Bilibili (NASDAQ:BILI) has achieved its first-ever full year of GAAP profitability, marking a historic turning point for the youth-oriented video platform.
The company’s 2025 results, reported on March 5, 2026, highlighted a successful transition from high-growth cash burn to a sustainable, ad-driven business model.
For the fiscal year ended Dec. 31, 2025, Bilibili posted total net revenues of RMB30.35 billion ($4.34 billion), a 13% increase over the previous year.
The fourth quarter contributed RMB8.32 billion to the total, rising 8% year-over-year.
The standout performer was the company's advertising segment, which saw annual revenue jump 23% to RMB10.06 billion, as AI-enhanced ad targeting and a growing creator ecosystem attracted a broader base of brand partners.
The platform’s bottom line saw a dramatic reversal, posting a full-year net profit of RMB1.19 billion ($170.3 million), compared to a net loss of RMB 1.36 billion in 2024.
This turnaround was supported by 14 consecutive quarters of gross margin expansion, which reached 36.6% for the full year.
Management attributed the efficiency gains to disciplined content spending and the high-margin nature of its performance-based advertising products.
User engagement remained high throughout the year, with average daily active users (DAUs) reaching 113 million in the fourth quarter.
Bilibili ended 2025 with a formidable cash position, reporting RMB24.15 billion ($3.45 billion) in cash, cash equivalents, and short-term investments.