Iqiyi Financials

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2024 Currency USD FYE December

Financial Health Signals

Financial Profile 18/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Iqiyi has an operating margin of 6.2%, meaning the company retains $6 of operating profit per $100 of revenue. This results in a moderate score of 31/100, indicating healthy but not exceptional operating efficiency. This is down from 9.4% the prior year.

Growth

Iqiyi's revenue declined 10.8% year-over-year, from $4.5B to $4.0B. This contraction results in a growth score of 0/100.

Leverage

Iqiyi has elevated debt relative to equity (D/E of 2.42), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 21/100, reflecting increased financial risk.

Liquidity

Iqiyi's current ratio of 0.44 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 0/100, which could limit financial flexibility.

Cash Flow

Iqiyi has a free cash flow margin of 7.0%, earning a moderate score of 35/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Iqiyi generates a 5.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 23/100. This is down from 15.8% the prior year.

Altman Z-Score Distress

-0.65

Iqiyi scores -0.65, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($1.7B) relative to total liabilities ($4.4B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Piotroski F-Score Weak

3/9

Iqiyi passes 3 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Cash-Backed

2.76x

For every $1 of reported earnings, Iqiyi generates $2.76 in operating cash flow ($289.1M OCF vs $104.7M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate

2.1x

Iqiyi earns $2.1 in operating income for every $1 of interest expense ($248.1M vs $116.4M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

This page shows Iqiyi (IQ) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 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).

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Key Financial Metrics

Revenue

$4.0B

YoY-10.8%

5Y CAGR-0.8%

Iqiyi generated $4.0B in revenue in fiscal year 2024. This represents a decrease of 10.8% from the prior year.

EBITDA

$270.5M

YoY-41.6%

Iqiyi's EBITDA was $270.5M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 41.6% from the prior year.

Free Cash Flow

$278.2M

YoY-40.4%

5Y CAGR-9.4%

Iqiyi generated $278.2M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 40.4% from the prior year.

Net Income

$104.7M

YoY-61.4%

Iqiyi reported $104.7M in net income in fiscal year 2024. This represents a decrease of 61.4% from the prior year.

EPS (Diluted)

N/A

Cash & Debt

$483.6M

YoY-22.6%

5Y CAGR-10.7%

Iqiyi held $483.6M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

N/A

Gross Margin

24.9%

YoY-2.6pp

5Y CAGR+29.5pp

Iqiyi's gross margin was 24.9% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 2.6 percentage points from the prior year.

Operating Margin

6.2%

YoY-3.2pp

5Y CAGR+38.1pp

Iqiyi's operating margin was 6.2% in fiscal year 2024, reflecting core business profitability. This is down 3.2 percentage points from the prior year.

Net Margin

2.6%

YoY-3.4pp

5Y CAGR+38.2pp

Iqiyi's net profit margin was 2.6% in fiscal year 2024, showing the share of revenue converted to profit. This is down 3.4 percentage points from the prior year.

Return on Equity

5.7%

YoY-10.1pp

Iqiyi's ROE was 5.7% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 10.1 percentage points from the prior year.

R&D Spending

$243.6M

YoY-2.1%

5Y CAGR-8.7%

Iqiyi invested $243.6M in research and development in fiscal year 2024. This represents a decrease of 2.1% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$10.9M

YoY+108.7%

5Y CAGR-36.6%

Iqiyi invested $10.9M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 108.7% from the prior year.

IQ Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$4.0B-10.8%	$4.5B+6.8%	$4.2B-12.3%	$4.8B+5.3%	$4.6B+9.3%	$4.2B
Cost of Revenue	$3.0B-7.6%	$3.3B+0.6%	$3.2B-25.0%	$4.3B+1.0%	$4.3B-2.0%	$4.4B
Gross Profit	$996.2M-19.4%	$1.2B+27.6%	$968.3M+102.9%	$477.2M+70.8%	$279.4M+243.6%	-$194.6M
R&D Expenses	$243.6M-2.1%	$248.8M-9.6%	$275.4M-37.2%	$438.6M+7.0%	$410.0M+7.0%	$383.1M
SG&A Expenses	$504.4M-10.8%	$565.4M+12.5%	$502.6M-32.2%	$741.5M-6.7%	$795.1M+5.7%	$752.1M
Operating Income	$248.1M-41.1%	$421.1M+121.3%	$190.3M+127.1%	-$702.9M+24.1%	-$925.7M+30.4%	-$1.3B
Interest Expense	$116.4M-26.9%	$159.2M+53.6%	$103.7M-51.0%	$211.8M+29.6%	$163.4M+24.4%	$131.3M
Income Tax	$8.4M-25.8%	$11.3M-7.4%	$12.2M-19.6%	$15.2M+324.7%	$3.6M-52.1%	$7.4M
Net Income	$104.7M-61.4%	$271.2M+1473.2%	-$19.7M+98.0%	-$968.1M+10.2%	-$1.1B+27.3%	-$1.5B
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'24	Q3'24	Q4'23	Q4'22	Q3'22	Q4'21	Q4'20	Q3'20
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

IQ Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$6.3B-0.2%	$6.3B-5.9%	$6.7B+0.2%	$6.7B-9.7%	$7.4B+14.8%	$6.4B
Current Assets	$1.3B-26.7%	$1.8B-11.0%	$2.0B+10.5%	$1.8B-47.1%	$3.4B+17.3%	$2.9B
Cash & Equivalents	$483.6M-22.6%	$624.6M-39.3%	$1.0B+118.8%	$470.3M-71.9%	$1.7B+96.2%	$852.5M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$300.2M-1.7%	$305.5M-12.3%	$348.4M-19.2%	$431.2M-15.9%	$512.6M-1.6%	$521.1M
Goodwill	$523.5M0.0%	$523.5M-2.9%	$538.9M-11.7%	$610.2M+2.4%	$595.9M+6.7%	$558.5M
Total Liabilities	$4.4B-2.8%	$4.6B-20.7%	$5.8B-0.3%	$5.8B-2.7%	$5.9B+17.8%	$5.0B
Current Liabilities	$2.9B-6.5%	$3.1B-22.8%	$4.1B+15.6%	$3.5B-7.4%	$3.8B+31.5%	$2.9B
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$1.8B+6.8%	$1.7B+86.6%	$919.7M+11.1%	$827.9M-42.1%	$1.4B+3.6%	$1.4B
Retained Earnings	-$6.0B+4.4%	-$6.3B+6.9%	-$6.7B+8.9%	-$7.4B-17.9%	-$6.3B-29.2%	-$4.9B

Metric	Q4'24	Q3'24	Q4'23	Q4'22	Q3'22	Q4'21	Q4'20	Q3'20
Total Assets	$6.3B-1.9%	$6.4B+1.7%	$6.3B-5.9%	$6.7B+10.7%	$6.0B-9.5%	$6.7B-9.7%	$7.4B+22.6%	$6.0B
Current Assets	$1.3B-4.2%	$1.4B-23.4%	$1.8B-11.0%	$2.0B+31.1%	$1.5B-15.7%	$1.8B-47.1%	$3.4B+49.0%	$2.3B
Cash & Equivalents	$483.6M+4.7%	$461.9M-26.0%	$624.6M-39.3%	$1.0B+105.6%	$500.4M+6.4%	$470.3M-71.9%	$1.7B+259.1%	$465.9M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$300.2M-4.9%	$315.8M+3.4%	$305.5M-12.3%	$348.4M-7.7%	$377.2M-12.5%	$431.2M-15.9%	$512.6M+6.7%	$480.2M
Goodwill	$523.5M-3.9%	$544.5M+4.0%	$523.5M-2.9%	$538.9M-1.4%	$546.6M-10.4%	$610.2M+2.4%	$595.9M+4.1%	$572.7M
Total Liabilities	$4.4B-1.3%	$4.5B-1.5%	$4.6B-20.7%	$5.8B+9.4%	$5.3B-8.9%	$5.8B-2.7%	$5.9B+13.8%	$5.2B
Current Liabilities	$2.9B-3.7%	$3.1B-2.9%	$3.1B-22.8%	$4.1B-0.5%	$4.1B+16.2%	$3.5B-7.4%	$3.8B+26.1%	$3.0B
Long-Term Debt	N/A	N/A	N/A	N/A	$76.1M	N/A	N/A	N/A
Total Equity	$1.8B-3.2%	$1.9B+10.3%	$1.7B+86.6%	$919.7M+20.0%	$766.3M-7.4%	$827.9M-42.1%	$1.4B+80.9%	$790.9M
Retained Earnings	-$6.0B+3.4%	-$6.2B+1.0%	-$6.3B+6.9%	-$6.7B-2.5%	-$6.6B+11.1%	-$7.4B-17.9%	-$6.3B-8.1%	-$5.8B

IQ Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$289.1M-38.8%	$472.1M+4713.6%	-$10.2M+98.9%	-$934.0M-12.6%	-$829.3M-247.8%	$561.1M
Capital Expenditures	$10.9M+108.7%	$5.2M-79.4%	$25.3M-38.4%	$41.0M+11.2%	$36.9M-65.3%	$106.3M
Free Cash Flow	$278.2M-40.4%	$466.9M+1415.2%	-$35.5M+96.4%	-$975.0M-12.6%	-$866.2M-290.5%	$454.8M
Investing Cash Flow	-$334.9M-36.7%	-$245.0M-735.3%	$38.6M-80.5%	$198.1M+711.4%	$24.4M+101.4%	-$1.7B
Financing Cash Flow	-$187.7M+68.9%	-$603.5M-193.1%	$647.9M+239.5%	-$464.4M-132.3%	$1.4B+26.9%	$1.1B
Dividends Paid	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

Metric	Q4'24	Q3'24	Q4'23	Q4'22	Q3'22	Q4'21	Q4'20	Q3'20
Operating Cash Flow	$62.4M	N/A	N/A	$119.7M	N/A	-$5.8B-2160.9%	-$256.1M	N/A
Capital Expenditures	$2.5M	N/A	N/A	$2.0M	N/A	N/A	$5.3M	N/A
Free Cash Flow	$59.8M	N/A	N/A	$117.7M	N/A	N/A	-$261.5M	N/A
Investing Cash Flow	-$114.2M	N/A	N/A	$82.6M	N/A	N/A	$42.4M	N/A
Financing Cash Flow	$23.8M	N/A	N/A	$422.0M	N/A	N/A	$1.3B	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

IQ Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	24.9%-2.6pp	27.5%+4.5pp	23.0%+13.1pp	10.0%+3.8pp	6.1%+10.8pp	-4.7%
Operating Margin	6.2%-3.2pp	9.4%+4.8pp	4.5%+19.2pp	-14.7%+5.7pp	-20.3%+11.6pp	-31.9%
Net Margin	2.6%-3.4pp	6.0%+6.5pp	-0.5%+19.7pp	-20.2%+3.5pp	-23.7%+11.9pp	-35.6%
Return on Equity	5.7%-10.1pp	15.8%	N/A	N/A	N/A	N/A
Return on Assets	1.7%-2.7pp	4.3%+4.6pp	-0.3%+14.2pp	-14.5%+0.1pp	-14.6%+8.4pp	-23.1%
Current Ratio	0.44-0.1	0.57+0.1	0.49-0.0	0.51-0.4	0.90-0.1	1.00
Debt-to-Equity	2.42-0.2	2.66-3.6	6.26-0.7	6.98+2.8	4.15+0.5	3.65
FCF Margin	7.0%-3.4pp	10.4%+11.2pp	-0.8%+19.5pp	-20.3%-1.3pp	-19.0%-29.9pp	10.9%

Metric	Q4'24	Q3'24	Q4'23	Q4'22	Q3'22	Q4'21	Q4'20	Q3'20
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	0.440.0	0.45-0.1	0.57+0.1	0.49+0.1	0.37-0.1	0.51-0.4	0.90+0.1	0.76
Debt-to-Equity	2.42+0.0	2.38-0.3	2.66-3.6	6.26+6.2	0.10-6.9	6.98+2.8	4.15-2.4	6.59
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: The current ratio is below 1.0 (0.44), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is Iqiyi's annual revenue?

Iqiyi (IQ) reported $4.0B in total revenue for fiscal year 2024. This represents a -10.8% 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 Iqiyi's revenue growing?

Iqiyi (IQ) revenue declined by 10.8% year-over-year, from $4.5B to $4.0B in fiscal year 2024.

Is Iqiyi profitable?

Yes, Iqiyi (IQ) reported a net income of $104.7M in fiscal year 2024, with a net profit margin of 2.6%.

What is Iqiyi's EBITDA?

Iqiyi (IQ) had EBITDA of $270.5M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Iqiyi's gross margin?

Iqiyi (IQ) had a gross margin of 24.9% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Iqiyi's operating margin?

Iqiyi (IQ) had an operating margin of 6.2% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Iqiyi's net profit margin?

Iqiyi (IQ) had a net profit margin of 2.6% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

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

Iqiyi (IQ) has a return on equity of 5.7% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Iqiyi's free cash flow?

Iqiyi (IQ) generated $278.2M in free cash flow during fiscal year 2024. This represents a -40.4% 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 Iqiyi's operating cash flow?

Iqiyi (IQ) generated $289.1M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Iqiyi's total assets?

Iqiyi (IQ) had $6.3B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Iqiyi's capital expenditures?

Iqiyi (IQ) invested $10.9M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Iqiyi spend on research and development?

Iqiyi (IQ) invested $243.6M in research and development during fiscal year 2024.

What is Iqiyi's current ratio?

Iqiyi (IQ) had a current ratio of 0.44 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.

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

Iqiyi (IQ) had a debt-to-equity ratio of 2.42 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

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

Iqiyi (IQ) had a return on assets of 1.7% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Iqiyi's Altman Z-Score?

Iqiyi (IQ) has an Altman Z-Score of -0.65, placing it in the Distress Zone (elevated bankruptcy 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 Iqiyi's Piotroski F-Score?

Iqiyi (IQ) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Iqiyi's earnings high quality?

Iqiyi (IQ) has an earnings quality ratio of 2.76x, considered cash-backed (high quality). 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 Iqiyi cover its interest payments?

Iqiyi (IQ) has an interest coverage ratio of 2.1x, meaning it can adequately 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.

How financially healthy is Iqiyi?

Iqiyi (IQ) scores 18 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.