Revenue growth of 19.8% year-over-year in 2025Q2, coupled with gross margin expansion to 36.5%, suggests that the company is successfully capturing scale-driven operational efficiencies.
| Sales/Revenue | 29.38B | 30.35B | 26.83B | 22.53B | 21.9B | 19.38B | 12B | 6.78B | 4.13B | 2.47B | 523.31M | 131M |
| Revenue Growth % | 22.7% | 13.1% | 19.1% | 2.87% | 12.98% | 61.54% | 77.03% | 64.16% | 67.27% | 371.7% | 299.49% | - |
| Cost of Goods Sold | 18.83B | 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 | 10.55B | 11.11B | 8.77B | 5.44B | 3.85B | 4.04B | 2.84B | 1.19B | 855.44M | 549.21M | -249.5M | -172.57M |
| Gross Margin % | 35.91% | 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 | 10.22B | 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 | 6.69B | 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 | 3.53B | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.67M | -793K |
| Operating Income | 326.38M | 1.12B | -1.34B | -5.06B | -8.36B | -6.43B | -3.14B | -1.5B | -728.97M | -224.27M | -894.72M | -368.88M |
| Operating Margin % | 1.11% | 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 | 844.54M | 3.31B | 1.16B | -2.16B | -4.79B | -3.83B | -1.32B | -327.07M | -86.53M | 80.13M | -733.2M | -326.66M |
| EBITDA Margin % | 2.87% | 10.91% | 4.31% | -9.61% | -21.88% | -19.73% | -11.03% | -4.83% | -2.1% | 3.25% | -140.11% | -249.36% |
| EBITDA Growth % | 131.69% | 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 | 328.62M | 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 | 291.35M | 281.27M | 345.79M | 377.55M | 30.13M | -85.1M | -25.25M | 116.24M | 68.71M | 1.48M | 1.5M | 2.35M |
| Interest Income | 397.24M | 431.85M | 434.98M | 542.47M | 281.05M | 70.37M | 83.3M | 162.78M | 68.71M | 1.48M | 1.5M | 2.35M |
| Interest Expense | 105.89M | 150.57M | 89.19M | 164.93M | 250.92M | 155.47M | 108.55M | 46.54M | 0 | 0 | 0 | 0 |
| Other Income/Expense | -103.65M | 83.64M | -56.23M | 331.18M | 954.44M | -284.38M | 140.31M | 227.47M | 189.94M | 49.4M | -13.64M | -2.18M |
| Pretax Income | 222.73M | 1.21B | -1.4B | -4.73B | -7.4B | -6.71B | -3B | -1.27B | -539.03M | -174.87M | -908.36M | -371.06M |
| Pretax Margin % | 0.76% | 3.98% | -5.22% | -21.01% | -33.81% | -34.63% | -25.01% | -18.7% | -13.05% | -7.08% | -173.58% | -283.26% |
| Income Tax | 5.99M | 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 % | 2.69% | 1.42% | 2.61% | -1.66% | -1.41% | -1.42% | -1.78% | -2.83% | -4.82% | -5.08% | -0.35% | -0.65% |
| Net Income | 220.34M | 1.19B | -1.35B | -4.82B | -7.51B | -6.81B | -3.01B | -1.29B | -551.72M | -183.75M | -910.07M | -371.58M |
| Net Margin % | 0.75% | 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 % | 105.5% | 188.62% | 72.07% | 35.77% | -10.27% | -126.08% | -133.65% | -133.63% | -200.26% | 79.81% | -144.92% | - |
| Net Income (Continuing) | 216.74M | 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 | -6.82M | -24.73M | -4.48M | 12.37M | 1.76M | 12.4M | 182M | 583.98M | 240.41M | 0 | 357K | -1.58M |
| EPS (Diluted) | 0.50 | 2.59 | -3.23 | -11.67 | -21.71 | -17.92 | -8.71 | -4.03 | -2.37 | -0.58 | -15.65 | -6.42 |
| EPS Growth % | 105.27% | 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 | 437.37M | 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 | 419.44M | 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 | - | - | - | - | - | - | - | - | - | - | - | - |
Regulatory and monetization execution
According to recent financial disclosures, Bilibili achieved a 19.8% year-over-year revenue increase in 2025Q2, signaling a successful transition from aggressive user acquisition to a more disciplined monetization strategy as the platform matures within the competitive Chinese digital entertainment landscape and navigates shifting consumer engagement patterns.
The double-digit growth trajectory suggests that the company is effectively leveraging its existing user base to drive higher ARPU, even as the pace of new user acquisition naturally moderates. Investors should monitor whether this growth remains sustainable without the heavy reliance on legacy gaming titles that have historically driven revenue volatility.
As reported in quarterly filings, Bilibili's gross margin has expanded significantly from 21.8% in 2023Q1 to 36.5% by 2025Q2, reflecting a disciplined effort to optimize content licensing costs and improve the efficiency of revenue-sharing arrangements with the platform's extensive network of content creators and live streamers.
This margin expansion appears to be a direct result of management's focus on high-quality growth and cost discipline. The ability to sustain these levels will likely depend on the company's success in scaling higher-margin advertising revenue relative to the more variable costs associated with its gaming and live-streaming segments.
Based on the provided income statement data, Bilibili has successfully achieved positive operating income of $251.6 million in 2025Q2, marking a definitive shift from the heavy operating losses seen in 2023, which suggests that the company is finally capturing the benefits of its massive scale.
The reduction in R&D and SG&A relative to gross profit indicates that the company is no longer prioritizing growth at any cost. This newfound operating leverage warrants further investigation into whether the current level of spending is sufficient to maintain the platform's competitive moat against aggressive short-form video rivals.
Analysis of recent financial statements reveals that while Bilibili has reached profitability, share-based compensation remains a substantial non-cash expense, totaling $284.8 million in 2025Q2, which continues to represent a significant portion of the company's operating costs and poses a persistent dilution risk to existing shareholders.
Investors should distinguish between the company's GAAP net income and its underlying cash-generating capability, as the high level of SBC masks the true cost of talent retention. The persistence of these non-cash charges suggests that management may still be relying on equity-based incentives to retain key personnel during this critical operational transition.
Despite the recent move to profitability, skeptics may point to the fact that Bilibili's net income remains sensitive to fluctuations in gaming revenue and regulatory headwinds, as evidenced by the historical volatility in quarterly earnings and the ongoing reliance on a few key monetization engines.
The rapid swing from deep losses to profitability may appear fragile if the company cannot consistently produce new hit gaming titles or maintain its advertising growth rate. Market participants should remain cautious about whether these margins are structurally durable or merely a temporary result of aggressive cost-cutting measures.
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.