Bilibili Inc. (NASDAQ: BILI) reported second-quarter fiscal 2026 results that surpassed analyst expectations, with adjusted earnings per share (EPS) of US$0.23 beating the consensus estimate of US$0.18 by nearly 28%. The Shanghai-based video platform also logged total net revenues of US$1.17 billion (RMB7.94 billion), exceeding the US$1.16 billion forecast.

The company’s bottom-line expansion was robust, with GAAP net profit rising 55% year-over-year to RMB339.1 million (US$50.0 million). This represents a significant improvement from the US$0.19 adjusted EPS recorded in the same period last year, marking a 21% increase in per-share profitability. The top-line growth of 8% YoY reflects steady monetization across its core segments despite broader market headwinds.

User Engagement and Community Growth

Bilibili’s high-quality content and interest-driven community continued to strengthen engagement metrics. Average daily active users (DAU) increased 7% to 116.5 million, while average daily time spent per user reached 113 minutes. This drove total user time spent up by 14% year-over-year. Monthly active users (MAU) climbed to 371 million.

CEO Rui Chen emphasized that quality and emotional connection have become increasingly important as digital content grows but consumer attention remains scarce. He noted that artificial intelligence could help Bilibili improve precision, expand its reach, and support future growth. The platform is often compared with Alphabet’s YouTube due to its focus on long-form, user-generated videos and livestreaming.

Revenue Drivers and Segment Performance

Advertising emerged as the primary catalyst for top-line growth, with revenues jumping 28% YoY to RMB3.13 billion (US$461.4 million). Management attributed this acceleration to improved product offerings and enhanced advertising efficiency. Value-added services (VAS), driven by premium membership uptake, contributed RMB2.97 billion (US$437.3 million), representing a modest 5% increase.

Conversely, the mobile games segment faced headwinds, with revenues declining 14% YoY to RMB1.39 billion (US$205.1 million). This contraction reflects a high base effect from the exceptional performance of San Guo: Mou Ding Tian Xia in the prior-year period as the title transitions into a mature lifecycle. IP derivatives and other revenues remained relatively flat, growing just 2% to RMB449.8 million (US$66.3 million).

What the Numbers Show

A critical divergence exists between Bilibili’s GAAP net profit and its adjusted metrics, highlighting the significant impact of non-cash charges on reported earnings. While GAAP net profit rose 55% to RMB339.1 million, adjusted net profit increased 25% to RMB703.6 million (US$103.7 million). The reconciliation reveals that share-based compensation expenses totaled RMB282.7 million for the quarter, constituting approximately 83% of the adjusted net profit. This concentration indicates that while operational cash generation is improving, equity-based remuneration remains a substantial drag on statutory profitability.

Additionally, gross margin expanded to 37.2% from 36.5% a year earlier. Chief Financial Officer Sam Fan noted this marked Bilibili’s 16th consecutive period of gross margin improvement, supported by revenue growth and stronger operating leverage.

Operating Expenses and Balance Sheet

Total operating expenses grew 7% YoY to RMB2.58 billion (US$380.6 million), lagging behind revenue growth and supporting operating leverage. Research and development expenses saw the sharpest increase at 16% to RMB1.01 billion, primarily due to higher server depreciation costs. Sales and marketing expenses were tightly controlled, rising only 1%, while general and administrative expenses remained flat.

The company maintains a strong liquidity position, holding RMB24.30 billion (US$3.58 billion) in cash, cash equivalents, time deposits, and short-term investments as of June 30, 2026. This substantial cash buffer supports ongoing investments in AI capabilities and content acquisition without immediate refinancing risk.

Shareholder Returns

Bilibili continued its capital return initiatives through its share repurchase programs. Under the two-year US$300 million program approved in June 2026, the company purchased 1.9 million listed securities for approximately US$31.3 million by June 30. Cumulatively, from the start of 2026 through the announcement date, Bilibili has repurchased 5.8 million securities for a total cost of approximately US$118 million across both the new and previous programs approved in November 2024.

Bilibili Inc. (NASDAQ: BILI) will report its second quarter 2026 unaudited financial results on Thursday, August 27, 2026, before the open of U.S. markets. The Shanghai-based video community platform, known for its "bullet chatting" feature and focus on young generations in China, has scheduled an earnings conference call for the same day. This announcement sets the timeline for investors to assess the company's performance in the second quarter of 2026.

The earnings conference call is scheduled for 8:00 AM U.S. Eastern Time on August 27, 2026, which corresponds to 8:00 PM Beijing/Hong Kong Time. Participants must complete an online registration process in advance using the link provided by the company. Upon registering, each participant will receive a set of participant dial-in numbers and a personal PIN required to join the call.

A live webcast of the conference call will be available on the company’s investor relations website at http://ir.bilibili.com . A replay of the webcast will be accessible following the session. All participants are advised to use the official registration link to ensure they receive the necessary dial-in credentials.

Bilibili describes itself as an iconic brand and a leading video community with a mission to enrich the everyday lives of young generations in China. The platform offers a wide array of video-based content under the value proposition of "All the Videos You Like." It builds its community around aspiring users, high-quality content, talented content creators, and strong emotional bonds among them.

The company pioneered the "bullet chatting" feature, a live comment function that displays the thoughts and feelings of audience members viewing the same video simultaneously. This feature has transformed the user viewing experience. Bilibili has become a welcoming home for diverse interests among young generations in China and a frontier for promoting Chinese culture globally.

For investor and media inquiries, contacts are available in both China and the United States. In China, Juliet Yang at Bilibili Inc. can be reached at +86-21-2509-9255 Ext. 8523 or via email at ir@bilibili.com . Piacente Financial Communications also supports inquiries in China through Helen Wu at +86-10-6508-0677. In the United States, Brandi Piacente at Piacente Financial Communications can be contacted at +1-212-481-2050. Both regional contacts share the email address bilibili@tpg-ir.com .