Bilibili Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Bilibili Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	601	974	1,839	3,042	3,175	3,173	3,676	4,340
Cost of revenue	476	803	1,404	2,407	2,617	2,407	2,474	2,750
Gross profit	124	171	435	634	558	766	1,202	1,589
Research and development	78.2	128	232	446	691	629	505	505
Selling and marketing	85.2	172	535	909	713	552	603	628
General and administrative	67.1	85.1	150	288	366	299	278	295
Operating expenses	230	386	917	1,643	1,770	1,480	1,386	1,429
Operating income	-106	-215	-481	-1,009	-1,212	-713	-184	161
Interest expense		6.69	16.6	24.4	36.4	23.2	12.2	21.5
Other non-operating income	3.85	3.79	21.5	-44.6	138	46.6	-7.7	12
Pre-tax income	-78.4
Income tax	3.78	5.15	8.18	15	15.1	11.1	-5.01	2.45
Net income to minority interests	-1.94	-2.1	-7.14	-3.06	-1.54	1.49	-2.31	-0.37
Net income	-89.6	-185	-462	-1,065	-1,087	-679	-185	171
EBITDA	-91.5	-187	-431	-924	-1,102	-611	-108	230
EPS, basic	-0.38	-0.57	-1.33	-2.80	-2.75	-1.64	-0.44	0.41
EPS, diluted	-0.38	-0.57	-1.33	-2.80	-2.75	-1.64	-0.44	0.39
Shares, basic (weighted)	233	323
Shares, diluted (weighted)	233	323

Balance sheet

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	508	761	734	1,181	1,475	1,013	1,404	1,742
Short-term investments	137	181	515	2,363	670	374	371	922
Receivables	47.2	107	161	217	193	222	168	181
Other current assets	144	189	271	440	283	179	157	172
Total current assets	953	1,483	2,412	5,719	3,545	2,638	2,707	3,940
Property, plant and equipment	57.4	74.1	117	212	178	101	80.7	99.4
Goodwill	137	145	199	367	395	384	373	403
Intangible assets	206	238	361	602	627	511	439	445
Long-term investments	143	180	342	863	819	615	536	681
Other non-current assets		43.4	121	229	214	125	72.5	66.8
Total assets	1,526	2,229	3,658	8,168	6,065	4,670	4,480	5,887
Accounts payable	190	273	471	684	622	610	658	786
Accrued liabilities	97.5	82.7	190	379	223	251	350	454
Deferred revenue	143	197	325	415	409	416	521	667
Short-term debt			15.3	193	960	1,050	215	695
Total current liabilities	480	614	1,133	1,894	2,478	2,550	2,022	2,907
Long-term debt		490	1,278	2,791	1,259	0.09	447	683
Other non-current liabilities		27.7	53.8	75.6	118	91.6	77.8	73.8
Total liabilities	480	1,132	2,465	4,761	3,855	2,642	2,547	3,663
Total debt		490	1,278	2,791	1,259	0.09	447	683
Paid-in capital	1,376	1,540	2,240	5,638	5,310	5,697	5,679	5,979
Other comprehensive income	47.4	67	21.6	-43.9	8.43	29.9	36.6	26.3
Shareholders' equity	1,011	1,013	1,165	3,406	2,209	2,027	1,933	2,227
Minority interests	35	83.9	27.9	1.95	0.26	1.74	-0.61	-3.54
Total equity	1,046	1,097	1,193	3,408	2,210	2,029	1,932	2,223
Total liabilities and equity	1,526	2,229	3,658	8,168	6,065	4,670	4,480	5,887

Cash flow statement

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-82.2	-187	-468	-1,068	-1,089	-678	-187	170
Depreciation and amortization	14.5	27.5	50	84.5	110	102	75.9	68.8
Stock-based compensation	26.4	24.8	59.1	157	151	160	153	167
Deferred income tax		-1.51	-2.06	-3.37	-5.29	-3.57	-15.1	-6.8
Change in receivables	9.54	-57.3	-63.9	-67.4	-8.68	-36.9	34.4	-1.36
Change in payables	50.3	84.3	125	166	6.79	-8.52	84.3	83.8
Cash from operations	107	27.9	115	-415	-567	37.6	824	1,022
Capital expenditures	-42.7	-42.5	-92.3	-151	-110	-25.6	-63.8	-73.3
Acquisitions	-19.8	-103	-76.5	-81.9	-171	-9.86		3.91
Purchases of investments	-970	-1,433	-4,097	-11,259	-10,233	-1,908	-5,065	-12,246
Cash from investing	-465	-569	-1,365	-3,857	1,538	248	-18.9	-1,336
Debt issued							705	386
Stock issued	0				0		1.41	0.94
Share buybacks					-50.4		-16.1	-118
Cash from financing	724	730	1,277	4,769	-631	-715	-387	584
Net change in cash	404	204	-43.6	446	386	-415	419	277
Free cash flow	64.5	-14.6	23.1	-567	-677	11.9	760	949
Interest paid		3.76	13.2	18.2	29	23.6	12.9	17.9
Income taxes paid	2.29	4.85	8.28	11.6	11.7	14.6	11.9	9.03

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $15.14 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	36.6%	Gross profit / revenue.
Operating margin	3.7%	Operating income / revenue.
EBITDA margin	5.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	3.9%	Net income / revenue.
FCF margin	21.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	23.6%	Cash from operations / revenue.
Return on equity (ROE)	8.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.3%	Net income / average total assets.
Return on invested capital (ROIC)	11.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	11.6%	Research and development expense / revenue.
Stock-based pay / revenue	3.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.7%	Capital expenditures / revenue.
D&A / revenue	1.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	18.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	11.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	18.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	32.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	41.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	29.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	24.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	54.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	24.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	110.2%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	15.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	0.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	13.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	31.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	10.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.36x	Current assets / current liabilities.
Quick ratio	0.98x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.92x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.31x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	11.6%	Total debt / total assets.
Liabilities / assets	62.2%	Total liabilities / total assets.
Net debt	-$1.98B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-8.63x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	7.47x	Operating income / interest expense.
Working capital	$1.03B	Current assets - current liabilities.
Goodwill and intangibles / assets	14.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.38B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.84x	Revenue / average total assets.
Fixed asset turnover	48.2x	Revenue / average property, plant and equipment.
Receivables turnover	24.8x	Revenue / average receivables.
Days sales outstanding	15 days	365 x average receivables / revenue.
Days payables	96 days	365 x average accounts payable / cost of revenue.
FCF conversion	555.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	7.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.39	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.41	Net income per basic share, as reported (split-adjusted).
Buybacks / FCF	12.4%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$6.31B	Share price x shares outstanding.
Enterprise value	$4.33B	Market cap + total debt - cash - short-term investments.
P/E	37.0x	Market cap / net income. Only when net income is positive.
P/S	1.45x	Market cap / revenue.
P/B	2.83x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	4.57x	Market cap / tangible book value, when positive.
P/FCF	6.65x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	6.17x	Market cap / cash from operations, when positive.
EV/Sales	1.00x	Enterprise value / revenue.
EV/EBIT	26.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	18.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	4.56x	Enterprise value / free cash flow, when both are positive.
FCF yield	15.0%	Free cash flow / market cap.
Earnings yield	2.7%	Net income / market cap (the inverse of P/E).
Shareholder yield	1.9%	(Dividends paid + share buybacks) / market cap.

What was Bilibili Inc.'s revenue in fiscal 2025?

Bilibili Inc. reported revenue of $4.34B for fiscal 2025, 18.1% higher than the year before.

Was Bilibili Inc. profitable in fiscal 2025?

Yes. Net income was $170.7M, a net margin of 3.9%.

How much free cash flow did Bilibili Inc. generate in fiscal 2025?

Cash from operations of $1.02B minus capital expenditures of $73.3M left free cash flow of $948.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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