BILIBILI INC. · 哔哩哔哩-W
| Revenue | ¥30.3B |
|---|---|
| Operating income | ¥1.1B |
| Net income | ¥1.2B |
| Free cash flow | ¥6.6B |
| Operating margin | 3.7% |
| Net margin | 4.0% |
| Return on equity | 7.8% |
| Period | 2025 |
OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Strong ad and margin momentum, but game volatility and limited forward visibility argue for waiting.
Bilibili delivered strong operating execution in 2Q26:
revenue rose 8% to RMB7.9 billion, advertising grew 28% to RMB3.1 billion, gross margin reached 37.2%, and adjusted net profit increased 25% to RMB704 million. However, games revenue fell 14% to RMB1.4 billion on a difficult comparison base, while management provided no quantified forward guidance; the improving ad engine is encouraging, but the earnings profile remains dependent on sustained monetization and a successful game pipeline.
- Advertising Growth
- Game Pipeline
- Ai Strategy
- Margin Expansion
- Community Engagement
- Share Repurchase
Near term
Advertising momentum, including doubled search revenue and AI-advertiser revenue, could support near-term revenue upside.
The September 17 global launch of self-developed simulation game Lumi Master is the next meaningful test of the game pipeline.
NCard and the upcoming San Wang launch must offset the post-launch normalization of San Mou.
The new US$300 million, two-year repurchase program provides some downside support; US$118 million had been spent year-to-date as of the call.
Longer term
Bilibili is building a stronger monetization flywheel: DAUs grew 7% to 117 million, daily time spent reached 113 minutes, and advertising has grown at least 20% year over year for 14 consecutive quarters.
Ad monetization has substantial runway if improved conversion, search, watch-page, PC, and Smart TV products translate into durable advertiser ROI.
Community engagement remains a potential moat, with 12-month member retention around 80%, 17.4 billion monthly interactions, and long-form watch time up 18%.
The game portfolio remains a structural swing factor: legacy titles are stable, but new releases must demonstrate repeatable hit generation rather than reliance on individual titles.
AI could improve recommendation, creator productivity, and advertising efficiency, but R&D expense already rose 16%, so returns on AI investment need to be demonstrated.
Red flags
Management offered no quantified revenue, margin, profit, or segment outlook, limiting confidence in forward estimates.
Games revenue declined 14% year over year, and the stated explanation of a high San Mou comparison base does not eliminate the risk of an uneven release-driven earnings profile.
The bullish AI narrative was not accompanied by quantified savings, engagement gains attributable to AI, or incremental monetization.
The provided transcript contains no analyst Q&A, so competitive pressure, user acquisition economics, and the durability of advertising growth were not tested on the call.
Recommendation history
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
From latest 20-F · 2025-03-25
- Net Margin Sharply Negative
Red flags
- Net Margin Sharply Negative — Net margin -5.0%
Upcoming earnings
Earnings transcripts
- Motley Fool
Bilibili (BILI) Q2 2026 Earnings Call Transcript
BILIBILI INC.
- Issuer IR
Q2 2026 earnings call transcript
BILIBILI INC.
- Issuer IR
Q1 2026 earnings call transcript
BILIBILI INC.
- Issuer webcast
Q2 2026 earnings call transcript
BILIBILI INC.
- Issuer webcast
Q1 2026 earnings call transcript
BILIBILI INC.
- Issuer webcast
Q4 2025 earnings call transcript
BILIBILI INC.
Press & signals
- GlobeNewswire
Bilibili Inc. to Hold Extraordinary General Meeting on October 28, 2026
- GlobeNewswire
Bilibili Inc. Announces Completion of US$500 Million Marketed Convertible Senior Notes Offering, Concurrent Equity Placement and Concurrent Delta Repurchase
- GlobeNewswire
Bilibili Inc. Announces Pricing of Offerings of US$700 Million Convertible Senior Notes, Concurrent Equity Placement and Concurrent Share Repurchases
The rest of this company's wire — with summaries and source links — is part of Pro.
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