BEIJING, March 18, 2026 /PRNewswire/ -- Weibo Corporation ("Weibo" or the "Company") (Nasdaq: WB and HKEX: 9898), a leading social media in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2025 and annual dividend.
"We ended the year 2025 with solid performance in the fourth quarter," said Gaofei Wang, CEO of Weibo. "On the user front, we focused on enhancing user value through reinforcing our social features and optimizing recommendation content ecosystem to improve content consumption. On the AI technology front, we continued to see robust growth of the user scale and search queries of our intelligent search function throughout this year, which further enhanced users' content consumption efficiency and drove more coherent and in-depth search demands on the platform. On the monetization front, our advertising business exhibited stabilized trend in 2025, driven by strong performance of certain key industries. We continued to beef up our efforts in strengthening our position in content marketing and strengthening AI capability to improve advertising efficiency. As our commitment to enhancing shareholder return, we are pleased to announce that our board of directors has approved an annual dividend payout of US$150 million to our shareholders for fiscal year 2025."
Fourth Quarter 2025 Highlights
-- Net revenues were US$473.3 million, an increase of 4% year-over-year or
an increase of 1% year-over-year on a constant currency basis [1].
-- Advertising and marketing revenues were US$403.8 million, an increase of
5% year-over-year or an increase of 2% year-over-year on a constant
currency basis [1].
-- Value-added services ("VAS") revenues were US$69.5 million, a decrease of
2% year-over-year or a decrease of 4% year-over-year on a constant
currency basis [1].
-- Income from operations was US$91.6 million, representing an operating
margin of 19%.
-- Net loss attributable to Weibo's shareholders was US$4.7 million and
diluted net loss per share was US$0.02.
-- Non-GAAP income from operations was US$100.4 million, representing a
non-GAAP operating margin of 21%.
-- Non-GAAP net income attributable to Weibo's shareholders was US$66.4
million and non-GAAP diluted net income per share was US$0.25.
-- Monthly active users ("MAUs") were 567 million in December 2025.
-- Average daily active users ("DAUs") were 252 million in December 2025.
([1]) We define constant currency (non-GAAP) by assuming that the average
exchange rate in the fourth quarter of 2025 had been the same as it was in the
fourth quarter of 2024, or RMB7.17=US$1.00.
Fiscal Year 2025 Highlights
-- Net revenues were US$1.76 billion, flat year-over-year and flat
year-over-year on a constant currency basis [2].
-- Advertising and marketing revenues were US$1.50 billion, flat
year-over-year and flat year-over-year on a constant currency basis [2].
-- Value-added services ("VAS") revenues were US$255.6 million, flat
year-over-year and flat year-over-year on a constant currency basis [2].
-- Income from operations was US$464.8 million, representing an operating
margin of 26%.
-- Net income attributable to Weibo's shareholders was US$449.0 million and
diluted net income per share was US$1.70.
-- Non-GAAP income from operations was US$523.6 million, representing a
non-GAAP operating margin of 30%.
-- Non-GAAP net income attributable to Weibo's shareholders was US$439.8
million and non-GAAP diluted net income per share was US$1.65.
([2]) We define constant currency (non-GAAP) by assuming that the average
exchange rate of 2025 had been the same as it was in 2024, or
RMB7.18=US$1.00.
Fourth Quarter 2025 Financial Results
For the fourth quarter of 2025, Weibo's total net revenues were US$473.3million, an increase of 4% compared to US$456.8 million for the same period last year.
Advertising and marketing revenues for the fourth quarter of 2025 were US$403.8 million, an increase of 5% compared to US$385.9 million for the same period last year. The increase was primarily driven by robust growth of advertising revenues from the ecommerce and local service sectors. Advertising and marketing revenues excluding advertising revenues from Alibaba were US$353.8 million, an increase of 2% compared to US$345.5 million for the same period last year.
VAS revenues for the fourth quarter of 2025 were US$69.5 million, a decrease of 2% year-over-year compared to US$71.0 million for the same period last year.
Costs and expenses for the fourth quarter of 2025 totaled US$381.7 million, an increase of 13% compared to US$338.9 million for the same period last year. The increase was mainly resulted from increased ad production cost and marketing expense.
Income from operations for the fourth quarter of 2025 was US$91.6 million, compared to US$117.9 million for the same period last year. Operating margin was 19%, compared to 26% last year. Non-GAAP income from operations was US$100.4 million, compared to US$136.2 million for the same period last year. Non-GAAP operating margin was 21%, compared to 30% last year.
Non-operating loss for the fourth quarter of 2025 was US$57.6 million, compared to non-operating loss of US$85.1 million for the same period last year. Non-operating loss for the fourth quarter of 2025 mainly included (i) net interest and other loss of US$28.4 million; and (ii) loss from fair value change of investments of US$28.1 million, which was excluded under non-GAAP measures.
Income tax expenses for the fourth quarter of 2025 were US$31.3 million, compared to US$20.0 million for the same period last year. The increase of tax expense was primarily due to increased withholding tax accrued related to all of the Company's wholly-foreign owned enterprises' ("WFOE") earnings, to be remitted to Weibo Hong Kong Limited in the foreseeable future to fund its demand for U.S. dollars in business operations and potential investments, etc.
Net loss attributable to Weibo's shareholders for the fourth quarter of 2025 was US$4.7 million, compared to net income of US$8.9 million for the same period last year. Diluted net loss per share attributable to Weibo's shareholders for the fourth quarter of 2025 was US$0.02, compared to diluted net income per share attributable to Weibo's shareholders of US$0.04 for the same period last year. Non-GAAP net income attributable to Weibo's shareholders for the fourth quarter of 2025 was US$66.4 million, compared to US$106.6 million for the same period last year. Non-GAAP diluted net income per share attributable to Weibo's shareholders for the fourth quarter of 2025 was US$0.25, compared to US$0.40 for the same period last year.
As of December 31, 2025, Weibo's cash, cash equivalents and short-term investments totaled US$2.4 billion. For the fourth quarter of 2025, cash provided by operating activities was US$181.4 million, capital expenditures totaled US$10.4 million, and depreciation and amortization expenses amounted to US$15.3 million.
Fiscal Year 2025 Financial Results
For fiscal year 2025, Weibo's total net revenues were US$1.76 billion, relatively flat compared to US$1.75 billion in 2024.
Advertising and marketing revenues for 2025 were US$1.50 billion, relatively flat compared to US$1.50 billion in 2024. Advertising and marketing revenues excluding advertising revenues from Alibaba were US$1.33 billion, a decrease of 4% compared to US$1.38 billion for 2024.
VAS revenues for 2025 were US$255.6 million, relatively flat compared to US$256.0 million for 2024.
Costs and expenses for 2025 totaled US$1.29 billion, an increase of 3% compared to US$1.26 billion for 2024.
Income from operations for 2025 was US$464.8 million, compared to US$494.3 million for 2024. Operating margin for 2025 was 26%, compared to 28% last year. Non-GAAP income from operations was US$523.6 million, compared to US$584.1 million for 2024. Non-GAAP operating margin was 30%, compared to 33% last year.
Non-operating income for 2025 was US$140.8 million, compared to non-operating loss of US$73.7 million for 2024. Non-operating income in 2025 mainly included (i) net interest and other income of US$125.0 million, compared to US$0.9 million last year, with the increase mainly due to the equity pick up gain of US$76.7 million in 2025, compared to equity pick up loss of US$12.2 million in 2024; (ii) gain from fair value change of investments of US$21.3 million, which was excluded under non-GAAP measures; and (iii) investment related impairment of US$6.0 million, which was excluded under non-GAAP measures.
Income tax expenses for 2025 were US$144.5 million, compared to US$110.6 million for 2024. The increase was primarily due to i) increased withholding tax accrued related to all of the Company's WFOEs' earnings, to be remitted to Weibo Hong Kong Limited in the foreseeable future to fund its demand for U.S. dollars in business operations and potential investments, etc.; and ii) the recognition of deferred tax liability related to equity pick up gains in 2025.
Net income attributable to Weibo's shareholders for 2025 was US$449.0 million, compared to US$300.8 million for 2024. Diluted net income per share attributable to Weibo's shareholders for 2025 was US$1.70, compared to US$1.16 for 2024. Non-GAAP net income attributable to Weibo's shareholders for 2025 was US$439.8 million, compared to US$478.6 million for 2024. Non-GAAP diluted net income per share attributable to Weibo's shareholders for 2025 was US$1.65, compared to US$1.82 for 2024.
For fiscal year 2025, cash provided by operating activities was US$519.5 million, compared to US$639.9 million for 2024. Capital expenditures totaled US$42.4 million, and depreciation and amortization expenses amounted to US$59.1 million.
Annual Cash Dividend
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