$BILI

Bilibili Inc.

CIK:0001723690|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS)/INCOME ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥) ¥ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 CNY (¥) ¥ / shares shares	Dec. 31, 2023 CNY (¥) ¥ / shares shares
Net revenues	¥ 30,347,766	$ 4,339,673	¥ 26,831,525	¥ 22,527,987
Cost of revenues	(19,233,654)	(2,750,376)	(18,057,562)	(17,086,122)
Gross profit	11,114,112	1,589,297	8,773,963	5,441,865
Operating expenses:
Sales and marketing expenses	(4,394,107)	(628,348)	(4,401,655)	(3,916,150)
General and administrative expenses	(2,062,066)	(294,872)	(2,031,063)	(2,122,432)
Research and development expenses	(3,533,488)	(505,282)	(3,685,214)	(4,467,470)
Total operating expenses	(9,989,661)	(1,428,502)	(10,117,932)	(10,506,052)
(Loss)/Profit from operations	1,124,451	160,795	(1,343,969)	(5,064,187)
Other income/(expense):
Investment loss, net (including impairments)	(242,288)	(34,647)	(470,081)	(435,644)
Interest income	431,847	61,753	434,980	542,472
Interest expense	(150,572)	(21,532)	(89,193)	(164,927)
Exchange losses	(80,172)	(11,464)	(68,715)	(35,575)
Debt extinguishment gain/(loss) \| ¥	(2)		(38,629)	292,213
Others, net	124,822	17,850	175,412	132,640
Total other income/(expense), net	83,635	11,960	(56,226)	331,179
(Loss)/Profit before income tax expenses	1,208,086	172,755	(1,400,195)	(4,733,008)
Income tax (expense)/benefit	(17,145)	(2,452)	36,544	(78,705)
Net (loss)/profit	1,190,941	170,303	(1,363,651)	(4,811,713)
Net (profit)/loss attributable to noncontrolling interests	2,590	370	16,851	(10,608)
Net (loss)/profit attributable to the Bilibili Inc.'s shareholders	1,193,531	170,673	(1,346,800)	(4,822,321)
Net (loss)/profit	1,190,941	170,303	(1,363,651)	(4,811,713)
Other comprehensive income/(loss):
Foreign currency translation adjustments	(83,030)	(11,874)	54,339	154,367
Total other comprehensive income/(loss)	(83,030)	(11,874)	54,339	154,367
Total comprehensive (loss)/income	1,107,911	158,429	(1,309,312)	(4,657,346)
Comprehensive (income)/loss attributable to noncontrolling interests	2,590	370	16,851	(10,608)
Comprehensive (loss)/income attributable to the Bilibili Inc.'s shareholders	¥ 1,110,501	$ 158,799	¥ (1,292,461)	¥ (4,667,954)
Net (loss)/profit per share/ADS, basic \| (per share)	¥ 2.85	$ 0.41	¥ (3.23)	¥ (11.67)
Net (loss)/profit per share/ADS, diluted \| (per share)	¥ 2.74	$ 0.39	¥ (3.23)	¥ (11.67)
Cost of revenues
Share-based compensation expenses included in:
Share-based compensation expenses	¥ 104,684	$ 14,970	¥ 84,178	¥ 63,724
Sales and marketing expenses
Share-based compensation expenses included in:
Share-based compensation expenses	76,605	10,954	60,460	56,649
General and administrative expenses
Share-based compensation expenses included in:
Share-based compensation expenses	561,330	80,269	568,194	596,950
Research and development expenses
Share-based compensation expenses included in:
Share-based compensation expenses	¥ 427,916	$ 61,191	¥ 403,380	¥ 415,321
ADSs
Other comprehensive income/(loss):
Net (loss)/profit per share/ADS, basic \| (per share)	¥ 2.85	$ 0.41	¥ (3.23)	¥ (11.67)
Net (loss)/profit per share/ADS, diluted \| (per share)	¥ 2.74	$ 0.39	¥ (3.23)	¥ (11.67)
Weighted average number of ordinary shares/ADSs, basic \| shares	418,913,625	418,913,625	416,470,256	413,210,271
Weighted average number of ordinary shares/ADSs, diluted \| shares	444,026,799	444,026,799	416,470,256	413,210,271
Ordinary shares
Other comprehensive income/(loss):
Weighted average number of ordinary shares/ADSs, basic \| shares	418,913,625	418,913,625	416,470,256	413,210,271
Weighted average number of ordinary shares/ADSs, diluted \| shares	444,026,799	444,026,799	416,470,256	413,210,271

CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Cash flows from operating activities:
Net (loss)/profit	¥ 1,190,941	$ 170,303	¥ (1,363,651)	¥ (4,811,713)
Adjustments to reconcile net (loss)/profit to net cash provided by operating activities:
Depreciation of property and equipment	480,900	68,775	554,335	727,193
Amortization of intangible assets	1,545,200	220,959	1,772,400	2,003,199
Amortization of right-of-use assets	161,361	23,074	174,430	169,294
Amortization of debt issuance costs	7,241	1,035	10,949	23,299
Share-based compensation expenses	1,170,535	167,384	1,116,212	1,132,644
(Reversal of)/Allowance for expected credit losses	27,754	3,969	109,801	(16,000)
Inventory provision	1,821	260	18,744	10,431
Deferred income taxes	(47,545)	(6,799)	(110,118)	(25,376)
Unrealized exchange losses/(gains)	(9,992)	(1,429)	(2,509)	931
Unrealized fair value changes of investments	21,112	3,019	22,763	66,462
Loss on disposal of property and equipment	3,952	565	3,214	646
Termination expenses of certain game projects				354,811
Gain from disposal of subsidiaries and long-term investments	(15,392)	(2,200)	(11,000)	(3,857)
Loss from equity method investments	37,300	5,332	40,471	112,142
Revaluation of previously held equity interests				86,680
Impairments of long-term investments	343,729	49,153	486,456	278,891
(Gain)/loss of convertible senior notes repurchase	2		38,629	(292,213)
Changes in operating assets and liabilities:
Accounts receivable	(9,538)	(1,364)	251,244	(262,215)
Amounts due from related parties	(63,260)	(9,046)	(66,910)	75,273
Prepayments and other assets	192,012	27,457	273,362	342,537
Other long-term assets	(38,424)	(5,495)	51,154	185,783
Accounts payable	585,770	83,764	615,154	(60,458)
Salary and welfare payable	106,225	15,190	380,127	(182,171)
Taxes payable	49,403	7,065	83,682	29,006
Deferred revenue	859,556	122,915	848,219	133,902
Accrued liabilities and other payables	568,420	81,283	779,294	341,102
Amounts due to related parties	11,564	1,654	(348)	(12,007)
Other long-term liabilities	(33,561)	(4,800)	(61,250)	(141,594)
Net cash provided by operating activities	7,147,100	1,022,023	6,014,854	266,622
Cash flows from investing activities:
Purchase of property and equipment	(512,858)	(73,338)	(465,367)	(181,897)
Purchase of intangible assets	(1,314,441)	(187,963)	(1,289,744)	(1,148,247)
Purchase of short-term investments	(85,638,931)	(12,246,204)	(36,969,524)	(13,547,650)
Maturities of short-term investments	81,815,086	11,699,402	37,007,903	16,328,255
Cash consideration (paid for)/acquired from purchase of subsidiaries, net of consideration paid and cash acquired	27,350	3,911		(70,000)
Cash paid for long-term investments including loans	(1,743,206)	(249,275)	(227,416)	(132,602)
Loans and advances from investees	13,000	1,859	78,968	684,834
Cash received from disposal/return of long-term assets	92,300	13,199	74,307	100,574
Placement of time deposits	(10,490,794)	(1,500,164)	(5,833,946)	(9,961,925)
Maturity of time deposits	8,411,880	1,202,883	7,486,732	9,690,806
Net cash provided by/(used in) investing activities	(9,340,614)	(1,335,690)	(138,087)	1,762,148
Cash flows from financing activities:
Proceeds of short-term and long-term loans	2,699,000	385,952	5,149,000	1,950,482
Repayment of short-term loans and long-term loans	(2,681,000)	(383,378)	(1,908,696)	(2,032,295)
Purchase of noncontrolling interests	(1,067)	(153)		(7,027)
Proceeds from exercise of employees' share options	6,559	938	10,268	2
Proceeds from issuance of ordinary shares, net of issuance costs				2,689,380
Proceeds from issuance of convertible notes	4,886,978	698,828	100,000
Repurchase of shares	(822,713)	(117,645)	(117,523)
Repurchase of convertible senior notes	(474)	(68)	(6,058,432)	(7,675,227)
Net cash (used in)/provided by financing activities	4,087,283	584,474	(2,825,383)	(5,074,685)
Effect of exchange rate changes on cash and cash equivalents and restricted cash held in foreign currencies	41,179	5,888	6,177	100,349
Net (decrease)/increase in cash and cash equivalents and restricted cash	1,934,956	276,695	3,057,561	(2,945,566)
Cash and cash equivalents and restricted cash at beginning of the year	10,299,382	1,472,792	7,241,821	10,187,387
Cash and cash equivalents and restricted cash at end of the year	12,234,338	1,749,487	10,299,382	7,241,821
Cash and cash equivalents at end of the year	12,183,538	1,742,223	10,249,382	7,191,821
Restricted cash at end of the year	50,800	7,264	50,000	50,000
Supplemental disclosures of cash flows information:
Cash paid for income taxes, net of tax refund	63,123	9,026	87,217	103,391
Cash paid for interest expense	125,109	17,890	93,809	167,291
Supplemental schedule of non-cash investing and financing activities:
Property and equipment purchases financed by accounts payable	183,095	26,182	35,510	65,377
Acquisitions and investments financed by payables	22,740	3,252	(7,596)	(80,000)
Intangible assets purchases financed by payables	¥ 686,486	$ 98,166	¥ 767,387	¥ 783,828

CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 12,183,538	$ 1,742,223	¥ 10,249,382
Time deposits	5,522,327	789,682	3,588,475
Restricted cash	50,800	7,264	50,000
Accounts receivable, net	1,268,219	181,353	1,226,875
Amounts due from related parties	874,962	125,118	786,677
Prepayments and other current assets	1,203,037	172,032	1,148,111
Short-term investments	6,447,197	921,937	2,706,535
Total current assets	27,550,080	3,939,609	19,756,055
Non-current assets:
Property and equipment, net	695,105	99,399	589,227
Production cost, net	1,599,896	228,782	1,851,207
Intangible assets, net	3,109,603	444,667	3,201,012
Deferred tax assets	166,132	23,757	135,131
Goodwill	2,818,125	402,987	2,725,130
Long-term investments, net	4,761,653	680,907	3,911,592
Other long-term assets	467,169	66,804	529,146
Total non-current assets	13,617,683	1,947,303	12,942,445
Total assets	41,167,763	5,886,912	32,698,500
Current liabilities:
Accounts payable	5,497,415	786,120	4,801,416
Salary and welfare payable	1,710,322	244,573	1,599,482
Taxes payable	405,887	58,041	428,932
Short-term loans and current portion of long-term debt	4,860,846	695,092	1,571,836
Deferred revenue	4,661,863	666,638	3,802,307
Accrued liabilities and other payables	3,174,566	453,957	2,554,281
Amounts due to related parties	16,113	2,304	4,549
Total current liabilities	20,327,012	2,906,725	14,762,803
Non-current liabilities:
Long-term debt	4,775,871	682,940	3,264,153
Other long-term liabilities	516,317	73,832	567,631
Total non-current liabilities	5,292,188	756,772	3,831,784
Total liabilities	25,619,200	3,663,497	18,594,587
Commitments and contingencies (Note 19)
Shareholders' equity
Additional paid-in capital	41,808,515	5,978,538	41,454,130
Statutory reserves	55,105	7,880	48,642
Accumulated other comprehensive income	183,786	26,281	266,816
Accumulated deficit	(26,474,400)	(3,785,787)	(27,661,459)
Total Bilibili Inc.'s shareholders' equity	15,573,282	2,226,950	14,108,397
Noncontrolling interests	(24,719)	(3,535)	(4,484)
Total shareholders' equity	15,548,563	2,223,415	14,103,913
Total liabilities and shareholders' equity	41,167,763	5,886,912	32,698,500
Class Y Ordinary Shares
Shareholders' equity
Ordinary shares	49	7	52
Class Z Ordinary Shares
Shareholders' equity
Ordinary shares	¥ 218	$ 31	¥ 216