Bilibili Stock Earnings Reports

Bilibili reported a solid Q1 2026 with continued user engagement and improving monetization. DAUs grew 8% YoY to 115M and MAUs reached 376M; average daily time spent hit a record 119 minutes (up 11 minutes YoY), helping total user time spent rise 19% YoY. Total revenue was RMB 7.5B, up 7% YoY, with gross profit +9% and gross margin expanding to 37.1% — the 15th consecutive quarter of margin expansion. Adjusted net profit was RMB 585M, up 62% YoY, and adjusted net margin rose to 7.8%. Advertising accelerated (+30% YoY to RMB 2.6B) driven by higher ad efficiency (CTCVR +25% YoY) and stronger budgets from AI-related advertisers; ad inventory expansion across PC/OTT/search/mini programs also contributed. VAS was 39% of revenue with premium members at 24.8M (+5% YoY) and fan charging revenue +50% YoY. Games revenue declined 12% YoY to RMB 1.5B due to a high base; new titles (NCard, San Guo SLG, Lumi Master) are in soft/paid testing with planned launches later in 2026. Management is prioritizing AI investments focused on video understanding, recommendation and creator tools, citing early engagement and monetization benefits. Q1 CapEx rose ~80% YoY (~RMB 200M); management expects full-year AI-related CapEx of ~RMB 1B (with ~RMB 500M P&L impact). Cash and equivalents were RMB 24.2B; the company completed its USD 200M buyback (9.9M shares repurchased) and may renew the program. Long-term margin targets remain gross margin ~45% and operating profit ratio 15–20%. Overall, the update emphasizes durable community engagement, accelerating ad monetization (a key growth driver), disciplined capital allocation, and targeted AI investments to amplify the content-creators commercial flywheel.