the higher-margin revenue mix.
SBC Dilution Persists Despite Profitability
Despite achieving net income of $342.8 million in 2026Q2, the company's share-based compensation remained substantial at $282.7 million, representing a significant non-cash expense that dilutes shareholder value and masks the true cash earnings power of the business.
The magnitude of SBC, which has remained consistently above $250 million per quarter even as the company turned profitable, suggests that equity-based compensation is a core part of the talent retention strategy in China's competitive tech sector. This high SBC level means that reported EPS of $0.75 is materially higher than the cash-based earnings per share, and investors should adjust for this to understand the true economic returns. The persistence of high SBC during a period of cost-cutting elsewhere raises questions about whether all forms of employee-related expenses are being equally scrutinized.
The 2024Q2 to 2024Q3 Profitability Turn
The most significant operational inflection occurred between 2024Q2 and 2024Q3, when operating losses narrowed dramatically from -$585.1 million to -$66.7 million, driven by a combination of revenue growth and a sharp reduction in R&D spending that set the stage for subsequent profitability.
This period marks the clear execution of management's pivot from growth-at-all-costs to sustainable operations, as evidenced by the simultaneous 19.3% revenue increase and a $11.4 million reduction in R&D expenses. The inflection was not a one-quarter event but the beginning of a sustained trend, with operating income turning positive by 2025Q1. This suggests the company successfully identified and executed on a path to profitability without destroying its core community dynamics, though the durability of this model through a potential economic downturn remains untested.
Margin Sustainability Under Competitive Pressure
The recent margin expansion may prove fragile, as Bilibili's 37.7% gross margin is only slightly above peers like iQIYI (21.1%) and HUYA (13.4%), and could compress if the company must increase creator payouts or content spending to defend its community against Douyin's encroachment.
A short-seller would focus on the fact that Bilibili's profitability is nascent and built on a cost structure that may not be defensible. The company's operating margin of 4.7% is significantly below Hello Group's 13.1%, indicating it lacks the same monetization efficiency or cost advantages. Furthermore, the deceleration in revenue growth to 7.9% raises the question of whether the company can maintain its current cost discipline if top-line momentum stalls completely, potentially forcing a return to higher spending to re-accelerate growth and reigniting losses.