Weibo (WB) investor relations material

Executive summary

• Q4 2025 revenues reached $473.3 million, up 4% year-over-year, driven by advertising growth in ecommerce and local services; full-year revenues were $1.76 billion, flat year-over-year.

• Q4 non-GAAP operating income was $100.4 million (21% margin); full-year non-GAAP operating income was $503.6 million (30% margin).

• Q4 net income attributable to shareholders was $66.4 million (14% margin); full-year net income was $449.0 million (25% margin).

• MAUs reached 567 million and DAUs 252 million in December 2025.

• Board approved a $0.61 per share annual dividend (~$150 million payout) for 2025, payable in May 2026.

Financial highlights

• Q4 ad revenues were $403.8 million, up 5% year-over-year; full-year ad revenues were $1.5 billion, flat year-over-year.

• Q4 value-added service (VAS) revenues were $69.5 million, down 2% year-over-year; full-year VAS revenues were $255.6 million, flat year-over-year.

• Q4 operating margin was 21% (down from 30% last year); full-year operating margin was 30% (down from 33%).

• Q4 income tax expense rose to $31.3 million due to withholding tax accruals; full-year income tax expense was $144.5 million.

• Cash, equivalents, and short-term investments totaled $2.41 billion at year-end.

Outlook and guidance

• 2026 strategy focuses on user value, retention, and ecosystem health, with balanced investment in user growth, content, and monetization.

• Expect continued growth in e-commerce and automobile ad sectors; handset and gaming verticals face uncertainty.

• AI-driven video and content creation, as well as enhanced ad targeting, are key growth drivers.

• Monetization strategy includes expanding IP and celebrity marketing, and increasing KOL investment.

• Management highlighted ongoing focus on user value, AI-driven content recommendations, and advertising efficiency.