Abstract

Bilibili Inc. will release its second-quarter 2026 results on August 27, 2026, post-Market.

Market Forecast

The market expects Bilibili Inc. to deliver another quarter of top-line expansion, with forecast revenue of RMB 7.94 billion, up 8.34% year over year, and adjusted EPS of 1.51, up 25.97% year over year. Forecast EBIT is RMB 682.88 million, implying 170.72% year-over-year growth. Bilibili Inc.’s core revenue stream, internet information services, remains the main operational engine, with expectations centered on stable user monetization and continued operating efficiency. The most promising line for near-term growth is internet information services itself, anchored by last quarter’s RMB 7.47 billion revenue and a 6.69% year-over-year increase.

Last Quarter Review

In the previous quarter, Bilibili Inc. reported revenue of RMB 7.47 billion, a gross profit margin of 37.11%, GAAP net profit attributable to shareholders of RMB 210.00 million, a net profit margin of 2.81%, and adjusted EPS of 1.31, up 54.12% year over year. A notable financial highlight was disciplined execution against internal expectations, with revenue topping estimates by 0.45% and adjusted EPS exceeding projections by 3.15%. Operationally, the company’s internet information services generated RMB 7.47 billion in revenue, growing 6.69% year over year, supported by resilient monetization across its platform activities.

Current Quarter Outlook (with major analytical insights)

Main business momentum

Bilibili Inc.’s core business is expected to remain on a path of steady expansion this quarter, consistent with the RMB 7.94 billion revenue forecast and an 8.34% year-over-year pace. The company’s capacity to convert its large engaged user base into paying behavior and advertiser demand is likely to be the central driver of results. With adjusted EPS projected at 1.51, the setup suggests continued leverage from operating discipline and better cost absorption on a larger revenue base. Delivering against this outlook will depend on maintaining healthy content engagement while calibrating platform monetization. Management’s recent track record points to more disciplined marketing spending, which in turn can help preserve margin resilience even as the company invests in content and features that underpin user stickiness. The interplay between monetization initiatives and controlled cost growth remains the linchpin for translating top-line gains into earnings per share. The last quarter’s gross margin of 37.11% reflected improvements in revenue quality and cost management. While the company has not issued explicit guidance for gross margin or net margin this quarter, the revenue and EPS forecasts imply sustained operating efficiency. The contribution from higher-quality revenue streams, coupled with efficiencies around infrastructure and content-related costs, will be key to the earnings conversion profile in the current period.

Most promising business line

Internet information services stands out as the most promising growth contributor in the near term, given its scale and traction. It produced RMB 7.47 billion in revenue last quarter and increased 6.69% year over year, underscoring the durability of the company’s monetization model. The category’s breadth across community-driven engagement, on-platform services, and associated monetization levers offers multiple paths to incremental revenue per user. This quarter’s revenue forecast suggests that the company’s core flywheel—content, community interaction, and monetization—continues to function. Consistent user activity supports advertising and paid services, while disciplined spending helps protect profitability as volumes rise. The projected EPS growth of 25.97% year over year sets a constructive baseline for stronger earnings power if monetization continues to converge with engagement gains. Evidence of confidence in the business trajectory can also be seen in capital allocation. On June 24, 2026, Bilibili Inc. announced a new two-year share repurchase program of up to 300 million US dollars, and by June 30, 2026, the company had repurchased a meaningful portion of its listed securities. A consistent buyback cadence not only signals management’s conviction but can also enhance per-share metrics, reinforcing the EPS outlook as revenue scales.

What will most influence the stock this quarter

Investor attention is likely to concentrate on the relationship between top-line growth and earnings conversion. With EBIT forecast at RMB 682.88 million, implying 170.72% year-over-year growth, the market will look for confirmation that operating leverage is strengthening as revenue expands. The degree to which cost lines—particularly content costs, revenue-sharing, infrastructure, and marketing—remain in check will shape sentiment around the sustainability of EPS improvements. Capital-market signals around ownership and liquidity may also influence share performance. On July 15, 2026, a disclosure showed a significant increase in long holdings by a global investment bank, which markets often view as a constructive endorsement of prospects. Conversely, trading days marked by broad-based pressure on peer platforms—such as August 20, 2026, when the interactive media segment was weighed by a sharp move in a major peer—can temporarily overshadow company-specific fundamentals. Into results, investors will parse whether Bilibili Inc.’s engagement and monetization dynamics are diverging positively from sector moves. Finally, the buyback program announced on June 24, 2026, provides an incremental support to sentiment, especially during volatile periods. If the company continues to repurchase shares opportunistically, it can offset dilution from share-based compensation and enhance per-share earnings metrics over time. That said, the market will still prioritize evidence from the income statement—revenue quality, margin resilience, and EPS trajectory—as the decisive catalysts for share price direction following the print.

Analyst Opinions

Bullish viewpoints dominate recent institutional commentary. Based on ratings and previews compiled within the period from January 1, 2026 to August 20, 2026, bullish opinions outnumber bearish ones by approximately 5 to 1, or about 83% bullish versus 17% bearish. Multiple institutions reaffirmed constructive stances ahead of the result, citing strengthening monetization, improving cost discipline, and greater confidence in earnings conversion. Barclays maintained a Buy rating with a 34.00 US dollars price target, highlighting an improving earnings trajectory underpinned by disciplined operations and monetization progress. The firm’s constructive view suggests that, if revenue lands near the RMB 7.94 billion forecast and EPS approaches 1.51, investors could gain increased confidence in the company’s ability to scale profits as engagement translates into revenue. Haitong International raised its target to 26.00 US dollars on August 17, 2026, while emphasizing that the company’s content proposition is finding greater commercial recognition. The framing of content value as a lever for monetization aligns with the forecast profile—revenue up 8.34% year over year and adjusted EPS up 25.97% year over year—implying that stronger monetization can reinforce profitability if spending discipline endures. Beyond these, regional brokers maintained positive stances into the print. CICC reiterated an Accumulate/Outperform view in July 2026, pointing to steady operational execution, and BOCI also reiterated Accumulate in late July 2026, reflecting confidence in earnings recovery. Domestic brokerage commentary likewise leaned supportive, referencing the company’s tightening of cost lines and clearer visibility on monetization drivers across its platform activities. Institutional positioning offered corroborating signals. On July 15, 2026, disclosures indicated a sharp increase in long holdings by a leading global investment bank, a move typically interpreted as heightened institutional conviction. While there have been instances of stake reductions by certain funds during the period, the preponderance of rated research and recommitments from large sell-side houses skews bullish overall. Synthesizing these perspectives, the consensus among bullish institutions can be distilled into three focal points. First, sustained top-line growth paired with better spending discipline strengthens earnings visibility, consistent with a 25.97% forecast increase in adjusted EPS. Second, the scale and engagement of the platform provide a robust base for monetization, contributing to the RMB 7.94 billion revenue forecast. Third, shareholder returns—via the 300 million US dollars buyback program announced on June 24, 2026—frame a supportive backdrop for per-share value while the company continues to refine the cost structure. Combined, these factors underpin the majority view that Bilibili Inc. is positioned to deliver a constructive set of second-quarter results and maintain earnings momentum into the next reporting cycle.