Bilibili Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	1,191	-1,364	-4,812	-7,508	-6,809
Depreciation & Amortization	2,188	2,501	2,900	3,566	2,604
Stock-Based Compensation	1,171	1,116	1,133	1,041	999.82
Other Adjustments	369.97	607.4	596.85	141.62	567.38
Change in Receivables	-72.8	184.33	-186.94	-133.98	-420.67
Changes in Accounts Payable	585.77	615.15	-60.46	46.86	1,057
Changes in Accrued Expenses	674.65	1,159	158.93	-630.21	573.92
Changes in Income Taxes Payable	49.4	83.68	29.01	130.68	77.37
Changes in Unearned Revenue	859.56	848.22	133.9	173.94	494.55
Changes in Other Operating Activities	131.59	262.92	374.72	-739.38	-1,791
Operating Cash Flow	7,147	6,015	266.62	-3,911	-2,647
Operating Cash Flow Growth	18.82%	2155.95%	-	-	-
Capital Expenditures	-512.86	-465.37	-181.9	-760.43	-965.41
Purchases of Intangible Assets	-1,314	-1,290	-1,148	-1,978	-2,722
Purchases of Investments	-97,873	-43,031	-23,642	-82,290	-89,163
Proceeds from Sale of Investments	90,319	44,569	26,120	96,221	68,255
Payments for Business Acquisitions	27.35	-	-70	-1,180	-521.98
Other Investing Activities	13	78.97	1,370	596.64	539.23
Investing Cash Flow	-9,341	-138.09	1,762	10,609	-24,578
Long-Term Debt Issued	7,586	5,249	1,950	1,702	11,418
Long-Term Debt Repaid	-2,681	-7,967	-9,708	-5,652	-214.88
Net Long-Term Debt Issued (Repaid)	4,905	-2,718	-7,757	-3,951	11,203
Issuance of Common Stock	6.56	10.27	2,689	0	19,288
Repurchase of Common Stock	-822.71	-117.52	-	-347.58	-
Net Common Stock Issued (Repurchased)	-816.15	-107.26	2,689	-347.58	19,288
Other Financing Activities	-1.07	-	-7.03	-56.74	-102.51
Financing Cash Flow	4,087	-2,825	-5,075	-4,355	30,389
Effect of Exchange Rate Changes on Cash and Cash Equivalents	41.18	6.18	100.35	321.35	-319.03
Net Cash Flow	1,935	3,058	-2,946	2,664	2,845
Free Cash Flow	6,634	5,549	84.73	-4,672	-3,612
Free Cash Flow Growth	19.55%	6450.00%	-	-	-
FCF Margin	21.86%	20.68%	0.38%	-21.33%	-18.64%
Free Cash Flow Per Share	14.94	13.33	0.21	-11.83	-9.51
Levered Free Cash Flow	10,074	940.26	-9,225	-9,660	6,464
Unlevered Free Cash Flow	5,068	3,696	-1,752	-6,688	-4,471

Updated Mar 6, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

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