Weibo (WB) Q4 2025 earnings summary

Executive summary

• Q4 revenue was $473.3M, up 4% YoY, driven by advertising growth; FY2025 revenue was $1.76B, flat YoY.

• December MAUs reached 567M and average DAUs were 252M; AI-supported content, search, and advertising products remained priorities.

• A $150M FY2025 annual cash dividend, equal to $0.61 per ordinary share or ADS, was approved for payment in May 2026.

Financial highlights

• Q4 advertising and marketing revenue rose 5% to $403.8M; VAS revenue fell 2% to $69.5M.

• FY2025 advertising and marketing revenue was $1.5B and VAS revenue was $255.6M, both relatively flat YoY.

• Q4 operating income was $91.6M (19% margin); non-GAAP operating income was $100.4M (21% margin).

• FY operating income was $464.8M (26% margin), while non-GAAP operating income was $503.6M (30% margin); net income was $449.0M and non-GAAP net income was $439.8M.

• Q4 costs and expenses rose 16% to $372.8M; FY costs and expenses rose 5% to $1.23B, with higher Q4 ad production and marketing costs.

Outlook and guidance

• Q1 2026 ad revenue growth was expected in the single digits YoY; AI-related traffic and the Milan Winter Olympics supported demand, while consumption trends had slowed versus Q3.

• 2026 ad growth priorities include celebrity and brand marketing, greater KOL content-marketing investment, and AI-driven improvements to ad targeting and CPM efficiency.

• Selective marketing investments may cause seasonal margin volatility; spending will be managed to ROI and budget, with returns expected from H2 2026.

• Video is a 2026 retention and time-spent priority, supported by AI investment, more original and short-drama content, and improved recommendations.

• E-commerce and auto ad verticals were expected to grow in 2026; handset and gaming outlooks remained uncertain, with handset performance expected to be flat.