Detailed financial statements for Bilibili Inc. (BILI): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Bilibili Inc. is a prominent Chinese entity focused on providing online entertainment experiences, primarily catering to the younger generations across the People's Republic of China. Its comprehensive digital platform boasts a diverse selection of content, including various video services, mobile games, value-added subscriptions, and dedicated animation, comic, and game (ACG) themed comics and audio.
Analysis Summary
Bilibili Inc. reported revenue of 30.35B CNY in the most recent fiscal year, growing at a 5-year CAGR of 20.4%.
Trailing-twelve-month margins: gross margin 37.3%, operating margin 4.4%, net margin 4.9%.
At $12.68 (closing price, October 30, 2026), BILI trades at a P/E of 23.36 and an ROE of 9.84%. Market capitalisation stands at $5.3B.
Balance sheet quality for BILI: current ratio of 1.4, net cash position of 14.58B CNY. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of 5.32B CNY represents 446% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 523.3M CNY | 2.47B CNY | 4.13B CNY | 6.78B CNY | 12.00B CNY | 19.38B CNY | 21.90B CNY | 22.53B CNY | 26.83B CNY | 30.35B CNY |
| Cost of Revenue | 772.8M CNY | 1.92B CNY | 3.27B CNY | 5.59B CNY | 9.16B CNY | 15.34B CNY | 18.05B CNY | 17.09B CNY | 18.06B CNY | 19.23B CNY |
| Gross Profit | -249.5M CNY | 549.2M CNY | 855.4M CNY | 1.19B CNY | 2.84B CNY | 4.04B CNY | 3.85B CNY | 5.44B CNY | 8.77B CNY | 11.11B CNY |
| Research & Development | 91.2M CNY | 280.1M CNY | 537.5M CNY | 894.4M CNY | 1.51B CNY | 2.84B CNY | 4.77B CNY | 4.47B CNY | 3.69B CNY | 3.53B CNY |
| Selling, General & Admin | 554.0M CNY | 493.4M CNY | 1.05B CNY | 1.79B CNY | 4.47B CNY | 7.63B CNY | 7.44B CNY | 6.04B CNY | 6.43B CNY | 6.46B CNY |
| Operating Expenses | 645.2M CNY | 773.5M CNY | 1.58B CNY | 2.69B CNY | 5.98B CNY | 10.47B CNY | 12.21B CNY | 10.51B CNY | 10.12B CNY | 9.99B CNY |
| Operating Income | -894.7M CNY | -224.3M CNY | -729.0M CNY | -1.50B CNY | -3.14B CNY | -6.43B CNY | -8.36B CNY | -5.06B CNY | -1.34B CNY | 1.12B CNY |
| EBITDA | -733.2M CNY | 129.5M CNY | 103.4M CNY | -53.1M CNY | -1.07B CNY | -3.95B CNY | -3.59B CNY | -1.67B CNY | 1.19B CNY | 3.55B CNY |
| Interest Expense | 0 | 0 | 0 | 46.5M CNY | 108.5M CNY | 155.5M CNY | 250.9M CNY | 164.9M CNY | 89.2M CNY | 150.6M CNY |
| Pre-tax Income | -908.4M CNY | -174.9M CNY | -539.0M CNY | -1.27B CNY | -3.00B CNY | -6.71B CNY | -7.40B CNY | -4.73B CNY | -1.40B CNY | 1.21B CNY |
| Income Tax | 3.1M CNY | 8.9M CNY | 26.0M CNY | 35.9M CNY | 53.4M CNY | 95.3M CNY | 104.1M CNY | 78.7M CNY | -36.5M CNY | 17.1M CNY |
| Net Income | -910.1M CNY | -183.8M CNY | -551.7M CNY | -1.29B CNY | -3.01B CNY | -6.81B CNY | -7.51B CNY | -4.82B CNY | -1.35B CNY | 1.19B CNY |
| EPS | -15.65 CNY | -0.58 CNY | -2.37 CNY | -4.04 CNY | -8.71 CNY | -17.92 CNY | -21.71 CNY | -11.67 CNY | -3.23 CNY | 2.80 CNY |
| EPS (Diluted) | -15.65 CNY | -0.58 CNY | -2.37 CNY | -4.03 CNY | -8.71 CNY | -17.92 CNY | -21.71 CNY | -11.67 CNY | -3.23 CNY | 2.59 CNY |
| Shares Outstanding (Diluted) | 58.2 M | 316.1 M | 233.0 M | 323.2 M | 345.8 M | 379.9 M | 345.8 M | 413.2 M | 416.5 M | 444.0 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 7.69B CNY | 8.32B CNY | 7.43B CNY | 7.92B CNY |
| Gross Profit | 2.82B CNY | 3.08B CNY | 2.76B CNY | 2.99B CNY |
| Operating Income | 353.9M CNY | 503.9M CNY | 165.7M CNY | 371.8M CNY |
| EBITDA | 496.8M CNY | 548.3M CNY | 299.6M CNY | 371.8M CNY |
| Net Income | 470.2M CNY | 513.4M CNY | 208.5M CNY | 342.8M CNY |
| EPS | 1.13 CNY | 1.19 CNY | 0.50 CNY | 0.82 CNY |
| EPS (Diluted) | 1.05 CNY | 1.12 CNY | 0.45 CNY | 0.75 CNY |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 387.2M CNY | 762.9M CNY | 3.54B CNY | 4.96B CNY | 4.68B CNY | 7.52B CNY | 10.17B CNY | 7.19B CNY | 10.25B CNY | 12.24B CNY |
| Short-term Investments | 722.1M CNY | 505.2M CNY | 1.72B CNY | 3.13B CNY | 8.13B CNY | 22.80B CNY | 9.42B CNY | 7.93B CNY | 6.43B CNY | 11.98B CNY |
| Receivables | 110.7M CNY | 392.9M CNY | 324.4M CNY | 744.8M CNY | 1.05B CNY | 1.38B CNY | 1.33B CNY | 1.57B CNY | 1.23B CNY | 1.27B CNY |
| Inventory | 6.7M CNY | 10.0M CNY | 67.9M CNY | 79.0M CNY | 180.0M CNY | 550.5M CNY | 514.0M CNY | 241.0M CNY | 294.8M CNY | 0 |
| Total Current Assets | 1.40B CNY | 2.15B CNY | 6.55B CNY | 10.32B CNY | 15.74B CNY | 36.45B CNY | 24.45B CNY | 18.73B CNY | 19.76B CNY | 27.57B CNY |
| Property, Plant & Equipment | 51.0M CNY | 186.4M CNY | 394.9M CNY | 516.1M CNY | 761.9M CNY | 1.35B CNY | 1.23B CNY | 714.7M CNY | 589.2M CNY | 695.5M CNY |
| Goodwill | 51.0M CNY | 51.0M CNY | 941.5M CNY | 1.01B CNY | 1.30B CNY | 2.34B CNY | 2.73B CNY | 2.73B CNY | 2.73B CNY | 2.82B CNY |
| Intangible Assets | 282.5M CNY | 426.3M CNY | 1.42B CNY | 1.66B CNY | 2.36B CNY | 3.84B CNY | 4.33B CNY | 3.63B CNY | 3.20B CNY | 3.11B CNY |
| Total Assets | 2.17B CNY | 3.47B CNY | 10.49B CNY | 15.52B CNY | 23.87B CNY | 52.05B CNY | 41.83B CNY | 33.16B CNY | 32.70B CNY | 41.19B CNY |
| Accounts Payable | 316.9M CNY | 602.2M CNY | 1.36B CNY | 1.90B CNY | 3.07B CNY | 4.36B CNY | 4.29B CNY | 4.33B CNY | 4.81B CNY | 5.50B CNY |
| Short-term Debt | 0 | 0 | 0 | 0 | 100.0M CNY | 1.23B CNY | 6.62B CNY | 7.46B CNY | 1.57B CNY | 4.86B CNY |
| Total Current Liabilities | 628.1M CNY | 1.40B CNY | 3.30B CNY | 4.27B CNY | 7.39B CNY | 12.07B CNY | 17.09B CNY | 18.10B CNY | 14.76B CNY | 20.34B CNY |
| Long-term Debt | 0 | 0 | 0 | 3.41B CNY | 8.34B CNY | 17.78B CNY | 8.68B CNY | 646,000 CNY | 3.26B CNY | 4.78B CNY |
| Total Liabilities | 628.1M CNY | 1.40B CNY | 3.30B CNY | 7.88B CNY | 16.08B CNY | 30.34B CNY | 26.59B CNY | 18.75B CNY | 18.59B CNY | 25.64B CNY |
| Retained Earnings | -1.78B CNY | -2.22B CNY | -2.84B CNY | -4.13B CNY | -7.16B CNY | -13.95B CNY | -21.44B CNY | -26.27B CNY | -27.61B CNY | 0 |
| Total Equity | 1.54B CNY | 2.08B CNY | 6.95B CNY | 7.05B CNY | 7.60B CNY | 21.70B CNY | 15.24B CNY | 14.39B CNY | 14.11B CNY | 15.58B CNY |
| Total Debt | 0 | 0 | 0 | 3.51B CNY | 8.59B CNY | 19.22B CNY | 15.54B CNY | 7.64B CNY | 5.15B CNY | 9.64B CNY |
| Net Debt | -1.11B CNY | -1.27B CNY | -5.26B CNY | -4.58B CNY | -4.22B CNY | -11.10B CNY | -4.05B CNY | -7.47B CNY | -11.54B CNY | -14.58B CNY |
| Working Capital | 772.7M CNY | 755.1M CNY | 3.25B CNY | 6.05B CNY | 8.35B CNY | 24.38B CNY | 7.36B CNY | 623.3M CNY | 4.99B CNY | 7.23B CNY |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 12.10B CNY | 12.24B CNY | 6.57B CNY | 5.17B CNY |
| Total Assets | 39.93B CNY | 41.19B CNY | 41.27B CNY | 42.49B CNY |
| Total Liabilities | 25.04B CNY | 25.64B CNY | 25.72B CNY | 26.57B CNY |
| Total Equity | 14.90B CNY | 15.58B CNY | 15.58B CNY | 15.96B CNY |
| Total Debt | 9.69B CNY | 9.64B CNY | 9.53B CNY | 9.52B CNY |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -911.5M CNY | -183.8M CNY | -565.0M CNY | -1.30B CNY | -3.05B CNY | -6.81B CNY | -7.51B CNY | -4.81B CNY | -1.35B CNY | 1.19B CNY |
| Depreciation & Amortization | 161.5M CNY | 304.4M CNY | 642.4M CNY | 1.17B CNY | 1.82B CNY | 2.60B CNY | 3.57B CNY | 2.90B CNY | 2.50B CNY | 2.19B CNY |
| Stock-based Compensation | 365.5M CNY | 80.0M CNY | 181.2M CNY | 172.6M CNY | 385.9M CNY | 999.8M CNY | 1.04B CNY | 1.13B CNY | 1.12B CNY | 109.8M CNY |
| Change in Working Capital | 163.6M CNY | 257.9M CNY | 565.1M CNY | 223.1M CNY | 1.49B CNY | -9.2M CNY | -1.15B CNY | 449.2M CNY | 3.15B CNY | 2.23B CNY |
| Operating Cash Flow | -199.0M CNY | 464.6M CNY | 737.3M CNY | 194.6M CNY | 753.1M CNY | -2.65B CNY | -3.91B CNY | 266.6M CNY | 6.01B CNY | 7.15B CNY |
| Capital Expenditure | -288.4M CNY | -630.8M CNY | -1.33B CNY | -1.56B CNY | -2.24B CNY | -3.69B CNY | -2.74B CNY | -1.33B CNY | -1.76B CNY | -1.83B CNY |
| Acquisitions | -27.3M CNY | -484.0M CNY | -135.8M CNY | -720.9M CNY | -498.9M CNY | -522.0M CNY | -567.7M CNY | -70.0M CNY | 0 | 27.4M CNY |
| Stock Repurchased | -126.0M CNY | -49.1M CNY | 0 | 0 | 0 | 0 | -347.6M CNY | 0 | -117.5M CNY | -822.7M CNY |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -487.4M CNY | -166.3M CNY | -596.4M CNY | -1.37B CNY | -1.49B CNY | -6.33B CNY | -6.65B CNY | -1.06B CNY | 4.26B CNY | 5.32B CNY |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 0 | 0 | 0 | 0 |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 297.3M CNY | 297.7M CNY | 316.4M CNY | 282.7M CNY |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +371.7% | +67.3% | +64.2% | +77.0% | +61.5% | +13.0% | +2.9% | +19.1% | +13.1% | |
| Net Income Growth (YoY) | +79.8% | -200.3% | -133.6% | -133.7% | -126.1% | -10.3% | +35.8% | +72.1% | +188.6% | |
| EPS Growth (YoY) | +96.3% | -308.6% | -70.5% | -115.6% | -105.7% | -21.1% | +46.2% | +72.3% | +186.7% | |
| Shares Change (YoY) | +443.5% | -26.3% | +38.7% | +7.0% | +9.9% | -9.0% | +19.5% | +0.8% | +6.6% | |
| FCF Growth (YoY) | +65.9% | -258.7% | -129.8% | -8.4% | -326.3% | -5.0% | +84.0% | +500.5% | +24.9% | |
| 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% |
| EBITDA Margin | -140.1% | 5.2% | 2.5% | -0.8% | -9.0% | -20.4% | -16.4% | -7.4% | 4.4% | 11.7% |
| Net Margin | -173.9% | -7.4% | -13.4% | -19.0% | -25.1% | -35.1% | -34.3% | -21.4% | -5.0% | 3.9% |
| FCF Margin | -93.1% | -6.7% | -14.4% | -20.2% | -12.4% | -32.7% | -30.4% | -4.7% | 15.9% | 17.5% |
| Effective Tax Rate | -0.3% | -5.1% | -4.8% | -2.8% | -1.8% | -1.4% | -1.4% | -1.7% | 2.6% | 1.4% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | -8.38 CNY | -0.53 CNY | -2.56 CNY | -4.24 CNY | -4.30 CNY | -16.67 CNY | -19.23 CNY | -2.57 CNY | 10.23 CNY | 11.98 CNY |
| Dividends Per Share | 0.00 CNY | 0.00 CNY | 0.00 CNY | 0.00 CNY | 0.00 CNY | 0.00 CNY | 0.00 CNY | 0.00 CNY | 0.00 CNY | 0.00 CNY |
| Shares Outstanding (Basic) | 58.2 M | 316.1 M | 233.0 M | 323.1 M | 345.8 M | 379.9 M | 345.8 M | 413.2 M | 416.5 M | 418.9 M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 9.84% |
| Return on Invested Capital | 5.24% |
| Return on Assets | 3.59% |
| Gross Margin | 37.25% |
| Operating Margin | 4.45% |
| Net Margin | 4.89% |
Financial Health
| Debt / Equity | 0.60 |
| Current Ratio | 1.32 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 2.72 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -4.99 | -126.09 | -42.33 | -32.09 | -64.22 | -16.45 | -7.53 | -7.40 | -40.92 | 61.41 |
| P/B | 2.95 | 11.14 | 3.36 | 5.94 | 25.45 | 5.16 | 3.71 | 2.48 | 3.90 | 4.62 |
| P/S | 8.67 | 9.36 | 5.66 | 6.18 | 16.12 | 5.78 | 2.58 | 1.58 | 2.05 | 2.37 |
| 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 | -173.9% | -7.4% | -13.4% | -19.0% | -25.1% | -35.1% | -34.3% | -21.4% | -5.0% | 3.9% |
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