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Baidu Announces First Quarter 2026 ResultsMay 18, 2026 5:00 AM
PR Newswire (US) BEIJING, May 18, 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 first quarter ended March 31, 2026."In Q1, our Core AI-powered Business exceeded half of Baidu General Business revenue for the first time, marking a clear signal that AI has become the core driver of Baidu. AI Cloud Infra delivered exceptional momentum, powered by surging enterprise demand and the differentiated full-stack AI capabilities we have built over the years. Our AI Applications continued to gain traction across enterprises and individuals alike, further validating the commercial potential of our AI innovations. Meanwhile, Apollo Go sustained triple-digit growth in fully driverless rides while advancing its international expansion," said Robin Li, Co-founder and CEO of Baidu. "We see AI driving even greater value for Baidu in the quarters ahead.""A few highlights from Q1: Revenue from Baidu Core AI-powered Business[1] exceeded RMB 13.6 billion, up 49% year over year. Total revenue of Baidu General Business grew 2% year over year, returning to positive growth. Non-GAAP[2] operating income of Baidu General Business increased 39% quarter over quarter to RMB 4.0 billion. Operating cash flow for Baidu remained positive at RMB 2.7 billion in Q1, reflecting continued improvement in our operating efficiency and overall business health." said Haijian He, CFO of Baidu.Operational Highlights[1]CorporateBaidu ranked second globally in the Automotive category on Fast Company's 2026 Most Innovative Companies list, which recognized Apollo Go alongside Waymo as one of the world's leading robotaxi services. Fast Company highlighted Apollo Go as "leading the charge toward large-scale deployment in the global robotaxi industry."Baidu launched ERNIE 5.1 in May 2026, featuring stronger text capabilities, a more compact model size and enhanced reasoning capabilities. Recently on LMArena, ERNIE 5.1 ranked first among Chinese models on the text leaderboard and topped the LMArena search leaderboard among Chinese models, ranking fourth globally.Baidu released its annual ESG Report on May 11, 2026, which details Baidu's latest ESG policies and sustainability initiatives (http://esg.baidu.com/Uploads/Baidu_2025_ESG_Report.pdf).Baidu returned US$172 million to shareholders in Q1 2026 through the repurchases of its shares under the current share repurchase program.Baidu Core AI-powered BusinessAI Cloud InfraRevenue from AI Cloud Infra was RMB 8.8 billion in the first quarter of 2026, up 79% year over year.Revenue from GPU Cloud[3] increased by 184% year over year in the first quarter of 2026.AI ApplicationsRevenue from AI Applications was RMB 2.5 billion in the first quarter of 2026, approximately flat year over year.Baidu launched DuMate, its general-purpose agent for everyday productivity, in March 2026, which autonomously executes complex, multi-step workflows across applications and files end-to-end.Baidu launched Miaoda 3.0, its vibe coding platform, at Baidu Create 2026, introducing enterprise and mobile versions and enabling the generation of standalone applications.Baidu launched Famou Agent 2.0, its self-evolving agent, at Baidu Create 2026. Famou Agent 2.0 has achieved state-of-the-art performance on MLE-Bench, a leading machine learning engineering benchmark, setting a new SOTA record.Baidu Wenku and Baidu Drive launched GenFlow 4.0 in April 2026, enhancing its agent capabilities for more efficient productivity workflows.RobotaxiIn the first quarter of 2026, Apollo Go, Baidu's autonomous ride-hailing service, delivered 3.2 million fully driverless operational rides with weekly rides peaking at over 350,000 in March. Total rides increased by over 120% year over year. As of April 2026, cumulative rides provided to the public by Apollo Go exceeded 22 million.Apollo Go continued to advance its global expansion. In Europe, Apollo Go is on track to commence open-road testing in Switzerland, and is expected to begin testing in London with Uber and Lyft soon. In the Middle East, Apollo Go's fully driverless operations are running across multiple zones in Dubai, with the Apollo Go App launched in March.As of May 2026, Apollo Go's global footprint reached 27 cities. To date, Apollo Go fleets have accumulated over 330 million autonomous kilometers, including over 220 million fully driverless autonomous kilometers, with an outstanding safety record.AI-native Marketing ServicesRevenue from AI-native marketing services reached RMB 2.3 billion in the first quarter of 2026, up 36% year over year.Baidu App's MAUs reached 655 million in March 2026.The following table sets forth selected revenue highlights for our Baidu Core AI-powered Business for the periods indicated:
Baidu General Business
Q1
Q4
Q1
(In billions)2025
2025
2026
YoY
QoQ
RMB
RMB
RMB
Baidu Core AI-powered Business[1]9.1
11.3
13.6
49 %
21 %- AI Cloud Infra4.9
5.8
8.8
79 %
52 %- AI Applications2.5
2.7
2.5
0 %
(10 %)- AI-native Marketing Services1.7
2.7
2.3
36 %
(15 %)% of Baidu General Business36 %
43 %
52 %
Legacy Business[1]14.3
12.3
10.2
(29 %)
(18 %)Others[1]2.1
2.5
2.2
6 %
(11 %)Baidu General Business25.5
26.1
26.0
2 %
0 % [1] The revenue and operational data presented are derived from the Company's internal management accounts and records, which have not been audited.[2] 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).[3] Revenue from GPU Cloud was previously referred to as subscription-based revenue from AI accelerator infrastructure. This change in naming does not imply any change in the underlying revenue definition or scope. First Quarter 2026 Financial Results for Baidu[2],[4]Financial highlightsThe following table sets forth revenue highlights for Baidu General Business:
Q1
Q4
Q1
(In billions, unaudited)2025
2025
2026
YoY
QoQ
RMB
RMB
RMB
Online Marketing Services16.0
15.1
12.6
(22 %)
(17 %)Online Marketing Services % of Baidu General Business63 %
58 %
48 %
Others9.5
11.0
13.4
42 %
23 %Others % of Baidu General Business37 %
42 %
52 %
Baidu General Business25.5
26.1
26.0
2 %
0 % Revenue was RMB32.1 billion ($4.65 billion), decreasing 2% quarter over quarter. Revenue from Baidu General Business was RMB26.0 billion ($3.77 billion), remaining flat quarter over quarter, among which the increase in others was primarily driven by the growth of AI Cloud business. Revenue from iQIYI was RMB6.2 billion ($903 million), decreasing 8% quarter over quarter.Cost of revenue was RMB19.6 billion ($2.84 billion), increasing 7% quarter over quarter, primarily due to an increase in costs related to AI Cloud business, partially offset by decreases in content costs and traffic acquisition costs.Selling, general and administrative expenses were RMB4.9 billion ($712 million), decreasing 34% quarter over quarter, primarily due to decreases in expected credit losses and personnel-related expenses.Research and development expenses were RMB4.4 billion ($635 million), decreasing 22% quarter over quarter, primarily due to a decrease in personnel-related expenses.Operating income was RMB3.2 billion ($463 million) and operating margin was 10%. Non-GAAP operating income was RMB3.8 billion ($552 million) and non-GAAP operating margin was 12%.Total other income, net was RMB626 million ($91 million), compared to RMB1.2 billion last quarter.Income tax expense was RMB528 million ($76 million), compared to RMB1.0 billion last quarter.Net income attributable to Baidu was RMB3.4 billion ($499 million), net margin for Baidu was 11% and diluted earnings per ADS was RMB8.76 ($1.27). Non-GAAP net income attributable to Baidu was RMB4.3 billion ($628 million), non-GAAP net margin for Baidu was 14% and non-GAAP diluted earnings per ADS was RMB12.06 ($1.75).Adjusted EBITDA was RMB6.0 billion ($863 million) and adjusted EBITDA margin was 19%.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 March 31, 2026, total cash and investments were RMB279.3 billion ($40.49 billion). Operating cash flow was RMB2.7 billion ($387 million).For detailed financial information of Baidu General Business and iQIYI, please see the appended financial tables.[2] 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).[4] Unless otherwise noted, RMB to USD was converted at an exchange rate of RMB6.8980 as of March 31, 2026, 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. Conference Call Information Baidu's management will hold an earnings conference call at 8:00 AM on May 18, 2026, U.S. Eastern Time (8:00 PM on May 18, 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. Q1 2026 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/10054331-iu876y.htmlIn 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 BaiduFounded 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 StatementThis 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 MeasuresTo 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, 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, 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
March 31,
December 31,
March 31,
March 31,
2025
2025
2026
2026
RMB
RMB
RMB
US$(2)
Revenue
32,452
32,740
32,075
4,650
Costs and expenses:
Cost of revenue(1)
17,487
18,277
19,589
2,840
Selling, general and administrative(1)
5,913
7,389
4,912
712
Research and development(1)
4,544
5,591
4,381
635
Total costs and expenses
27,944
31,257
28,882
4,187
Operating income
4,508
1,483
3,193
463
Other income:
Interest income
2,664
2,051
1,963
285
Interest expense
(801)
(651)
(636)
(92)
Foreign exchange loss, net
(210)
(1,054)
(989)
(143)
Share of earnings from equity method investments
574
1,193
536
78
Others, net
2,260
(296)
(248)
(37)
Total other income, net
4,487
1,243
626
91
Income before income taxes
8,995
2,726
3,819
554
Income tax expense
1,177
1,029
528
76
Net income
7,818
1,697
3,291
478
Net income (loss) attributable to noncontrolling interests
101
(85)
(154)
(21)
Net income attributable to Baidu
7,717
1,782
3,445
499
Earnings per ADS (1 ADS representing 8 Class A ordinary shares):
-Basic
21.86
4.48
9.38
1.36
-Diluted
21.59
3.71
8.76
1.27
Earnings per share for Class A and Class B ordinary shares:
-Basic
2.73
0.56
1.17
0.17
-Diluted
2.70
0.46
1.10
0.16
Weighted average number of Class A and Class B ordinary shares outstanding (in millions):
-Basic
2,751
2,721
2,721
2,721
-Diluted
2,762
2,758
2,764
2,764
(1) Includes share-based compensation expenses as follows:
Cost of revenue
77
79
82
12
Selling, general and administrative
313
252
190
28
Research and development
361
398
291
42
Total share-based compensation expenses
751
729
563
82
(2) All translations from RMB to U.S. dollars are made at a rate of RMB6.8980 to US$1.00, the exchange rate in effect as of March 31, 2026 as set forth
in the H.10 statistical release of The Board of Governors of the Federal Reserve System. Baidu, Inc.
Condensed Consolidated Balance Sheets
(In millions, unaudited)
December 31,
March 31,
March 31,
2025
2026
2026
RMB
RMB
US$ASSETS
Current assets:
Cash and cash equivalents
24,606
29,948
4,342Restricted cash
225
584
85Short-term investments, net
90,661
86,942
12,604Accounts receivable, net
12,972
14,167
2,054Amounts due from related parties
761
781
113Other current assets, net
22,745
22,867
3,315Total current assets
151,970
155,289
22,513
Non-current assets:
Fixed assets, net
26,281
26,848
3,892Licensed copyrights, net
5,963
6,139
890Produced content, net
14,575
14,578
2,113Intangible assets, net
3,891
4,368
633Goodwill
36,783
36,783
5,332Long-term investments, net
44,918
42,944
6,226Long-term time deposits and held-to-maturity investments
123,862
116,390
16,873Amounts due from related parties
167
119
17Deferred tax assets, net
4,582
5,266
763Operating lease right-of-use assets
8,610
8,550
1,239Other non-current assets
27,555
32,292
4,682Total non-current assets
297,187
294,277
42,660
Total assets
449,157
449,566
65,173
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Current liabilities:
Short-term loans
7,626
3,979
577Accounts payable and accrued liabilities
38,891
39,479
5,724Customer deposits and deferred revenue
13,051
12,922
1,873Deferred income
531
566
82Long-term loans, current portion
14,765
14,979
2,171Convertible senior notes, current portion
1,459
1
-Notes payable, current portion
4,560
6,565
952Amounts due to related parties
1,988
1,960
284Operating lease liabilities
3,457
3,398
493Total current liabilities
86,328
83,849
12,156
Non-current liabilities:
Deferred income
198
192
28Deferred revenue
723
766
111Amounts due to related parties
36
30
4Long-term loans
3,369
7,612
1,104Notes payable
51,021
46,990
6,812Convertible senior notes
6,712
6,671
967Deferred tax liabilities
4,985
5,211
755Operating lease liabilities
4,108
3,941
571Other non-current liabilities
1,951
1,956
284Total non-current liabilities
73,103
73,369
10,636
Total liabilities
159,431
157,218
22,792
Redeemable noncontrolling interests
13,166
13,422
1,946
Equity
Total Baidu shareholders' equity
266,330
268,886
38,980Noncontrolling interests
10,230
10,040
1,455Total equity
276,560
278,926
40,435
Total liabilities, redeemable noncontrolling interests, and equity
449,157
449,566
65,173 Baidu, Inc. Selected Information(In millions, unaudited)
Three months ended
Three months ended
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Three months ended
March 31, 2025 (RMB)
December 31, 2025 (RMB)
March 31, 2026 (RMB)
March 31, 2026 (US$)
Baidu
General
BusinessiQIYIElim &
adj(2)Baidu,
Inc.
Baidu
General
BusinessiQIYIElim &
adj(2)Baidu,
Inc.
Baidu
General
BusinessiQIYIElim &
adj(2)Baidu,
Inc.
Baidu
General
BusinessiQIYIElim &
adj(2)Baidu,
Inc.Revenue
25,4637,186(197)32,452
26,1126,794(166)32,740
26,0016,226(152)32,075
3,769903(22)4,650
Costs and expenses:
Cost of revenue(1)
12,2465,406(165)17,487
13,0425,376(141)18,277
14,4985,233(142)19,589
2,102759(21)2,840 Selling, general and administrative(1)
4,9211,026(34)5,913
6,455946(12)7,389
4,109817(14)4,912
596118(2)712 Research and development(1)
4,132412-4,544
5,174417-5,591
3,978404(1)4,381
57659-635Total costs and expenses
21,2996,844(199)27,944
24,6716,739(153)31,257
22,5856,454(157)28,882
3,274936(23)4,187
Operating income (loss)
4,16434224,508
1,44155(13)1,483
3,416(228)53,193
495(33)1463Operating margin
16 %5 %
14 %
6 %1 %
5 %
13 %(4 %)
10 %
Add: total other income (loss), net
4,602(115)-4,487
1,270(27)-1,243
654(28)-626
95(4)-91 Less: income tax expense
1,13641-1,177
99336-1,029
49137-528
715-76 Less: net income (loss) attributable to NCI
(3)4100(3)101
(79)(2)(4)(3)(85)
61(161)(3)(154)
1-(22)(3)(21)Net income (loss) attributable to Baidu
7,633182(98)7,717
1,797(6)(9)1,782
3,573(294)1663,445
518(42)23499Net margin
30 %3 %
24 %
7 %(0 %)
5 %
14 %(5 %)
11 %
Non-GAAP financial measures:
Operating income (loss) (non-GAAP)
4,872459
5,333
2,837143
2,967
3,950(148)
3,807
573(22)
552Operating margin (non-GAAP)
19 %6 %
16 %
11 %2 %
9 %
15 %(2 %)
12 %
Net income (loss) attributable to Baidu (non-GAAP)
6,330304
6,469
3,869109
3,907
4,433(233)
4,332
643(34)
628Net margin (non-GAAP)
25 %4 %
20 %
15 %2 %
12 %
17 %(4 %)
14 %
Adjusted EBITDA
6,712495
7,209
4,544196
4,727
6,050(101)
5,954
877(15)
863Adjusted EBITDA margin
26 %7 %
22 %
17 %3 %
14 %
23 %(2 %)
19 %
(1) Includes share-based compensation as follows:
Cost of revenue
5027
77
5623
79
5923
82
93
12 Selling, general and administrative
25756
313
21933
252
16129
190
244
28 Research and development
32932
361
36830
398
26526
291
384
42 Total share-based compensation
636115
751
64386
729
48578
563
7111
82(2) Relates to intersegment eliminations and adjustments
(3) Relates to the net income attributable to iQIYI noncontrolling interests
Baidu, Inc.
Condensed Consolidated Statements of Cash Flows
(In millions,unaudited)
Three months ended
Three months ended
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Three months ended
March 31, 2025 (RMB)
December 31, 2025 (RMB)
March 31, 2026 (RMB)
March 31, 2026 (US$)
Baidu
excl.
iQIYIiQIYIBaidu,
Inc.
Baidu
excl.
iQIYIiQIYIBaidu,
Inc.
Baidu
excl.
iQIYIiQIYIBaidu,
Inc.
Baidu
excl.
iQIYIiQIYIBaidu,
Inc.Net cash provided by (used in) operating activities
(6,340)339(6,001)
2,562472,609
2,4841862,670
36027387Net cash provided by (used in) investing activities
(1,175)(30)(1,205)
(17,439)(947)(18,386)
5,217(275)4,942
756(40)716Net cash provided by (used in) financing activities
19,63986020,499
5955181,113
(702)(933)(1,635)
(102)(135)(237)Effect of exchange rate changes on cash, cash
equivalents and restricted cash
(5)(1)(6)
(295)(10)(305)
(241)(35)(276)
(34)(5)(39)Net increase (decrease) in cash, cash
equivalents and restricted cash
12,1191,16813,287
(14,577)(392)(14,969)
6,758(1,057)5,701
980(153)827Cash, cash equivalents and restricted cash
At beginning of period
32,9993,59036,589
35,0304,77039,800
20,4534,37824,831
2,9656353,600 At end of period
45,1184,75849,876
20,4534,37824,831
27,2113,32130,532
3,9454824,427
Net cash provided by (used in) operating
activities
(6,340)339(6,001)
2,562472,609
2,4841862,670
36027387Less: Capital expenditures
(2,869)(31)(2,900)
(1,952)(20)(1,972)
(5,839)(77)(5,916)
(846)(11)(857)Free cash flow
(9,209)308(8,901)
61027637
(3,355)109(3,246)
(486)16(470)
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
March 31, 2025 (RMB)
December 31, 2025 (RMB)
March 31, 2026 (RMB)
March 31, 2026 (US$)
Baidu
General
BusinessiQIYIBaidu,
Inc.
Baidu
General
BusinessiQIYIBaidu,
Inc.
Baidu
General
BusinessiQIYIBaidu,
Inc.
Baidu
General
BusinessiQIYIBaidu,
Inc.Operating income (loss)
4,1643424,508
1,441551,483
3,416(228)3,193
495(33)463Add: Share-based compensation expenses
636115751
64386729
48578563
711182Add: Amortization and impairment of intangible assets resulting from business combinations
72274
45247
49251
7-7Add: One-time employee severance costs
---
708-708
---
---Operating income (loss) (non-GAAP)
4,8724595,333
2,8371432,967
3,950(148)3,807
573(22)552
Add: Depreciation of fixed assets and amortization of intangible assets(1)
1,840361,876
1,707531,760
2,100472,147
3047311Adjusted EBITDA
6,7124957,209
4,5441964,727
6,050(101)5,954
877(15)863
Net income (loss) attributable to Baidu
7,6331827,717
1,797(6)1,782
3,573(294)3,445
518(42)499Add: Share-based compensation expenses
635115687
64286681
48478519
701175Add: Amortization and impairment of intangible assets resulting from business combinations
70271
43244
47248
7-7Add: One-time employee severance costs
---
708-708
---
---Add: Disposal loss (gain)
(91)-(91)
31-31
(2)-(2)
---Add: Impairment of long-term investments
-21
591064
79983
11112Add: Fair value loss (gain) of long-term investments and exchangeable bonds
(1,889)(2)(1,890)
92317931
378(28)365
55(4)53Add: Reconciling items on equity method investments(2)
(66)5(64)
(431)-(431)
(44)-(44)
(6)-(6)Add: Tax effects on non-GAAP adjustments(3)
38-38
97-97
(82)-(82)
(12)-(12)Net income (loss) attributable to Baidu (non-GAAP)
6,3303046,469
3,8691093,907
4,433(233)4,332
643(34)628
Diluted earnings per ADS
21.59
3.71
8.76
1.27Add: Accretion of the redeemable noncontrolling interests
0.57
0.75
0.74
0.11Add: Non-GAAP adjustments to earnings per ADS
(3.62)
6.16
2.56
0.37Diluted earnings per ADS (non-GAAP)
18.54
10.62
12.06
1.75
(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. View original content:https://www.prnewswire.com/news-releases/baidu-announces-first-quarter-2026-results-302774476.htmlSOURCE Baidu, Inc. Original: Baidu Announces First Quarter 2026 Results
US Market News
4月前
Baidu Announces Fourth Quarter and Fiscal Year 2025 ResultsFebruary 26, 2026 4:00 AM
PR Newswire (US)
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 Business9.6
11.3
27.0
40.0
48 %- AI Cloud Infra4.2
5.8
14.8
19.8
34 %- AI Applications2.6
2.7
9.8
10.2
5 %- AI-native Marketing Services2.8
2.7
2.4
9.8
301 %
% of Baidu General Business39 %
43 %
26 %
39 %
CorporateBaidu'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 BusinessAI Cloud InfraRevenue 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 ApplicationsRevenue 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.RobotaxiIn 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 ServicesRevenue 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.htmlIn 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 BaiduFounded 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 StatementThis 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 MeasuresTo 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
3,519Restricted cash
11,697
225
32Short-term investments, net
102,608
90,661
12,964Accounts receivable, net
10,104
12,972
1,855Amounts due from related parties
790
761
109Other current assets, net
18,818
22,745
3,253Total current assets
168,849
151,970
21,732
Non-current assets:
Fixed assets, net
30,102
26,281
3,758Licensed copyrights, net
6,930
5,963
853Produced content, net
14,695
14,575
2,084Intangible assets, net
772
3,891
556Goodwill
22,586
36,783
5,260Long-term investments, net
41,721
44,918
6,423Long-term time deposits and held-to-maturity investments
98,535
123,862
17,712Amounts due from related parties
137
167
24Deferred tax assets, net
2,193
4,582
655Operating lease right-of-use assets
10,898
8,610
1,231Receivables related to the proposed acquisition of YY Live, net
13,547
-
-Other non-current assets
16,815
27,555
3,941Total 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
1,091Accounts payable and accrued liabilities
41,443
38,891
5,561Customer deposits and deferred revenue
14,624
13,051
1,866Deferred income
684
531
76Long-term loans, current portion
168
14,765
2,111Convertible senior notes, current portion
242
1,459
209Notes payable, current portion
8,026
4,560
652Amounts due to related parties
1,794
1,988
284Operating lease liabilities
3,303
3,457
494Total current liabilities
80,953
86,328
12,344
Non-current liabilities:
Deferred income
231
198
28Deferred revenue
585
723
103Amounts due to related parties
56
36
5Long-term loans
15,596
3,369
482Notes payable
27,996
51,021
7,296Convertible senior notes
8,351
6,712
960Deferred tax liabilities
3,870
4,985
713Operating lease liabilities
4,973
4,108
587Other non-current liabilities
1,557
1,951
280Total 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
38,085Noncontrolling interests
10,122
10,230
1,463Total 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 BusinessiQIYIElim & adj(2)
Baidu, Inc.
Baidu
General BusinessiQIYIElim & adj(2)
Baidu, Inc.
Baidu
General BusinessiQIYIElim & adj(2)
Baidu, Inc.
Baidu
General BusinessiQIYIElim & adj(2)
Baidu, Inc.Revenue
27,6986,613(187)
34,124
24,6596,682(167)
31,174
26,1126,794(166)
32,740
3,734972(24)
4,682 YOY
(6 %)3 %
(4 %)
QOQ
6 %2 %
5 %
Costs and expenses:
Cost of revenue(1)
13,1804,995(161)
18,014
12,9965,467(148)
18,315
13,0425,376(141)
18,277
1,865769(20)
2,614 Selling, general and administrative(1)
5,816882(20)
6,678
5,677925(21)
6,581
6,455946(12)
7,389
923135(2)
1,056 Research and development(1)
5,064451-
5,515
4,767412-
5,179
5,174417-
5,591
74060-
800 Impairment of long-lived assets
---
-
16,190--
16,190
---
-
---
-Total costs and expenses
24,0606,328(181)
30,207
39,6306,804(169)
46,265
24,6716,739(153)
31,257
3,528964(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)
3,638285(6)
3,917
(14,971)(122)2
(15,091)
1,44155(13)
1,483
2068(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)
1,6127-
1,619
(1,868)40-
(1,828)
99336-
1,029
1425-
147 Less: net income (loss) attributable to NCI
(132)2(104)(3)
(234)
492(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)
4,647406
5,047
2,225(22)
2,205
2,837143
2,967
40620
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
3,869109
3,907
55314
559 YOY
(43 %)-
(42 %)
QOQ
1 %-
4 %
Net margin (non-GAAP)
24 %(1 %)
20 %
16 %(2 %)
12 %
15 %2 %
12 %
Adjusted EBITDA
6,516444
6,954
4,39830
4,429
4,544196
4,727
65028
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
7429
103
8330
113
5623
79
83
11 Selling, general and administrative
24057
297
30436
340
21933
252
315
36 Research and development
65233
685
55932
591
36830
398
544
58 Total share-based compensation
966119
1,085
94698
1,044
64386
729
9312
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 BusinessiQIYIElim & adj(2)
Baidu, Inc.
Baidu
General BusinessiQIYIElim & adj(2)
Baidu, Inc.
Baidu
General BusinessiQIYIElim & adj(2)
Baidu, Inc.Revenue
104,71229,225(812)
133,125
102,48527,290(696)
129,079
14,6553,902(99)
18,458 YOY
(2 %)(7 %)
(3 %)
Costs and expenses:
Cost of revenue(1)
44,83021,954(682)
66,102
51,49821,541(603)
72,436
7,3643,080(86)
10,358 Selling, general and administrative(1)
20,0493,682(111)
23,620
22,0713,857(85)
25,843
3,156552(12)
3,696 Research and development(1)
20,3551,778-
22,133
18,7701,663-
20,433
2,684238-
2,922 Impairment of long-lived assets
---
-
16,190--
16,190
2,315--
2,315Total costs and expenses
85,23427,414(793)
111,855
108,52927,061(688)
134,902
15,5193,870(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)
19,4781,811(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
4,38661-
4,447
1,115144-
1,259
15921-
180 Less: net income (loss) attributable to NCI
(28)27416(3)
415
(22)3(113)(3)
(132)
(3)-(16)(3)
(19)Net income (loss) attributable to Baidu
23,431764(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)
23,8902,363
26,234
14,319639
14,950
2,04891
2,138 YOY
(40 %)(73 %)
(43 %)
Operating margin (non-GAAP)
23 %8 %
20 %
14 %2 %
12 %
Net income attributable to Baidu (non-GAAP)
26,3351,512
27,002
18,827280
18,941
2,69239
2,709 YOY
(29 %)(81 %)
(30 %)
Net margin (non-GAAP)
25 %5 %
20 %
18 %1 %
15 %
Adjusted EBITDA
30,5872,510
33,078
22,051815
22,857
3,153117
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
340121
461
277112
389
4016
56 Selling, general and administrative
1,153274
1,427
1,018163
1,181
14623
169 Research and development
2,746150
2,896
1,908127
2,035
27319
292 Total share-based compensation
4,239545
4,784
3,203402
3,605
45958
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$)
Baidu excl. iQIYIiQIYIBaidu, Inc.
Baidu excl. iQIYIiQIYIBaidu, Inc.
Baidu excl. iQIYIiQIYIBaidu, Inc.
Baidu excl. iQIYIiQIYIBaidu, Inc.Net cash provided by (used in) operating activities
1,8365202,356
1,523(267)1,256
2,562472,609
3667373Net cash provided by (used in) investing activities
(4,741)(896)(5,637)
2,2337632,996
(17,439)(947)(18,386)
(2,494)(135)(2,629)Net cash provided by (used in) financing activities
(1,784)114(1,670)
4,5321514,683
5955181,113
8574159Effect of exchange rate changes on cash, cash equivalents and restricted cash
58261643
(186)(16)(202)
(295)(10)(305)
(42)(1)(43)Net increase (decrease) in cash, cash equivalents and restricted cash
(4,107)(201)(4,308)
8,1026318,733
(14,577)(392)(14,969)
(2,085)(55)(2,140)Cash, cash equivalents and restricted cash
At beginning of period
37,1063,79140,897
26,9284,13931,067
35,0304,77039,800
5,0096825,691 At end of period
32,9993,59036,589
35,0304,77039,800
20,4534,37824,831
2,9246273,551
Net cash provided by (used in) operating activities
1,8365202,356
1,523(267)1,256
2,562472,609
3667373Less: Capital expenditures
(2,312)(21)(2,333)
(3,378)(23)(3,401)
(1,952)(20)(1,972)
(279)(3)(282)Free cash flow
(476)49923
(1,855)(290)(2,145)
61027637
87491
Note: Baidu excl. iQIYI represents Baidu, Inc. minus iQIYI's consolidated cash flows.
Baidu, Inc.
Condensed Consolidated Statements of Cash Flows
(In millions,unaudited)
Twelve months ended
Twelve months ended
Twelve months ended
December 31, 2024 (RMB)
December 31, 2025 (RMB)
December 31, 2025 (US$)
Baidu excl. iQIYIiQIYIBaidu, Inc.
Baidu excl. iQIYIiQIYIBaidu, Inc.
Baidu excl. iQIYIiQIYIBaidu, Inc.Net cash provided by (used in) operating activities
19,1262,10821,234
(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)
16,0781,06417,142
2,2991522,451Effect of exchange rate changes on cash, cash equivalents and restricted cash
811495
(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
32,2935,28137,574
32,9993,59036,589
4,7195135,232 At end of period
32,9993,59036,589
20,4534,37824,831
2,9246273,551
Net cash provided by (used in) operating activities
19,1262,10821,234
(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
11,0712,02913,100
(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 BusinessiQIYIBaidu, Inc.
Baidu
General BusinessiQIYIBaidu, Inc.
Baidu
General BusinessiQIYIBaidu, Inc.
Baidu
General BusinessiQIYIBaidu, Inc.
Operating income (loss)
3,6382853,917
(14,971)(122)(15,091)
1,441551,483
2068212
Add: Share-based compensation expenses
9661191,085
946981,044
64386729
9312105
Add: Amortization and impairment of intangible assets resulting from business combinations
43245
60262
45247
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)
4,6474065,047
2,225(22)2,205
2,8371432,967
40620424
Add: Depreciation of fixed assets and amortization of intangible assets(1)
1,869381,907
2,173522,224
1,707531,760
2448252
Adjusted EBITDA
6,5164446,954
4,398304,429
4,5441964,727
65028676
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
9651191,019
94598989
64286681
921298
Add: Amortization and impairment of intangible assets resulting from business combinations
41242
58259
43244
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
841490
97-97
591064
819
Add: Fair value loss (gain) of long-term investments and exchangeable bonds
(288)(5)(290)
2791279
92317931
1322133
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
3,8691093,907
55314559
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 BusinessiQIYIBaidu, Inc.
Baidu
General BusinessiQIYIBaidu, Inc.
Baidu
General BusinessiQIYIBaidu, Inc.
Operating income (loss)
19,4781,81121,270
(6,044)229(5,823)
(864)32(833)
Add: Share-based compensation expenses
4,2395454,784
3,2034023,605
45958517
Add: Amortization and impairment of intangible assets resulting from business combinations
1737180
2628270
37138
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)
23,8902,36326,234
14,31963914,950
2,048912,138
Add: Depreciation of fixed assets and amortization of intangible assets(1)
6,6971476,844
7,7321767,907
1,105261,131
Adjusted EBITDA
30,5872,51033,078
22,05181522,857
3,1531173,269
Net income (loss) attributable to Baidu
23,43176423,760
5,691(207)5,589
814(30)799
Add: Share-based compensation expenses
4,2355454,482
3,1994023,381
45757484
Add: Amortization and impairment of intangible assets resulting from business combinations
1657168
2548258
36137
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
172193260
25738275
37539
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)
26,3351,51227,002
18,82728018,941
2,692392,709
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.
View original content:https://www.prnewswire.com/news-releases/baidu-announces-fourth-quarter-and-fiscal-year-2025-results-302698026.htmlSOURCE Baidu, Inc.
Original: Baidu Announces Fourth Quarter and Fiscal Year 2025 Results
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