Bilibili Inc. BILI
NasdaqInternet platformsFinancials to Jun 30, 2026 · Updated Oct 7, 2026
Moat ranks
Balance sheet
| CN¥B | Dec 31 | Jun 30 |
|---|---|---|
| Cash | 12.2 | 5.2 |
| Securities | 12.0 | 19.1 |
| Long-term securities | 1.4 | 1.3 |
| Restricted cash | 0.1 | 0.0 |
| Debt | 9.6 | 9.5 |
| Net cash | 15.9 | 16.1 |
| Equity | 15.6 | 16.0 |
- Debt / EBITDA
- 2.56×
- Debt / equity
- 0.60×
- Leases (12/31/25)
- CN¥332M
- Diluted shares
- 457M
- Book value / share
- CN¥34.94
- Price / book
- 2.6×
- Net cash / share
- CN¥35.26
- Market cap
- CN¥41.2B
- Enterprise value
- CN¥25.1B
Per-share record
Key indicators
| Indicator | Latest | Vs year ago | Last 8 quarters |
|---|---|---|---|
| Revenue growth | 8.2% | -11.5 pts | |
| Operating margin | 4.7% | +1.3 pts | |
| FCF margin | – | – | – |
| Capex / revenue | – | – | – |
| Advertising revenue | CN¥3.1B | +28% | |
| Mobile game revenue | CN¥1.4B | -14% | |
| Value-added service revenue | CN¥3.0B | +5% | |
| Daily active users | 116.5M | +6% | |
| Daily time spent | 113 | +8% |
Margins and growth from reported quarters; company KPIs as reported in results releases.
About BILI
Bilibili Inc. is a Cayman-incorporated, China-operated video community with dual-primary listings on Nasdaq and Hong Kong; this record uses the Nasdaq ADS. Q2 2026 revenue mix was about 37% value-added services, 39% advertising, 18% mobile games and 6% IP derivatives/other, while management reports only one operating segment.
- Two Sided Network
Bilibili's value-added services connect users, creators and hosts.
- Habit Default
Record viewing time, official-member retention, bullet-chat interaction and cultural rituals create habitual use, especially among younger and ACG-oriented audiences.
- Distribution Control
Bilibili controls native ad formats, Sparkle creator marketing and inventory across its video-community scenarios, giving advertisers access to niche, high-trust content contexts.
- Content Rights Currency
Exclusive and long-running licensed games give Bilibili title-specific content rights that competitors cannot distribute on the same terms.
- Sep 25, 2026
Bilibili called an October 28 shareholder meeting to approve the proposed US$200 million Tencent share repurchase. The pending vote limits certainty over the financing and capital-return plan.
- Sep 9, 2026
Bilibili completed US$500 million of convertible notes due 2031 and an approximately US$100 million concurrent repurchase. Tencent sold 26,374,900 Class Z shares in a secondary placement. A further US$200 million note subscription and Tencent share repurchase remain subject to shareholder approval, adding financing and dilution risk.
- Jul 2026
Bilibili launched the exclusive licensed casual card game NCard, adding a possible revenue source as San Guo matured; initial launch does not establish a durable replacement.
- Jun 24, 2026
Bilibili announced a new two-year US$300 million share repurchase programme, increasing capacity to return cash while content and AI investment also need funding.
- Dec 31, 2023 · Restructuring charge −CN¥355M
Bilibili stopped selected game-development projects. The termination charge reduces comparison with later quarters after those projects were closed.
Ownership
Go deeper on BILI
- Compare stock research toolsFundamentals, valuation and screening platforms for BILI.18 tools
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- Read BILI's earnings callsTranscripts and audio of results calls, with management's own words.16 tools
- Investing tool dealsCurrent discounts on research, charting and tracking tools.80 deals
On this page
Financial record
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM | Trend | Change 2016–25 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Per share (CN¥) | |||||||||||||
| Revenue | 9.02 | 35.29 | 17.72 | 20.97 | 34.70 | 51.02 | 55.46 | 54.52 | 64.43 | 68.35 | 68.82 | +25.2%/yr | |
| Cash flow | -3.43 | 6.64 | 3.16 | 0.60 | 2.18 | -6.97 | -9.91 | 0.65 | 14.44 | 16.10 | 14.91 | – | |
| Earnings | -20.42 | -8.17 | -2.64 | -3.99 | -8.71 | -17.87 | -18.99 | -11.67 | -3.23 | 2.69 | 3.37 | – | |
| Free cash flow | -8.40 | -2.38 | -2.56 | -4.24 | -4.30 | -16.67 | -16.84 | -2.57 | 10.23 | 11.98 | 8.32 | – | |
| Capex | 4.97 | 9.02 | 5.72 | 4.84 | 6.47 | 9.71 | 6.93 | 3.22 | 4.21 | 4.12 | 6.60 | -2.1%/yr | |
| Dividends | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | – | |
| Book value | -22.80 | -27.73 | 29.83 | 21.82 | 21.98 | 57.13 | 38.59 | 34.83 | 33.88 | 35.07 | 34.94 | – | |
| Diluted shares (M) | 58 | 70 | 233 | 323 | 346 | 380 | 395 | 413 | 416 | 444 | 457 | +25.4%/yr | |
| Totals (CN¥B) | |||||||||||||
| Revenue | 0.5 | 2.5 | 4.1 | 6.8 | 12.0 | 19.4 | 21.9 | 22.5 | 26.8 | 30.3 | 31.4 | +57.0%/yr | |
| Operating income | -0.9 | -0.2 | -0.7 | -1.5 | -3.1 | -6.4 | -8.4 | -5.1 | -1.3 | 1.1 | 1.4 | – | |
| Net income | -1.2 | -0.6 | -0.6 | -1.3 | -3.0 | -6.8 | -7.5 | -4.8 | -1.3 | 1.2 | 1.5 | – | |
| Free cash flow | -0.5 | -0.2 | -0.6 | -1.4 | -1.5 | -6.3 | -6.6 | -1.1 | 4.3 | 5.3 | 3.8 | – | |
| Buybacks | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.3 | 0.0 | 0.1 | 0.8 | 0.8 | – | |
| Dividends | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | – | |
| Net cash | 0.4 | 1.3 | 5.4 | 5.0 | 4.6 | 12.1 | 5.1 | 7.7 | 11.9 | 15.9 | 16.1 | +CN¥15.5B | |
| Margins & returns (%) | |||||||||||||
| Gross margin | -47.7 | 22.2 | 20.7 | 17.6 | 23.7 | 20.9 | 17.6 | 24.2 | 32.7 | 36.6 | 37.0 | +84.3 pts | |
| Operating margin | -171.0 | -9.1 | -17.7 | -22.1 | -26.2 | -33.2 | -38.2 | -22.5 | -5.0 | 3.7 | 4.4 | +174.7 pts | |
| Net margin | -226.5 | -23.2 | -14.9 | -19.0 | -25.1 | -35.0 | -34.2 | -21.4 | -5.0 | 3.9 | 4.9 | +230.4 pts | |
| FCF margin | -93.1 | -6.7 | -14.4 | -20.2 | -12.4 | -32.7 | -30.4 | -4.7 | 15.9 | 17.5 | 12.1 | +110.7 pts | |
| ROIC | – | – | -31.9 | -46.7 | -71.7 | -45.9 | -57.1 | -55.8 | – | – | – | – | |
| Return on equity | – | – | -8.9 | -18.3 | -39.6 | -31.3 | -49.2 | -33.5 | -9.5 | 7.7 | 9.6 | – | |
| R&D % of revenue | 17.4 | 11.3 | 13.0 | 13.2 | 12.6 | 14.7 | 21.8 | 19.8 | 13.7 | 11.6 | 12.0 | -5.8 pts | |
| Stock pay % of revenue | 69.8 | 3.2 | 4.4 | 2.5 | 3.2 | 5.2 | 4.8 | 5.0 | 4.2 | 3.9 | 3.8 | -66.0 pts | |
| Capex % of revenue | 55.1 | 25.6 | 32.3 | 23.1 | 18.7 | 19.0 | 12.5 | 5.9 | 6.5 | 6.0 | 9.6 | -49.1 pts | |
Change uses 2016 and 2025 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2016 base. Trend shows the fiscal years.
Moat
Moat scorecard
- Strength
- Confidence
- Structure
- Competitive
- Durability
- medium
- Trajectory
- widening
- Pricing power
- moderate
- Value-Added Services37.4%2 claims
- Advertising39.4%1 claim
- Mobile Games17.5%1 claim
- IP Derivatives and Others5.7%No moat
Moat claims
- Applies to
- Value-Added Services
- Confidence
- Durability
- medium
- Trajectory
- wideningas of Jun 30, 2026
Bilibili's value-added services connect users, creators and hosts. An engaged audience attracts creators, and tools that help creators earn income give them a reason to keep publishing.
Average creator income rose 22% in H1 2026 and creators with over 1,000 followers rose 30%. More viable creators can improve content supply, although creators can still publish on rival platforms.
- Value-added service revenueCN¥3.0B+5%
- Daily active users116,500,000+6%
- Daily time spent113+8%
- Premium members25,700,000
- Income per creator growth+22%
- Creators with over 1,000 followers growth+30%
- Creators multi-home to Douyin, Kuaishou, Xiaohongshu or WeChat Channels
- Creator revenue sharing becomes uneconomic
- Content regulation reduces high-engagement categories
- Short-video platforms capture more user time
- FilingBilibili 2026 Interim Report: business review, competition and governanceSep 24, 2026
- FilingBilibili Inc. 2025 Annual ReportApr 16, 2026
- FilingBilibili Inc. 2025 Annual ReportApr 16, 2026
- Applies to
- Value-Added Services
- Confidence
- Durability
- medium
- Trajectory
- stableas of Jun 30, 2026
Record viewing time, official-member retention, bullet-chat interaction and cultural rituals create habitual use, especially among younger and ACG-oriented audiences.
Q2 daily users rose 7% to 116.5 million and daily viewing reached 113 minutes. Official-member retention remained around 80%; this supports repeat use but does not prove that rivals are losing users.
- Value-added service revenueCN¥3.0B+5%
- Daily active users116,500,000+6%
- Daily time spent113+8%
- Official members299,000,000
- Official-member retention~80.0%
- Premium members25,700,000
- User tastes shift toward disposable short video
- Community quality declines as the platform broadens
- Membership benefits become less differentiated
- Macro weakness reduces premium subscriptions and tipping
- FilingBilibili 2026 Interim Report: business review, competition and governanceSep 24, 2026
- NewsBilibili Inc. Announces First Quarter 2026 Financial ResultsMay 19, 2026
- FilingBilibili Inc. 2025 Annual ReportApr 16, 2026
- FilingBilibili Q2 2026 resultsAug 27, 2026
- Applies to
- Advertising
- Confidence
- Durability
- medium
- Trajectory
- wideningas of Jun 30, 2026
Bilibili controls native ad formats, Sparkle creator marketing and inventory across its video-community scenarios, giving advertisers access to niche, high-trust content contexts.
Advertising revenue rose 28% in Q2 2026 as Bilibili improved ad efficiency and added search, watch-page and television placements. Wider monetization supports the inventory advantage, while buyers can still shift budgets to larger rivals.
- Advertising revenueCN¥3.1B+28%
- Higher ad loads damage user experience
- Brands demand stronger closed-loop transaction attribution
- Creator-sponsored content migrates to rival platforms
- Regulators tighten covert-advertising rules
- FilingBilibili 2026 Interim Report: business review, competition and governanceSep 24, 2026
- FilingBilibili Inc. 2025 Annual ReportApr 16, 2026
- FilingBilibili Inc. 2025 Annual ReportApr 16, 2026
- Applies to
- Mobile Games
- Confidence
- Durability
- fragile
- Trajectory
- narrowingas of Jun 30, 2026
Exclusive and long-running licensed games give Bilibili title-specific content rights that competitors cannot distribute on the same terms. The moat is fragile because licenses expire, revenue is concentrated in hits, and Bilibili lacks the portfolio scale of Tencent or NetEase.
Mobile-game revenue fell 13% in H1 and 14% in Q2 2026 as San Guo matured. New licensed and developed games broaden the pipeline, but their revenue has not yet replaced the ageing hit.
- Mobile game revenueCN¥1.4B-14%
- Licensors renegotiate or award future rights to larger publishers
- Existing titles age faster than replacements scale
- Game approvals or content restrictions delay launches
- Q2 2026 mobile-game revenue fell 14% as San Guo matured, demonstrating title-cycle concentration.
- FilingBilibili 2026 Interim Report: business review, competition and governanceSep 24, 2026
- FilingBilibili Inc. 2025 Annual Report - Mobile gamesApr 16, 2026
- NewsBilibili first-quarter 2026 financial resultsMay 19, 2026
Profile change log
- Oct 7, 2026 · business change
Bilibili called an October 28 shareholder meeting to approve the proposed US$200 million Tencent share repurchase. The pending vote limits certainty over the financing and capital-return plan.
- Oct 7, 2026 · business change
Bilibili completed US$500 million of convertible notes due 2031 and an approximately US$100 million concurrent repurchase. Tencent sold 26,374,900 Class Z shares in a secondary placement. A further US$200 million note subscription and Tencent share repurchase remain subject to shareholder approval, adding financing and dilution risk.
- Oct 7, 2026 · business change
Bilibili launched the exclusive licensed casual card game NCard, adding a possible revenue source as San Guo matured; initial launch does not establish a durable replacement.
- Oct 7, 2026 · business change
Bilibili announced a new two-year US$300 million share repurchase programme, increasing capacity to return cash while content and AI investment also need funding.
- Oct 7, 2026 · analyst revision
Added sourced trajectories, management, debate and end-market links. IP merchandise is now verified as having no separate moat: its reported business is ordinary merchandise and related services without evidence of protected distribution.
- Oct 7, 2026 · analyst revision
Removed a VAS user-reach ratio and incompatible advertising and game revenue-share proxies. They did not measure comparable exclusive market shares; reported users and revenue now test the claims directly.
Industry & peers
Peer map
Hover a point for its values; click a peer to compare. Dashed lines: industry medians.
China internet advertising
Advertising on China internet platforms, including short and long video, social media, search, display, connected television and ecommerce media. Excludes offline advertising and subscription revenue; advertiser spending differs from platform net revenue and audiences overlap.
- Douyin Group
- Tencent
- Alibaba
| Stocks | Moat | Gross m. | Op. m. | |
|---|---|---|---|---|
| BILI | 52 | 37.0% | 4.4% | |
| Industry median | 19 | 75 | 56.7% | 25.1% |
| Sector median | 17 | 81 | 56.7% | 28.2% |
| All stocks median | 398 | 76 | 52.9% | 19.6% |
Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.
Drivers & risks
- Consumer spending and confidence strongly affect campaign budgets and auction prices; service consumption and product launches can shift demand between advertiser categories.
- Short video and ecommerce media attract more budgets by linking discovery to purchase. Long-video communities need strong targeting or trusted content to compete.
- AI recommendations and creative tools can improve conversion and reduce production effort, but more inventory is useful only when advertiser returns hold.
- Interest rates have a medium effect through business financing and ad budgets, while direct platform demand depends more on the consumer cycle.
- Domestic revenue is mainly in CNY; currencies have a low direct effect on local ad sales but a medium effect on foreign advertiser budgets, imported servers and overseas financing.
- Advertising budgets can move rapidly to larger platforms and closed-loop shopping channels; high reach is not exclusive access.
- Privacy, algorithm, content and advertising rules strongly affect targeting and sponsored-content labels, increasing compliance costs.
- High ad loads and low-quality AI content can weaken trust and engagement, reducing the audience advertisers want to reach.
- AI compute, server depreciation and creator payments strongly affect returns; revenue growth may come before durable cash generation.
- Different sources measure gross spend, net revenue, app reach and creator campaigns. Combining them can produce false market shares.
Bulls & bears
Can Bilibili turn its creator community into durable advertising profit and cash after content and AI investment, while replacing ageing game hits?
Arguments
What to watch
- 1Daily active users and viewing minutes
- 2Premium members and official-member retention
- 3Advertising revenue and advertiser demand
- 4Creator income and active content supply
- 5Game revenue and new-title contribution
- 6Operating cash flow, property and content purchases, share compensation and debt
Next check: Read the October 28, 2026 shareholder vote on the Tencent repurchase, then Q3 results for advertising, game launches, cash investment and dilution. The Q3 release date is not yet confirmed.
Sources: company filings and dated sources collected for Find My Moat; market cap as of Oct 6, 2026. Not investment advice.
Free to reuse, commercially too, with a credit link. See the data license.
Moat Score 52/100 by <a href="https://www.findmymoat.com/stocks/XNAS:BILI">Find My Moat</a> (as of September 2026)Request update
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