$WEIBF

WEIBO Corp

CIK:0001595761|SEC Filings

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues:
Total revenues	$ 1,757,216	$ 1,754,677	$ 1,759,836
Costs and Expenses
Cost of revenues	421,837	369,521	374,279
Sales and marketing	490,434	480,791	461,421
Product development	324,222	308,747	333,628
General and administrative	55,898	101,294	117,574
Total costs and expenses	1,292,391	1,260,353	1,286,902
Income from operations	464,825	494,324	472,934
Income (loss) from equity method investments	76,666	(12,170)	13,392
Realized gain (loss) from investments	506	261	(766)
Fair value changes through earnings on investments, net	21,258	18,564	43,002
Investment-related impairment and provision	(5,972)	(93,382)	(23,642)
Interest income	116,826	123,336	118,209
Interest expense	(82,442)	(105,397)	(120,070)
Other income (loss), net	13,929	(4,881)	(277)
Income before income tax expenses	605,596	420,655	502,782
Less: income tax expenses	144,521	110,550	145,287
Net income	461,075	310,105	357,495
Less: Net income attributable to non-controlling interests	2,968	2,556	2,095
Accretion to redeemable non-controlling interests	9,087	6,748	12,802
Net income attributable to Weibo's shareholders	449,020	300,801	342,598
Other comprehensive income (loss)
Currency translation adjustments (for which there were no taxes)	139,781	(99,325)	(114,683)
Total comprehensive income	600,856	210,780	242,812
Less: comprehensive income attributable to non-controlling interests and redeemable non-controlling interests	14,395	7,963	15,291
Comprehensive income attributable to Weibo's shareholders	$ 586,461	$ 202,817	$ 227,521
Shares used in computing net income per share attributable to Weibo's shareholders:
Basic (in shares)	238,787	237,324	235,560
Diluted (in shares)	268,560	265,241	239,974
Income per share:
Basic (in dollars per share)	$ 1.88	$ 1.27	$ 1.45
Diluted (in dollars per share)	$ 1.7	$ 1.16	$ 1.43
Advertising and marketing revenues
Revenues:
Total revenues	$ 1,501,630	$ 1,498,693	$ 1,534,014
Advertising and marketing revenues \| Third parties
Revenues:
Total revenues	1,289,273	1,315,055	1,344,354
Advertising and marketing revenues \| Other related parties
Revenues:
Total revenues	24,212	41,831	32,733
Advertising and marketing revenues \| Alibaba \| Related party
Revenues:
Total revenues	173,834	116,785	111,608
Advertising and marketing revenues \| SINA \| Related party
Revenues:
Total revenues	14,311	25,022	45,319
Value-added services revenues
Revenues:
Total revenues	$ 255,586	$ 255,984	$ 225,822

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net income	$ 461,075	$ 310,105	$ 357,495
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	59,088	58,137	58,509
Stock-based compensation	42,067	69,714	101,131
Amortization of operating lease assets	14,135	13,539	13,792
Non-cash compensation cost to non-controlling interest shareholders	2,771	4,644	11,541
Provision (reversal) of allowance for credit losses	(32,127)	12,343	19,092
Deferred income taxes	55,874	17,727	24,038
Foreign currency exchange (gain) loss	(4,234)	8,294	9,142
(Income) loss from equity method investments	(76,666)	12,170	(13,392)
Dividend received from equity method investments	8,513	1,708	771
(Gain) loss on sale of investments	(506)	(261)	766
Fair value changes through earnings on investments, net	(21,258)	(18,564)	(43,002)
Investment-related impairment and provision	5,972	93,382	23,642
Gain on disposal of property and equipment	(450)	(461)	(444)
Amortization of issuance cost of convertible senior notes, unsecured senior notes and long-term loans	7,774	8,484	8,287
Changes in assets and liabilities:
Prepaid expenses and other current assets	25,965	(10,944)	6,157
Other non-current assets	(36,443)	(23,225)	(13,156)
Accounts payable	69,948	397	19,665
Accrued and other liabilities	(28,388)	6,830	(197)
Deferred revenues	2,417	(613)	(1,905)
Operating lease liabilities	(10,853)	(9,379)	(9,612)
Income taxes payable	(7,983)	(27,130)	40,656
Net cash provided by operating activities	519,479	639,898	672,820
Cash flows from investing activities:
Purchases of bank time deposits and wealth management products	(1,760,226)	(1,608,754)	(755,315)
Maturities of bank time deposits and wealth management products	1,920,877	1,410,317	585,466
Investment in and prepayment on long-term investments	(110,139)	(79,804)	(602,740)
Proceeds from disposal of/refund of prepayment on long-term investments	37,545	93,158	347,766
Proceeds from disposal of property and equipment	451	588	463
Purchases of property and equipment	(42,368)	(61,469)	(36,772)
Cash paid for acquisitions, net of cash acquired		(5,250)	(243,385)
Return of prepayment to agent for share repurchase			2,318
Net cash provided by (used in) investing activities	66,617	(246,900)	(736,846)
Cash flows from financing activities:
Proceeds from employee options exercised	844	444	1
Proceeds from long-term loans, net of issuance costs			4,982
Repayment of long-term loans	(5,000)		(100,000)
Repayment of unsecured senior notes		(800,000)
Proceeds from convertible senior notes, net of issuance costs		(1,750)	321,707
Proceeds from ADS lending arrangement in connection with issuance of convertible senior notes			2
Purchase of a subsidiary's shares from non-controlling shareholders	(22,379)	(33,376)	(4,871)
Dividends paid to shareholders, net of dividends received from ADS borrower	(195,644)	(194,401)	(200,131)
Cash paid to non-controlling interest shareholders due to dissolution of a subsidiary		(356)
Distribution to non-controlling interest shareholders	(5,114)
Net cash provided by (used in) financing activities	(227,293)	(1,029,439)	21,690
Effect of exchange rate changes on cash and cash equivalents	49,506	(57,562)	(63,797)
Net increase (decrease) in cash and cash equivalents	408,309	(694,003)	(106,133)
Cash and cash equivalents at the beginning of the year	1,890,632	2,584,635	2,690,768
Cash and cash equivalents at the end of the year	2,298,941	1,890,632	2,584,635
Supplemental disclosures of cash flow information:
Cash paid for interest expenses on convertible senior notes, unsecured senior notes and long-term loans	(75,309)	(111,637)	(111,231)
Cash paid for income taxes	(94,416)	(119,701)	(79,476)
Non-cash investing and financing activities
Property and equipment in accounts payable	17,121	4,645	4,179
Unpaid consideration for other acquisitions			5,674
Third parties
Changes in assets and liabilities:
Accounts receivable due from	(13,596)	70,767	7,291
Related party \| Alibaba
Changes in assets and liabilities:
Accounts receivable due from	(2,324)	16,114	12,321
Related party \| SINA
Changes in assets and liabilities:
Amount due from SINA	(2,840)	28,526	30,741
Cash flows from investing activities:
Loans to SINA	(753,042)	(966,563)	(1,105,747)
Repayment of loans by SINA	773,519	970,877	1,071,100
Other related parties
Changes in assets and liabilities:
Accounts receivable due from	$ 1,548	$ (2,406)	$ 9,491

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 2,298,941	$ 1,890,632
Short-term investments	106,139	459,852
Accounts receivable, net of allowances for doubtful accounts	400,209	339,754
Prepaid expenses and other current assets (including loans to and interest receivable from other related parties of US$88,500 and US$105,658 as of December 31, 2024 and 2025, respectively)	330,356	348,774
Total current assets	3,576,788	3,491,781
Property and equipment, net	282,442	215,034
Operating lease assets	153,763	154,717
Intangible assets, net	96,293	109,781
Goodwill	169,280	162,223
Long-term investments	1,663,346	1,389,199
Other non-current assets (including loans to and interest receivable from other related parties of US$358,485 and US$438,470 as of December 31, 2024 and 2025, respectively)	1,149,274	981,764
Total assets	7,091,186	6,504,499
Current liabilities (including amounts of the consolidated VIEs without recourse to the primary beneficiary of US$572,936 and US$614,913 as of December 31, 2024 and 2025, respectively) :
Accounts payable	248,977	158,435
Accrued and other liabilities	634,447	640,207
Operating lease liabilities, short-term	14,045	12,162
Income taxes payable	80,049	84,690
Deferred revenues	78,315	72,642
Total current liabilities	1,055,833	968,136
Long-term liabilities
Convertible senior notes	323,944	320,803
Unsecured senior notes	745,630	744,662
Long-term loans	793,976	795,311
Deferred tax liabilities	119,302	61,052
Operating lease liabilities, long-term	28,347	32,580
Other non-current liabilities	16,591	3,069
Total long-term liabilities	2,027,790	1,957,477
Total liabilities	3,083,623	2,925,613
Commitments and contingencies
Redeemable non-controlling interests	32,828	45,103
Shareholders' equity:
Ordinary shares	61	61
Additional paid-in capital	1,551,702	1,504,560
Accumulated other comprehensive loss	(178,360)	(315,801)
Retained earnings	2,547,326	2,293,951
Total Weibo shareholders' equity	3,920,729	3,482,771
Non-controlling interests	54,006	51,012
Total shareholders' equity	3,974,735	3,533,783
Total liabilities, redeemable non-controlling interests and shareholders' equity	7,091,186	6,504,499
Third parties
Current assets:
Accounts receivable, net of allowances for doubtful accounts	314,668	256,670
Related party \| Alibaba
Current assets:
Accounts receivable, net of allowances for doubtful accounts	45,812	43,495
Related party \| SINA
Current assets:
Amount due from SINA	441,143	452,769
Other related parties
Current assets:
Accounts receivable, net of allowances for doubtful accounts	$ 39,729	$ 39,589