Bilibili achieves full-year profitability for the first time, with user growth accelerating for four consecutive quarters.

On March 5, 2026, U.S. Eastern Time, Bilibili (NASDAQ: BILI, HKEX:9626; hereinafter referred to as “B站”) released its unaudited financial results for the fourth quarter and full year ended December 31, 2025. The earnings report shows that Bilibili’s total revenue for the fourth quarter reached RMB 8.32 billion, up 8% year over year, and net profit rose 478% year over year. For the full year, total revenue was RMB 30.35 billion, up 13% year over year; adjusted net profit was RMB 2.59 billion, achieving full-year profitability.

In 2025, Bilibili’s number of active users continued to accelerate on a year-over-year basis for four consecutive quarters. In the fourth quarter, average daily active users reached 113 million, up 10% year over year; average monthly active users were 366 million, up 8% year over year; and average daily time spent also increased to 107 minutes, up 8 minutes year over year.

Bilibili Chairman and CEO Chen Rui said, “In 2025, we achieved full-year profitability for the first time, which is a milestone year for Bilibili. Since our founding, Bilibili has remained committed to building a thriving community for users, making it the best stage for high-quality creators. Bilibili has also proven that a platform capable of consistently generating high-quality content and high-quality creators can transcend market cycles and deliver sustained growth and commercial value.”

User growth continues to climb

In terms of community ecosystem, data shows that in 2025, demand among users for high-quality content remained strong. In the fourth quarter, total viewing time across the whole site grew 19% year over year, while viewing time for videos longer than 5 minutes grew 20% year over year. Strong demand has driven high-quality creators to emerge and grow continuously; in the fourth quarter, the number of UP主 with more than 1,000 followers increased 30% year over year. At the same time, UP主 earnings have continued to rise. In 2025, nearly 3 million creators on Bilibili earned revenue through various means such as ads, live streaming, charging, and more; average revenue per user increased 21% year over year. Throughout the year, more than 10 million people charged UP主 to watch paid content.

Looking at content categories, last year’s fourth quarter showed that Bilibili’s traditional advantage categories maintained rapid growth. Among them, viewing time for second-dimension content grew 12% year over year, and viewing time for game-category content grew 24% year over year. In 2025, more than 30 domestic and overseas publishers and over 40 game titles chose to release exclusive first-launch content on Bilibili.

Meanwhile, new categories such as AI continued to emerge on Bilibili. Each month, more than 120 million people consumed AI content on Bilibili. In the fourth quarter, viewing time for AI content grew 53% year over year.

In July last year, Bilibili rolled out the “video podcast” category across the internet ahead of others. As of now, the number of video podcast users has surpassed 67 million; cumulative viewing time has exceeded 8 billion minutes; and a batch of leading programs have been created, such as “鲁豫慢谈,” “于谦：多新鲜呐,” “罗永浩的十字路口,” and others.

The data also shows that in 2025, more than 220 million users watched lifestyle and consumer-content categories on Bilibili. In the fourth quarter, viewing time for automotive content continued to grow, with viewing time for technology commentary content up 68% year over year. At the same time, viewing time for parenting-and-child content grew 22% year over year, and viewing time for outdoor lifestyle and trend content grew 20% year over year.

The continued prosperity of the community ecosystem has driven Bilibili’s user scale to accelerate for four consecutive quarters. In the fourth quarter of last year, Bilibili’s average daily active users were 113 million, average monthly active users were 366 million, and average daily time spent reached 107 minutes. As of the end of the fourth quarter, Bilibili’s number of official members was 284 million, and the 12-month retention rate remained stable at 80%.

Advertising revenue accelerates growth

According to the earnings report, in 2025, Bilibili’s full-year total revenue was RMB 30.35 billion, up 13% year over year, and it achieved full-year profitability for the first time. Fourth-quarter total revenue was RMB 8.32 billion, up 8% year over year. The number of average monthly paying users hit a new high as well, reaching 35.66 million, up 21% year over year. Value-added services, advertising, games, IP derivatives and other businesses contributed 39%, 37%, 18% and 6% of revenue, respectively.

Breaking down specific business performance, in the fourth quarter, Bilibili’s advertising revenue was RMB 3.04 billion, up 27% year over year, maintaining high-speed year-over-year growth for 12 consecutive quarters. Full-year revenue was RMB 10.06 billion, up 23% year over year. In the fourth quarter, the top five industries contributing to advertising revenue were games, digital home appliances, online services, e-commerce, and automobiles. Meanwhile, AI advertising revenue grew significantly, up 180% year over year at high speed; advertising revenue in home furnishing grew nearly 80% year over year.

In the fourth quarter, Bilibili’s gaming business revenue was RMB 1.54 billion, and full-year revenue was RMB 6.39 billion, up 14% year over year. According to the company, in the past year Bilibili continued to adhere to a long-term game operations strategy; game revenues such as “FGO” and “碧蓝航线” remained supported by steady growth. “三国：谋定天下” ranked consistently in the top five on the iOS charts for nine consecutive seasons after updates. Self-developed game “逃离鸭科夫” launched three weeks ago; its sales exceeded 3 million copies, topping the 2025 domestic game sales rankings.

In the fourth quarter, Bilibili’s value-added business revenue was RMB 3.26 billion, up 6% year over year, and full-year revenue reached RMB 11.93 billion, up 8% year over year. In 2025, the live streaming business maintained steady growth, and gross margin improved steadily. As of the end of the fourth quarter, the number of big members reached 25.35 million, up 12% year over year; approximately 80% were annual subscription or auto-renewal users.

With growth in high-gross-margin businesses and improved operating efficiency, in the fourth quarter, Bilibili’s adjusted net profit was RMB 880 million, up 94% year over year; gross profit grew 11% year over year, and gross margin rose quarter over quarter to 37% for 14 consecutive quarters; net profit was RMB 510 million, up 478% year over year.

In 2025, Bilibili’s adjusted net profit for the full year reached RMB 2.59 billion, achieving full-year profitability for the first time, and delivering RMB 7.1 billion in positive operating cash flow. By the end of 2025, it had completed approximately $130 million in share repurchases. As of December 31, 2025, the company held a total of RMB 24.15 billion in cash and cash equivalents, time deposits, and short-term investments.