Baidu Announces Fourth Quarter and Fiscal Year 2025 Results

Rhea-AI Summary

Baidu (NASDAQ: BIDU) reported Q4 and full-year 2025 results on Feb 26, 2026. Q4 revenue was RMB32.7 billion, up 5% sequentially; Baidu Core AI-powered Business reached RMB11.3 billion in Q4 and RMB40.0 billion for FY, up 48% YoY. The company announced a US$5 billion repurchase authorization and its first-ever dividend policy, and continues the planned spin-off and listing of Kunlunxin.

Full-year revenue was RMB129.1 billion, down 3% YoY; operating loss was RMB5.8 billion due to a RMB16.2 billion impairment, while non-GAAP operating income was RMB15.0 billion.

Positive

• Baidu Core AI-powered Business revenue +48% YoY to RMB40.0 billion
• AI Cloud Infra revenue +34% YoY to ~RMB20 billion
• AI-native Marketing Services FY revenue +301% YoY (RMB9.8 billion)
• Board authorized share repurchase up to US$5 billion and first dividend policy

Negative

• Full-year total revenue down 3% YoY to RMB129.1 billion
• Impairment of long-lived assets RMB16.2 billion drove FY operating loss
• Operating cash flow negative RMB3.0 billion for FY despite positive H2

Key Figures

Q4 2025 revenue: RMB32.7 billion ($4.68 billion) Q4 AI Core revenue: RMB11.3 billion FY 2025 revenue: RMB129.1 billion ($18.46 billion) +5 more

8 metrics

Q4 2025 revenue RMB32.7 billion ($4.68 billion) Total revenues, up 5% quarter over quarter

Q4 AI Core revenue RMB11.3 billion Baidu Core AI-powered Business, 43% of Baidu General Business

FY 2025 revenue RMB129.1 billion ($18.46 billion) Total revenues, down 3% year over year

FY 2025 operating loss RMB5.8 billion ($833 million) Includes RMB16.2 billion impairment of long-lived assets

FY 2025 non-GAAP net income RMB18.9 billion ($2.71 billion) Non-GAAP net margin 15%

Total cash & investments RMB294.1 billion ($42.06 billion) Balance as of December 31, 2025

New buyback authorization US$5 billion Share repurchase program through December 31, 2028

Q4 operating income RMB1.5 billion ($212 million) Operating margin 5% for the quarter

Market Reality Check

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BIDU is down 0.73% while peers are mixed: TME roughly flat (-0.07%), RDDT up 4.38%, PINS up 3.6%, Z up 4.33%, NBIS up 1.08%, pointing to a stock-specific reaction to the earnings release.

Previous Earnings Reports

5 past events · Latest: Nov 18 (Neutral)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 18	Q3 2025 earnings	Neutral	+2.7%	AI-powered business grew >50% YoY but large impairment drove operating loss.
Aug 20	Q2 2025 earnings	Positive	-2.6%	Revenues fell 4% YoY but AI Cloud and non‑online marketing grew strongly.
May 21	Q1 2025 earnings	Positive	-4.3%	Revenue and net income both grew, driven by AI Cloud and Apollo Go expansion.
Feb 18	Q4 2024 earnings	Negative	-7.5%	Total revenue declined and operating income fell despite higher net income.
Nov 21	Q3 2024 earnings	Neutral	-5.9%	Revenues dipped 3% YoY while AI Cloud and Apollo Go continued to scale.

Pattern Detected

Recent earnings have often seen negative or mixed price reactions despite solid AI growth, especially when headline revenues soften or one-off charges impact profits.

Recent Company History

Over the past five quarters, Baidu’s earnings releases have highlighted a consistent pivot toward AI-driven businesses. Q3 2024 and Q4 2024 featured modest revenue declines but growing AI Cloud and Apollo Go metrics, with generally negative immediate price reactions. Through 2025, Q1 showed revenue and net income growth, while Q2 and Q3 saw revenue pressure but strong AI and robotaxi momentum. Today’s Q4/FY 2025 report extends that pattern: AI Cloud Infra, AI-native Marketing Services, and Apollo Go scale further even as FY revenue declines and prior impairments weigh on full-year profitability.

Historical Comparison

-3.5% avg move · In the past year, Baidu’s earnings headlines produced an average move of -3.53%, often skewing negat...

earnings

-3.5%

Average Historical Move earnings

In the past year, Baidu’s earnings headlines produced an average move of -3.53%, often skewing negative even when AI businesses showed strong growth and expansion.

Same-tag earnings events show Baidu steadily shifting its mix toward AI Cloud, AI-native marketing, and Apollo Go. Across Q3 2024 through Q3 2025, AI contributions and robotaxi metrics expanded while legacy online marketing softened. The current Q4/FY 2025 release continues this progression with higher AI Core revenues, larger AI-native Marketing Services, and growing Apollo Go scale alongside the lingering impact of prior asset impairments on full-year profitability.

Market Pulse Summary

This announcement details Q4 and FY 2025 results emphasizing Baidu’s AI-first transition. AI Core re...

Analysis

This announcement details Q4 and FY 2025 results emphasizing Baidu’s AI-first transition. AI Core revenues, AI Cloud Infra, and AI-native Marketing Services all expanded, while Apollo Go scaled rides and global coverage. At the same time, FY revenue fell to RMB129.1 billion and a RMB16.2 billion impairment produced an operating loss, tempering the narrative. Investors may watch AI revenue mix, margins, cash of RMB294.1 billion, and execution on the US$5 billion buyback and new dividend policy.

Key Terms

ads, non-gaap, adjusted ebITDA, impairment of long-lived assets, +4 more

8 terms

ads financial

"diluted earnings per ADS was RMB3.71 ($0.53). Non-GAAP diluted earnings per ADS was"

Ads are paid promotional messages a company places across media — online, on TV, in print, or on social platforms — to attract customers, explain products, or shape public perception. For investors, ads matter because they drive sales growth, affect how much a company must spend to win customers, and influence brand strength and long-term value. Ads can also create regulatory or reputational risk if claims are misleading, which can affect profits and stock price.

non-gaap financial

"Non-GAAP operating income was RMB3.0 billion ($424 million) and non-GAAP operating margin"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

adjusted ebITDA financial

"Adjusted EBITDA was RMB4.7 billion ($676 million) and adjusted EBITDA margin was 14%."

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

impairment of long-lived assets financial

"Impairment of long-lived assets was RMB16.2 billion ($2.32 billion), attributable to an"

An impairment of long-lived assets occurs when a company concludes that a physical or intangible asset—like a building, equipment, or a patent—is worth less than its recorded value on the books, so the company writes down that asset to its recoverable amount. For investors this matters because such write-downs reduce reported profits and company net worth, signaling potential problems with future cash flow or that management overpaid for assets; think of it like recognizing that a car you bought has lost more value than you expected.

maus technical

"Baidu App's MAUs reached 679 million in December 2025, remaining flat year over year."

Monthly active users (often abbreviated MAUs) counts the number of distinct people who use a digital product or service at least once during a 30-day period. Investors use it like a foot-traffic counter for an online business: rising MAUs suggest growing reach and potential sales, while falling MAUs can signal weakening engagement and future revenue risk. It helps gauge how well a company attracts and retains real, repeat customers over time.

senior notes financial

"press release titled “Baidu Announces Pricing of CNY4.4 Billion CNY-denominated Senior Notes.”"

Senior notes are a type of loan that a company borrows from investors, promising to pay it back with interest. They are called "senior" because in case the company faces financial trouble, these lenders are paid back before others. This makes senior notes safer for investors compared to other types of loans or bonds.

foundation model technical

"released an updated version of ERNIE 5.0, its native omni-modal foundation model in January"

A foundation model is a large artificial intelligence system trained on vast, diverse data so it can be adapted to many tasks—like a universal engine that can be tuned to drive different products or services. Investors care because these models can lower the cost and time to build new AI-enabled offerings, create competitive advantages or concentration risks, and drive capital needs for compute, talent and regulation that affect company value.

operating cash flow financial

"Operating cash flow was RMB2.6 billion ($373 million)."

Operating cash flow is the amount of money a company earns from its main business activities, like selling products or services. It shows how well the company can generate cash to pay bills, invest in growth, or return money to shareholders. This figure helps investors understand if the company’s core operations are healthy and sustainable.

AI-generated analysis. Not financial advice.

BEIJING, Feb. 26, 2026 /PRNewswire/ -- Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888 (HKD Counter) and 89888 (RMB Counter)), ("Baidu" or the "Company"), a leading AI company with strong Internet foundation, today announced its unaudited financial results for the quarter and fiscal year ended December 31, 2025.

"2025 marked a pivotal year as AI became the new core of Baidu. AI Cloud Infra gained strong momentum, with our differentiated full-stack end-to-end AI capabilities earning growing enterprise recognition. Our portfolio of AI applications continued to scale, addressing diverse needs across enterprises and individuals. Apollo Go further reinforced its global leadership, operating at industry-leading scales while accelerating international expansion into new markets. Meanwhile, AI-native Marketing Services continued to grow, unlocking new possibilities for the long term," said Robin Li, Co-founder and CEO of Baidu. "As our AI-first strategy takes clear shape, we're confident in our ability to create lasting value in the AI era."

"We delivered several key achievements this quarter. First, revenue from Baidu Core AI-powered Business^[1] exceeded RMB 11 billion in Q4, accounting for 43% of Baidu General Business^[2] revenue. Second, total revenue of Baidu General Business grew 6% sequentially and Non-GAAP operating income of Baidu General Business increased 28% quarter over quarter to RMB 2.8 billion. Third, operating cash flow for Baidu turned positive in the second half of 2025, generating RMB 3.9 billion combined, compared to negative cash flow in the first half. Fourth, the Kunlunxin spin-off and separate listing is progressing, which we believe will unlock significant value for shareholders. Finally, we announced a new share repurchase program with up to US$5 billion authorization and introduced our first-ever dividend policy, with the first payment potentially to be made by year-end 2026." said Haijian He, CFO of Baidu.

Operational Highlights^[1]

The following table sets forth selected revenue highlights for our Baidu Core AI-powered Business for the periods indicated:

	Q3		Q4		FY		FY
(In billions)	2025		2025		2024		2025		YoY
	RMB		RMB		RMB		RMB
Baidu Core AI-powered Business	9.6		11.3		27.0		40.0		48 %
- AI Cloud Infra	4.2		5.8		14.8		19.8		34 %
- AI Applications	2.6		2.7		9.8		10.2		5 %
- AI-native Marketing Services	2.8		2.7		2.4		9.8		301 %
% of Baidu General Business	39 %		43 %		26 %		39 %

Corporate

• Baidu's Board of Directors has authorized a new share repurchase program in February 2026, under which the Company may repurchase up to US$5 billion of its shares, effective through December 31, 2028. The Board has also approved, for the first time, the adoption of a dividend policy for the Company's ordinary shares, which may include regular and/or special distributions of dividends.
• Baidu announced its proposed spin-off and separate listing of Kunlunxin in January 2026.
• Baidu released an updated version of ERNIE 5.0, its native omni-modal foundation model in January 2026.
• Baidu earned a position in the global edition of the S&P Global Sustainability Yearbook 2026, demonstrating its further advancement in ESG performance. The selection stems from a comprehensive evaluation of 9,200 companies globally as part of the S&P Global 2025 Corporate Sustainability Assessment, underscoring Baidu's sustainability practices.

Baidu Core AI-powered Business

AI Cloud Infra

• Revenue from AI Cloud Infra was RMB 5.8 billion in the fourth quarter of 2025, with subscription-based revenue from AI accelerator infrastructure increasing by 143% year over year.
• Revenue from AI Cloud Infra was approximately RMB 20 billion for the full year 2025, up 34% year over year.

AI Applications

• Revenue from AI Applications was RMB 2.7 billion in the fourth quarter of 2025, with full year 2025 revenue exceeding RMB 10 billion.
• Miaoda, Baidu's vibe coding platform, demonstrates industry-leading performance in platform capabilities and application quality, according to IDC's 2025 China No-Code Generative AI Application Development Platform Report, issued in November 2025.
• Baidu established the Personal Super Intelligence Business Group (PSIG), integrating Baidu Wenku and Baidu Drive to accelerate AI application innovation.

Robotaxi

• In the fourth quarter of 2025, Apollo Go, Baidu's autonomous ride-hailing service, delivered 3.4 million fully driverless operational rides with weekly rides peaking at over 300,000 during the quarter. Total rides increased by over 200% year over year. As of February 2026, cumulative rides provided to the public by Apollo Go exceeded 20 million.
• Apollo Go accelerated its global footprint across multiple markets. In the UK, Apollo Go advanced partnerships with Uber and Lyft to pilot autonomous vehicles in London. In Switzerland, Apollo Go initiated testing in St. Gallen. In the Middle East, Apollo Go officially launched fully autonomous ride-hailing services in Abu Dhabi with AutoGo, secured Dubai's first fully driverless testing permit, and partnered with Uber to bring Apollo Go to the Uber platform in Dubai. In Asia, Apollo Go entered the South Korean market, starting with the Seoul metropolitan area. Apollo Go also expanded its Hong Kong testing into new districts and initiated cross-district testing.
• As of February 2026, Apollo Go's global footprint reached 26 cities. To date, Apollo Go fleets have accumulated over 300 million autonomous kilometers, including over 190 million fully driverless autonomous kilometers, with an outstanding safety record.

AI-native Marketing Services

• Revenue from AI-native marketing services reached RMB 2.7 billion in the fourth quarter of 2025, up 110% year over year.
• Baidu App's MAUs reached 679 million in December 2025, remaining flat year over year.
• ERNIE Assistant's MAU reached 202 million in December 2025.

[1] The revenue and operational data presented are derived from the Company's internal management accounts and records, which have not been audited. [2] Starting this quarter, we redefined Baidu Core as Baidu General Business. Baidu General Business includes Baidu Core AI-powered Business, Legacy Business, and Others. Legacy Business mainly consists of traditional advertising services across Search, Feed and other properties. Fourth quarter 2025 revenues from Baidu Core AI-powered Business, Legacy Business, and Others were RMB 11.3 billion, RMB 12.3 billion, and RMB 2.5 billion, respectively, derived from the Company's internal management accounts and records, which have not been audited.

Fourth Quarter 2025 Financial Results for Baidu^[3],[4],[5]

Total revenues were RMB32.7 billion ($4.68 billion), increasing 5% quarter over quarter, primarily due to an increase in Baidu Core AI-powered Business.

Cost of revenues was RMB18.3 billion ($2.61 billion), which remained flat quarter over quarter.

Selling, general and administrative expenses were RMB7.4 billion ($1.06 billion), increasing 12% quarter over quarter, primarily due to an increase in expected credit losses.

Research and development expenses were RMB5.6 billion ($800 million), increasing 8% quarter over quarter, primarily due to one-time employee severance costs to improve efficiency.

Operating income was RMB1.5 billion ($212 million) and operating margin was 5%. Non-GAAP operating income was RMB3.0 billion ($424 million) and non-GAAP operating margin was 9%.

Total other income, net was RMB1.2 billion ($178 million), compared to RMB1.9 billion last quarter.

Income tax expense was RMB1.0 billion ($147 million), compared to income tax benefit of RMB1.8 billion last quarter.

Net income attributable to Baidu was RMB1.8 billion ($255 million), net margin for Baidu was 5% and diluted earnings per ADS was RMB3.71 ($0.53). Non-GAAP net income attributable to Baidu was RMB3.9 billion ($559 million), non-GAAP net margin for Baidu was 12% and non-GAAP diluted earnings per ADS was RMB10.62 ($1.52).

Adjusted EBITDA was RMB4.7 billion ($676 million) and adjusted EBITDA margin was 14%.

We define total cash and investments as cash, cash equivalents, restricted cash, short-term investments, net, long-term time deposits and held-to-maturity investments, and adjusted long-term investments. As of December 31, 2025, total cash and investments were RMB294.1 billion ($42.06 billion). Operating cash flow was RMB2.6 billion ($373 million).

[3] Starting this quarter, we focused on the quarter-over-quarter fluctuation for the quarterly results to present a more meaningful perspective of our financial information. [4] Unless otherwise noted, RMB to USD was converted at an exchange rate of RMB6.9931 as of December 31, 2025, as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. Translations are provided solely for the convenience of the reader. [5] Non-GAAP measures are defined in the Non-GAAP Financial Measures section (see also "Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures" for more details).

Fiscal Year 2025 Results for Baidu^[4],[5]

Total revenues were RMB129.1 billion ($18.46 billion), decreasing 3% year over year, primarily due to a decrease in Legacy Business, partially offset by an increase in Baidu Core AI-powered Business.

Cost of revenues was RMB72.4 billion ($10.36 billion), increasing 10% year over year, primarily due to an increase in costs related to Baidu Core AI-powered business.

Selling, general and administrative expenses were RMB25.8 billion ($3.70 billion), increasing 9% year over year, primarily due to an increase in channel spending expenses and expected credit losses.

Research and development expenses were RMB20.4 billion ($2.92 billion), decreasing 8% year over year, primarily due to a decrease in personnel-related expenses.

Impairment of long-lived assets was RMB16.2 billion ($2.32 billion), attributable to an impairment loss of Core asset group.

Operating loss was RMB5.8 billion ($833 million) and operating loss margin was 5%. Excluding impairment of long-lived assets, operating income was RMB10.4 billion ($1.48 billion). Non-GAAP operating income was RMB15.0 billion ($2.14 billion) and operating margin was 12%.

Total other income, net was RMB12.5 billion ($1.79 billion), compared to RMB7.4 billion in the same period last year.

Income tax expense was RMB1.3 billion ($180 million), compared to RMB4.4 billion in the same period last year.

Net income attributable to Baidu was RMB5.6 billion ($799 million), net margin for Baidu was 4% and diluted earnings per ADS was RMB11.78 ($1.68). Excluding the impact of impairment of long-lived assets, net income attributable to Baidu was RMB19.4 billion ($2.77 billion). Non-GAAP net income attributable to Baidu was RMB18.9 billion ($2.71 billion), non-GAAP net margin for Baidu was 15% and non-GAAP diluted earnings per ADS was RMB53.41 ($7.64).

Adjusted EBITDA was RMB22.9 billion ($3.27 billion) and adjusted EBITDA margin was 18%.

Operating cash flow was negative RMB3.0 billion (negative $431 million), which remained positive for the past two consecutive quarters.

For detailed financial information of Baidu General Business and iQIYI, please see the appended financial tables.

[4] Unless otherwise noted, RMB to USD was converted at an exchange rate of RMB6.9931 as of December 31, 2025, as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. Translations are provided solely for the convenience of the reader. [5] Non-GAAP measures are defined in the Non-GAAP Financial Measures section (see also "Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures" for more details).

Conference Call Information

Baidu's management will hold an earnings conference call at 7:30 AM on Feb 26, 2026, U.S. Eastern Time (8:30 PM on Feb 26, 2026, Beijing Time).

Please register in advance of the conference call using the link provided below. It will automatically direct you to the registration page of "Baidu Inc. Q4 2025 Earnings Conference Call". Please follow the steps to enter your registration details, then click "Register". Upon registering, you will then be provided with the dial-in number, the passcode, and your unique access PIN. This information will also be emailed to you as a calendar invite.

For pre-registration, please click:
https://s1.c-conf.com/diamondpass/10052617-fv4jhm.html

In the 10 minutes prior to the call start time, you may use the conference access information (including dial-in number(s), the passcode and unique access PIN) provided in the calendar invite that you have received following your pre-registration.

Additionally, a live and archived webcast of this conference call will be available at https://ir.baidu.com.

About Baidu

Founded in 2000, Baidu's mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong Internet foundation, trading on NASDAQ under "BIDU" and HKEX under "9888". One Baidu ADS represents eight Class A ordinary shares.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Among other things, Baidu's and other parties' strategic and operational plans, contain forward-looking statements. Baidu may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in announcements made on the website of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Baidu's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Baidu's growth strategies; its future business development, including development of new products and services; its ability to attract and retain users and customers; competition in the Chinese Internet search and newsfeed market; competition for online marketing customers; changes in the Company's revenues and certain cost or expense items as a percentage of its revenues; the outcome of ongoing, or any future, litigation or arbitration, including those relating to intellectual property rights; the expected growth of the Chinese-language Internet search and newsfeed market and the number of Internet and broadband users in China; Chinese governmental policies relating to the Internet and Internet search providers, and general economic conditions in China and elsewhere. Further information regarding these and other risks is included in the Company's annual report on Form 20-F and other documents filed with the Securities and Exchange Commission, and announcements on the website of the Hong Kong Stock Exchange. Baidu does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of the press release, and Baidu undertakes no duty to update such information, except as required under applicable law.

Non-GAAP Financial Measures

To supplement Baidu's consolidated financial results presented in accordance with GAAP, Baidu uses the following non-GAAP financial measures: non-GAAP operating income, non-GAAP operating margin, non-GAAP net income attributable to Baidu, non-GAAP net margin, non-GAAP diluted earnings per ADS, adjusted EBITDA, adjusted EBITDA margin, adjusted long-term investments and free cash flow. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

Baidu believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding certain items that may not be indicative of its recurring core business operating results, such as operating performance excluding non-cash charges or non-operating in nature. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management's internal comparisons to Baidu's historical performance and liquidity. The Company believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using these non-GAAP financial measures is that these non-GAAP measures exclude certain items that have been and will continue to be for the foreseeable future a significant component in the Company's results of operations. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company's data.

Non-GAAP operating income represents operating income excluding share-based compensation expenses, amortization and impairment of intangible assets resulting from business combinations, impairment of long-lived assets, and one-time employee severance costs.

Non-GAAP net income attributable to Baidu represents net income attributable to Baidu excluding share-based compensation expenses, amortization and impairment of intangible assets resulting from business combinations, impairment of long-lived assets, one-time employee severance costs, disposal gain or loss, impairment of long-term investments, and fair value gain or loss of long-term investments and exchangeable bonds, adjusted for related income tax effects. Baidu's share of equity method investments for these non-GAAP reconciling items, amortization and impairment of intangible assets not on the investees' books, accretion of their redeemable non-controlling interests, and the gain or loss associated with the issuance of shares by the investees at a price higher or lower than the carrying value per share, adjusted for related income tax effects, are also excluded.

Non-GAAP diluted earnings per ADS represents diluted earnings per ADS calculated by dividing non-GAAP net income attributable to Baidu, by the weighted average number of ordinary shares expressed in ADS. Adjusted EBITDA represents non-GAAP operating income excluding depreciation of fixed assets, and amortization of intangible assets excluding those resulting from business combinations. Adjusted long-term investments represent long-term investments, net, with publicly listed equity method investments adjusted to fair value based on quoted market prices.

For more information on non-GAAP financial measures, please see the tables captioned "Reconciliations of non-GAAP financial measures to the nearest comparable GAAP measure."

 

Baidu, Inc.
Condensed Consolidated Statements of  Income
(In millions except for per share (or ADS) information, unaudited)
		Three Months Ended								Twelve Months Ended
		December 31,		September 30,		December 31,		December 31,		December 31,		December 31,		December 31,
		2024		2025		2025		2025		2024		2025		2025
		RMB		RMB		RMB		US$(2)		RMB		RMB		US$(2)
Revenue		34,124		31,174		32,740		4,682		133,125		129,079		18,458
Costs and expenses:
Cost of revenue(1)		18,014		18,315		18,277		2,614		66,102		72,436		10,358
Selling, general and administrative(1)		6,678		6,581		7,389		1,056		23,620		25,843		3,696
Research and development(1)		5,515		5,179		5,591		800		22,133		20,433		2,922
Impairment of long-lived assets		-		16,190		-		-		-		16,190		2,315
Total costs and expenses		30,207		46,265		31,257		4,470		111,855		134,902		19,291
Operating income (loss)		3,917		(15,091)		1,483		212		21,270		(5,823)		(833)
Other income:
Interest income		2,001		1,930		2,051		293		7,962		8,602		1,230
Interest expense		(643)		(631)		(651)		(93)		(2,824)		(2,784)		(398)
Foreign exchange gain (loss), net		1,678		(357)		(1,054)		(151)		1,076		(2,242)		(321)
Share of earnings (losses) from equity method investments		(399)		735		1,193		171		(691)		3,196		457
Others, net		23		269		(296)		(42)		1,829		5,767		825
Total other income, net		2,660		1,946		1,243		178		7,352		12,539		1,793
Income (loss) before income taxes		6,577		(13,145)		2,726		390		28,622		6,716		960
Income tax expense (benefit)		1,619		(1,828)		1,029		147		4,447		1,259		180
Net income (loss)		4,958		(11,317)		1,697		243		24,175		5,457		780
Net income (loss) attributable to noncontrolling interests		(234)		(85)		(85)		(12)		415		(132)		(19)
Net income (loss) attributable to Baidu		5,192		(11,232)		1,782		255		23,760		5,589		799
Earnings (loss) per ADS (1 ADS representing 8 Class A ordinary shares):
-Basic		14.41		(33.88)		4.48		0.64		66.40		13.67		1.95
-Diluted		14.26		(33.88)		3.71		0.53		65.91		11.78		1.68
Earnings (loss) per share for Class A and Class B ordinary shares:
-Basic		1.80		(4.23)		0.56		0.08		8.31		1.71		0.24
-Diluted		1.78		(4.23)		0.46		0.07		8.24		1.47		0.21
Weighted average number of Class A and Class B ordinary shares outstanding (in millions):
-Basic		2,775		2,713		2,721		2,721		2,790		2,726		2,726
-Diluted		2,783		2,713		2,758		2,758		2,798		2,744		2,744
(1) Includes share-based compensation expenses as follows:
Cost of revenue		103		113		79		11		461		389		56
Selling, general and administrative		297		340		252		36		1,427		1,181		169
Research and development		685		591		398		58		2,896		2,035		292
Total share-based compensation expenses		1,085		1,044		729		105		4,784		3,605		517
(2) All translations from RMB to U.S. dollars are made at a rate of RMB6.9931 to US$1.00, the exchange rate in effect as of December 31, 2025 as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System.

 

 

Baidu, Inc.
Condensed Consolidated Balance Sheets
(In millions, unaudited)
		December 31,		December 31,		December 31,
		2024		2025		2025
		RMB		RMB		US$
ASSETS
Current assets:
Cash and cash equivalents		24,832		24,606		3,519
Restricted cash		11,697		225		32
Short-term investments, net		102,608		90,661		12,964
Accounts receivable, net		10,104		12,972		1,855
Amounts due from related parties		790		761		109
Other current assets, net		18,818		22,745		3,253
Total current assets		168,849		151,970		21,732
Non-current assets:
Fixed assets, net		30,102		26,281		3,758
Licensed copyrights, net		6,930		5,963		853
Produced content, net		14,695		14,575		2,084
Intangible assets, net		772		3,891		556
Goodwill		22,586		36,783		5,260
Long-term investments, net		41,721		44,918		6,423
Long-term time deposits and held-to-maturity investments		98,535		123,862		17,712
Amounts due from related parties		137		167		24
Deferred tax assets, net		2,193		4,582		655
Operating lease right-of-use assets		10,898		8,610		1,231
Receivables related to the proposed acquisition of YY Live, net		13,547		-		-
Other non-current assets		16,815		27,555		3,941
Total non-current assets		258,931		297,187		42,497
Total assets		427,780		449,157		64,229
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Current liabilities:
Short-term loans		10,669		7,626		1,091
Accounts payable and accrued liabilities		41,443		38,891		5,561
Customer deposits and deferred revenue		14,624		13,051		1,866
Deferred income		684		531		76
Long-term loans, current portion		168		14,765		2,111
Convertible senior notes, current portion		242		1,459		209
Notes payable, current portion		8,026		4,560		652
Amounts due to related parties		1,794		1,988		284
Operating lease liabilities		3,303		3,457		494
Total current liabilities		80,953		86,328		12,344
Non-current liabilities:
Deferred income		231		198		28
Deferred revenue		585		723		103
Amounts due to related parties		56		36		5
Long-term loans		15,596		3,369		482
Notes payable		27,996		51,021		7,296
Convertible senior notes		8,351		6,712		960
Deferred tax liabilities		3,870		4,985		713
Operating lease liabilities		4,973		4,108		587
Other non-current liabilities		1,557		1,951		280
Total non-current liabilities		63,215		73,103		10,454
Total liabilities		144,168		159,431		22,798
Redeemable noncontrolling interests		9,870		13,166		1,883
Equity
Total Baidu shareholders' equity		263,620		266,330		38,085
Noncontrolling interests		10,122		10,230		1,463
Total equity		273,742		276,560		39,548
Total liabilities, redeemable noncontrolling interests, and equity		427,780		449,157		64,229

 

 

Baidu, Inc.
Selected Information
(In millions, unaudited)
		Three months ended						Three months ended						Three months ended						Three months ended
		December 31, 2024 (RMB)						September 30, 2025 (RMB)						December 31, 2025 (RMB)						December 31, 2025 (US$)
		Baidu General Business	iQIYI	Elim & adj(2)		Baidu, Inc.		Baidu General Business	iQIYI	Elim & adj(2)		Baidu, Inc.		Baidu General Business	iQIYI	Elim & adj(2)		Baidu, Inc.		Baidu General Business	iQIYI	Elim & adj(2)		Baidu, Inc.
Revenue		27,698	6,613	(187)		34,124		24,659	6,682	(167)		31,174		26,112	6,794	(166)		32,740		3,734	972	(24)		4,682
YOY														(6 %)	3 %			(4 %)
QOQ														6 %	2 %			5 %
Costs and expenses:
Cost of revenue(1)		13,180	4,995	(161)		18,014		12,996	5,467	(148)		18,315		13,042	5,376	(141)		18,277		1,865	769	(20)		2,614
Selling, general and administrative(1)		5,816	882	(20)		6,678		5,677	925	(21)		6,581		6,455	946	(12)		7,389		923	135	(2)		1,056
Research and development(1)		5,064	451	-		5,515		4,767	412	-		5,179		5,174	417	-		5,591		740	60	-		800
Impairment of long-lived assets		-	-	-		-		16,190	-	-		16,190		-	-	-		-		-	-	-		-
Total costs and expenses		24,060	6,328	(181)		30,207		39,630	6,804	(169)		46,265		24,671	6,739	(153)		31,257		3,528	964	(22)		4,470
YOY
Cost of revenue														(1 %)	8 %			1 %
Selling, general and administrative														11 %	7 %			11 %
Research and development														2 %	(8 %)			1 %
Impairment of long-lived assets														-	-			-
Costs and expenses														3 %	6 %			3 %
QOQ
Cost of revenue														0 %	(2 %)			(0 %)
Selling, general and administrative														14 %	2 %			12 %
Research and development														9 %	1 %			8 %
Impairment of long-lived assets														(100 %)	-			(100 %)
Costs and expenses														(38 %)	(1 %)			(32 %)
Operating income (loss)		3,638	285	(6)		3,917		(14,971)	(122)	2		(15,091)		1,441	55	(13)		1,483		206	8	(2)		212
YOY														(60 %)	(81 %)			(62 %)
QOQ														-	-			-
Operating margin		13 %	4 %			11 %		(61 %)	(2 %)			(48 %)		6 %	1 %			5 %
Add: total other income (loss), net		3,125	(465)	-		2,660		2,031	(85)	-		1,946		1,270	(27)	-		1,243		182	(4)	-		178
Less: income tax expense (benefit)		1,612	7	-		1,619		(1,868)	40	-		(1,828)		993	36	-		1,029		142	5	-		147
Less: net income (loss) attributable to NCI		(132)	2	(104)(3)		(234)		49	2	(136)(3)		(85)		(79)	(2)	(4)(3)		(85)		(11)	-	(1)(3)		(12)
Net income (loss) attributable to Baidu		5,283	(189)	98		5,192		(11,121)	(249)	138		(11,232)		1,797	(6)	(9)		1,782		257	(1)	(1)		255
YOY														(66 %)	(97 %)			(66 %)
QOQ														-	(98 %)			-
Net margin		19 %	(3 %)			15 %		(45 %)	(4 %)			(36 %)		7 %	(0 %)			5 %
Non-GAAP financial measures:
Operating income (loss) (non-GAAP)		4,647	406			5,047		2,225	(22)			2,205		2,837	143			2,967		406	20			424
YOY														(39 %)	(65 %)			(41 %)
QOQ														28 %	-			35 %
Operating margin (non-GAAP)		17 %	6 %			15 %		9 %	(0 %)			7 %		11 %	2 %			9 %
Net income (loss) attributable to Baidu (non-GAAP)		6,741	(59)			6,709		3,836	(148)			3,770		3,869	109			3,907		553	14			559
YOY														(43 %)	-			(42 %)
QOQ														1 %	-			4 %
Net margin (non-GAAP)		24 %	(1 %)			20 %		16 %	(2 %)			12 %		15 %	2 %			12 %
Adjusted EBITDA		6,516	444			6,954		4,398	30			4,429		4,544	196			4,727		650	28			676
YOY														(30 %)	(56 %)			(32 %)
QOQ														3 %	553 %			7 %
Adjusted EBITDA margin		24 %	7 %			20 %		18 %	0 %			14 %		17 %	3 %			14 %
(1) Includes share-based compensation as follows:
Cost of revenue		74	29			103		83	30			113		56	23			79		8	3			11
Selling, general and administrative		240	57			297		304	36			340		219	33			252		31	5			36
Research and development		652	33			685		559	32			591		368	30			398		54	4			58
Total share-based compensation		966	119			1,085		946	98			1,044		643	86			729		93	12			105
(2) Relates to intersegment eliminations and adjustments
(3) Relates to the net income attributable to iQIYI noncontrolling interests

 

 

Baidu, Inc.
Selected Information
(In millions except for per ADS information, unaudited)
		Twelve months ended						Twelve months ended						Twelve months ended
		December 31, 2024 (RMB)						December 31, 2025 (RMB)						December 31, 2025 (US$)
		Baidu General Business	iQIYI	Elim & adj(2)		Baidu, Inc.		Baidu General Business	iQIYI	Elim & adj(2)		Baidu, Inc.		Baidu General Business	iQIYI	Elim & adj(2)		Baidu, Inc.
Revenue		104,712	29,225	(812)		133,125		102,485	27,290	(696)		129,079		14,655	3,902	(99)		18,458
YOY								(2 %)	(7 %)			(3 %)
Costs and expenses:
Cost of revenue(1)		44,830	21,954	(682)		66,102		51,498	21,541	(603)		72,436		7,364	3,080	(86)		10,358
Selling, general and administrative(1)		20,049	3,682	(111)		23,620		22,071	3,857	(85)		25,843		3,156	552	(12)		3,696
Research and development(1)		20,355	1,778	-		22,133		18,770	1,663	-		20,433		2,684	238	-		2,922
Impairment of long-lived assets		-	-	-		-		16,190	-	-		16,190		2,315	-	-		2,315
Total costs and expenses		85,234	27,414	(793)		111,855		108,529	27,061	(688)		134,902		15,519	3,870	(98)		19,291
YOY
Cost of revenue								15 %	(2 %)			10 %
Selling, general and administrative								10 %	5 %			9 %
Research and development								(8 %)	(6 %)			(8 %)
Impairment of long-lived assets								-	-			-
Cost and expenses								27 %	(1 %)			21 %
Operating income (loss)		19,478	1,811	(19)		21,270		(6,044)	229	(8)		(5,823)		(864)	32	(1)		(833)
YOY								-	(87 %)			-
Operating margin		19 %	6 %			16 %		(6 %)	1 %			(5 %)
Add: total other income (loss), net		8,311	(959)	-		7,352		12,828	(289)	-		12,539		1,834	(41)	-		1,793
Less: income tax expense		4,386	61	-		4,447		1,115	144	-		1,259		159	21	-		180
Less: net income (loss) attributable to NCI		(28)	27	416(3)		415		(22)	3	(113)(3)		(132)		(3)	-	(16)(3)		(19)
Net income (loss) attributable to Baidu		23,431	764	(435)		23,760		5,691	(207)	105		5,589		814	(30)	15		799
YOY								(76 %)	(127 %)			(76 %)
Net margin		22 %	3 %			18 %		6 %	(1 %)			4 %
Non-GAAP financial measures:
Operating income (non-GAAP)		23,890	2,363			26,234		14,319	639			14,950		2,048	91			2,138
YOY								(40 %)	(73 %)			(43 %)
Operating margin (non-GAAP)		23 %	8 %			20 %		14 %	2 %			12 %
Net income attributable to Baidu (non-GAAP)		26,335	1,512			27,002		18,827	280			18,941		2,692	39			2,709
YOY								(29 %)	(81 %)			(30 %)
Net margin (non-GAAP)		25 %	5 %			20 %		18 %	1 %			15 %
Adjusted EBITDA		30,587	2,510			33,078		22,051	815			22,857		3,153	117			3,269
YOY								(28 %)	(68 %)			(31 %)
Adjusted EBITDA margin		29 %	9 %			25 %		22 %	3 %			18 %
(1) Includes share-based compensation as follows:
Cost of revenue		340	121			461		277	112			389		40	16			56
Selling, general and administrative		1,153	274			1,427		1,018	163			1,181		146	23			169
Research and development		2,746	150			2,896		1,908	127			2,035		273	19			292
Total share-based compensation		4,239	545			4,784		3,203	402			3,605		459	58			517
(2) Relates to intersegment eliminations and adjustments
(3) Relates to the net loss attributable to iQIYI noncontrolling interests

 

 

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

 

 

Baidu, Inc.
Condensed Consolidated Statements of Cash Flows
(In millions,unaudited)
		Twelve months ended				Twelve months ended				Twelve months ended
		December 31, 2024 (RMB)				December 31, 2025 (RMB)				December 31, 2025 (US$)
		Baidu excl.  iQIYI	iQIYI	Baidu, Inc.		Baidu excl.  iQIYI	iQIYI	Baidu, Inc.		Baidu excl.  iQIYI	iQIYI	Baidu, Inc.
Net cash provided by (used in) operating activities		19,126	2,108	21,234		(3,119)	106	(3,013)		(446)	15	(431)
Net cash used in investing activities		(6,110)	(2,445)	(8,555)		(24,809)	(327)	(25,136)		(3,547)	(47)	(3,594)
Net cash provided by (used in) financing activities		(12,391)	(1,368)	(13,759)		16,078	1,064	17,142		2,299	152	2,451
Effect of exchange rate changes on cash, cash equivalents and restricted cash		81	14	95		(696)	(55)	(751)		(101)	(6)	(107)
Net increase (decrease) in cash, cash equivalents and restricted cash		706	(1,691)	(985)		(12,546)	788	(11,758)		(1,795)	114	(1,681)
Cash, cash equivalents and restricted cash
At beginning of period		32,293	5,281	37,574		32,999	3,590	36,589		4,719	513	5,232
At end of period		32,999	3,590	36,589		20,453	4,378	24,831		2,924	627	3,551
Net cash provided by (used in) operating activities		19,126	2,108	21,234		(3,119)	106	(3,013)		(446)	15	(431)
Less: Capital expenditures		(8,055)	(79)	(8,134)		(11,978)	(95)	(12,073)		(1,712)	(14)	(1,726)
Free cash flow		11,071	2,029	13,100		(15,097)	11	(15,086)		(2,158)	1	(2,157)
Note: Baidu excl. iQIYI represents Baidu, Inc. minus iQIYI's consolidated cash flows.

 

 

Baidu, Inc.
Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures
(In millions except for per ADS information, unaudited)
		Three months ended				Three months ended				Three months ended				Three months ended
		December 31, 2024 (RMB)				September 30, 2025 (RMB)				December 31, 2025 (RMB)				December 31, 2025 (US$)
		Baidu General Business	iQIYI	Baidu, Inc.		Baidu General Business	iQIYI	Baidu, Inc.		Baidu General Business	iQIYI	Baidu, Inc.		Baidu General Business	iQIYI	Baidu, Inc.
Operating income (loss)		3,638	285	3,917		(14,971)	(122)	(15,091)		1,441	55	1,483		206	8	212
Add: Share-based compensation expenses		966	119	1,085		946	98	1,044		643	86	729		93	12	105
Add: Amortization and impairment of intangible assets resulting from business combinations		43	2	45		60	2	62		45	2	47		6	-	6
Add: Impairment of long-lived assets		-	-	-		16,190	-	16,190		-	-	-		-	-	-
Add: One-time employee severance costs		-	-	-		-	-	-		708	-	708		101	-	101
Operating income (loss) (non-GAAP)		4,647	406	5,047		2,225	(22)	2,205		2,837	143	2,967		406	20	424
Add:  Depreciation of fixed assets and amortization of intangible assets(1)		1,869	38	1,907		2,173	52	2,224		1,707	53	1,760		244	8	252
Adjusted EBITDA		6,516	444	6,954		4,398	30	4,429		4,544	196	4,727		650	28	676
Net income (loss) attributable to Baidu		5,283	(189)	5,192		(11,121)	(249)	(11,232)		1,797	(6)	1,782		257	(1)	255
Add: Share-based compensation expenses		965	119	1,019		945	98	989		642	86	681		92	12	98
Add: Amortization and impairment of intangible assets resulting from business combinations		41	2	42		58	2	59		43	2	44		6	-	6
Add: Impairment of long-lived assets		-	-	-		16,190	-	16,190		-	-	-		-	-	-
Add: One-time employee severance costs		-	-	-		-	-	-		708	-	708		101	-	101
Add: Disposal loss (gain)		7	-	7		(101)	-	(101)		31	-	31		4	-	4
Add: Impairment of long-term investments		84	14	90		97	-	97		59	10	64		8	1	9
Add: Fair value loss (gain) of long-term investments and exchangeable bonds		(288)	(5)	(290)		279	1	279		923	17	931		132	2	133
Add: Reconciling items on equity method investments(2)		679	-	679		15	-	15		(431)	-	(431)		(62)	-	(62)
Add: Tax effects on non-GAAP adjustments(3)		(30)	-	(30)		(2,526)	-	(2,526)		97	-	97		15	-	15
Net income (loss) attributable to Baidu (non-GAAP)		6,741	(59)	6,709		3,836	(148)	3,770		3,869	109	3,907		553	14	559
Diluted earnings (loss) per ADS				14.26				(33.88)				3.71				0.53
Add:  Accretion of the redeemable noncontrolling interests				0.55				0.75				0.75				0.11
Add:  Non-GAAP adjustments to earnings per ADS				4.37				44.25				6.16				0.88
Diluted earnings per ADS (non-GAAP)				19.18				11.12				10.62				1.52
(1) This represents amortization of intangible assets excluding those resulting from business combinations.
(2) This represents Baidu's share of equity method investments for other non-GAAP reconciling items, amortization and impairment of intangible assets not on the investee's books, accretion of their redeemable noncontrolling interests, and the gain or loss associated with the issuance of shares by the investees at a price higher or lower than the carrying value per share.
(3) This represents tax impact of all non-GAAP adjustments.

 

 

Baidu, Inc.
Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures
(In millions except for per ADS information, unaudited)
		Twelve months ended				Twelve months ended				Twelve months ended
		December 31, 2024 (RMB)				December 31, 2025 (RMB)				December 31, 2025 (US$)
		Baidu General Business	iQIYI	Baidu, Inc.		Baidu General Business	iQIYI	Baidu, Inc.		Baidu General Business	iQIYI	Baidu, Inc.
Operating income (loss)		19,478	1,811	21,270		(6,044)	229	(5,823)		(864)	32	(833)
Add: Share-based compensation expenses		4,239	545	4,784		3,203	402	3,605		459	58	517
Add: Amortization and impairment of intangible assets resulting from business combinations		173	7	180		262	8	270		37	1	38
Add: Impairment of long-lived assets		-	-	-		16,190	-	16,190		2,315	-	2,315
Add: One-time employee severance costs		-	-	-		708	-	708		101	-	101
Operating income (non-GAAP)		23,890	2,363	26,234		14,319	639	14,950		2,048	91	2,138
Add:  Depreciation of fixed assets and amortization of intangible assets(1)		6,697	147	6,844		7,732	176	7,907		1,105	26	1,131
Adjusted EBITDA		30,587	2,510	33,078		22,051	815	22,857		3,153	117	3,269
Net income (loss) attributable to Baidu		23,431	764	23,760		5,691	(207)	5,589		814	(30)	799
Add: Share-based compensation expenses		4,235	545	4,482		3,199	402	3,381		457	57	484
Add: Amortization and impairment of intangible assets resulting from business combinations		165	7	168		254	8	258		36	1	37
Add: Impairment of long-lived assets		-	-	-		16,190	-	16,190		2,315	-	2,315
Add: One-time employee severance costs		-	-	-		708	-	708		101	-	101
Add: Disposal loss (gain)		(1,982)	22	(1,972)		(423)	-	(428)		(60)	-	(61)
Add: Impairment of long-term investments		172	193	260		257	38	275		37	5	39
Add: Fair value loss (gain) of long-term investments		(393)	(19)	(403)		(4,004)	34	(3,989)		(573)	5	(570)
Add: Reconciling items on equity method investments(2)		1,050	-	1,050		(603)	5	(601)		(86)	1	(86)
Add: Tax effects on non-GAAP adjustments(3)		(343)	-	(343)		(2,442)	-	(2,442)		(349)	-	(349)
Net income attributable to Baidu (non-GAAP)		26,335	1,512	27,002		18,827	280	18,941		2,692	39	2,709
Diluted earnings per ADS				65.91				11.78				1.68
Add:  Accretion of the redeemable noncontrolling interests				1.68				2.71				0.39
Add:  Non-GAAP adjustments to earnings per ADS				9.26				38.92				5.57
Diluted earnings per ADS (non-GAAP)				76.85				53.41				7.64
(1) This represents amortization of intangible assets excluding those resulting from business combinations.
(2) This represents Baidu's share of equity method investments for other non-GAAP reconciling items, amortization and impairment of intangible assets not on the investee's books, accretion of their redeemable noncontrolling interests, and the gain or loss associated with the issuance of shares by the investees at a price higher or lower than the carrying value per share.
(3) This represents tax impact of all non-GAAP adjustments.

 

 

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SOURCE Baidu, Inc.

FAQ

What were Baidu (BIDU) Q4 2025 revenues and key margins?

Baidu reported Q4 2025 revenue of RMB32.7 billion with a 5% sequential increase. According to the company, Q4 operating margin was 5% and non-GAAP operating margin was 9%, reflecting stronger AI-powered business performance and margin recovery.

How much did Baidu's Core AI-powered Business generate in FY2025 (BIDU)?

Baidu's Core AI-powered Business generated RMB40.0 billion for fiscal 2025, up 48% year over year. According to the company, this includes AI Cloud Infra, AI Applications, and AI-native Marketing Services contributions that scaled materially in 2025.

What is the scope of Baidu's US$5 billion buyback and dividend policy (BIDU)?

Baidu's board authorized a share repurchase program of up to US$5 billion, effective through Dec 31, 2028. According to the company, it also adopted a dividend policy, with a potential first dividend payment by year-end 2026.

Why did Baidu report an operating loss in FY2025 despite non-GAAP profits (BIDU)?

Baidu reported an FY2025 operating loss of RMB5.8 billion primarily due to a RMB16.2 billion impairment of long-lived assets. According to the company, excluding impairment, operating income was RMB10.4 billion and non-GAAP operating income was RMB15.0 billion.

How did Baidu's cash position and operating cash flow look at year-end 2025 (BIDU)?

As of Dec 31, 2025, Baidu held total cash and investments of RMB294.1 billion. According to the company, full-year operating cash flow was negative RMB3.0 billion, while operating cash flow turned positive in the second half, totaling RMB3.9 billion.