Bilibili Inc. (NASDAQ:BILI) reported fiscal fourth-quarter 2025 results that topped earnings expectations and highlighted mixed performance across core revenue streams.
Despite a strong earnings beat, the stock declined amid broader weakness in Chinese tech stocks.
Revenue rose 8% year-over-year (Y/Y) to $1.19 billion (8.32 billion Chinese yuan), topping the analyst consensus forecast of $1.16 billion.
Adjusted earnings per ADS came in at 28 cents, topping the analyst consensus estimate of 17 cents.
Key Metrics
Bilibili, China's youth-centric video giant, is often referred to as the country's Alphabet Inc. (NASDAQ:GOOGL) YouTube for its mix of long-form, user-generated content and interactive livestreams.
The Chinese video-sharing platform also saw continued momentum in user engagement.
Average daily active users climbed 10% Y/Y to 113 million during the quarter.
Average daily time spent per active user was 107 minutes, an increase of 8% year over year.
The monthly active users rose 8% Y/Y to 366 million.
Monthly paying users rose to 36 million.
Chairman and CEO Rui Chen said that stronger commercial execution and better monetization of the platform's community helped push monthly paying users to record levels and accelerate advertising revenue growth.
Segment Performance
By segment, mobile gaming revenue declined 14% to $220.3 million, while value-added services climbed 6% to $466.4 million.
Advertising revenue advanced 27% to $435.0 million.
Revenue from IP derivatives and other businesses rose 3% to $68.2 million.
Profitability also improved. Gross margin expanded to 37.0%, up from 36.1% a year earlier.
Adjusted net income reached $125.6 million (878.4 million yuan), compared to 452.02 million yuan in the prior year.
Operating cash flow stood at $263.1 million for the quarter.
As of December 31, 2025, Bilibili held $3.45 billion in cash and equivalents.
Chen said the company delivered a landmark performance in 2025, driven by renewed community growth and its first full year of GAAP profitability.
He noted that user engagement strengthened across key metrics, with four consecutive quarters of accelerating year-over-year daily active user growth.
CFO Sam Fan noted that improvements in monetization efficiency and disciplined cost control strengthened operating leverage.
He added that the company nearly doubled its adjusted net profit in the fourth quarter and recorded an adjusted net profit margin of 10.6%.
Beijing's ‘Grave' Reality Check
U.S.-listed Chinese tech stocks declined Thursday after China set a cautious 2026 GDP growth target of 4.5% to 5%, the lowest since the early 1990s, which unsettled investors.
Premier Li Qiang described the economic environment as "grave and complex," pointing to external shocks, domestic challenges, and difficult policy decisions.
Additional pressure came from contracting factory activity in February, tighter energy supply conditions, and uncertainty ahead of an upcoming Xi Jinping–Donald Trump summit expected to address trade, technology, and Taiwan.
BILI Price Action: Bilibili shares were down 7.00% at $26.03 at the time of publication on Thursday, according to Benzinga Pro data.
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