Bilibili Inc (BILI) Cash Flow Statement

NASDAQ: BILIOperating cash, capex, free cash flow and buybacks.

Where BILI’s cash came from and went, 2025

December 31, 2025 · Chinese yuan
Cash from operations
CN¥7.15B
+18.8% vs 2024
Capital expenditures
CN¥1.83B
6.2% of revenue
Free cash flow
CN¥5.32B
18.0% margin
Returned to shareholders
CN¥822.7M
15% of free cash flow
Change in cash
CN¥1.93B
cash at year-end CN¥12.23B
Cash from operations: CN¥7.15BCash from operationsCN¥7.15BBorrowing: CN¥4.90BBorrowingCN¥4.90BAcquisitions & other, Currency & other: CN¥179.3MOther sourcesCN¥179.3MInvestments (net): CN¥7.65BInvestments (net)CN¥7.65B · 63%Capital expenditures: CN¥1.83BCapital expendituresCN¥1.83B · 15%Share buybacks: CN¥822.7MShare buybacksCN¥822.7M · 7%Added to cash: CN¥1.93BAdded to cashCN¥1.93B · 16%CN¥12.23B
Cash from operations
CN¥7.15B
Capital expenditures
−CN¥1.83B
Investments (net)
−CN¥7.65B
Acquisitions & other
+CN¥132.7M
Share buybacks (net)
−CN¥822.7M
Net borrowing (repayment)
+CN¥4.90B
Currency & other
+CN¥46.7M
Change in cash
CN¥1.93B

Drawn to scale: where the cash came from and how it was used. Hover for values.

BILI operating cash flow, capex and free cash flow

Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)

BILI cash flow trends, 2016–2025

MetricTrendThenLatestChange
Operating cash flow−CN¥199.0M2016CN¥7.15B2025—
Capital expendituresCN¥288.4M2016CN¥1.83B2025+22.8%/yr
Free cash flow−CN¥487.4M2016CN¥5.32B2025—
Free cash flow margin−93.1%201618.0%2025+111.2 pts
Stock-based compensationCN¥365.5M2016CN¥109.8M2025−12.5%/yr
Dividends paidCN¥02016CN¥02019—
Share buybacks (net)CN¥126.0M2016CN¥822.7M2025+23.2%/yr
Capex / revenue55.1%20166.2%2025−48.9 pts

Change is the average annual growth (CAGR) or the difference between the first and latest year.

BILI cash flow by activity

OperatingInvestingFinancingChange in cash

BILI net income vs operating cash flow

Net incomeOperating cash flow

Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).

BILI cash flow statement in Chinese yuan

2025202420232022202120202019201820172016
Operating activities
Net incomeCN¥1.19B−CN¥1.35B−CN¥4.81B−CN¥7.51B−CN¥6.81B−CN¥3.01B−CN¥1.29B−CN¥551.7M−CN¥183.8M−CN¥910.1M
Depreciation & amortizationCN¥2.19BCN¥2.50BCN¥2.90BCN¥3.57BCN¥2.60BCN¥1.82BCN¥1.17BCN¥642.4MCN¥304.4MCN¥161.5M
Stock-based compensationCN¥109.8MCN¥1.12BCN¥1.13BCN¥1.04BCN¥999.8MCN¥385.9MCN¥172.6MCN¥181.2MCN¥80.0MCN¥365.5M
Change in working capitalCN¥2.23BCN¥3.15BCN¥449.2M−CN¥1.15B−CN¥9.2MCN¥1.49BCN¥223.1MCN¥565.1MCN¥257.9MCN¥163.6M
Other non-cash itemsCN¥1.43BCN¥590.5MCN¥596.8MCN¥141.6MCN¥567.4MCN¥73.8M−CN¥80.3M−CN¥99.7MCN¥6.1MCN¥20.5M
Cash from operating activitiesCN¥7.15BCN¥6.01BCN¥266.6M−CN¥3.91B−CN¥2.65BCN¥753.1MCN¥194.6MCN¥737.3MCN¥464.6M−CN¥199.0M
Investing activities
Capital expenditures−CN¥1.83B−CN¥1.76B−CN¥1.33B−CN¥2.74B−CN¥3.69B−CN¥2.24B−CN¥1.56B−CN¥1.33B−CN¥630.8M−CN¥288.4M
Investments (net)−CN¥7.65B−CN¥138.1MCN¥1.76BCN¥10.61B−CN¥24.58B−CN¥8.91B−CN¥3.96B−CN¥3.20B−CN¥85.4M−CN¥1.19B
Acquisitions & other investingCN¥132.7MCN¥1.76BCN¥1.33BCN¥2.74BCN¥3.69BCN¥2.24BCN¥1.56BCN¥1.33BCN¥0CN¥288.4M
Cash from investing activities−CN¥9.34B−CN¥138.1MCN¥1.76BCN¥10.61B−CN¥24.58B−CN¥8.91B−CN¥3.96B−CN¥3.20B−CN¥716.3M−CN¥1.19B
Financing activities
Dividends paid——————CN¥0CN¥0CN¥0CN¥0
Share repurchases & issuance (net)−CN¥822.7M−CN¥117.5MCN¥0−CN¥347.6MCN¥0CN¥0CN¥0CN¥0−CN¥49.1M−CN¥126.0M
Net borrowing (repayment)CN¥4.90B−CN¥2.72B−CN¥7.76B−CN¥3.95BCN¥11.23BCN¥5.71BCN¥3.41BCN¥3.41BCN¥9.0M−CN¥10.0M
Shares issuedCN¥0CN¥0CN¥2.69BCN¥2.69BCN¥19.29BCN¥2.82BCN¥1.65BCN¥4.95BCN¥0CN¥0
Other financingCN¥5.5MCN¥10.3M−CN¥7.0M−CN¥2.75B−CN¥125.9M−CN¥190.7MCN¥21.4M−CN¥3.39BCN¥715.6MCN¥1.16B
Cash from financing activitiesCN¥4.09B−CN¥2.83B−CN¥5.07B−CN¥4.35BCN¥30.39BCN¥8.34BCN¥5.08BCN¥4.97BCN¥675.5MCN¥1.02B
Summary
Net change in cashCN¥1.93BCN¥3.06B−CN¥2.95BCN¥2.66BCN¥2.84B−CN¥284.6MCN¥1.42BCN¥2.78BCN¥375.7M−CN¥312.6M
Cash at end of periodCN¥12.23BCN¥10.30BCN¥7.24BCN¥10.19BCN¥7.52BCN¥4.68BCN¥4.96BCN¥3.54BCN¥762.9MCN¥387.2M
Free cash flowCN¥5.32BCN¥4.26B−CN¥1.06B−CN¥6.65B−CN¥6.33B−CN¥1.49B−CN¥1.37B−CN¥596.4M−CN¥166.3M−CN¥487.4M
Free cash flow margin18.0%15.9%−4.7%−30.4%−32.7%−12.4%−20.2%−14.4%−6.7%−93.1%
Capex / revenue6.2%6.5%5.9%12.5%19.0%18.7%23.1%32.3%25.6%55.1%
Operating cash flow / net income6.00—————————

Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported; data from EODHD.

BILI cash generation

In fiscal 2025 (ended December 31, 2025), Bilibili generated CN¥7.1 billion of cash from operations (up 18.8%) and spent CN¥1.8 billion on capital expenditures, leaving free cash flow of CN¥5.3 billion, 18.0% of revenue. It returned CN¥822.7 million to shareholders through dividends (CN¥0) and net share buybacks (CN¥822.7 million). Cash and equivalents rose by CN¥1.9 billion over the year.

Related: BILI income statement, BILI balance sheet. See the BILI stock overview for the latest quote and news.

BILI cash flow FAQ

What is Bilibili's free cash flow?

Bilibili's free cash flow was CN¥5.3 billion in fiscal 2025: CN¥7.1 billion of operating cash flow minus CN¥1.8 billion of capital expenditures It was CN¥4.3 billion a year earlier..

How much cash does Bilibili generate from operations?

Bilibili generated CN¥7.1 billion of cash from operating activities in fiscal 2025, 6.00 times its net income of CN¥1.2 billion.

How much does Bilibili spend on capital expenditures?

Bilibili spent CN¥1.8 billion on capital expenditures in fiscal 2025, 6.2% of revenue, compared with CN¥1.8 billion the year before.

How much stock does Bilibili buy back?

Bilibili spent CN¥822.7 million on net share repurchases in fiscal 2025.

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