Bilibili (NasdaqGS:BILI) opened 2026 with Q1 revenue of about C¥7.5b and basic EPS of C¥0.50, setting the stage after a year in which trailing 12 month EPS reached C¥3.37 on revenue of roughly C¥30.8b. Over the past six reported quarters, revenue has ranged from C¥7.0b in Q1 2025 to C¥8.3b in Q4 2025, while quarterly basic EPS moved from a small loss of C¥0.02 in Q1 2025 to C¥1.23 in Q4 2025 before landing at C¥0.50 this quarter. For investors, the headline is that margins have moved from loss making territory on a trailing basis to positive earnings, placing profitability at the center of this latest update.

See our full analysis for Bilibili.

With the headline numbers set, the next step is to compare them with the widely followed narratives around Bilibili's growth, risks, and profitability to see which stories hold up and which may need a rethink.

TTM profit tops C¥1.4b after losses

• On a trailing twelve month basis, Bilibili reported net income of C¥1.4b on C¥30.8b of revenue, compared with earlier trailing periods that were loss making, while quarterly net income for Q1 2026 came in at C¥209.8m on revenue of C¥7.5b.
• Consensus narrative expects higher margins to be supported by strong engagement and creator monetization. The move from trailing losses in 2024 to TTM profit of C¥1.4b is consistent with that, although quarterly profit has varied between C¥89.9m and C¥513.4m over the last six quarters, which shows the path has not been a straight line.

Earnings growth outpacing revenue trends

• Over the last year, trailing EPS moved from a loss of C¥3.23 per share to a profit of C¥3.37 per share, while trailing revenue over that same period rose from C¥26.8b to C¥30.8b and is forecast at about 8.1% annual growth compared with an earnings growth forecast of roughly 26.1% per year.
• Supporters of the bullish view argue that AI driven ad upgrades and higher margin services can keep pushing profit faster than sales. The combination of TTM net income of C¥1.4b and the forecast gap between earnings growth and revenue growth heavily supports that argument even though quarterly revenue has moved within a relatively narrow band of about C¥7.0b to C¥8.3b over the past six reported quarters.
  • Backers of this view point to improving monetization of a Gen Z focused user base, which lines up with EPS rising from a Q1 2025 loss of C¥0.02 per share to a trailing profit of C¥3.37 per share despite only modest changes in quarterly revenue.
  • At the same time, the reliance on margin gains means any slowdown in ad or high margin services would hit earnings harder than revenue, which is the key tension to watch in this bullish setup.

Bulls argue that this kind of earnings profile can justify paying up for future profit potential, so if you want to see how that thesis is built from the ground up, check out the full bull case 🐂 Bilibili Bull Case

Premium P/E against peers despite DCF gap

• Bilibili is quoted at a P/E of 47.5x, compared with 12.7x for the industry and 21.1x for peers, while the current share price of US$20.00 sits below a DCF fair value of about US$38.67 and below a single analyst price target reference of US$30.99.
• Skeptics focus on this valuation gap and argue that paying more than double the peer P/E is risky even with growth. The data gives some backing to that concern because revenue is only forecast to grow at 8.1% per year while the stock still trades on a 47.5x multiple, so investors are being asked to pay a premium versus the sector even though projected revenue growth is below the cited 11.7% market benchmark.
  • On the other hand, the DCF fair value being above both the current price and the single analyst target shows that some models and analysts are comfortable valuing Bilibili on its earnings trajectory rather than peer multiples.
  • This split between a high P/E and a lower share price than modelled value is exactly what fuels the ongoing debate between bulls who focus on DCF and earnings growth, and bears who lean on relative valuation and more modest revenue forecasts.

If you are more cautious and want to see the detailed arguments from the other side, it is worth reading the full bear case that digs into these valuation and growth concerns 🐻 Bilibili Bear Case

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Bilibili on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

With sentiment split between optimism and caution, it helps to test the numbers yourself so you are not relying on any single story. To see what supporters find encouraging and judge whether those rewards outweigh the risks for your own portfolio, start by reviewing the 4 key rewards

See What Else Is Out There

Bilibili's premium 47.5x P/E against peers, alongside modest 8.1% revenue growth expectations, means you are paying a high price for relatively limited growth.

If that trade off feels uncomfortable, you can immediately compare alternatives that pair stronger value with quality by running the 54 high quality undervalued stocks and seeing what else might deserve a closer look.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.