Baidu Financials

BAIDF

Source SEC Filings (10-K/10-Q) Data as of Dec 31, 2025 Currency USD FYE December

This page shows Baidu (BAIDF) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI BAIDF FY2025 2026-04-22

FY2025 exposed a cash-conversion break: near-flat revenue no longer covered shrinking gross margin, turning operations and free cash flow negative.

Revenue stayed near $19.0B, yet operating cash flow swung from $5.2B to negative; that points to deteriorating cash extraction from a similar sales base rather than a simple scale problem. Because cash ended roughly stable even as free cash flow fell to -$2.2B, the business appears to have bridged the gap with financing inflows instead of internally generated cash.

FY2025's operating loss alongside still-positive net income means below-operating items cushioned the bottom line, so reported profit described the year more kindly than core operations did. The margin squeeze was broad-based: gross margin fell to 43.9% and SG&A rose to $3.7B, so the setback was not simply a deliberate surge in research spending.

The balance sheet still looks moderately levered rather than strained, with debt to equity at 15.5% and a current ratio of 1.8x. But cash resilience came from financing while goodwill climbed to $5.3B, suggesting recent asset growth added less immediate liquidity than cash-generating capacity in the near term.

Financial Health Signals

Financial health score pending refresh

We are recalculating Baidu's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Altman Z-Score Grey Zone

1.92

Baidu scores 1.92, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

1/8

Baidu passes 1 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Low Quality

-0.54x

For every $1 of reported earnings, Baidu generates $-0.54 in operating cash flow (-$431.0M OCF vs $799.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-2.1x

Baidu earns $-2.1 in operating income for every $1 of interest expense (-$833.0M vs $398.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$18.5B

YoY+1.2%

5Y CAGR+2.4%

10Y CAGR+6.1%

Baidu generated $18.5B in revenue in fiscal year 2025. This represents an increase of 1.2% from the prior year.

EBITDA

$267.0M

YoY-93.0%

5Y CAGR-38.6%

10Y CAGR-20.7%

Baidu's EBITDA was $267.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 93.0% from the prior year.

Net Income

$799.0M

YoY-75.5%

5Y CAGR-25.3%

10Y CAGR-17.1%

Baidu reported $799.0M in net income in fiscal year 2025. This represents a decrease of 75.5% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

-$2.2B

YoY-220.2%

Baidu generated -$2.2B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 220.2% from the prior year.

Cash & Debt

$3.5B

YoY+3.4%

5Y CAGR-8.5%

10Y CAGR+9.4%

Baidu held $3.5B in cash against $5.9B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

43.9%

YoY-6.5pp

5Y CAGR-4.6pp

10Y CAGR-14.8pp

Baidu's gross margin was 43.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 6.5 percentage points from the prior year.

Operating Margin

-4.5%

YoY-20.5pp

5Y CAGR-17.9pp

10Y CAGR-22.1pp

Baidu's operating margin was -4.5% in fiscal year 2025, reflecting core business profitability. This is down 20.5 percentage points from the prior year.

Net Margin

4.3%

YoY-13.5pp

5Y CAGR-16.7pp

10Y CAGR-46.4pp

Baidu's net profit margin was 4.3% in fiscal year 2025, showing the share of revenue converted to profit. This is down 13.5 percentage points from the prior year.

Return on Equity

2.1%

YoY-6.9pp

5Y CAGR-10.2pp

10Y CAGR-39.8pp

Baidu's ROE was 2.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 6.9 percentage points from the prior year.

Capital Allocation

R&D Spending

$2.9B

YoY-3.6%

5Y CAGR-0.5%

10Y CAGR+6.4%

Baidu invested $2.9B in research and development in fiscal year 2025. This represents a decrease of 3.6% from the prior year.

Share Buybacks

$792.0M

YoY-8.5%

5Y CAGR-16.9%

10Y CAGR-2.2%

Baidu spent $792.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 8.5% from the prior year.

Capital Expenditures

$1.7B

YoY+54.9%

5Y CAGR+17.2%

10Y CAGR+7.9%

Baidu invested $1.7B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 54.9% from the prior year.

BAIDF Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$18.5B+1.2%	$18.2B-3.8%	$19.0B+5.7%	$17.9B-8.2%	$19.5B+19.0%	$16.4B
Cost of Revenue	$10.4B+14.4%	$9.1B-1.1%	$9.2B-1.2%	$9.3B-8.2%	$10.1B+19.4%	$8.5B
Gross Profit	$8.1B-11.8%	$9.2B-6.3%	$9.8B+13.1%	$8.7B-8.3%	$9.4B+18.7%	$8.0B
R&D Expenses	$2.9B-3.6%	$3.0B-11.0%	$3.4B+0.8%	$3.4B-13.6%	$3.9B+30.9%	$3.0B
SG&A Expenses	$3.7B+14.2%	$3.2B-2.4%	$3.3B+11.4%	$3.0B-23.3%	$3.9B+40.1%	$2.8B
Operating Income	-$833.0M-128.6%	$2.9B-5.3%	$3.1B+33.4%	$2.3B+39.7%	$1.7B-24.9%	$2.2B
Interest Expense	$398.0M+2.8%	$387.0M-15.3%	$457.0M+8.3%	$422.0M-21.4%	$537.0M+12.8%	$476.0M
Income Tax	$180.0M-70.4%	$609.0M+18.5%	$514.0M+37.4%	$374.0M-25.2%	$500.0M-19.7%	$623.0M
Net Income	$799.0M-75.5%	$3.3B+13.8%	$2.9B+161.0%	$1.1B-31.7%	$1.6B-53.4%	$3.4B
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q2'20	Q4'19
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BAIDF Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$64.2B+9.6%	$58.6B+2.3%	$57.3B+1.1%	$56.7B-4.9%	$59.6B+17.0%	$51.0B
Current Assets	$21.7B-6.1%	$23.1B-28.7%	$32.4B+5.1%	$30.9B-7.8%	$33.5B+19.1%	$28.1B
Cash & Equivalents	$3.5B+3.4%	$3.4B-4.3%	$3.6B-53.9%	$7.7B+33.3%	$5.8B+5.5%	$5.5B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$1.9B+34.0%	$1.4B-9.4%	$1.5B-10.2%	$1.7B+8.6%	$1.6B+17.9%	$1.3B
Goodwill	$5.3B+70.0%	$3.1B-2.7%	$3.2B-2.4%	$3.3B-8.1%	$3.5B+4.0%	$3.4B
Total Liabilities	$22.8B+15.4%	$19.8B-2.7%	$20.3B-8.6%	$22.2B-9.3%	$24.5B+13.4%	$21.6B
Current Liabilities	$12.3B+11.3%	$11.1B+3.0%	$10.8B-6.7%	$11.5B-1.2%	$11.7B+11.5%	$10.5B
Long-Term Debt	$5.9B+19.7%	$4.9B-14.6%	$5.8B-14.9%	$6.8B-19.4%	$8.4B+13.4%	$7.4B
Total Equity	$38.1B+5.5%	$36.1B+5.3%	$34.3B+5.9%	$32.4B-2.4%	$33.2B+18.5%	$28.0B
Retained Earnings	$25.4B+3.0%	$24.7B+8.6%	$22.7B+5.6%	$21.5B-5.6%	$22.8B+9.9%	$20.7B

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q2'20	Q4'19
Total Assets	$64.2B+9.6%	$58.6B+2.3%	$57.3B+1.1%	$56.7B-4.9%	$59.6B+17.0%	$51.0B+18.3%	$43.1B-0.4%	$43.3B
Current Assets	$21.7B-6.1%	$23.1B-28.7%	$32.4B+5.1%	$30.9B-7.8%	$33.5B+19.1%	$28.1B+15.4%	$24.4B+2.4%	$23.8B
Cash & Equivalents	$3.5B+3.4%	$3.4B-4.3%	$3.6B-53.9%	$7.7B+33.3%	$5.8B+5.5%	$5.5B+90.4%	$2.9B-40.0%	$4.8B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$1.9B+34.0%	$1.4B-9.4%	$1.5B-10.2%	$1.7B+8.6%	$1.6B+17.9%	$1.3B+39.9%	$949.0M-10.9%	$1.1B
Goodwill	$5.3B+70.0%	$3.1B-2.7%	$3.2B-2.4%	$3.3B-8.1%	$3.5B+4.0%	$3.4B+28.4%	$2.7B+1.3%	$2.6B
Total Liabilities	$22.8B+15.4%	$19.8B-2.7%	$20.3B-8.6%	$22.2B-9.3%	$24.5B+13.4%	$21.6B+15.0%	$18.8B+1.7%	$18.5B
Current Liabilities	$12.3B+11.3%	$11.1B+3.0%	$10.8B-6.7%	$11.5B-1.2%	$11.7B+11.5%	$10.5B+22.5%	$8.6B+3.8%	$8.2B
Long-Term Debt	$5.9B+19.7%	$4.9B-14.6%	$5.8B-14.9%	$6.8B-19.4%	$8.4B+13.4%	$7.4B+14.7%	$6.5B+3.9%	$6.2B
Total Equity	$38.1B+5.5%	$36.1B+5.3%	$34.3B+5.9%	$32.4B-2.4%	$33.2B+18.5%	$28.0B+20.2%	$23.3B-0.9%	$23.5B
Retained Earnings	$25.4B+3.0%	$24.7B+8.6%	$22.7B+5.6%	$21.5B-5.6%	$22.8B+9.9%	$20.7B+17.8%	$17.6B-2.9%	$18.1B

BAIDF Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$431.0M-114.8%	$2.9B-43.6%	$5.2B+35.9%	$3.8B+20.1%	$3.2B-14.9%	$3.7B
Capital Expenditures	$1.7B+54.9%	$1.1B-29.3%	$1.6B+31.2%	$1.2B-29.8%	$1.7B+119.5%	$779.0M
Free Cash Flow	-$2.2B-220.2%	$1.8B-49.9%	$3.6B+38.1%	$2.6B+79.1%	$1.4B-50.6%	$2.9B
Investing Cash Flow	-$3.6B-206.7%	-$1.2B+83.5%	-$7.1B-1140.9%	-$572.0M+88.4%	-$4.9B-16.8%	-$4.2B
Financing Cash Flow	$2.5B+230.0%	-$1.9B+5.5%	-$2.0B-115.4%	-$926.0M-125.2%	$3.7B+322.4%	$869.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$792.0M-8.5%	$866.0M+29.1%	$671.0M+140.5%	$279.0M-76.6%	$1.2B-40.5%	$2.0B

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q2'20	Q4'19
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BAIDF Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	43.9%-6.5pp	50.3%-1.3pp	51.7%+3.4pp	48.3%-0.0pp	48.3%-0.1pp	48.5%
Operating Margin	-4.5%-20.5pp	16.0%-0.3pp	16.2%+3.4pp	12.9%+4.4pp	8.5%-4.9pp	13.4%
Net Margin	4.3%-13.5pp	17.8%+2.8pp	15.1%+9.0pp	6.1%-2.1pp	8.2%-12.8pp	21.0%
Return on Equity	2.1%-6.9pp	9.0%+0.7pp	8.3%+5.0pp	3.4%-1.5pp	4.8%-7.5pp	12.3%
Return on Assets	1.2%-4.3pp	5.5%+0.6pp	5.0%+3.1pp	1.9%-0.8pp	2.7%-4.1pp	6.8%
Current Ratio	1.76-0.3	2.09-0.9	3.01+0.3	2.67-0.2	2.86+0.2	2.68
Debt-to-Equity	0.16+0.0	0.14-0.0	0.17-0.0	0.21-0.0	0.25-0.0	0.27
FCF Margin	-11.7%-21.5pp	9.8%-9.1pp	18.9%+4.4pp	14.5%+7.1pp	7.4%-10.4pp	17.8%

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q2'20	Q4'19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	1.76-0.3	2.09-0.9	3.01+0.3	2.67-0.2	2.86+0.2	2.68-0.2	2.85-0.0	2.89
Debt-to-Equity	0.16+0.0	0.14-0.0	0.17-0.0	0.21-0.0	0.25-0.0	0.27-0.0	0.28+0.0	0.26
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

What is Baidu's annual revenue?

Baidu (BAIDF) reported $18.5B in total revenue for fiscal year 2025. This represents a 1.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Baidu's revenue growing?

Baidu (BAIDF) revenue grew by 1.2% year-over-year, from $18.2B to $18.5B in fiscal year 2025.

Is Baidu profitable?

Yes, Baidu (BAIDF) reported a net income of $799.0M in fiscal year 2025, with a net profit margin of 4.3%.

What is Baidu's EBITDA?

Baidu (BAIDF) had EBITDA of $267.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Baidu have?

As of fiscal year 2025, Baidu (BAIDF) had $3.5B in cash and equivalents against $5.9B in long-term debt.

What is Baidu's gross margin?

Baidu (BAIDF) had a gross margin of 43.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Baidu's operating margin?

Baidu (BAIDF) had an operating margin of -4.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Baidu's net profit margin?

Baidu (BAIDF) had a net profit margin of 4.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Baidu's return on equity (ROE)?

Baidu (BAIDF) has a return on equity of 2.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Baidu's free cash flow?

Baidu (BAIDF) generated -$2.2B in free cash flow during fiscal year 2025. This represents a -220.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Baidu's operating cash flow?

Baidu (BAIDF) generated -$431.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Baidu's total assets?

Baidu (BAIDF) had $64.2B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Baidu's capital expenditures?

Baidu (BAIDF) invested $1.7B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Baidu spend on research and development?

Baidu (BAIDF) invested $2.9B in research and development during fiscal year 2025.

Does Baidu buy back shares?

Yes, Baidu (BAIDF) spent $792.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

What is Baidu's current ratio?

Baidu (BAIDF) had a current ratio of 1.76 as of fiscal year 2025, which is generally considered healthy.

What is Baidu's debt-to-equity ratio?

Baidu (BAIDF) had a debt-to-equity ratio of 0.16 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Baidu's return on assets (ROA)?

Baidu (BAIDF) had a return on assets of 1.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Baidu's cash runway?

Based on fiscal year 2025 data, Baidu (BAIDF) had $3.5B in cash against an annual operating cash burn of $431.0M. This gives an estimated cash runway of approximately 98 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Baidu's Altman Z-Score?

Baidu (BAIDF) has an Altman Z-Score of 1.92, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Baidu's Piotroski F-Score?

Baidu (BAIDF) has a Piotroski F-Score of 1 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Baidu's earnings high quality?

Baidu (BAIDF) has an earnings quality ratio of -0.54x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Baidu cover its interest payments?

Baidu (BAIDF) has an interest coverage ratio of -2.1x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.