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Bilibili Inc.

BILI Clue Score62
Cayman Islands Fiscal year ends December CIK 0001723690
$15.49 +4.31% Close, 9 Oct 2026
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Price $15.49 −78.05% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 28 Mar 2018. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue0.52Operating income−0.89Net income−0.91EPS, diluted−20.42Fiscal year 2017Revenue2.47 +371.7%Operating income−0.22Net income−0.18EPS, diluted−8.17Fiscal year 2018Revenue4.13 +67.3%Operating income−0.73Net income−0.57EPS, diluted−2.64Fiscal year 2019Revenue6.78 +64.2%Operating income−1.50Net income−1.30EPS, diluted−3.99Fiscal year 2020Revenue12.00 +77.0%Operating income−3.14Net income−3.05EPS, diluted−8.71Fiscal year 2021Revenue19.38 +61.5%Operating income−6.43Net income−6.81EPS, diluted−17.87Fiscal year 2022Revenue21.90 +13.0%Operating income−8.36Net income−7.51EPS, diluted−18.99Fiscal year 2023Revenue22.53 +2.9%Operating income−5.06Net income−4.82EPS, diluted−11.67Fiscal year 2024Revenue26.83 +19.1%Operating income−1.34Net income−1.35EPS, diluted−3.23Fiscal year 2025Revenue30.35 +13.1%Operating income1.12Net income1.19EPS, diluted2.74
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 0.52 2.47 4.13 6.78 12.00 19.38 21.90 22.53 26.83 30.35
Growth +371.7% +67.3% +64.2% +77.0% +61.5% +13.0% +2.9% +19.1% +13.1%
Operating income −0.89 −0.22 −0.73 −1.50 −3.14 −6.43 −8.36 −5.06 −1.34 1.12
Net income −0.91 −0.18 −0.57 −1.30 −3.05 −6.81 −7.51 −4.82 −1.35 1.19
Growth
EPS, diluted −20.42 −8.17 −2.64 −3.99 −8.71 −17.87 −18.99 −11.67 −3.23 2.74

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin−47.7%Operating margin−171.0%Net margin−174.2%Free cash flow margin−46.1%Fiscal year 2017Gross margin22.2%Operating margin−9.1%Net margin−7.4%Free cash flow margin12.9%Fiscal year 2018Gross margin20.7%Operating margin−17.7%Net margin−13.7%Free cash flow margin10.7%Fiscal year 2019Gross margin17.6%Operating margin−22.1%Net margin−19.2%Free cash flow margin−1.5%Fiscal year 2020Gross margin23.7%Operating margin−26.2%Net margin−25.5%Free cash flow margin1.3%Fiscal year 2021Gross margin20.9%Operating margin−33.2%Net margin−35.1%Free cash flow margin−18.6%Fiscal year 2022Gross margin17.6%Operating margin−38.2%Net margin−34.3%Free cash flow margin−21.3%Fiscal year 2023Gross margin24.2%Operating margin−22.5%Net margin−21.4%Free cash flow margin0.4%Fiscal year 2024Gross margin32.7%Operating margin−5.0%Net margin−5.0%Free cash flow margin20.7%Fiscal year 2025Gross margin36.6%Operating margin3.7%Net margin3.9%Free cash flow margin21.9%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin −47.7% 22.2% 20.7% 17.6% 23.7% 20.9% 17.6% 24.2% 32.7% 36.6%
Operating margin −171.0% −9.1% −17.7% −22.1% −26.2% −33.2% −38.2% −22.5% −5.0% 3.7%
Net margin −174.2% −7.4% −13.7% −19.2% −25.5% −35.1% −34.3% −21.4% −5.0% 3.9%
Free cash flow margin −46.1% 12.9% 10.7% −1.5% 1.3% −18.6% −21.3% 0.4% 20.7% 21.9%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow−0.20Capital expenditure−0.04Free cash flow−0.24Fiscal year 2017Operating cash flow0.46Capital expenditure−0.14Free cash flow0.32Buybacks−0.05Fiscal year 2018Operating cash flow0.74Capital expenditure−0.29Free cash flow0.44 +38.8%Fiscal year 2019Operating cash flow0.19Capital expenditure−0.30Free cash flow−0.10 −122.9%Fiscal year 2020Operating cash flow0.75Capital expenditure−0.60Free cash flow0.15Fiscal year 2021Operating cash flow−2.65Capital expenditure−0.97Free cash flow−3.61 −2,492.6%Fiscal year 2022Operating cash flow−3.91Capital expenditure−0.76Free cash flow−4.67Buybacks−0.35Fiscal year 2023Operating cash flow0.27Capital expenditure−0.18Free cash flow0.08Fiscal year 2024Operating cash flow6.01Capital expenditure−0.47Free cash flow5.55 +6,450.0%Buybacks−0.12Fiscal year 2025Operating cash flow7.15Capital expenditure−0.51Free cash flow6.63 +19.5%Buybacks−0.82
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −0.20 0.46 0.74 0.19 0.75 −2.65 −3.91 0.27 6.01 7.15
Capital expenditure −0.04 −0.14 −0.29 −0.30 −0.60 −0.97 −0.76 −0.18 −0.47 −0.51
Free cash flow −0.24 0.32 0.44 −0.10 0.15 −3.61 −4.67 0.08 5.55 6.63
Growth +38.8% −122.9% −2,492.6% +6,450.0% +19.5%
Buybacks n/a −0.05 n/a n/a n/a n/a −0.35 n/a −0.12 −0.82

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash0.39Shareholders’ equity−1.32Fiscal year 2017Cash0.76Shareholders’ equity−1.94Fiscal year 2018Cash3.54Shareholders’ equity6.95Fiscal year 2019Cash4.96Total debt3.41Net cash (debt)1.55Shareholders’ equity7.05Debt to equity0.48Fiscal year 2020Cash4.68Total debt8.34Net cash (debt)−3.66Shareholders’ equity7.60Debt to equity1.10Fiscal year 2021Cash7.52Total debt17.78Net cash (debt)−10.26Shareholders’ equity21.70Debt to equity0.82Fiscal year 2022Cash10.17Total debt8.68Net cash (debt)1.49Shareholders’ equity15.24Debt to equity0.57Fiscal year 2023Cash7.19Total debt0.00Net cash (debt)7.19Shareholders’ equity14.39Debt to equity0.00Fiscal year 2024Cash10.25Total debt3.26Net cash (debt)6.98Shareholders’ equity14.11Debt to equity0.23Fiscal year 2025Cash12.18Total debt8.04Net cash (debt)4.15Shareholders’ equity15.57Debt to equity0.52
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.39 0.76 3.54 4.96 4.68 7.52 10.17 7.19 10.25 12.18
Total debt n/a n/a n/a 3.41 8.34 17.78 8.68 0.00 3.26 8.04
Net cash (debt) n/a n/a n/a 1.55 −3.66 −10.26 1.49 7.19 6.98 4.15
Shareholders’ equity −1.32 −1.94 6.95 7.05 7.60 21.70 15.24 14.39 14.11 15.57
Debt to equity n/a n/a n/a 0.48 1.10 0.82 0.57 0.00 0.23 0.52

In billions of CNY, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Balance sheet

In billions of CNY, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Assets
0.39 0.76 3.54 4.96 4.68 7.52 10.17 7.19 10.25 12.18
n/a 0.39 0.32 0.74 1.05 1.38 1.33 1.57 1.23 1.27
n/a 0.01 0.06 0.07 0.16 0.46 0.44 0.19 0.26 0.21
n/a 0.19 0.39 0.52 0.76 1.35 1.23 0.71 0.59 0.70
0.05 0.05 0.94 1.01 1.30 2.34 2.73 2.73 2.73 2.82
n/a 3.47 10.49 15.52 23.87 52.05 41.83 33.16 32.70 41.17
Growth +202.0% +47.9% +53.8% +118.1% −19.6% −20.7% −1.4% +25.9%
Liabilities
n/a n/a n/a n/a n/a n/a n/a n/a 0.00 3.26
n/a n/a n/a 3.41 8.34 17.78 8.68 0.00 3.26 4.78
calc n/a n/a n/a 3.41 8.34 17.78 8.68 0.00 3.26 8.04
n/a 1.40 3.30 7.88 16.08 30.34 26.59 18.75 18.59 25.62
Equity
−1.32 −1.94 6.95 7.05 7.60 21.70 15.24 14.39 14.11 15.57
Growth +1.5% +7.8% +185.6% −29.8% −5.6% −2.0% +10.4%
Per share and net cash
calc n/a n/a n/a 1.55 −3.66 −10.26 1.49 7.19 6.98 4.15

Lines marked calc are worked out here from filed figures; point at one for how. Shown in CNY as filed; the screener converts to dollars.