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
------------------------------------------- ----------------------------
September December December December December December
December 31, 30, 31, 31, 31, 31, 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
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 Baidu Baidu Baidu
General Elim & Baidu, General Elim & Baidu, General Elim & Baidu, General Elim & Baidu,
Business iQIYI adj(2) Inc. Business iQIYI adj(2) Inc. Business iQIYI adj(2) Inc. Business iQIYI adj(2) 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 Baidu Baidu
General Elim & Baidu, General Elim & Baidu, General Elim & Baidu,
Business iQIYI adj(2) Inc. Business iQIYI adj(2) Inc. Business iQIYI adj(2) 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,unaud
ited)
Three months ended Three months ended Three months ended Three months ended
September 30, 2025
December 31, 2024 (RMB) (RMB) December 31, 2025 (RMB) December 31, 2025 (US$)
--------------------------- ----------------------- ------------------------- -----------------------
Baidu Baidu Baidu Baidu
excl. Baidu, excl. Baidu, excl. Baidu, excl. Baidu,
iQIYI iQIYI Inc. iQIYI iQIYI Inc. iQIYI iQIYI Inc. iQIYI iQIYI Inc.
Net cash
provided by
(used in)
operating
activities 1,836 520 2,356 1,523 (267) 1,256 2,562 47 2,609 366 7 373
Net cash
provided by
(used in)
investing
activities (4,741) (896) (5,637) 2,233 763 2,996 (17,439) (947) (18,386) (2,494) (135) (2,629)
Net cash
provided by
(used in)
financing
activities (1,784) 114 (1,670) 4,532 151 4,683 595 518 1,113 85 74 159
Effect of
exchange rate
changes on
cash, cash
equivalents
and restricted
cash 582 61 643 (186) (16) (202) (295) (10) (305) (42) (1) (43)
Net increase
(decrease) in
cash, cash
equivalents
and restricted
cash (4,107) (201) (4,308) 8,102 631 8,733 (14,577) (392) (14,969) (2,085) (55) (2,140)
Cash, cash
equivalents
and restricted
cash
At beginning
of period 37,106 3,791 40,897 26,928 4,139 31,067 35,030 4,770 39,800 5,009 682 5,691
At end of
period 32,999 3,590 36,589 35,030 4,770 39,800 20,453 4,378 24,831 2,924 627 3,551
Net cash
provided by
(used in)
operating
activities 1,836 520 2,356 1,523 (267) 1,256 2,562 47 2,609 366 7 373
Less: Capital
expenditures (2,312) (21) (2,333) (3,378) (23) (3,401) (1,952) (20) (1,972) (279) (3) (282)
Free cash flow (476) 499 23 (1,855) (290) (2,145) 610 27 637 87 4 91
Note: Baidu excl. iQIYI represents Baidu,
Inc. minus iQIYI's consolidated cash
flows.
Baidu, Inc.
Condensed Consolidated
Statements of Cash Flows
(In
millions,unaud
ited)
Twelve months ended Twelve months ended Twelve months ended
December 31, 2024 (RMB) December 31, 2025 (RMB) December 31, 2025 (US$)
---------------------------- ------------------------- -----------------------
Baidu Baidu Baidu
excl. Baidu, excl. Baidu, excl. Baidu,
iQIYI iQIYI Inc. iQIYI iQIYI Inc. iQIYI iQIYI 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 Baidu Baidu Baidu
General Baidu, General Baidu, General Baidu, General Baidu,
Business iQIYI Inc. Business iQIYI Inc. Business iQIYI Inc. Business iQIYI 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 Baidu Baidu
General Baidu, General Baidu, General Baidu,
Business iQIYI Inc. Business iQIYI Inc. Business iQIYI 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.
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