Bilibili (BILI) Q3 2025 earnings summary

Executive summary

• Achieved record user and financial growth in Q3 2025, with DAUs up 9% to 117.3 million, MAUs up 8% to 376 million, and user engagement metrics at all-time highs, driven by high-quality content and a vibrant community.

• Monthly paying users reached 35 million, up 17% year-over-year, with premium memberships and fan charging programs as key drivers.

• Net revenues grew 5% year-over-year to RMB 7.7 billion, with advertising revenue up 23% and value-added services up 7%.

• Net profit turned positive to RMB 469.4 million, reversing a net loss last year; adjusted net profit surged 233% year-over-year to RMB 786 million, with a 10.2% margin.

• Average daily time spent per user rose to 112 minutes, up 6% year-over-year.

Financial highlights

• Gross profit increased 11% year-over-year to RMB 2.82 billion, with gross margin improving to 36.7% from 34.9%.

• Non-GAAP operating profit surged 153% year-over-year to RMB 688 million, with a 9% margin.

• Operating cash flow was about RMB 2 billion; cash and equivalents stood at RMB 23.5 billion as of September 30, 2025.

• Total operating expenses decreased 6% year-over-year to RMB 2.46 billion, with sales and marketing expenses down 13%.

• Profit from operations was RMB 353.9 million, compared to a loss of RMB 66.7 million in the prior year.

Outlook and guidance

• Gross margin expected to reach 37% in Q4, with a midterm target of 40%-45%.

• Adjusted operating margin projected to improve to around 10% in Q4, with a midterm target of 15%-30%.

• Management highlights robust growth opportunities in video-based content and commerce, with increasing user engagement and monetization potential.

• Continued investment in high-quality revenue engines, new game development, and AI talent.

• Focus remains on reinforcing the user and commercial ecosystem to drive long-term value.