NASDAQ : BILI
Bilibili Inc. — Financial statements
Communication Services · Internet Content & Information · China
Last price 12.68 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 5.20B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Bilibili Inc. (BILI) reported revenue of 31.42B CNY (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 31.42B | 30.35B | 26.83B | 22.53B | 21.90B | 19.38B |
| Cost of Revenue | 19.79B | 19.23B | 18.06B | 17.09B | 18.05B | 15.34B |
| Gross Profit | 11.63B | 11.11B | 8.77B | 5.44B | 3.85B | 4.04B |
| Selling, General & Admin | 6.47B | 6.46B | 6.43B | 6.04B | 7.44B | 7.63B |
| Research & Development | 3.76B | 3.53B | 3.69B | 4.47B | 4.77B | 2.84B |
| Operating Expenses | 10.23B | 9.99B | 10.12B | 10.51B | 12.21B | 10.47B |
| Operating Income | 1.40B | 1.12B | -1.34B | -5.06B | -8.36B | -6.43B |
| Interest Expense | -159.38M | -150.57M | -89.19M | -164.93M | -250.92M | -155.47M |
| Interest & Investment Income | 444.76M | 431.85M | 434.98M | 542.47M | 281.05M | 70.37M |
| Currency Exchange Gain (Loss) | -221.03M | -80.17M | -68.72M | -35.58M | -19.75M | -15.50M |
| Other Non Operating Income (Expenses) | 226.26M | 124.82M | 175.41M | 132.64M | 157.94M | 10.41M |
| EBT Excluding Unusual Items | 1.69B | 1.45B | -891.49M | -4.59B | -8.19B | -6.52B |
| Gain (Loss) on Sale of Investments | -132.76M | -242.29M | -470.08M | -435.64M | -532.49M | -194.18M |
| Other Unusual Items | -2.00K | -38.63M | 292.21M | 1.32B | ||
| Pretax Income | 1.56B | 1.21B | -1.40B | -4.73B | -7.40B | -6.71B |
| Income Tax Expense | 30.91M | 17.14M | -36.54M | 78.70M | 104.14M | 95.29M |
| Earnings From Continuing Operations | 1.52B | 1.19B | -1.36B | -4.81B | -7.51B | -6.81B |
| Minority Interest in Earnings | 12.73M | 2.59M | 16.85M | -10.61M | 10.64M | 19.51M |
| Net Income | 1.54B | 1.19B | -1.35B | -4.82B | -7.50B | -6.79B |
| Net Income to Common | 1.54B | 1.19B | -1.35B | -4.82B | -7.50B | -6.79B |
| Shares Outstanding (Basic) | 418.51M | 418.91M | 416.47M | 413.21M | 394.86M | 379.90M |
| Shares Outstanding (Diluted) | 456.48M | 444.03M | 416.47M | 413.21M | 394.86M | 379.90M |
| EPS (Basic) | 3.67 | 2.85 | -3.23 | -11.67 | -18.99 | -17.87 |
| EPS (Diluted) | 3.44 | 2.74 | -3.23 | -11.67 | -18.99 | -17.87 |
| Free Cash Flow | 6.63B | 5.55B | 84.72M | -4.67B | -3.61B | |
| Free Cash Flow Per Share | 14.94 | 13.32 | 0.20 | -11.83 | -9.51 | |
| Gross Margin | 37.01% | 36.62% | 32.70% | 24.16% | 17.58% | 20.86% |
| Operating Margin | 4.45% | 3.71% | -5.01% | -22.48% | -38.17% | -33.17% |
| Profit Margin | 4.89% | 3.93% | -5.02% | -21.41% | -34.23% | -35.02% |
| Free Cash Flow Margin | 21.86% | 20.68% | 0.38% | -21.33% | -18.64% | |
| EBITDA | 4.36B | 3.15B | 982.77M | -2.33B | -5.02B | -3.99B |
| EBITDA Margin | 13.89% | 10.38% | 3.66% | -10.36% | -22.93% | -20.57% |
| D&A For EBITDA | 2.97B | 2.03B | 2.33B | 2.73B | 3.34B | 2.44B |
| EBIT | 1.40B | 1.12B | -1.34B | -5.06B | -8.36B | -6.43B |
| EBIT Margin | 4.45% | 3.71% | -5.01% | -22.48% | -38.16% | -33.17% |
| Effective Tax Rate | 1.99% | 1.42% |
Balance sheet
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 5.16B | 12.18B | 10.25B | 7.19B | 10.17B | 7.52B |
| Short-Term Investments | 19.14B | 12.14B | 6.43B | 7.93B | 9.42B | 22.80B |
| Cash & Short-Term Investments | 24.30B | 24.32B | 16.68B | 15.12B | 19.60B | 30.32B |
| Accounts Receivable | 1.68B | 1.27B | 1.23B | 1.57B | 1.33B | 1.38B |
| Other Receivables | 159.93M | 255.20M | 266.67M | 365.91M | 342.55M | |
| Receivables | 1.68B | 2.25B | 2.11B | 2.51B | 3.03B | 3.50B |
| Inventory | 278.89M | 294.77M | 241.00M | 514.05M | 550.51M | |
| Prepaid Expenses | 224.82M | 236.82M | 390.65M | 561.06M | 705.05M | |
| Restricted Cash | 800.00K | 50.80M | 50.00M | 50.00M | 14.80M | |
| Other Current Assets | 2.19B | 426.32M | 378.15M | 422.20M | 738.91M | 1.37B |
| Total Current Assets | 28.17B | 27.55B | 19.76B | 18.73B | 24.45B | 36.45B |
| Property, Plant & Equipment | 2.08B | 695.11M | 589.23M | 714.73M | 1.23B | 1.35B |
| Long-Term Investments | 4.57B | 4.76B | 3.91B | 4.37B | 5.65B | 5.50B |
| Goodwill | 2.82B | 2.82B | 2.73B | 2.73B | 2.73B | 2.34B |
| Other Intangible Assets | 2.89B | 3.11B | 3.20B | 3.63B | 4.33B | 3.84B |
| Long-Term Deferred Tax Assets | 166.13M | 135.13M | 46.59M | 43.59M | 36.35M | |
| Long-Term Deferred Charges | 1.38B | 1.60B | 1.85B | 2.07B | 1.93B | 1.08B |
| Other Long-Term Assets | 572.86M | 467.17M | 529.15M | 885.34M | 1.47B | 1.46B |
| Total Assets | 42.48B | 41.17B | 32.70B | 33.16B | 41.83B | 52.05B |
| Accounts Payable | 6.28B | 5.51B | 4.81B | 4.33B | 4.29B | 4.36B |
| Accrued Expenses | 5.19B | 3.54B | 3.20B | 2.27B | 2.40B | 2.47B |
| Short-Term Debt | 4.88B | 1.60B | 1.57B | 1.40B | 1.48B | 1.23B |
| Current Portion of Long-Term Debt | 3.26B | 657.00K | 6.05B | 5.14B | ||
| Current Portion of Leases | 149.30M | 214.62M | 188.50M | 238.69M | 206.76M | |
| Current Income Taxes Payable | 400.42M | 152.25M | 134.30M | 131.82M | 109.86M | 69.77M |
| Current Unearned Revenue | 4.64B | 4.66B | 3.80B | 2.95B | 2.82B | 2.65B |
| Other Current Liabilities | 1.45B | 1.03B | 774.17M | 612.16M | 1.08B | |
| Total Current Liabilities | 21.39B | 20.33B | 14.76B | 18.10B | 17.09B | 12.07B |
| Long-Term Debt | 4.64B | 4.78B | 3.26B | 646.00K | 8.68B | 17.78B |
| Long-Term Leases | 33.85M | |||||
| Other Long-Term Liabilities | 540.85M | 482.47M | 567.63M | 650.46M | 814.43M | 481.98M |
| Total Liabilities | 26.57B | 25.62B | 18.59B | 18.75B | 26.59B | 30.34B |
| Common Stock | 15.95B | 267.00K | 268.00K | 265.00K | 253.00K | 251.00K |
| Additional Paid-In Capital | 41.81B | 41.45B | 40.45B | 36.62B | 35.93B | |
| Retained Earnings | -26.42B | -27.61B | -26.27B | -21.44B | -13.95B | |
| Comprehensive Income & Other | 183.79M | 266.82M | 212.48M | 58.11M | -279.86M | |
| Total Common Equity | 15.95B | 15.57B | 14.11B | 14.39B | 15.24B | 21.70B |
| Minority Interest | -37.16M | -24.72M | -4.48M | 12.37M | 1.76M | 12.40M |
| Shareholders' Equity | 15.91B | 15.55B | 14.10B | 14.40B | 15.24B | 21.72B |
| Total Liabilities & Equity | 42.48B | 41.17B | 32.70B | 33.16B | 41.83B | 52.05B |
| Total Debt | 9.51B | 9.82B | 5.05B | 7.64B | 15.54B | 19.22B |
| Net Cash (Debt) | 14.79B | 14.50B | 11.63B | 7.47B | 4.05B | 11.10B |
| Net Cash Per Share | 32.39 | 32.66 | 27.93 | 18.08 | 10.26 | 29.22 |
| Filing Date Shares Outstanding | 418.51M | 416.62M | 416.77M | 412.16M | 409.92M | 390.60M |
| Total Common Shares Outstanding | 418.51M | 414.72M | 416.55M | 412.16M | 394.58M | 390.60M |
| Working Capital | 6.78B | 7.22B | 4.99B | 623.34M | 7.36B | 24.38B |
| Book Value Per Share | 38.11 | 37.55 | 33.87 | 34.92 | 38.62 | 55.56 |
| Tangible Book Value | 10.24B | 9.65B | 8.18B | 8.04B | 8.19B | 15.53B |
| Tangible Book Value Per Share | 24.47 | 23.26 | 19.64 | 19.51 | 20.75 | 39.76 |
| Machinery | 3.85B | 3.41B | 3.03B | 2.83B | 2.28B | |
| Leasehold Improvements | 218.49M | 222.93M | 232.04M | 282.01M | 221.28M |
Cash flow statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.19B | -1.35B | -4.82B | -7.50B | -6.79B | |
| Depreciation & Amortization | 2.19B | 2.50B | 2.90B | 3.57B | 2.60B | |
| Other Amortization | 7.24M | 10.95M | 23.30M | 48.17M | 25.23M | |
| Loss (Gain) From Sale of Assets | -11.44M | -7.79M | -3.21M | -177.63M | -3.80M | |
| Loss (Gain) From Sale of Investments | 364.84M | 509.22M | 432.03M | 564.88M | 323.23M | |
| Loss (Gain) on Equity Investments | 37.29M | 40.47M | 112.14M | 211.62M | 37.18M | |
| Stock-Based Compensation | 1.17B | 1.12B | 1.13B | 1.04B | 999.82M | |
| Provision & Write-off of Bad Debts | 27.75M | 109.80M | -16.00M | 130.55M | 189.16M | |
| Other Operating Activities | -58.30M | -72.11M | 59.19M | -646.60M | -23.14M | |
| Change in Accounts Receivable | -9.54M | 251.24M | -262.21M | -59.87M | -429.46M | |
| Change in Accounts Payable | 585.77M | 615.15M | -60.46M | 46.86M | 1.06B | |
| Change in Unearned Revenue | 859.56M | 848.22M | 133.90M | 173.94M | 494.55M | |
| Change in Income Taxes | 49.40M | 83.68M | 29.01M | 130.68M | 77.36M | |
| Change in Other Net Operating Assets | 742.98M | 1.36B | 608.92M | -1.44B | -1.21B | |
| Operating Cash Flow | 7.15B | 6.01B | 266.62M | -3.91B | -2.65B | |
| Capital Expenditures | -512.86M | -465.37M | -181.90M | -760.43M | -965.41M | |
| Cash Acquisitions | 27.35M | -70.00M | -1.18B | -521.98M | ||
| Divestitures | -125.00K | |||||
| Sale (Purchase) of Intangibles | -1.31B | -1.29B | -1.15B | -1.98B | -2.72B | |
| Investment in Securities | -7.55B | 1.54B | 2.48B | 13.93B | -20.91B | |
| Other Investing Activities | 13.00M | 78.97M | 684.83M | 596.77M | 539.23M | |
| Investing Cash Flow | -9.34B | -138.09M | 1.76B | 10.61B | -24.58B | |
| Short-Term Debt Issued | 2.70B | 5.15B | 1.95B | 1.70B | 1.33B | |
| Long-Term Debt Issued | 4.89B | 100.00M | 10.11B | |||
| Total Debt Issued | 7.59B | 5.25B | 1.95B | 1.70B | 11.44B | |
| Short-Term Debt Repaid | -2.68B | -1.91B | -2.03B | -1.45B | -214.88M | |
| Long-Term Debt Repaid | -474.00K | -6.06B | -7.68B | -4.20B | ||
| Total Debt Repaid | -2.68B | -7.97B | -9.71B | -5.65B | -214.88M | |
| Net Debt Issued (Repaid) | 4.90B | -2.72B | -7.76B | -3.95B | 11.23B | |
| Issuance of Common Stock | 6.56M | 10.27M | 2.69B | 4.00K | 19.63B | |
| Repurchase of Common Stock | -822.71M | -117.52M | -347.58M | |||
| Other Financing Activities | -1.07M | -7.03M | -56.74M | -463.05M | ||
| Financing Cash Flow | 4.09B | -2.83B | -5.07B | -4.35B | 30.39B | |
| Foreign Exchange Rate Adjustments | 41.18M | 6.18M | 100.35M | 321.35M | -319.03M | |
| Net Cash Flow | 1.93B | 3.06B | -2.95B | 2.66B | 2.84B | |
| Free Cash Flow | 6.63B | 5.55B | 84.72M | -4.67B | -3.61B | |
| Free Cash Flow Margin | 21.86% | 20.68% | 0.38% | -21.33% | -18.64% | |
| Free Cash Flow Per Share | 14.94 | 13.32 | 0.20 | -11.83 | -9.51 | |
| Levered Free Cash Flow | 4.33B | 4.03B | 930.78M | -2.60B | -3.87B | |
| Unlevered Free Cash Flow | 4.42B | 4.08B | 1.01B | -2.49B | -3.80B | |
| Cash Interest Paid | 125.11M | 93.81M | 167.29M | 200.17M | 116.23M | |
| Cash Income Tax Paid | 63.12M | 87.22M | 103.39M | 80.59M | 73.72M | |
| Change in Working Capital | 2.23B | 3.15B | 449.16M | -1.15B | -9.16M |
Ratios
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 5.61B | 10.17B | 7.53B | 5.02B | 9.33B | 17.83B |
| Enterprise Value | 3.43B | 8.24B | 5.97B | 4.06B | 8.67B | 15.47B |
| Last Close Price | 12.68 | 24.59 | 18.11 | 12.17 | 23.69 | 46.40 |
| PE Ratio | 27.00 | 59.62 | ||||
| Forward PE | 22.09 | 52.04 | 63.15 | |||
| PS Ratio | 1.12 | 2.35 | 2.05 | 1.58 | 2.94 | 5.84 |
| PB Ratio | 2.26 | 4.58 | 3.90 | 2.47 | 4.22 | 5.22 |
| P/TBV Ratio | 3.45 | 7.38 | 6.71 | 4.42 | 7.86 | 7.29 |
| P/FCF Ratio | 6.58 | 10.73 | 9.90 | 419.76 | ||
| P/OCF Ratio | 9.96 | 9.13 | 133.39 | |||
| EV/Sales Ratio | 0.65 | 1.90 | 1.62 | 1.28 | 2.73 | 5.07 |
| EV/EBITDA Ratio | 4.70 | 18.28 | 44.31 | |||
| EV/EBIT Ratio | 14.69 | 51.23 | ||||
| EV/FCF Ratio | 3.82 | 8.68 | 7.85 | 340.13 | ||
| Debt / Equity Ratio | 0.60 | 0.63 | 0.36 | 0.53 | 1.02 | 0.89 |
| Debt / EBITDA Ratio | 2.09 | 2.94 | 4.29 | |||
| Debt / FCF Ratio | 1.48 | 0.91 | 90.23 | |||
| Net Debt / Equity Ratio | -0.93 | -0.93 | -0.82 | -0.52 | -0.27 | -0.51 |
| Net Debt / EBITDA Ratio | -3.39 | -4.60 | -11.84 | 3.20 | 0.81 | 2.78 |
| Net Debt / FCF Ratio | -2.19 | -2.10 | -88.19 | 0.87 | 3.07 | |
| Asset Turnover | 0.77 | 0.82 | 0.81 | 0.60 | 0.47 | 0.51 |
| Inventory Turnover | 67.06 | 67.41 | 45.26 | 33.91 | 42.00 | |
| Quick Ratio | 1.22 | 1.27 | 1.23 | 0.94 | 1.25 | 2.65 |
| Current Ratio | 1.32 | 1.35 | 1.34 | 1.03 | 1.43 | 3.02 |
| Return on Equity (ROE) | 10.14% | 8.03% | -9.57% | -32.46% | -40.63% | -46.16% |
| Return on Assets (ROA) | 2.15% | 1.90% | -2.55% | -8.44% | -11.13% | -10.59% |
| Return on Invested Capital (ROIC) | -28.58% | -55.90% | -76.67% | -90.66% | ||
| Return on Capital Employed (ROCE) | 6.60% | 5.40% | -7.50% | -33.60% | -33.80% | -16.10% |
| Earnings Yield | 3.70% | 1.68% | -2.45% | -13.56% | -11.65% | -5.99% |
| FCF Yield | 15.20% | 9.32% | 10.10% | 0.24% | -7.26% | -3.19% |
| Buyback Yield / Dilution | -7.56% | -6.62% | -0.79% | -4.65% | -3.94% | -9.86% |