BEIJING, Feb. 26, 2026 /PRNewswire/ — Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888 (HKD Counter) and 89888 (RMB Counter)), (“Baidu” or the “Company”), a leading AI company with strong Internet foundation, today announced its unaudited financial results for the quarter and fiscal year ended December 31, 2025.
“2025 marked a pivotal year as AI became the new core of Baidu. AI Cloud Infra gained strong momentum, with our differentiated full-stack end-to-end AI capabilities earning growing enterprise recognition. Our portfolio of AI applications continued to scale, addressing diverse needs across enterprises and individuals. Apollo Go further reinforced its global leadership, operating at industry-leading scales while accelerating international expansion into new markets. Meanwhile, AI-native Marketing Services continued to grow, unlocking new possibilities for the long term,” said Robin Li, Co-founder and CEO of Baidu. “As our AI-first strategy takes clear shape, we’re confident in our ability to create lasting value in the AI era.”
“We delivered several key achievements this quarter. First, revenue from Baidu Core AI-powered Business[1] exceeded RMB 11 billion in Q4, accounting for 43% of Baidu General Business[2] revenue. Second, total revenue of Baidu General Business grew 6% sequentially and Non-GAAP operating income of Baidu General Business increased 28% quarter over quarter to RMB 2.8 billion. Third, operating cash flow for Baidu turned positive in the second half of 2025, generating RMB 3.9 billion combined, compared to negative cash flow in the first half. Fourth, the Kunlunxin spin-off and separate listing is progressing, which we believe will unlock significant value for shareholders. Finally, we announced a new share repurchase program with up to US$5 billion authorization and introduced our first-ever dividend policy, with the first payment potentially to be made by year-end 2026.” said Haijian He, CFO of Baidu.
Operational Highlights[1]
The following table sets forth selected revenue highlights for our Baidu Core AI-powered Business for the periods indicated:
Q3
Q4
FY
FY
(In billions)
2025
2025
2024
2025
YoY
RMB
RMB
RMB
RMB
Baidu Core AI-powered Business
9.6
11.3
27.0
40.0
48 %
– AI Cloud Infra
4.2
5.8
14.8
19.8
34 %
– AI Applications
2.6
2.7
9.8
10.2
5 %
– AI-native Marketing Services
2.8
2.7
2.4
9.8
301 %
% of Baidu General Business
39 %
43 %
26 %
39 %
Corporate
Baidu’s Board of Directors has authorized a new share repurchase program in February 2026, under which the Company may repurchase up to US$5 billion of its shares, effective through December 31, 2028. The Board has also approved, for the first time, the adoption of a dividend policy for the Company’s ordinary shares, which may include regular and/or special distributions of dividends.
Baidu announced its proposed spin-off and separate listing of Kunlunxin in January 2026.
Baidu released an updated version of ERNIE 5.0, its native omni-modal foundation model in January 2026.
Baidu earned a position in the global edition of the S&P Global Sustainability Yearbook 2026, demonstrating its further advancement in ESG performance. The selection stems from a comprehensive evaluation of 9,200 companies globally as part of the S&P Global 2025 Corporate Sustainability Assessment, underscoring Baidu’s sustainability practices.
Baidu Core AI-powered Business
AI Cloud Infra
Revenue from AI Cloud Infra was RMB 5.8 billion in the fourth quarter of 2025, with subscription-based revenue from AI accelerator infrastructure increasing by 143% year over year.
Revenue from AI Cloud Infra was approximately RMB 20 billion for the full year 2025, up 34% year over year.
AI Applications
Revenue from AI Applications was RMB 2.7 billion in the fourth quarter of 2025, with full year 2025 revenue exceeding RMB 10 billion.
Miaoda, Baidu’s vibe coding platform, demonstrates industry-leading performance in platform capabilities and application quality, according to IDC’s 2025 China No-Code Generative AI Application Development Platform Report, issued in November 2025.
Baidu established the Personal Super Intelligence Business Group (PSIG), integrating Baidu Wenku and Baidu Drive to accelerate AI application innovation.
Robotaxi
In the fourth quarter of 2025, Apollo Go, Baidu’s autonomous ride-hailing service, delivered 3.4 million fully driverless operational rides with weekly rides peaking at over 300,000 during the quarter. Total rides increased by over 200% year over year. As of February 2026, cumulative rides provided to the public by Apollo Go exceeded 20 million.
Apollo Go accelerated its global footprint across multiple markets. In the UK, Apollo Go advanced partnerships with Uber and Lyft to pilot autonomous vehicles in London. In Switzerland, Apollo Go initiated testing in St. Gallen. In the Middle East, Apollo Go officially launched fully autonomous ride-hailing services in Abu Dhabi with AutoGo, secured Dubai‘s first fully driverless testing permit, and partnered with Uber to bring Apollo Go to the Uber platform in Dubai. In Asia, Apollo Go entered the South Korean market, starting with the Seoul metropolitan area. Apollo Go also expanded its Hong Kong testing into new districts and initiated cross-district testing.
As of February 2026, Apollo Go’s global footprint reached 26 cities. To date, Apollo Go fleets have accumulated over 300 million autonomous kilometers, including over 190 million fully driverless autonomous kilometers, with an outstanding safety record.
AI-native Marketing Services
Revenue from AI-native marketing services reached RMB 2.7 billion in the fourth quarter of 2025, up 110% year over year.
Baidu App’s MAUs reached 679 million in December 2025, remaining flat year over year.
ERNIE Assistant’s MAU reached 202 million in December 2025.
[1] The revenue and operational data presented are derived from the Company’s internal management accounts and records, which have not been audited.
[2] Starting this quarter, we redefined Baidu Core as Baidu General Business. Baidu General Business includes Baidu Core AI-powered Business, Legacy Business, and Others. Legacy Business mainly consists of traditional advertising services across Search, Feed and other properties. Fourth quarter 2025 revenues from Baidu Core AI-powered Business, Legacy Business, and Others were RMB 11.3 billion, RMB 12.3 billion, and RMB 2.5 billion, respectively, derived from the Company’s internal management accounts and records, which have not been audited.
Fourth Quarter 2025 Financial Results for Baidu[3],[4],[5]
Total revenues were RMB32.7 billion ($4.68 billion), increasing 5% quarter over quarter, primarily due to an increase in Baidu Core AI-powered Business.
Cost of revenues was RMB18.3 billion ($2.61 billion), which remained flat quarter over quarter.
Selling, general and administrative expenses were RMB7.4 billion ($1.06 billion), increasing 12% quarter over quarter, primarily due to an increase in expected credit losses.
Research and development expenses were RMB5.6 billion ($800 million), increasing 8% quarter over quarter, primarily due to one-time employee severance costs to improve efficiency.
Operating income was RMB1.5 billion ($212 million) and operating margin was 5%. Non-GAAP operating income was RMB3.0 billion ($424 million) and non-GAAP operating margin was 9%.
Total other income, net was RMB1.2 billion ($178 million), compared to RMB1.9 billion last quarter.
Income tax expense was RMB1.0 billion ($147 million), compared to income tax benefit of RMB1.8 billion last quarter.
Net income attributable to Baidu was RMB1.8 billion ($255 million), net margin for Baidu was 5% and diluted earnings per ADS was RMB3.71 ($0.53). Non-GAAP net income attributable to Baidu was RMB3.9 billion ($559 million), non-GAAP net margin for Baidu was 12% and non-GAAP diluted earnings per ADS was RMB10.62 ($1.52).
Adjusted EBITDA was RMB4.7 billion ($676 million) and adjusted EBITDA margin was 14%.
We define total cash and investments as cash, cash equivalents, restricted cash, short-term investments, net, long-term time deposits and held-to-maturity investments, and adjusted long-term investments. As of December 31, 2025, total cash and investments were RMB294.1 billion ($42.06 billion). Operating cash flow was RMB2.6 billion ($373 million).
[3] Starting this quarter, we focused on the quarter-over-quarter fluctuation for the quarterly results to present a more meaningful perspective of our financial information.
[4] Unless otherwise noted, RMB to USD was converted at an exchange rate of RMB6.9931 as of December 31, 2025, as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. Translations are provided solely for the convenience of the reader.
[5] Non-GAAP measures are defined in the Non-GAAP Financial Measures section (see also “Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures” for more details).
Fiscal Year 2025 Results for Baidu[4],[5]
Total revenues were RMB129.1 billion ($18.46 billion), decreasing 3% year over year, primarily due to a decrease in Legacy Business, partially offset by an increase in Baidu Core AI-powered Business.
Cost of revenues was RMB72.4 billion ($10.36 billion), increasing 10% year over year, primarily due to an increase in costs related to Baidu Core AI-powered business.
Selling, general and administrative expenses were RMB25.8 billion ($3.70 billion), increasing 9% year over year, primarily due to an increase in channel spending expenses and expected credit losses.
Research and development expenses were RMB20.4 billion ($2.92 billion), decreasing 8% year over year, primarily due to a decrease in personnel-related expenses.
Impairment of long-lived assets was RMB16.2 billion ($2.32 billion), attributable to an impairment loss of Core asset group.
Operating loss was RMB5.8 billion ($833 million) and operating loss margin was 5%. Excluding impairment of long-lived assets, operating income was RMB10.4 billion ($1.48 billion). Non-GAAP operating income was RMB15.0 billion ($2.14 billion) and operating margin was 12%.
Total other income, net was RMB12.5 billion ($1.79 billion), compared to RMB7.4 billion in the same period last year.
Income tax expense was RMB1.3 billion ($180 million), compared to RMB4.4 billion in the same period last year.
Net income attributable to Baidu was RMB5.6 billion ($799 million), net margin for Baidu was 4% and diluted earnings per ADS was RMB11.78 ($1.68). Excluding the impact of impairment of long-lived assets, net income attributable to Baidu was RMB19.4 billion ($2.77 billion). Non-GAAP net income attributable to Baidu was RMB18.9 billion ($2.71 billion), non-GAAP net margin for Baidu was 15% and non-GAAP diluted earnings per ADS was RMB53.41 ($7.64).
Adjusted EBITDA was RMB22.9 billion ($3.27 billion) and adjusted EBITDA margin was 18%.
Operating cash flow was negative RMB3.0 billion (negative $431 million), which remained positive for the past two consecutive quarters.
For detailed financial information of Baidu General Business and iQIYI, please see the appended financial tables.
[4] Unless otherwise noted, RMB to USD was converted at an exchange rate of RMB6.9931 as of December 31, 2025, as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. Translations are provided solely for the convenience of the reader.
[5] Non-GAAP measures are defined in the Non-GAAP Financial Measures section (see also “Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures” for more details).
Conference Call Information
Baidu’s management will hold an earnings conference call at 7:30 AM on Feb 26, 2026, U.S. Eastern Time (8:30 PM on Feb 26, 2026, Beijing Time).
Please register in advance of the conference call using the link provided below. It will automatically direct you to the registration page of “Baidu Inc. Q4 2025 Earnings Conference Call”. Please follow the steps to enter your registration details, then click “Register”. Upon registering, you will then be provided with the dial-in number, the passcode, and your unique access PIN. This information will also be emailed to you as a calendar invite.
For pre-registration, please click:
https://s1.c-conf.com/diamondpass/10052617-fv4jhm.html
In the 10 minutes prior to the call start time, you may use the conference access information (including dial-in number(s), the passcode and unique access PIN) provided in the calendar invite that you have received following your pre-registration.
Additionally, a live and archived webcast of this conference call will be available at https://ir.baidu.com.
About Baidu
Founded in 2000, Baidu’s mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong Internet foundation, trading on NASDAQ under “BIDU” and HKEX under “9888”. One Baidu ADS represents eight Class A ordinary shares.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, Baidu’s and other parties’ strategic and operational plans, contain forward-looking statements. Baidu may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in announcements made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Baidu’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Baidu’s growth strategies; its future business development, including development of new products and services; its ability to attract and retain users and customers; competition in the Chinese Internet search and newsfeed market; competition for online marketing customers; changes in the Company’s revenues and certain cost or expense items as a percentage of its revenues; the outcome of ongoing, or any future, litigation or arbitration, including those relating to intellectual property rights; the expected growth of the Chinese-language Internet search and newsfeed market and the number of Internet and broadband users in China; Chinese governmental policies relating to the Internet and Internet search providers, and general economic conditions in China and elsewhere. Further information regarding these and other risks is included in the Company’s annual report on Form 20-F and other documents filed with the Securities and Exchange Commission, and announcements on the website of the Hong Kong Stock Exchange. Baidu does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of the press release, and Baidu undertakes no duty to update such information, except as required under applicable law.
Non-GAAP Financial Measures
To supplement Baidu’s consolidated financial results presented in accordance with GAAP, Baidu uses the following non-GAAP financial measures: non-GAAP operating income, non-GAAP operating margin, non-GAAP net income attributable to Baidu, non-GAAP net margin, non-GAAP diluted earnings per ADS, adjusted EBITDA, adjusted EBITDA margin, adjusted long-term investments and free cash flow. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.
Baidu believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding certain items that may not be indicative of its recurring core business operating results, such as operating performance excluding non-cash charges or non-operating in nature. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to Baidu’s historical performance and liquidity. The Company believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using these non-GAAP financial measures is that these non-GAAP measures exclude certain items that have been and will continue to be for the foreseeable future a significant component in the Company’s results of operations. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data.
Non-GAAP operating income represents operating income excluding share-based compensation expenses, amortization and impairment of intangible assets resulting from business combinations, impairment of long-lived assets, and one-time employee severance costs.
Non-GAAP net income attributable to Baidu represents net income attributable to Baidu excluding share-based compensation expenses, amortization and impairment of intangible assets resulting from business combinations, impairment of long-lived assets, one-time employee severance costs, disposal gain or loss, impairment of long-term investments, and fair value gain or loss of long-term investments and exchangeable bonds, adjusted for related income tax effects. Baidu’s share of equity method investments for these non-GAAP reconciling items, amortization and impairment of intangible assets not on the investees’ books, accretion of their redeemable non-controlling interests, and the gain or loss associated with the issuance of shares by the investees at a price higher or lower than the carrying value per share, adjusted for related income tax effects, are also excluded.
Non-GAAP diluted earnings per ADS represents diluted earnings per ADS calculated by dividing non-GAAP net income attributable to Baidu, by the weighted average number of ordinary shares expressed in ADS. Adjusted EBITDA represents non-GAAP operating income excluding depreciation of fixed assets, and amortization of intangible assets excluding those resulting from business combinations. Adjusted long-term investments represent long-term investments, net, with publicly listed equity method investments adjusted to fair value based on quoted market prices.
For more information on non-GAAP financial measures, please see the tables captioned “Reconciliations of non-GAAP financial measures to the nearest comparable GAAP measure.”
Baidu, Inc.
Condensed Consolidated Statements of Income
(In millions except for per share (or ADS) information, unaudited)
Three Months Ended
Twelve Months Ended
December 31,
September 30,
December 31,
December 31,
December 31,
December 31,
December 31,
2024
2025
2025
2025
2024
2025
2025
RMB
RMB
RMB
US$(2)
RMB
RMB
US$(2)
Revenue
34,124
31,174
32,740
4,682
133,125
129,079
18,458
Costs and expenses:
Cost of revenue(1)
18,014
18,315
18,277
2,614
66,102
72,436
10,358
Selling, general and administrative(1)
6,678
6,581
7,389
1,056
23,620
25,843
3,696
Research and development(1)
5,515
5,179
5,591
800
22,133
20,433
2,922
Impairment of long-lived assets
–
16,190
–
–
–
16,190
2,315
Total costs and expenses
30,207
46,265
31,257
4,470
111,855
134,902
19,291
Operating income (loss)
3,917
(15,091)
1,483
212
21,270
(5,823)
(833)
Other income:
Interest income
2,001
1,930
2,051
293
7,962
8,602
1,230
Interest expense
(643)
(631)
(651)
(93)
(2,824)
(2,784)
(398)
Foreign exchange gain (loss), net
1,678
(357)
(1,054)
(151)
1,076
(2,242)
(321)
Share of earnings (losses) from equity method investments
(399)
735
1,193
171
(691)
3,196
457
Others, net
23
269
(296)
(42)
1,829
5,767
825
Total other income, net
2,660
1,946
1,243
178
7,352
12,539
1,793
Income (loss) before income taxes
6,577
(13,145)
2,726
390
28,622
6,716
960
Income tax expense (benefit)
1,619
(1,828)
1,029
147
4,447
1,259
180
Net income (loss)
4,958
(11,317)
1,697
243
24,175
5,457
780
Net income (loss) attributable to noncontrolling interests
(234)
(85)
(85)
(12)
415
(132)
(19)
Net income (loss) attributable to Baidu
5,192
(11,232)
1,782
255
23,760
5,589
799
Earnings (loss) per ADS (1 ADS representing 8 Class A ordinary shares):
-Basic
14.41
(33.88)
4.48
0.64
66.40
13.67
1.95
-Diluted
14.26
(33.88)
3.71
0.53
65.91
11.78
1.68
Earnings (loss) per share for Class A and Class B ordinary shares:
-Basic
1.80
(4.23)
0.56
0.08
8.31
1.71
0.24
-Diluted
1.78
(4.23)
0.46
0.07
8.24
1.47
0.21
Weighted average number of Class A and Class B ordinary shares outstanding (in millions):
-Basic
2,775
2,713
2,721
2,721
2,790
2,726
2,726
-Diluted
2,783
2,713
2,758
2,758
2,798
2,744
2,744
(1) Includes share-based compensation expenses as follows:
Cost of revenue
103
113
79
11
461
389
56
Selling, general and administrative
297
340
252
36
1,427
1,181
169
Research and development
685
591
398
58
2,896
2,035
292
Total share-based compensation expenses
1,085
1,044
729
105
4,784
3,605
517
(2) All translations from RMB to U.S. dollars are made at a rate of RMB6.9931 to US$1.00, the exchange rate in effect as of December 31, 2025 as set forth in the H.10
statistical release of The Board of Governors of the Federal Reserve System.
Baidu, Inc.
Condensed Consolidated Balance Sheets
(In millions, unaudited)
December 31,
December 31,
December 31,
2024
2025
2025
RMB
RMB
US$
ASSETS
Current assets:
Cash and cash equivalents
24,832
24,606
3,519
Restricted cash
11,697
225
32
Short-term investments, net
102,608
90,661
12,964
Accounts receivable, net
10,104
12,972
1,855
Amounts due from related parties
790
761
109
Other current assets, net
18,818
22,745
3,253
Total current assets
168,849
151,970
21,732
Non-current assets:
Fixed assets, net
30,102
26,281
3,758
Licensed copyrights, net
6,930
5,963
853
Produced content, net
14,695
14,575
2,084
Intangible assets, net
772
3,891
556
Goodwill
22,586
36,783
5,260
Long-term investments, net
41,721
44,918
6,423
Long-term time deposits and held-to-maturity investments
98,535
123,862
17,712
Amounts due from related parties
137
167
24
Deferred tax assets, net
2,193
4,582
655
Operating lease right-of-use assets
10,898
8,610
1,231
Receivables related to the proposed acquisition of YY Live, net
13,547
–
–
Other non-current assets
16,815
27,555
3,941
Total non-current assets
258,931
297,187
42,497
Total assets
427,780
449,157
64,229
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Current liabilities:
Short-term loans
10,669
7,626
1,091
Accounts payable and accrued liabilities
41,443
38,891
5,561
Customer deposits and deferred revenue
14,624
13,051
1,866
Deferred income
684
531
76
Long-term loans, current portion
168
14,765
2,111
Convertible senior notes, current portion
242
1,459
209
Notes payable, current portion
8,026
4,560
652
Amounts due to related parties
1,794
1,988
284
Operating lease liabilities
3,303
3,457
494
Total current liabilities
80,953
86,328
12,344
Non-current liabilities:
Deferred income
231
198
28
Deferred revenue
585
723
103
Amounts due to related parties
56
36
5
Long-term loans
15,596
3,369
482
Notes payable
27,996
51,021
7,296
Convertible senior notes
8,351
6,712
960
Deferred tax liabilities
3,870
4,985
713
Operating lease liabilities
4,973
4,108
587
Other non-current liabilities
1,557
1,951
280
Total non-current liabilities
63,215
73,103
10,454
Total liabilities
144,168
159,431
22,798
Redeemable noncontrolling interests
9,870
13,166
1,883
Equity
Total Baidu shareholders’ equity
263,620
266,330
38,085
Noncontrolling interests
10,122
10,230
1,463
Total equity
273,742
276,560
39,548
Total liabilities, redeemable noncontrolling interests, and equity
427,780
449,157
64,229
Baidu, Inc.
Selected Information
(In millions, unaudited)
Three months ended
Three months ended
Three months ended
Three months ended
December 31, 2024 (RMB)
September 30, 2025 (RMB)
December 31, 2025 (RMB)
December 31, 2025 (US$)
Baidu
General
Business
iQIYI
Elim &
adj(2)
Baidu,
Inc.
Baidu
General
Business
iQIYI
Elim &
adj(2)
Baidu,
Inc.
Baidu
General
Business
iQIYI
Elim &
adj(2)
Baidu,
Inc.
Baidu
General
Business
iQIYI
Elim &
adj(2)
Baidu,
Inc.
Revenue
27,698
6,613
(187)
34,124
24,659
6,682
(167)
31,174
26,112
6,794
(166)
32,740
3,734
972
(24)
4,682
YOY
(6 %)
3 %
(4 %)
QOQ
6 %
2 %
5 %
Costs and expenses:
Cost of revenue(1)
13,180
4,995
(161)
18,014
12,996
5,467
(148)
18,315
13,042
5,376
(141)
18,277
1,865
769
(20)
2,614
Selling, general and administrative(1)
5,816
882
(20)
6,678
5,677
925
(21)
6,581
6,455
946
(12)
7,389
923
135
(2)
1,056
Research and development(1)
5,064
451
–
5,515
4,767
412
–
5,179
5,174
417
–
5,591
740
60
–
800
Impairment of long-lived assets
–
–
–
–
16,190
–
–
16,190
–
–
–
–
–
–
–
–
Total costs and expenses
24,060
6,328
(181)
30,207
39,630
6,804
(169)
46,265
24,671
6,739
(153)
31,257
3,528
964
(22)
4,470
YOY
Cost of revenue
(1 %)
8 %
1 %
Selling, general and administrative
11 %
7 %
11 %
Research and development
2 %
(8 %)
1 %
Impairment of long-lived assets
–
–
–
Costs and expenses
3 %
6 %
3 %
QOQ
Cost of revenue
0 %
(2 %)
(0 %)
Selling, general and administrative
14 %
2 %
12 %
Research and development
9 %
1 %
8 %
Impairment of long-lived assets
(100 %)
–
(100 %)
Costs and expenses
(38 %)
(1 %)
(32 %)
Operating income (loss)
3,638
285
(6)
3,917
(14,971)
(122)
2
(15,091)
1,441
55
(13)
1,483
206
8
(2)
212
YOY
(60 %)
(81 %)
(62 %)
QOQ
–
–
–
Operating margin
13 %
4 %
11 %
(61 %)
(2 %)
(48 %)
6 %
1 %
5 %
Add: total other income (loss), net
3,125
(465)
–
2,660
2,031
(85)
–
1,946
1,270
(27)
–
1,243
182
(4)
–
178
Less: income tax expense (benefit)
1,612
7
–
1,619
(1,868)
40
–
(1,828)
993
36
–
1,029
142
5
–
147
Less: net income (loss) attributable to NCI
(132)
2
(104)(3)
(234)
49
2
(136)(3)
(85)
(79)
(2)
(4)(3)
(85)
(11)
–
(1)(3)
(12)
Net income (loss) attributable to Baidu
5,283
(189)
98
5,192
(11,121)
(249)
138
(11,232)
1,797
(6)
(9)
1,782
257
(1)
(1)
255
YOY
(66 %)
(97 %)
(66 %)
QOQ
–
(98 %)
–
Net margin
19 %
(3 %)
15 %
(45 %)
(4 %)
(36 %)
7 %
(0 %)
5 %
Non-GAAP financial measures:
Operating income (loss) (non-GAAP)
4,647
406
5,047
2,225
(22)
2,205
2,837
143
2,967
406
20
424
YOY
(39 %)
(65 %)
(41 %)
QOQ
28 %
–
35 %
Operating margin (non-GAAP)
17 %
6 %
15 %
9 %
(0 %)
7 %
11 %
2 %
9 %
Net income (loss) attributable to Baidu (non-GAAP)
6,741
(59)
6,709
3,836
(148)
3,770
3,869
109
3,907
553
14
559
YOY
(43 %)
–
(42 %)
QOQ
1 %
–
4 %
Net margin (non-GAAP)
24 %
(1 %)
20 %
16 %
(2 %)
12 %
15 %
2 %
12 %
Adjusted EBITDA
6,516
444
6,954
4,398
30
4,429
4,544
196
4,727
650
28
676
YOY
(30 %)
(56 %)
(32 %)
QOQ
3 %
553 %
7 %
Adjusted EBITDA margin
24 %
7 %
20 %
18 %
0 %
14 %
17 %
3 %
14 %
(1) Includes share-based compensation as follows:
Cost of revenue
74
29
103
83
30
113
56
23
79
8
3
11
Selling, general and administrative
240
57
297
304
36
340
219
33
252
31
5
36
Research and development
652
33
685
559
32
591
368
30
398
54
4
58
Total share-based compensation
966
119
1,085
946
98
1,044
643
86
729
93
12
105
(2) Relates to intersegment eliminations and adjustments
(3) Relates to the net income attributable to iQIYI noncontrolling interests
Baidu, Inc.
Selected Information
(In millions except for per ADS information, unaudited)
Twelve months ended
Twelve months ended
Twelve months ended
December 31, 2024 (RMB)
December 31, 2025 (RMB)
December 31, 2025 (US$)
Baidu
General
Business
iQIYI
Elim &
adj(2)
Baidu,
Inc.
Baidu
General
Business
iQIYI
Elim &
adj(2)
Baidu,
Inc.
Baidu
General
Business
iQIYI
Elim &
adj(2)
Baidu,
Inc.
Revenue
104,712
29,225
(812)
133,125
102,485
27,290
(696)
129,079
14,655
3,902
(99)
18,458
YOY
(2 %)
(7 %)
(3 %)
Costs and expenses:
Cost of revenue(1)
44,830
21,954
(682)
66,102
51,498
21,541
(603)
72,436
7,364
3,080
(86)
10,358
Selling, general and administrative(1)
20,049
3,682
(111)
23,620
22,071
3,857
(85)
25,843
3,156
552
(12)
3,696
Research and development(1)
20,355
1,778
–
22,133
18,770
1,663
–
20,433
2,684
238
–
2,922
Impairment of long-lived assets
–
–
–
–
16,190
–
–
16,190
2,315
–
–
2,315
Total costs and expenses
85,234
27,414
(793)
111,855
108,529
27,061
(688)
134,902
15,519
3,870
(98)
19,291
YOY
Cost of revenue
15 %
(2 %)
10 %
Selling, general and administrative
10 %
5 %
9 %
Research and development
(8 %)
(6 %)
(8 %)
Impairment of long-lived assets
–
–
–
Cost and expenses
27 %
(1 %)
21 %
Operating income (loss)
19,478
1,811
(19)
21,270
(6,044)
229
(8)
(5,823)
(864)
32
(1)
(833)
YOY
–
(87 %)
–
Operating margin
19 %
6 %
16 %
(6 %)
1 %
(5 %)
Add: total other income (loss), net
8,311
(959)
–
7,352
12,828
(289)
–
12,539
1,834
(41)
–
1,793
Less: income tax expense
4,386
61
–
4,447
1,115
144
–
1,259
159
21
–
180
Less: net income (loss) attributable to NCI
(28)
27
416(3)
415
(22)
3
(113)(3)
(132)
(3)
–
(16)(3)
(19)
Net income (loss) attributable to Baidu
23,431
764
(435)
23,760
5,691
(207)
105
5,589
814
(30)
15
799
YOY
(76 %)
(127 %)
(76 %)
Net margin
22 %
3 %
18 %
6 %
(1 %)
4 %
Non-GAAP financial measures:
Operating income (non-GAAP)
23,890
2,363
26,234
14,319
639
14,950
2,048
91
2,138
YOY
(40 %)
(73 %)
(43 %)
Operating margin (non-GAAP)
23 %
8 %
20 %
14 %
2 %
12 %
Net income attributable to Baidu (non-GAAP)
26,335
1,512
27,002
18,827
280
18,941
2,692
39
2,709
YOY
(29 %)
(81 %)
(30 %)
Net margin (non-GAAP)
25 %
5 %
20 %
18 %
1 %
15 %
Adjusted EBITDA
30,587
2,510
33,078
22,051
815
22,857
3,153
117
3,269
YOY
(28 %)
(68 %)
(31 %)
Adjusted EBITDA margin
29 %
9 %
25 %
22 %
3 %
18 %
(1) Includes share-based compensation as follows:
Cost of revenue
340
121
461
277
112
389
40
16
56
Selling, general and administrative
1,153
274
1,427
1,018
163
1,181
146
23
169
Research and development
2,746
150
2,896
1,908
127
2,035
273
19
292
Total share-based compensation
4,239
545
4,784
3,203
402
3,605
459
58
517
(2) Relates to intersegment eliminations and adjustments
(3) Relates to the net loss attributable to iQIYI noncontrolling interests
Baidu, Inc.
Condensed Consolidated Statements of Cash Flows
(In millions,unaudited)
Three months ended
Three months ended
Three months ended
Three months ended
December 31, 2024 (RMB)
September 30, 2025 (RMB)
December 31, 2025 (RMB)
December 31, 2025 (US$)
Baidu
excl.
iQIYI
iQIYI
Baidu,
Inc.
Baidu
excl.
iQIYI
iQIYI
Baidu,
Inc.
Baidu
excl.
iQIYI
iQIYI
Baidu,
Inc.
Baidu
excl.
iQIYI
iQIYI
Baidu,
Inc.
Net cash provided by (used in) operating
activities
1,836
520
2,356
1,523
(267)
1,256
2,562
47
2,609
366
7
373
Net cash provided by (used in) investing activities
(4,741)
(896)
(5,637)
2,233
763
2,996
(17,439)
(947)
(18,386)
(2,494)
(135)
(2,629)
Net cash provided by (used in) financing activities
(1,784)
114
(1,670)
4,532
151
4,683
595
518
1,113
85
74
159
Effect of exchange rate changes on cash, cash
equivalents and restricted cash
582
61
643
(186)
(16)
(202)
(295)
(10)
(305)
(42)
(1)
(43)
Net increase (decrease) in cash, cash
equivalents and restricted cash
(4,107)
(201)
(4,308)
8,102
631
8,733
(14,577)
(392)
(14,969)
(2,085)
(55)
(2,140)
Cash, cash equivalents and restricted cash
At beginning of period
37,106
3,791
40,897
26,928
4,139
31,067
35,030
4,770
39,800
5,009
682
5,691
At end of period
32,999
3,590
36,589
35,030
4,770
39,800
20,453
4,378
24,831
2,924
627
3,551
Net cash provided by (used in) operating
activities
1,836
520
2,356
1,523
(267)
1,256
2,562
47
2,609
366
7
373
Less: Capital expenditures
(2,312)
(21)
(2,333)
(3,378)
(23)
(3,401)
(1,952)
(20)
(1,972)
(279)
(3)
(282)
Free cash flow
(476)
499
23
(1,855)
(290)
(2,145)
610
27
637
87
4
91
Note: Baidu excl. iQIYI represents Baidu, Inc. minus iQIYI’s consolidated cash flows.
Baidu, Inc.
Condensed Consolidated Statements of Cash Flows
(In millions,unaudited)
Twelve months ended
Twelve months ended
Twelve months ended
December 31, 2024 (RMB)
December 31, 2025 (RMB)
December 31, 2025 (US$)
Baidu
excl.
iQIYI
iQIYI
Baidu,
Inc.
Baidu
excl.
iQIYI
iQIYI
Baidu,
Inc.
Baidu
excl.
iQIYI
iQIYI
Baidu,
Inc.
Net cash provided by (used in) operating
activities
19,126
2,108
21,234
(3,119)
106
(3,013)
(446)
15
(431)
Net cash used in investing activities
(6,110)
(2,445)
(8,555)
(24,809)
(327)
(25,136)
(3,547)
(47)
(3,594)
Net cash provided by (used in) financing activities
(12,391)
(1,368)
(13,759)
16,078
1,064
17,142
2,299
152
2,451
Effect of exchange rate changes on cash, cash
equivalents and restricted cash
81
14
95
(696)
(55)
(751)
(101)
(6)
(107)
Net increase (decrease) in cash, cash
equivalents and restricted cash
706
(1,691)
(985)
(12,546)
788
(11,758)
(1,795)
114
(1,681)
Cash, cash equivalents and restricted cash
At beginning of period
32,293
5,281
37,574
32,999
3,590
36,589
4,719
513
5,232
At end of period
32,999
3,590
36,589
20,453
4,378
24,831
2,924
627
3,551
Net cash provided by (used in) operating
activities
19,126
2,108
21,234
(3,119)
106
(3,013)
(446)
15
(431)
Less: Capital expenditures
(8,055)
(79)
(8,134)
(11,978)
(95)
(12,073)
(1,712)
(14)
(1,726)
Free cash flow
11,071
2,029
13,100
(15,097)
11
(15,086)
(2,158)
1
(2,157)
Note: Baidu excl. iQIYI represents Baidu, Inc. minus iQIYI’s consolidated cash flows.
Baidu, Inc.
Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures
(In millions except for per ADS information, unaudited)
Three months ended
Three months ended
Three months ended
Three months ended
December 31, 2024 (RMB)
September 30, 2025 (RMB)
December 31, 2025 (RMB)
December 31, 2025 (US$)
Baidu
General
Business
iQIYI
Baidu,
Inc.
Baidu
General
Business
iQIYI
Baidu,
Inc.
Baidu
General
Business
iQIYI
Baidu,
Inc.
Baidu
General
Business
iQIYI
Baidu,
Inc.
Operating income (loss)
3,638
285
3,917
(14,971)
(122)
(15,091)
1,441
55
1,483
206
8
212
Add: Share-based compensation expenses
966
119
1,085
946
98
1,044
643
86
729
93
12
105
Add: Amortization and impairment of intangible assets resulting from business combinations
43
2
45
60
2
62
45
2
47
6
–
6
Add: Impairment of long-lived assets
–
–
–
16,190
–
16,190
–
–
–
–
–
–
Add: One-time employee severance costs
–
–
–
–
–
–
708
–
708
101
–
101
Operating income (loss) (non-GAAP)
4,647
406
5,047
2,225
(22)
2,205
2,837
143
2,967
406
20
424
Add: Depreciation of fixed assets and amortization of intangible assets(1)
1,869
38
1,907
2,173
52
2,224
1,707
53
1,760
244
8
252
Adjusted EBITDA
6,516
444
6,954
4,398
30
4,429
4,544
196
4,727
650
28
676
Net income (loss) attributable to Baidu
5,283
(189)
5,192
(11,121)
(249)
(11,232)
1,797
(6)
1,782
257
(1)
255
Add: Share-based compensation expenses
965
119
1,019
945
98
989
642
86
681
92
12
98
Add: Amortization and impairment of intangible assets resulting from business combinations
41
2
42
58
2
59
43
2
44
6
–
6
Add: Impairment of long-lived assets
–
–
–
16,190
–
16,190
–
–
–
–
–
–
Add: One-time employee severance costs
–
–
–
–
–
–
708
–
708
101
–
101
Add: Disposal loss (gain)
7
–
7
(101)
–
(101)
31
–
31
4
–
4
Add: Impairment of long-term investments
84
14
90
97
–
97
59
10
64
8
1
9
Add: Fair value loss (gain) of long-term investments and exchangeable bonds
(288)
(5)
(290)
279
1
279
923
17
931
132
2
133
Add: Reconciling items on equity method investments(2)
679
–
679
15
–
15
(431)
–
(431)
(62)
–
(62)
Add: Tax effects on non-GAAP adjustments(3)
(30)
–
(30)
(2,526)
–
(2,526)
97
–
97
15
–
15
Net income (loss) attributable to Baidu (non-GAAP)
6,741
(59)
6,709
3,836
(148)
3,770
3,869
109
3,907
553
14
559
Diluted earnings (loss) per ADS
14.26
(33.88)
3.71
0.53
Add: Accretion of the redeemable noncontrolling interests
0.55
0.75
0.75
0.11
Add: Non-GAAP adjustments to earnings per ADS
4.37
44.25
6.16
0.88
Diluted earnings per ADS (non-GAAP)
19.18
11.12
10.62
1.52
(1) This represents amortization of intangible assets excluding those resulting from business combinations.
(2) This represents Baidu’s share of equity method investments for other non-GAAP reconciling items, amortization and impairment of intangible assets not on the investee’s books, accretion of their redeemable
noncontrolling interests, and the gain or loss associated with the issuance of shares by the investees at a price higher or lower than the carrying value per share.
(3) This represents tax impact of all non-GAAP adjustments.
Baidu, Inc.
Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures
(In millions except for per ADS information, unaudited)
Twelve months ended
Twelve months ended
Twelve months ended
December 31, 2024 (RMB)
December 31, 2025 (RMB)
December 31, 2025 (US$)
Baidu
General
Business
iQIYI
Baidu,
Inc.
Baidu
General
Business
iQIYI
Baidu,
Inc.
Baidu
General
Business
iQIYI
Baidu,
Inc.
Operating income (loss)
19,478
1,811
21,270
(6,044)
229
(5,823)
(864)
32
(833)
Add: Share-based compensation expenses
4,239
545
4,784
3,203
402
3,605
459
58
517
Add: Amortization and impairment of intangible assets resulting from business combinations
173
7
180
262
8
270
37
1
38
Add: Impairment of long-lived assets
–
–
–
16,190
–
16,190
2,315
–
2,315
Add: One-time employee severance costs
–
–
–
708
–
708
101
–
101
Operating income (non-GAAP)
23,890
2,363
26,234
14,319
639
14,950
2,048
91
2,138
Add: Depreciation of fixed assets and amortization of intangible assets(1)
6,697
147
6,844
7,732
176
7,907
1,105
26
1,131
Adjusted EBITDA
30,587
2,510
33,078
22,051
815
22,857
3,153
117
3,269
Net income (loss) attributable to Baidu
23,431
764
23,760
5,691
(207)
5,589
814
(30)
799
Add: Share-based compensation expenses
4,235
545
4,482
3,199
402
3,381
457
57
484
Add: Amortization and impairment of intangible assets resulting from business combinations
165
7
168
254
8
258
36
1
37
Add: Impairment of long-lived assets
–
–
–
16,190
–
16,190
2,315
–
2,315
Add: One-time employee severance costs
–
–
–
708
–
708
101
–
101
Add: Disposal loss (gain)
(1,982)
22
(1,972)
(423)
–
(428)
(60)
–
(61)
Add: Impairment of long-term investments
172
193
260
257
38
275
37
5
39
Add: Fair value loss (gain) of long-term investments
(393)
(19)
(403)
(4,004)
34
(3,989)
(573)
5
(570)
Add: Reconciling items on equity method investments(2)
1,050
–
1,050
(603)
5
(601)
(86)
1
(86)
Add: Tax effects on non-GAAP adjustments(3)
(343)
–
(343)
(2,442)
–
(2,442)
(349)
–
(349)
Net income attributable to Baidu (non-GAAP)
26,335
1,512
27,002
18,827
280
18,941
2,692
39
2,709
Diluted earnings per ADS
65.91
11.78
1.68
Add: Accretion of the redeemable noncontrolling interests
1.68
2.71
0.39
Add: Non-GAAP adjustments to earnings per ADS
9.26
38.92
5.57
Diluted earnings per ADS (non-GAAP)
76.85
53.41
7.64
(1) This represents amortization of intangible assets excluding those resulting from business combinations.
(2) This represents Baidu’s share of equity method investments for other non-GAAP reconciling items, amortization and impairment of intangible assets not on the investee’s books,
accretion of their redeemable noncontrolling interests, and the gain or loss associated with the issuance of shares by the investees at a price higher or lower than the carrying value per
share.
(3) This represents tax impact of all non-GAAP adjustments.