Earnings release
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Bilibili Inc. Announces Second Quarter 2026 Financial Results SHANGHAI, China, August 27, 2026 -- Bilibili Inc. (“Bilibili” or the “Company”) (Nasdaq: BILI and HKEX: 9626), an iconic brand and a leading video community for young generations in China, today announced its unaudited financial results for the second quarter ended June 30, 2026. Second Quarter 2026 Highlights: • Average daily active users (DAUs) were 116.5 million, representing an increase of 7% year over year. Average daily time spent was 113 minutes, driving total user time spent up by 14% year over year. • Total net revenues were RMB7.94 billion (US$1.17 billion), representing an increase of 8% year over year. Advertising revenues, a key driver of total net revenues, were RMB3.13 billion (US$461.4 million), representing an increase of 28% year over year. • Gross profit was RMB2.95 billion (US$435.5 million), representing an increase of 10% year over year. Gross profit margin reached 37.2%, improving from 36.5% in the same period of 2025. • Net profit was RMB339.1 million (US$50.0 million), representing an increase of 55% year over year. Net profit margin was 4.3%, improving from 3.0% in the same period of 2025. • Adjusted net profit1 was RMB703.6 million (US$103.7 million), representing an increase of 25% year over year. Adjusted net profit margin1 was 8.9%, improving from 7.6% in the same period of 2025. “We delivered a solid second quarter with continued growth across our ecosystem,” said Mr. Rui Chen, Chairman and Chief Executive Officer of Bilibili. “Our high-quality content and interest-based community continue to deepen user engagement, driving DAUs to 117 million, monthly active users to 371 million, and total user time spent up by over 14% year over year. In an era where content is abundant yet attention is scarce, quality and emotional connection matter more than ever, and Bilibili represents the best combination of both in today’s internet landscape. As AI enables us to fulfill this mission with greater precision and scale, we remain highly confident in our trajectory ahead.” Mr. Sam Fan, Chief Financial Officer of Bilibili, said, “We delivered another quarter of solid financial performance, with continued revenue growth and profit expansion. Total net revenues increased 8% year over year to RMB7.9 billion, while gross profit grew 10% year over year and gross margin expanded to 37.2%, marking our 16th consecutive quarter of margin improvement. Supported by continued topline growth and stronger operating leverage, net profit increased by 55% year over year. Looking ahead, we will remain disciplined in our investments and actively return value through our share repurchase program, delivering sustainable long-term value for our shareholders.” Second Quarter 2026 Financial Results Total net revenues. Total net revenues were RMB7.94 billion (US$1.17 billion), representing an increase of 8% from the same period of 2025. Advertising. Revenues from advertising were RMB3.13 billion (US$461.4 million), representing an increase of 28% from the same period of 2025, mainly attributable to the Company’s improved advertising product offerings and enhanced advertising efficiency.
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Value-added services (VAS). Revenues from VAS were RMB2.97 billion (US$437.3 million), representing an increase of 5% from the same period of 2025, mainly attributable to increased revenues from premium memberships and other value-added services. Mobile games. Revenues from mobile games were RMB1.39 billion (US$205.1 million), representing a decrease of 14% from the same period of 2025, mainly attributable to a high base effect, reflecting the exceptional performance of San Guo: Mou Ding Tian Xia in the prior-year period as the title now transitions into a stable and mature life cycle. IP derivatives and others. Revenues from IP derivatives and others were RMB449.8 million (US$66.3 million), representing an increase of 2% from the same period of 2025. Cost of revenues. Cost of revenues was RMB4.98 billion (US$734.7 million), representing an increase of 7% from the same period of 2025. Revenue-sharing costs, a key component of cost of revenues, were RMB3.08 billion (US$453.6 million), representing an increase of 4% from the same period of 2025. Gross profit. Gross profit was RMB2.95 billion (US$435.5 million), representing an increase of 10% from the same period of 2025, primarily driven by the growth in total net revenues, which outpaced the increase in cost of revenues, as the Company enhanced its monetization efficiency. Total operating expenses. Total operating expenses were RMB2.58 billion (US$380.6 million), representing an increase of 7% from the same period of 2025. Sales and marketing expenses. Sales and marketing expenses were RMB1.06 billion (US$156.6 million), representing an increase of 1% from the same period of 2025. General and administrative expenses. General and administrative expenses were RMB510.8 million (US$75.3 million), flat with the same period of 2025. Research and development expenses. Research and development expenses were RMB1.01 billion (US$148.7 million), representing an increase of 16% from the same period of 2025. The increase was primarily due to higher expenses related to server depreciation. Profit from operations. Profit from operations was RMB372.9 million (US$55.0 million), representing an increase of 48% year over year. Adjusted profit from operations1. Adjusted profit from operations was RMB696.2 million (US$102.6 million), representing an increase of 21% from the same period of 2025. Total other expenses, net. Total other expenses were RMB1.4 million (US$0.2 million), compared with total other expenses of RMB7.0 million in the same period of 2025. Income tax expense. Income tax expense was RMB32.4 million (US$4.8 million), compared with RMB26.4 million in the same period of 2025. Net profit. Net profit was RMB339.1 million (US$50.0 million), representing an increase of 55% from the same period of 2025.
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Adjusted net profit1. Adjusted net profit was RMB703.6 million (US$103.7 million), representing an increase of 25% from the same period of 2025. Basic and diluted EPS and adjusted basic and diluted EPS1. Basic and diluted earnings per share were RMB0.82 (US$0.12) and RMB0.78 (US$0.11), respectively, compared with basic and diluted net profit per share of RMB0.52 and RMB0.51, respectively, in the same period of 2025. Adjusted basic and diluted earnings per share were RMB1.69 (US$0.25) and RMB1.58 (US$0.23), respectively, compared with RMB1.34 and RMB1.29, respectively, in the same period of 2025. Cash and cash equivalents, time deposits and short-term investments. As of June 30, 2026, the Company had cash and cash equivalents, time deposits and short-term investments of RMB24.30 billion (US$3.58 billion). Share Repurchase Program Pursuant to the Company’s two-year US$300 million share repurchase program, which was approved by the Board of Directors in June 2026 (the “2026 Program”), a total of 1.9 million of the Company’s listed securities have been purchased for a total cost of approximately US$31.3 million as of June 30, 2026. From the beginning of 2026 through the date of this announcement, a total of 5.8 million of the Company’s listed securities have been purchased for a total cost of approximately US$118 million, pursuant to the 2026 Program and the previous share repurchase program approved in November 2024. 1 Adjusted net profit, adjusted net profit margin, adjusted profit from operations and adjusted basic and diluted EPS are non-GAAP financial measures. For more information on non-GAAP financial measures, please see the section “Use of Non-GAAP Financial Measures” and the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results.” Conference Call The Company’s management will host an earnings conference call at 8:00 AM U.S. Eastern Time on August 27, 2026 (8:00 PM Beijing/Hong Kong Time on August 27, 2026). Details for the conference call are as follows: Event Title: Bilibili Inc. Second Quarter 2026 Earnings Conference Call Registration Link: https://register-conf.media-server.com/register/BI014b9f2c1441432badb1e9e1353bfea7 All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers and a personal PIN, which will be used to join the conference call. Additionally, a live webcast of the conference call will be available on the Company’s investor relations website at http://ir.bilibili.com, and a replay of the webcast will be available following the session. About Bilibili Inc. Bilibili is an iconic brand and a leading video community with a mission to enrich the everyday lives of young generations in China. Bilibili offers a wide array of video-based content with “All the Videos You Like” as its value proposition. Bilibili builds its community around aspiring users, high-quality content, talented content creators and the strong emotional bonds among them. Bilibili pioneered the “bullet chatting” feature, a live comment function that has transformed users’ viewing experience by displaying the thoughts and feelings of audience members viewing the same video. The Company has now become the welcoming
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home of diverse interests among young generations in China and a frontier for promoting Chinese culture around the world. For more information, please visit: http://ir.bilibili.com. Use of Non-GAAP Financial Measures The Company uses non-GAAP financial measures such as adjusted profit from operations, adjusted net profit, adjusted net profit margin, adjusted net profit per share and per ADS, basic and diluted and adjusted net profit attributable to Bilibili Inc.’s shareholders in evaluating its operating results and for financial and operational decision-making purposes. The Company believes that the non-GAAP financial measures help identify underlying trends in its business by excluding the impact of share-based compensation expenses, amortization expense related to intangible assets acquired through business acquisitions, income tax related to intangible assets acquired through business acquisitions, loss on fair value change in investments in publicly traded companies and loss on repurchase of convertible senior notes. The Company calculates adjusted net profit margin by dividing the adjusted net profit by revenue for the same period. The Company believes that the non-GAAP financial measures provide useful information about the Company’s results of operations, enhance the overall understanding of the Company’s past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making. The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP and therefore, may not be comparable to similar measures presented by other companies. The non-GAAP financial measures have limitations as analytical tools, and when assessing the Company’s operating performance, cash flows or liquidity, investors should not consider them in isolation, or as a substitute for net profit, cash flows provided by operating activities or other consolidated statements of operations and cash flows data prepared in accordance with U.S. GAAP. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance. For more information on the non-GAAP financial measures, please see the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results.” Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB6.7851 to US$1.00, the exchange rate on June 30, 2026 set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred to could be converted into US$ or RMB, as the case may be, at any particular rate or at all. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue,” or other similar expressions. Among
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other things, outlook and quotations from management in this announcement, as well as Bilibili’s strategic and operational plans, contain forward-looking statements. Bilibili may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its interim and annual reports to shareholders, in announcements, circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Bilibili’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: results of operations, financial condition, and stock price; Bilibili’s strategies; Bilibili’s future business development, financial condition and results of operations; Bilibili’s ability to retain and increase the number of users, members and advertising customers, provide quality content, products and services, and expand its product and service offerings; competition in the online entertainment industry; Bilibili’s ability to maintain its culture and brand image within its addressable user communities; Bilibili’s ability to manage its costs and expenses; PRC governmental policies and regulations relating to the online entertainment industry, general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the SEC and the Hong Kong Stock Exchange. All information provided in this announcement and in the attachments is as of the date of the announcement, and the Company undertakes no duty to update such information, except as required under applicable law.
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For investor and media inquiries, please contact: In China: Bilibili Inc. Juliet Yang Tel: +86-21-2509-9255 Ext. 8523 E-mail: ir@bilibili.com Piacente Financial Communications Helen Wu Tel: +86-10-6508-0677 E-mail: bilibili@tpg-ir.com In the United States: Piacente Financial Communications Brandi Piacente Tel: +1-212-481-2050 E-mail: bilibili@tpg-ir.com
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BILIBILI INC. Unaudited Condensed Consolidated Statements of Operations (All amounts in thousands, except for share and per share data) For the Three Months Ended For the Six Months Ended June 30, March 31, June 30, June 30, June 30, 2025 2026 2026 2025 2026 RMB RMB RMB RMB RMB Net revenues: Value-added services (VAS) 2,836,596 2,912,485 2,967,415 5,643,936 5,879,900 Advertising 2,448,888 2,588,788 3,130,759 4,446,523 5,719,547 Mobile games 1,612,333 1,522,552 1,391,902 3,343,488 2,914,454 IP derivatives and others 439,873 448,210 449,847 906,991 898,057 Total net revenues 7,337,690 7,472,035 7,939,923 14,340,938 15,411,958 Cost of revenues (4,661,844) (4,698,795) (4,984,967) (9,125,994) (9,683,762) Gross profit 2,675,846 2,773,240 2,954,956 5,214,944 5,728,196 Operating expenses: Sales and marketing expenses (1,048,189) (1,152,711) (1,062,592) (2,215,164) (2,215,303) General and administrative expenses (509,631) (532,667) (510,848) (1,025,269) (1,043,515) Research and development expenses (866,414) (921,107) (1,008,646) (1,707,891) (1,929,753) Total operating expenses (2,424,234) (2,606,485) (2,582,086) (4,948,324) (5,188,571) Profit from operations 251,612 166,755 372,870 266,620 539,625 Other (expense)/income: Investment (loss)/income, net (including impairments) (56,875) 64,551 (74,102) (119,078) (9,551) Interest income 101,639 107,832 100,895 195,812 208,727 Interest expense (35,506) (39,337) (37,549) (68,077) (76,886) Exchange losses (11,710) (74,555) (89,671) (23,369) (164,226) Debt extinguishment loss (2) - - (2) - Others, net (4,518) (3,963) 99,050 (6,355) 95,087 Total other (expense)/income, net (6,972) 54,528 (1,377) (21,069) 53,151 Profit before income tax 244,640 221,283 371,493 245,551 592,776 Income tax expense (26,357) (19,288) (32,417) (37,945) (51,705) Net profit 218,283 201,995 339,076 207,606 541,071 Net loss attributable to noncontrolling interests 719 7,784 4,653 2,294 12,437 Net profit attributable to Bilibili Inc.’s shareholders 219,002 209,779 343,729 209,900 553,508 Net profit per share, basic 0.52 0.50 0.82 0.50 1.32 Net profit per ADS, basic 0.52 0.50 0.82 0.50 1.32 Net profit per share, diluted 0.51 0.48 0.78 0.49 1.25 Net profit per ADS, diluted 0.51 0.48 0.78 0.49 1.25 Weighted average number of ordinary shares, basic 419,443,582 419,457,332 418,461,204 419,763,214 418,956,516 Weighted average number of ADS, basic 419,443,582 419,457,332 418,461,204 419,763,214 418,956,516 Weighted average number of ordinary shares, diluted 437,370,780 459,453,791 453,578,335 431,601,628 456,513,310 Weighted average number of ADS, diluted 437,370,780 459,453,791 453,578,335 431,601,628 456,513,310 The accompanying notes are an integral part of this press release.
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BILIBILI INC. Notes to Unaudited Financial Information (All amounts in thousands, except for share and per share data) For the Three Months Ended For the Six Months Ended June 30, March 31, June 30, June 30, June 30, 2025 2026 2026 2025 2026 RMB RMB RMB RMB RMB Share-based compensation expenses included in: Cost of revenues 26,314 29,407 28,078 50,310 57,485 Sales and marketing expenses 19,800 23,828 22,122 36,217 45,950 General and administrative expenses 137,165 155,814 135,717 281,662 291,531 Research and development expenses 101,568 107,364 96,771 207,423 204,135 Total 284,847 316,413 282,688 575,612 599,101
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BILIBILI INC. Unaudited Condensed Consolidated Balance Sheets (All amounts in thousands, except for share and per share data) December 31, June 30, 2025 2026 RMB RMB Assets Current assets: Cash and cash equivalents 12,183,538 5,163,796 Time deposits 5,522,327 9,766,542 Restricted cash 50,800 800 Accounts receivable, net 1,268,219 1,681,119 Prepayments and other current assets 2,077,999 2,190,632 Short-term investments 6,447,197 9,369,368 Total current assets 27,550,080 28,172,257 Non-current assets: Property and equipment, net 695,105 2,076,571 Production cost, net 1,599,896 1,376,169 Intangible assets, net 3,109,603 2,893,031 Goodwill 2,818,125 2,818,125 Long-term investments, net 4,761,653 4,570,559 Other long-term assets 633,301 572,862 Total non-current assets 13,617,683 14,307,317 Total assets 41,167,763 42,479,574 Liabilities Current liabilities: Accounts payable 5,497,415 6,283,459 Salary and welfare payables 1,710,322 1,485,188 Taxes payable 405,887 400,415 Short-term loans and current portion of long-term debts 4,860,846 4,878,643 Deferred revenue 4,661,863 4,636,240 Accrued liabilities and other payables 3,190,679 3,705,014 Total current liabilities 20,327,012 21,388,959 Non-current liabilities: Long-term debts 4,775,871 4,635,647 Other long-term liabilities 516,317 540,847 Total non-current liabilities 5,292,188 5,176,494 Total liabilities 25,619,200 26,565,453 Total Bilibili Inc.’s shareholders’ equity 15,573,282 15,951,277 Noncontrolling interests (24,719) (37,156) Total shareholders’ equity 15,548,563 15,914,121 Total liabilities and shareholders’ equity 41,167,763 42,479,574
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BILIBILI INC. Unaudited Reconciliations of GAAP and Non-GAAP Results (All amounts in thousands, except for share and per share data) For the Three Months Ended For the Six Months Ended June 30, March 31, June 30, June 30, June 30, 2025 2026 2026 2025 2026 RMB RMB RMB RMB RMB Profit from operations 251,612 166,755 372,870 266,620 539,625 Add: Share-based compensation expenses 284,847 316,413 282,688 575,612 599,101 Amortization expense related to intangible assets acquired through business acquisitions 36,692 40,687 40,687 73,384 81,374 Adjusted profit from operations 573,151 523,855 696,245 915,616 1,220,100 Net profit 218,283 201,995 339,076 207,606 541,071 Add: Share-based compensation expenses 284,847 316,413 282,688 575,612 599,101 Amortization expense related to intangible assets acquired through business acquisitions 36,692 40,687 40,687 73,384 81,374 Income tax related to intangible assets acquired through business acquisitions (4,136) (1,731) (1,731) (8,272) (3,462) Loss on fair value change in investments in publicly traded companies 25,641 28,066 42,907 74,510 70,973 Loss on repurchase of convertible senior notes 2 - - 2 - Adjusted net profit 561,329 585,430 703,627 922,842 1,289,057 Net profit margin 3.0% 2.7% 4.3% 1.4% 3.5% Adjusted net profit margin 7.6% 7.8% 8.9% 6.4% 8.4% Net loss attributable to noncontrolling interests 719 7,784 4,653 2,294 12,437 Adjusted net profit attributable to Bilibili Inc.’s shareholders 562,048 593,214 708,280 925,136 1,301,494
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BILIBILI INC. Unaudited Reconciliations of GAAP and Non-GAAP Results (Continued) (All amounts in thousands, except for share and per share data) For the Three Months Ended For the Six Months Ended June 30, March 31, June 30, June 30, June 30, 2025 2026 2026 2025 2026 RMB RMB RMB RMB RMB Adjusted net profit per share, basic 1.34 1.41 1.69 2.20 3.11 Adjusted net profit per ADS, basic 1.34 1.41 1.69 2.20 3.11 Adjusted net profit per share, diluted 1.29 1.31 1.58 2.15 2.89 Adjusted net profit per ADS, diluted 1.29 1.31 1.58 2.15 2.89 Weighted average number of ordinary shares, basic 419,443,582 419,457,332 418,461,204 419,763,214 418,956,516 Weighted average number of ADS, basic 419,443,582 419,457,332 418,461,204 419,763,214 418,956,516 Weighted average number of ordinary shares, diluted 437,370,780 459,453,791 453,578,335 431,601,628 456,513,310 Weighted average number of ADS, diluted 437,370,780 459,453,791 453,578,335 431,601,628 456,513,310