Bilibili Reports Q4 Revenue of $1.19B
Reports Q4 revenue $1.19B vs. $1.06B last year. Average daily active users were 113M, an increase of 10% year over year. Average daily time spent per active user were 107 minutes, an increase of 8% year over year. "2025 was a landmark year for Bilibili, marked by resurgent community growth and our first full year of GAAP profitability," said Rui Chen, chairman and CEO of Bilibili. "Our user metrics strengthened across the board, highlighted by four consecutive quarters of accelerating year-over-year DAU growth. In the fourth quarter, our DAUs reached 113 million, up 10% year over year, while monthly active users reached 366 million, up 8% year over year. Throughout the year, we continued to sharpen our commercial execution and unlock the inherent value of our community, resulting in record monthly paying users and accelerating advertising revenues. In a world flooded with 'fast-food' content, Bilibili's long-standing commitment to quality is setting us apart and earning the trust of a loyal and growing user base. As we step into 2026, an era where AI is reshaping content creation, community experiences and commercial efficiency, we are confident in our ability to seize these opportunities and drive our next chapter of sustainable growth."
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- Significant Revenue Growth: Bilibili achieved total revenue of RMB 30.3 billion in 2025, marking a 13% year-over-year increase, particularly driven by a 27% rise in advertising revenue in Q4, indicating strong demand from AI advertisers.
- Enhanced User Engagement: Daily active users grew by 10% in Q4, with average daily time spent increasing by 8% to 107 minutes, demonstrating the successful integration of AI to enhance content discovery and ad targeting, thereby improving user retention and monetization capabilities.
- Profitability Milestone: The company reported a GAAP net profit of RMB 514 million in 2025, achieving a significant financial milestone, with adjusted net profit reaching RMB 878 million and a net margin of 10.6%, reflecting effective strategies in cost control and revenue growth.
- Challenges in Gaming Revenue: Despite overall revenue growth, game revenue declined by 14% year-over-year in Q4, contributing only 18% to total revenues, highlighting intensified competition in the mobile gaming sector, necessitating ongoing innovation to maintain user base and creator community.
- Revenue Growth: Bilibili's Q4 2025 revenue rose 8% year-over-year to $1.19 billion (8.32 billion yuan), exceeding analyst expectations of $1.16 billion, demonstrating resilience in core revenue streams despite a challenging market environment.
- User Engagement Boost: Average daily active users increased by 10% year-over-year to 113 million, with average daily time spent per user rising 8% to 107 minutes, indicating sustained user engagement and stickiness that could drive future revenue growth.
- Improved Profitability: Adjusted net income reached $125.6 million (878.4 million yuan), significantly up from the previous year, with gross margin expanding from 36.1% to 37.0%, reflecting effective strategies in cost control and profitability enhancement.
- Market Pressure: Despite strong earnings, Bilibili's stock fell 7% to $26.03, influenced by China's lowered GDP growth target for 2026 to 4.5%-5%, highlighting investor concerns over the macroeconomic environment.
- Advertising Revenue Surge: Bilibili's Q4 advertising revenue increased by 27% year-over-year, reflecting strong market performance driven by improved advertising products and efficiency, indicating enhanced competitiveness in the advertising sector.
- User Engagement Growth: Average daily active users reached 113 million, up 10% year-over-year, with users spending an average of 107 minutes daily on the platform, enhancing user stickiness and overall platform appeal.
- Effective Cost Control: Total operating expenses decreased by 3% year-over-year to RMB 2.58 billion, primarily due to cutbacks in sales and marketing costs, further improving the company's operating leverage.
- Significant Profitability Improvement: The net profit for Q4 was RMB 513.4 million, or RMB 1.14 per share, a substantial increase from RMB 90 million last year, exceeding Wall Street analyst expectations, showcasing a notable enhancement in the company's profitability.
- Stock Market Trends: Stock futures were modestly lower on Thursday, indicating a cautious sentiment among investors.
- Investor Sentiment: Investors are trying to interpret mixed messages regarding ongoing peace talks between the U.S. and Iran.











