Bilibili (BILI) financial statements

Communication Services · Internet Content & Information · Market cap $5.3B

Bilibili reported revenue of 30.3B CNY in fiscal 2025, up 57.0% a year over 9 years.

Net income was 1.2B CNY and the operating margin 3.7%, against -171.0% in 2016.

Free cash flow was 6.6B CNY, and the company returned 823M CNY in net buybacks.

The diluted share count rose 457% over the period (dilution).

Revenue and free cash flow

Fiscal years, $ billions (CNY).

-100102030402016201720182019202020212022202320242025RevenueFree cash flow
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Income statement

Fiscal years, in CNY, from Bilibili's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Revenue523M CNY2.5B CNY4.1B CNY6.8B CNY12.0B CNY19.4B CNY21.9B CNY22.5B CNY26.8B CNY30.3B CNY
Cost of revenue773M CNY1.9B CNY3.3B CNY5.6B CNY9.2B CNY15.3B CNY18.0B CNY17.1B CNY18.1B CNY19.2B CNY
Gross profit-250M CNY549M CNY855M CNY1.2B CNY2.8B CNY4.0B CNY3.8B CNY5.4B CNY8.8B CNY11.1B CNY
Research and development91M CNY280M CNY537M CNY894M CNY1.5B CNY2.8B CNY4.8B CNY4.5B CNY3.7B CNY3.5B CNY
Selling, general and admin554M CNY493M CNY1.0B CNY1.8B CNY4.5B CNY7.6B CNY7.4B CNY6.0B CNY6.4B CNY6.5B CNY
Operating income-895M CNY-224M CNY-729M CNY-1.5B CNY-3.1B CNY-6.4B CNY-8.4B CNY-5.1B CNY-1.3B CNY1.1B CNY
Interest expense———47M CNY109M CNY155M CNY251M CNY165M CNY89M CNY151M CNY
Pre-tax income-908M CNY-175M CNY-539M CNY———————
Income tax3M CNY9M CNY26M CNY36M CNY53M CNY95M CNY104M CNY79M CNY-37M CNY17M CNY
Net income-1.2B CNY-572M CNY-616M CNY-1.3B CNY-3.0B CNY-6.8B CNY-7.5B CNY-4.8B CNY-1.3B CNY1.2B CNY
EPS (diluted)-20.42 CNY-8.17 CNY-2.64 CNY-3.99 CNY-8.71 CNY-17.87 CNY-18.99 CNY-11.67 CNY-3.23 CNY2.74 CNY
Diluted shares58M70M233M323M——————
Gross margin-47.7%22.2%20.7%17.6%23.7%20.9%17.6%24.2%32.7%36.6%
Operating margin-171.0%-9.1%-17.7%-22.1%-26.2%-33.2%-38.2%-22.5%-5.0%3.7%
Net margin-226.5%-23.2%-14.9%-19.0%-25.1%-35.0%-34.2%-21.4%-5.0%3.9%

Balance sheet

Fiscal years, in CNY, from Bilibili's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Cash and short-term investments387M CNY1.3B CNY4.5B CNY6.2B CNY8.0B CNY22.6B CNY14.8B CNY9.8B CNY13.0B CNY18.6B CNY
Receivables—393M CNY324M CNY745M CNY1.1B CNY1.4B CNY1.3B CNY1.6B CNY1.2B CNY1.3B CNY
Inventory—10M CNY55M CNY70M CNY160M CNY456M CNY437M CNY186M CNY255M CNY212M CNY
Total current assets—2.2B CNY6.5B CNY10.3B CNY15.7B CNY36.4B CNY24.5B CNY18.7B CNY19.8B CNY27.6B CNY
Property, plant and equipment—186M CNY395M CNY516M CNY762M CNY1.4B CNY1.2B CNY715M CNY589M CNY695M CNY
Goodwill51M CNY51M CNY941M CNY1.0B CNY1.3B CNY2.3B CNY2.7B CNY2.7B CNY2.7B CNY2.8B CNY
Total assets—3.5B CNY10.5B CNY15.5B CNY23.9B CNY52.1B CNY41.8B CNY33.2B CNY32.7B CNY41.2B CNY
Total current liabilities—1.4B CNY3.3B CNY4.3B CNY7.4B CNY12.1B CNY17.1B CNY18.1B CNY14.8B CNY20.3B CNY
Long-term debt———3.4B CNY8.3B CNY17.8B CNY8.7B CNY646,000 CNY3.3B CNY4.8B CNY
Total liabilities—1.4B CNY3.3B CNY7.9B CNY16.1B CNY30.3B CNY26.6B CNY18.8B CNY18.6B CNY25.6B CNY
Shareholders' equity-1.3B CNY-1.9B CNY7.0B CNY7.1B CNY7.6B CNY21.7B CNY15.2B CNY14.4B CNY14.1B CNY15.6B CNY
Net debt-387M CNY-763M CNY-3.5B CNY-1.5B CNY3.7B CNY11.5B CNY5.1B CNY265M CNY-7.0B CNY-4.1B CNY

Cash flow

Fiscal years, in CNY, from Bilibili's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Operating cash flow-199M CNY465M CNY737M CNY195M CNY753M CNY-2.6B CNY-3.9B CNY267M CNY6.0B CNY7.1B CNY
Capital spending42M CNY145M CNY294M CNY296M CNY602M CNY965M CNY760M CNY182M CNY465M CNY513M CNY
Free cash flow-241M CNY320M CNY444M CNY-101M CNY151M CNY-3.6B CNY-4.7B CNY85M CNY5.5B CNY6.6B CNY
Stock-based compensation365M CNY80M CNY181M CNY173M CNY386M CNY1000M CNY1.0B CNY1.1B CNY1.1B CNY1.2B CNY
Share buybacks (net)—-49M CNY————-348M CNY—-118M CNY-823M CNY
Net borrowing——————1.7B CNY2.0B CNY5.1B CNY2.7B CNY
Free cash flow margin-46.1%12.9%10.7%-1.5%1.3%-18.6%-21.3%0.4%20.7%21.9%
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Questions

What was Bilibili's revenue in 2025?

30.3B CNY in fiscal 2025, from its 10-K filing.

How much free cash flow does Bilibili generate?

6.6B CNY in fiscal 2025 (operating cash flow minus capital spending).

From Bilibili's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.