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Side-by-side financial comparison of Bilibili Inc. (BILI) and NetEase, Inc. (NTES). Click either name above to swap in a different company.
NetEase, Inc. is the larger business by last-quarter revenue ($4.0B vs $1.3B, roughly 3.1× Bilibili Inc.). NetEase, Inc. runs the higher net margin — 31.0% vs 6.0%, a 25.0% gap on every dollar of revenue. Over the past eight quarters, Bilibili Inc.'s revenue compounded faster (27.3% CAGR vs 9.7%).
Bilibili, nicknamed B Site, is a Chinese online video sharing website based in Shanghai where users can submit, view, and add overlaid commentary on videos.
NetEase, Inc. is a Chinese developer and publisher of online PC and mobile games, advertising services, email services, and e-commerce platforms. It is one of the largest Internet and video game companies in the world and was founded by Ding Lei in June 1997.
BILI vs NTES — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.3B | $4.0B |
| Net Profit | $75.7M | $1.2B |
| Gross Margin | 37.0% | 64.1% |
| Operating Margin | 5.8% | 28.3% |
| Net Margin | 6.0% | 31.0% |
| Revenue YoY | 26.2% | — |
| Net Profit YoY | 143.0% | — |
| EPS (diluted) | $1.14 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.1B | $4.0B | ||
| Q2 25 | $1.0B | $3.9B | ||
| Q1 25 | $965.1M | $4.0B | ||
| Q4 24 | $1.0B | — | ||
| Q3 24 | $1.0B | $3.7B | ||
| Q2 24 | $843.1M | $3.5B | ||
| Q1 24 | $784.5M | $3.7B |
| Q4 25 | $75.7M | — | ||
| Q3 25 | $65.9M | $1.2B | ||
| Q2 25 | $30.5M | $1.3B | ||
| Q1 25 | $-1.5M | $1.5B | ||
| Q4 24 | $-176.0M | — | ||
| Q3 24 | $11.4M | $955.7M | ||
| Q2 24 | $83.7M | $939.6M | ||
| Q1 24 | $-105.9M | $1.1B |
| Q4 25 | 37.0% | — | ||
| Q3 25 | 36.7% | 64.1% | ||
| Q2 25 | 36.5% | 64.7% | ||
| Q1 25 | 36.3% | 64.1% | ||
| Q4 24 | 36.2% | — | ||
| Q3 24 | 34.9% | 62.9% | ||
| Q2 24 | 29.9% | 62.9% | ||
| Q1 24 | 28.3% | 63.4% |
| Q4 25 | 5.8% | — | ||
| Q3 25 | 4.6% | 28.3% | ||
| Q2 25 | 3.4% | 32.5% | ||
| Q1 25 | 0.2% | 36.2% | ||
| Q4 24 | -16.0% | — | ||
| Q3 24 | 0.9% | 27.3% | ||
| Q2 24 | 9.5% | 27.4% | ||
| Q1 24 | -14.5% | 28.4% |
| Q4 25 | 6.0% | — | ||
| Q3 25 | 6.1% | 31.0% | ||
| Q2 25 | 3.0% | 32.6% | ||
| Q1 25 | -0.2% | 36.6% | ||
| Q4 24 | -17.5% | — | ||
| Q3 24 | 1.1% | 25.6% | ||
| Q2 24 | 9.9% | 26.8% | ||
| Q1 24 | -13.5% | 29.1% |
| Q4 25 | $1.14 | — | ||
| Q3 25 | $1.05 | — | ||
| Q2 25 | $0.51 | — | ||
| Q1 25 | $0.00 | — | ||
| Q4 24 | $0.21 | — | ||
| Q3 24 | $-0.03 | — | ||
| Q2 24 | $-0.20 | — | ||
| Q1 24 | $-1.80 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.7B | $31.3B |
| Total DebtLower is stronger | $1.4B | — |
| Stockholders' EquityBook value | $2.2B | $160.8B |
| Total Assets | $5.9B | $214.5B |
| Debt / EquityLower = less leverage | 0.62× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.7B | — | ||
| Q3 25 | $2.4B | $31.3B | ||
| Q2 25 | — | $54.4B | ||
| Q1 25 | $1.9B | $41.7B | ||
| Q4 24 | $1.8B | — | ||
| Q3 24 | $11.7B | $20.2B | ||
| Q2 24 | — | $19.0B | ||
| Q1 24 | $1.1B | $43.0B |
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $700.3M | — | ||
| Q4 24 | $662.5M | — | ||
| Q3 24 | $4.3B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $684.5M | — |
| Q4 25 | $2.2B | — | ||
| Q3 25 | $2.1B | $160.8B | ||
| Q2 25 | — | $154.0B | ||
| Q1 25 | $2.0B | $147.8B | ||
| Q4 24 | $1.9B | — | ||
| Q3 24 | $13.7B | $135.6B | ||
| Q2 24 | — | $134.2B | ||
| Q1 24 | $1.9B | $130.5B |
| Q4 25 | $5.9B | — | ||
| Q3 25 | $5.6B | $214.5B | ||
| Q2 25 | — | $208.5B | ||
| Q1 25 | $4.6B | $200.9B | ||
| Q4 24 | $4.5B | — | ||
| Q3 24 | $32.0B | $184.9B | ||
| Q2 24 | — | $183.3B | ||
| Q1 24 | $4.2B | $195.1B |
| Q4 25 | 0.62× | — | ||
| Q3 25 | 0.65× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.35× | — | ||
| Q4 24 | 0.34× | — | ||
| Q3 24 | 0.31× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.36× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $263.1M | $1.8B |
| Free Cash FlowOCF − Capex | — | $1.8B |
| FCF MarginFCF / Revenue | — | 44.7% |
| Capex IntensityCapex / Revenue | — | 1.0% |
| Cash ConversionOCF / Net Profit | 3.47× | 1.47× |
| TTM Free Cash FlowTrailing 4 quarters | — | $6.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $263.1M | — | ||
| Q3 25 | $283.2M | $1.8B | ||
| Q2 25 | $277.7M | $1.5B | ||
| Q1 25 | $179.4M | $1.7B | ||
| Q4 24 | $191.9M | — | ||
| Q3 24 | $2.2B | $1.5B | ||
| Q2 24 | — | $898.8M | ||
| Q1 24 | $88.3M | $1.3B |
| Q4 25 | — | — | ||
| Q3 25 | — | $1.8B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | $174.5M | $1.6B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | — | $875.6M | ||
| Q1 24 | — | $1.3B |
| Q4 25 | — | — | ||
| Q3 25 | — | 44.7% | ||
| Q2 25 | — | 38.3% | ||
| Q1 25 | 18.1% | 40.4% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 38.9% | ||
| Q2 24 | — | 25.0% | ||
| Q1 24 | — | 34.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | 1.0% | ||
| Q2 25 | — | 0.7% | ||
| Q1 25 | 0.5% | 1.6% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.4% | ||
| Q2 24 | — | 0.7% | ||
| Q1 24 | — | 1.5% |
| Q4 25 | 3.47× | — | ||
| Q3 25 | 4.30× | 1.47× | ||
| Q2 25 | 9.11× | 1.20× | ||
| Q1 25 | — | 1.15× | ||
| Q4 24 | — | — | ||
| Q3 24 | 195.23× | 1.58× | ||
| Q2 24 | — | 0.96× | ||
| Q1 24 | — | 1.22× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BILI
| Value-added services (VAS) | $466.4M | 37% |
| Advertising | $435.0M | 34% |
| Mobile games | $220.3M | 17% |
| Other | $80.8M | 6% |
| IP derivatives and others | $68.2M | 5% |
NTES
| Games and related value-added services | $3.3B | 82% |
| NetEase Cloud Music | $275.9M | 7% |
| Youdao | $228.8M | 6% |
| Innovative businesses and others | $202.1M | 5% |
