Q1 earnings confirm profitability inflection with accelerating ad revenue and margin expansion, but mobile game weakness and a sequential revenue decline from Q4 2025 warrant monitoring. The completed buyback is neutral. Watch for guidance on the upcoming call, particularly game pipeline and AI investment ROI.
Price Chart
Executive Summary
Bilibili reported Q1 2026 results: total net revenues increased 7% YoY to RMB7.47B, and the company turned profitable with a net profit of RMB202M vs. a net loss of RMB10.7M a year ago. The beat was driven by advertising revenue (+30% YoY) and margin expansion (gross margin 37.1%, up from 36.3%), though mobile games revenue declined 12% YoY. The completed $200M share repurchase program provides a modest floor.
Key Facts
- Total net revenues: RMB7.47B ($1.08B), +7% YoY
- Net profit: RMB202M ($29.3M), from net loss of RMB10.7M YoY
- Adjusted net profit: RMB585.4M ($84.9M), +62% YoY
- Advertising revenue: RMB2.59B ($375.3M), +30% YoY
- Mobile games revenue: RMB1.52B ($220.7M), -12% YoY
- Gross profit margin: 37.1%, improved from 36.3% YoY
- $200M share repurchase program completed; 9.9M securities repurchased total
- DAUs: 115.2M, +8% YoY; average daily time spent 119 min, +11 min YoY
Financial Impact
Revenue +7% YoY to RMB7.47B; net profit swing from -RMB10.7M loss to +RMB202M profit; adjusted net profit +62% YoY to RMB585.4M
Risk Factors
- Mobile games revenue declined 12% YoY; continued headwinds could weigh on overall growth
- Sequential revenue decline from RMB8.32B in Q4 2025 to RMB7.47B in Q1 2026 suggests seasonality or slowing momentum
- R&D expenses +9% YoY driven by AI investment may pressure margins if not translating to revenue
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001193125-26-229680 |
| Document: d157629d6k.htm | 0001193125-26-229680 |
| Document: 0001193125-26-229680-index-headers.html | 0001193125-26-229680 |
| Document: 0001193125-26-229680-index.html | 0001193125-26-229680 |
| Document: 0001193125-26-229680.txt | 0001193125-26-229680 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 5, 2026 20w ago | 6-K | $25.58 $15.13 | ▼ −40.85% | ▼ −45.12% | $15.13 (−40.85%) |
May 19, 2026 22w ago | 6-K | $25.58 $15.13 | ▼ −40.85% | ▼ −47.14% | $15.13 (−40.85%) |
May 8, 2026 24w ago | 6-K | $25.58 $15.13 | ▼ −40.85% | ▼ −45.69% | $15.13 (−40.85%) |
Apr 16, 2026 27w ago | 6-K | $25.58 $25.58 | · 0.00% | ▼ −7.05% | $15.13 (−40.85%) |
Apr 16, 2026 27w ago | 6-K | $25.58 $25.58 | · 0.00% | ▼ −7.05% | $15.13 (−40.85%) |
Apr 10, 2026 28w ago | 6-K | $25.58 $25.58 | · 0.00% | ▼ −10.33% | $15.13 (−40.85%) |
Mar 31, 2026 29w ago | 6-K | $25.58 $25.58 | · 0.00% | ▼ −12.38% | $15.13 (−40.85%) |
US Market Status
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