Baidu Announces Third Quarter 2025 Results

Rhea-AI Summary

Baidu (NASDAQ: BIDU) reported Q3 2025 results for the quarter ended Sept 30, 2025. Total revenue was RMB31.2 billion (-7% YoY). AI-powered businesses grew >50% YoY to ~RMB10 billion, driven by AI Cloud, AI Applications and AI-native Marketing Services. AI Cloud Infra revenue was RMB4.2 billion (+33% YoY); subscription revenue for AI accelerator infrastructure grew 128% YoY. AI-native Marketing Services revenue was RMB2.8 billion (+262% YoY).

Operating loss was RMB15.1 billion, including an RMB16.2 billion impairment of long-lived assets; excluding impairment, operating income was RMB1.1 billion. Non-GAAP net income was RMB3.8 billion and adjusted EBITDA was RMB4.4 billion. Total cash and investments were RMB296.4 billion as of Sept 30, 2025.

Positive

• AI Cloud Infra revenue RMB4.2B (+33% YoY)
• AI accelerator subscription revenue +128% YoY
• AI-native Marketing Services revenue RMB2.8B (+262% YoY)
• AI-powered businesses ~RMB10B (+>50% YoY)
• Total cash and investments RMB296.4B as of Sept 30, 2025

Negative

• Online marketing revenue RMB15.3B (-18% YoY)
• Operating loss RMB15.1B driven by RMB16.2B impairment
• Adjusted EBITDA down 49% YoY to RMB4.4B

Insights

Equity Analyst

Baidu shows strong AI revenue growth but reported a large GAAP impairment-driven loss; non-GAAP results remain profitable.

Baidu reported total revenues of RMB31.2 billion in Q3 2025, down 7% year‑over‑year, while AI-powered businesses grew over 50% YoY to about RMB10 billion. The company recorded a substantial impairment of long‑lived assets of RMB16.2 billion, driving a GAAP operating loss of RMB15.1 billion and net loss attributable to Baidu of RMB11.2 billion, yet non‑GAAP operating income and adjusted EBITDA remained positive at RMB2.2 billion and RMB4.4 billion, respectively.

The business mechanism is mixed: revenue mix shifts show declining legacy online marketing (RMB15.3 billion, down 18% YoY) but rising non‑online and AI revenues (non‑online up 21% YoY). Costs rose, notably cost of revenues (+12% YoY) tied to AI Cloud and content, and SG&A increased (+12% YoY) due to credit loss provisions and channel spend. The impairment is a single GAAP accounting charge that materially affects reported profitability this quarter but does not reflect ongoing cash generation, as operating cash flow remained positive at RMB1.3 billion.

Key dependencies and risks include execution of AI monetization at scale and the sustainability of high AI revenue growth (AI Cloud Infra RMB4.2 billion, +33% YoY; AI‑native marketing RMB2.8 billion, +262% YoY). Monitor quarterly disclosures of the new AI‑native view, margin trends excluding non‑cash impairment, and operating cash flow in the next two quarters. The near‑term picture is mixed: strong AI traction supports medium‑term prospects, while the large impairment creates short‑term GAAP volatility and investor scrutiny.

BEIJING, Nov. 18, 2025 /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 third quarter ended September 30, 2025.

"In the third quarter, we demonstrated AI's transformative value across our portfolio. AI Cloud maintained solid growth momentum, driven by broadening enterprise adoption of our AI products and solutions. Apollo Go significantly accelerated the scaling of its fully driverless operations and kept advancing global expansion, including entry into Switzerland, all while maintaining industry-leading safety standards. In our Mobile Ecosystem, AI-native monetization products such as agents and digital humans delivered rapid revenue growth, showing strong long-term potential," said Robin Li, Co-founder and CEO of Baidu. "We will continue pioneering AI innovations that create substantial value for users, enterprises, and society, cementing our leadership in the AI era."

"AI Cloud achieved healthy expansion in the third quarter, cushioning the impact from softness in our online marketing business," said Haijian He, CFO of Baidu. "Our strategic AI investments are yielding strong returns. Revenue from AI-powered businesses grew over 50% year-over-year to roughly RMB 10 billion in the third quarter of 2025, laying a solid foundation for sustainable long-term growth."

Third Quarter 2025 Financial Highlights ^[1]

	Baidu, Inc.
(In millions except per ADS, unaudited)	Q3		Q2		Q3
	2024		2025		2025			YOY		QOQ
	RMB		RMB		RMB	US$
Total revenues	33,557		32,713		31,174	4,379		(7 %)		(5 %)
Operating income (loss)	5,925		3,277		(15,091)	(2,120)		-		-
Operating income (non-GAAP) [2]	7,014		4,445		2,205	310		(69 %)		(50 %)
Net income (loss) to Baidu	7,632		7,322		(11,232)	(1,578)		-		-
Net income to Baidu (non-GAAP) [2]	5,886		4,795		3,770	530		(36 %)		(21 %)
Diluted earnings (loss) per ADS	21.60		20.35		(33.88)	(4.76)		-		-
Diluted earnings per ADS (non-GAAP) [2]	16.60		13.58		11.12	1.56		(33 %)		(18 %)
Adjusted EBITDA [2]	8,733		6,492		4,429	622		(49 %)		(32 %)
Adjusted EBITDA margin	26 %		20 %		14 %	14 %
	Baidu Core
	Q3		Q2		Q3
(In millions, unaudited)	2024		2025		2025			YOY		QOQ
	RMB		RMB		RMB	US$
Total revenues	26,524		26,251		24,659	3,464		(7 %)		(6 %)
Operating income  (loss)	5,694		3,322		(14,971)	(2,103)		-		-
Operating income (non-GAAP) [2]	6,652		4,385		2,225	313		(67 %)		(49 %)
Net income  (loss) to Baidu Core	7,536		7,382		(11,121)	(1,562)		-		-
Net income to Baidu Core (non-GAAP) [2]	5,676		4,792		3,836	539		(32 %)		(20 %)
Adjusted EBITDA[2]	8,336		6,397		4,398	618		(47 %)		(31 %)
Adjusted EBITDA margin	31 %		24 %		18 %	18 %

 

[1] Unless otherwise noted, RMB to USD was converted at an exchange rate of RMB7.1190 as of September 30, 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. [2] Non-GAAP measures are defined in the Non-GAAP Financial Measures section (see also "Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures" for more details).

Operational Highlights 

Corporate

• Baidu unveiled ERNIE 5.0, a native omni-modal foundation model, at Baidu World in November 2025. ERNIE 5.0 delivers strong performance across omni-modal understanding, creative writing, and instruction following.
• Baidu received improved ESG evaluations from MSCI, S&P CSA, and Sustainalytics during the third quarter of 2025, reflecting continued progress in sustainability practices.
• Baidu was named to Fortune's Change the World 2025 list, recognized for Apollo Go's safety record and positive social impact.

AI Cloud

• Qianfan, Baidu's MaaS platform, was upgraded to be agent-centric, enhancing its model services and agent development capabilities to accelerate AI-native application development for enterprises.
• In August 2025, Baidu Wenku and Baidu Drive jointly launched GenFlow, a general-purpose agent platform enabling users to complete productivity tasks through multi-agent collaboration and natural language interactions.

Intelligent Driving

• Apollo Go, Baidu's autonomous ride-hailing service, provided 3.1 million fully driverless operational rides in the third quarter of 2025, with year-over-year growth accelerating to 212% from 148% last quarter. In October 2025, Apollo Go's weekly average fully driverless operational rides exceeded 250,000. As of November 2025, the cumulative rides provided to the public by Apollo Go surpassed 17 million.
• Apollo Go continued to advance its global expansion. In Switzerland, Apollo Go established a strategic partnership with PostBus, the leading public transport operator to launch an on-demand autonomous mobility service. In Abu Dhabi, Apollo Go deepened local partnership and received fully driverless commercial operation permits. In Hong Kong, Apollo Go expanded its open-road testing zone to include Kowloon and Kwun Tong District.
• As of October 2025, Apollo Go's global footprint covered 22 cities. In Chinese mainland, Apollo Go has achieved 100% fully driverless operations in all cities where it operates, including Beijing, Shanghai, Shenzhen, Wuhan, Chengdu, Chongqing, Haikou, Sanya, etc. To date, Apollo Go fleets have accumulated 240 million autonomous kilometers, including 140 million fully driverless autonomous kilometers, with an outstanding safety record.

Mobile Ecosystem

• Baidu continued to advance the AI transformation of Baidu Search in the third quarter. In October 2025, roughly 70% of mobile search result pages contained AI-generated content.
• In September 2025, Baidu App's MAUs reached 708 million, up 1% year over year.

AI-powered Businesses (A new AI-native view to provide investors greater visibility into Baidu's AI portfolio)

Based on investor feedback, Baidu is introducing a new AI-native view this quarter that cuts across traditional business groups to better reflect valuation drivers within Baidu's current product portfolio. This view organizes Baidu's business according to the nature of its products and services, revealing a rich array of AI-powered assets company-wide. Going forward, Baidu will provide business updates through this AI-native view on an ongoing basis, while continuing to disclose results under the existing reporting methods.

In the third quarter of 2025, Baidu is disclosing three categories that demonstrated significant revenue contribution:

• AI Cloud Infra – AI infrastructure and platform services within AI Cloud serving enterprises and the public sector. In the third quarter of 2025, revenue from AI Cloud Infra reached RMB 4.2 billion, up 33% year over year, with subscription-based revenue from AI accelerator infrastructure growing 128% year over year.
• AI Applications – AI-native or AI-powered product offerings addressing specific use cases for individuals and enterprises, including our flagship software products such as Baidu Wenku, Baidu Drive, and Digital Employee. Most of Baidu's AI applications are based on sticky subscription models, delivering high-quality revenue. In the third quarter of 2025, revenue from AI Applications reached RMB 2.6 billion, increasing 6% year over year.
• AI-native Marketing Services – AI-native online marketing products and services, including agents and digital humans. AI-native Marketing Services represent a second growth curve beyond Baidu's legacy business, gaining strong traction with customers seeking performance-driven AI-native solutions and willing to pay a premium for cutting-edge AI technologies that enhance productivity and marketing returns. In the third quarter of 2025, revenue from AI-native marketing services reached RMB 2.8 billion, increasing 262% year over year.

Third Quarter 2025 Financial Results

Total revenues were RMB31.2 billion ($4.38 billion), decreasing 7% year over year.

• Revenue from Baidu Core was RMB24.7 billion ($3.46 billion), decreasing 7% year over year; online marketing revenue was RMB15.3 billion ($2.16 billion), decreasing 18% year over year, and non-online marketing revenue was RMB9.3 billion ($1.31 billion), up 21% year over year, primarily driven by the boost of AI Cloud business.
• Revenue from iQIYI was RMB6.7 billion ($939 million), decreasing 8% year over year.

Cost of revenues was RMB18.3 billion ($2.57 billion), increasing 12% year over year, primarily due to an increase in costs related to AI Cloud business and content costs.

Selling, general and administrative expenses were RMB6.6 billion ($924 million), increasing 12% year over year, primarily due to an increase in expected credit losses and channel spending expenses.

Research and development expenses were RMB5.2 billion ($728 million), decreasing 3% year over year.

Impairment of long-lived assets was RMB16.2 billion ($2.27 billion), attributable to an impairment loss of Core asset group.

Operating loss was RMB15.1 billion ($2.12 billion). Baidu Core operating loss was RMB15.0 billion ($2.10 billion), and Baidu Core operating loss margin was 61%. Excluding impairment of long-lived assets, operating income was RMB1.1 billion ($154 million), and Baidu Core operating income was RMB1.2 billion ($171 million). Non-GAAP operating income was RMB2.2 billion ($310 million). Non-GAAP Baidu Core operating income was RMB2.2 billion ($313 million), and non-GAAP Baidu Core operating margin was 9%.

Total other income, net was RMB1.9 billion ($273 million), compared to RMB2.7 billion in the same period last year.

Income tax benefit was RMB1.8 billion ($257 million), compared to income tax expense of RMB814 million in the same period last year.

Net loss attributable to Baidu was RMB11.2 billion ($1.58 billion), and diluted loss per ADS was RMB33.88 ($4.76). Net loss attributable to Baidu Core was RMB11.1 billion ($1.56 billion), and net loss margin for Baidu Core was 45%. Excluding the impact of impairment of long-lived assets, net income attributable to Baidu was RMB2.6 billion ($359 million), and net income attributable to Baidu Core was RMB2.7 billion ($375 million). Non-GAAP net income attributable to Baidu was RMB3.8 billion ($530 million). Non-GAAP diluted earnings per ADS was RMB11.12 ($1.56). Non-GAAP net income attributable to Baidu Core was RMB3.8 billion ($539 million), and non-GAAP net margin for Baidu Core was 16%.

Adjusted EBITDA was RMB4.4 billion ($622 million) and adjusted EBITDA margin was 14%. Adjusted EBITDA for Baidu Core was RMB4.4 billion ($618 million) and adjusted EBITDA margin for Baidu Core was 18%.

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 September 30, 2025, total cash and investments were RMB296.4 billion ($41.64 billion), and total cash and investments excluding iQIYI were RMB290.4 billion ($40.79 billion). Operating cash flow was RMB1.3 billion ($176 million), and operating cash flow excluding iQIYI was RMB1.5 billion ($214 million).

Conference Call Information

Baidu's management will hold an earnings conference call at 7:30 AM on Nov 18, 2025, U.S. Eastern Time (8:30 PM on Nov 18, 2025, 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. Q3 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/10050558-g87y6t.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, and impairment of long-lived assets.

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, 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
		September 30,		June 30,		September 30,		September 30,
		2024		2025		2025		2025
		RMB		RMB		RMB		US$ (2)
Revenues:
Online marketing services		20,108		17,485		16,566		2,327
Others		13,449		15,228		14,608		2,052
Total revenues		33,557		32,713		31,174		4,379
Costs and expenses:
Cost of revenues(1)		16,399		18,357		18,315		2,573
Selling, general and administrative(1)		5,867		5,960		6,581		924
Research and development(1)		5,366		5,119		5,179		728
Impairment of long-lived assets		-		-		16,190		2,274
Total costs and expenses		27,632		29,436		46,265		6,499
Operating income (loss)		5,925		3,277		(15,091)		(2,120)
Other income:
Interest income		1,877		1,957		1,930		271
Interest expense		(673)		(701)		(631)		(89)
Foreign exchange loss, net		(1,096)		(621)		(357)		(50)
Share of earnings from equity method investments		32		694		735		103
Others, net		2,535		3,534		269		38
Total other income, net		2,675		4,863		1,946		273
Income (loss) before income taxes		8,600		8,140		(13,145)		(1,847)
Income tax expense (benefit)		814		881		(1,828)		(257)
Net income (loss)		7,786		7,259		(11,317)		(1,590)
Net income (loss) attributable to noncontrolling interests		154		(63)		(85)		(12)
Net income (loss) attributable to Baidu		7,632		7,322		(11,232)		(1,578)
Earnings (loss) per ADS (1 ADS representing 8 Class A ordinary shares):
-Basic		21.93		20.90		(33.88)		(4.76)
-Diluted		21.60		20.35		(33.88)		(4.76)
Earnings (loss) per share for Class A and Class B ordinary shares:
-Basic		2.74		2.61		(4.23)		(0.59)
-Diluted		2.70		2.54		(4.23)		(0.59)
Weighted average number of Class A and Class B ordinary shares outstanding (in millions):
-Basic		2,785		2,720		2,713		2,713
-Diluted		2,789		2,730		2,713		2,713
(1) Includes share-based compensation expenses as follows:
Cost of revenues		104		120		113		16
Selling, general and administrative		328		276		340		48
Research and development		612		685		591		83
Total share-based compensation expenses		1,044		1,081		1,044		147
(2) All translations from RMB to U.S. dollars are made at a rate of RMB7.1190 to US$1.00, the exchange rate in effect as of September 30, 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,		September 30,		September 30,
		2024		2025		2025
		RMB		RMB		US$
ASSETS
Current assets:
Cash and cash equivalents		24,832		38,620		5,425
Restricted cash		11,697		369		52
Short-term investments, net		102,608		86,195		12,108
Accounts receivable, net		10,104		11,784		1,655
Amounts due from related parties		790		738		104
Other current assets, net		18,818		20,588		2,892
Total current assets		168,849		158,294		22,236
Non-current assets:
Fixed assets, net		30,102		25,474		3,578
Licensed copyrights, net		6,930		6,287		883
Produced content, net		14,695		14,298		2,008
Intangible assets, net		772		3,261		458
Goodwill		22,586		37,637		5,287
Long-term investments, net		41,721		46,596		6,545
Long-term time deposits and held-to-maturity investments		98,535		111,857		15,712
Amounts due from related parties		137		126		18
Deferred tax assets, net		2,193		5,260		739
Operating lease right-of-use assets		10,898		8,348		1,173
Receivables related to the proposed acquisition of YY Live, net		13,547		-		-
Other non-current assets		16,815		26,634		3,741
Total non-current assets		258,931		285,778		40,142
Total assets		427,780		444,072		62,378
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Current liabilities:
Short-term loans		10,669		6,695		940
Accounts payable and accrued liabilities		41,443		36,662		5,150
Customer deposits and deferred revenue		14,624		13,218		1,857
Deferred income		684		508		71
Long-term loans, current portion		168		14,847		2,086
Convertible senior notes, current portion		242		1,477		207
Notes payable, current portion		8,026		4,626		650
Amounts due to related parties		1,794		1,653		232
Operating lease liabilities		3,303		3,326		467
Total current liabilities		80,953		83,012		11,660
Non-current liabilities:
Deferred income		231		199		28
Deferred revenue		585		658		92
Amounts due to related parties		56		41		6
Long-term loans		15,596		3,224		453
Notes payable		27,996		52,134		7,323
Convertible senior notes		8,351		6,755		949
Deferred tax liabilities		3,870		4,071		572
Operating lease liabilities		4,973		4,153		583
Other non-current liabilities		1,557		2,226		313
Total non-current liabilities		63,215		73,461		10,319
Total liabilities		144,168		156,473		21,979
Redeemable noncontrolling interests		9,870		12,908		1,813
Equity
Total Baidu shareholders' equity		263,620		264,528		37,158
Noncontrolling interests		10,122		10,163		1,428
Total equity		273,742		274,691		38,586
Total liabilities, redeemable noncontrolling interests, and equity		427,780		444,072		62,378

 

Baidu, Inc.
Selected Information
(In millions, unaudited)
		Three months ended						Three months ended						Three months ended						Three months ended
		September 30, 2024 (RMB)						June 30, 2025 (RMB)						September 30, 2025 (RMB)						September 30, 2025 (US$)
		Baidu Core	iQIYI	Elim & adj(2)		Baidu, Inc.		Baidu Core	iQIYI	Elim & adj(2)		Baidu, Inc.		Baidu Core	iQIYI	Elim & adj(2)		Baidu, Inc.		Baidu Core	iQIYI	Elim & adj(2)		Baidu, Inc.
Total revenues		26,524	7,246	(213)		33,557		26,251	6,628	(166)		32,713		24,659	6,682	(167)		31,174		3,464	939	(24)		4,379
YOY														(7 %)	(8 %)			(7 %)
QOQ														(6 %)	1 %			(5 %)
Costs and expenses:
Cost of revenues(1)		10,923	5,650	(174)		16,399		13,214	5,292	(149)		18,357		12,996	5,467	(148)		18,315		1,826	768	(21)		2,573
Selling, general and administrative(1)		4,990	908	(31)		5,867		5,018	960	(18)		5,960		5,677	925	(21)		6,581		797	130	(3)		924
Research and development(1)		4,917	449	-		5,366		4,697	422	-		5,119		4,767	412	-		5,179		670	58	-		728
Impairment of long-lived assets		-	-	-		-		-	-	-		-		16,190	-	-		16,190		2,274	-	-		2,274
Total costs and expenses		20,830	7,007	(205)		27,632		22,929	6,674	(167)		29,436		39,630	6,804	(169)		46,265		5,567	956	(24)		6,499
YOY
Cost of revenues														19 %	(3 %)			12 %
Selling, general and administrative														14 %	2 %			12 %
Research and development														(3 %)	(8 %)			(3 %)
Impairment of long-lived assets														-	-			-
Costs and expenses														90 %	(3 %)			67 %
Operating income (loss)		5,694	239	(8)		5,925		3,322	(46)	1		3,277		(14,971)	(122)	2		(15,091)		(2,103)	(17)	-		(2,120)
YOY														-	-			-
QOQ														-	165 %			-
Operating margin		21 %	3 %			18 %		13 %	(1 %)			10 %		(61 %)	(2 %)			(48 %)
Add: total other income (loss), net		2,667	8	-		2,675		4,925	(62)	-		4,863		2,031	(85)	-		1,946		285	(12)	-		273
Less: income tax expense (benefit)		803	11	-		814		854	27	-		881		(1,868)	40	-		(1,828)		(263)	6	-		(257)
Less: net income (loss) attributable to NCI		22	7	125(3)		154		11	(1)	(73)(3)		(63)		49	2	(136)(3)		(85)		7	-	(19)(3)		(12)
Net income (loss) attributable to Baidu		7,536	229	(133)		7,632		7,382	(134)	74		7,322		(11,121)	(249)	138		(11,232)		(1,562)	(35)	19		(1,578)
YOY														-	-			-
QOQ														-	86 %			-
Net margin		28 %	3 %			23 %		28 %	(2 %)			22 %		(45 %)	(4 %)			(36 %)
Non-GAAP financial measures:
Operating income (loss) (non-GAAP)		6,652	370			7,014		4,385	59			4,445		2,225	(22)			2,205		313	(3)			310
YOY														(67 %)	-			(69 %)
QOQ														(49 %)	-			(50 %)
Operating margin (non-GAAP)		25 %	5 %			21 %		17 %	1 %			14 %		9 %	(0 %)			7 %
Net income (loss) attributable to Baidu (non-GAAP)		5,676	480			5,886		4,792	15			4,795		3,836	(148)			3,770		539	(21)			530
YOY														(32 %)	-			(36 %)
QOQ														(20 %)	-			(21 %)
Net margin (non-GAAP)		21 %	7 %			18 %		18 %	0 %			15 %		16 %	(2 %)			12 %
Adjusted EBITDA		8,336	405			8,733		6,397	94			6,492		4,398	30			4,429		618	4			622
YOY														(47 %)	(93 %)			(49 %)
QOQ														(31 %)	(68 %)			(32 %)
Adjusted EBITDA margin		31 %	6 %			26 %		24 %	1 %			20 %		18 %	0 %			14 %
(1) Includes share-based compensation as follows:
Cost of revenues		73	31			104		88	32			120		83	30			113		12	4			16
Selling, general and administrative		268	60			328		238	38			276		304	36			340		43	5			48
Research and development		574	38			612		652	33			685		559	32			591		78	5			83
Total share-based compensation		915	129			1,044		978	103			1,081		946	98			1,044		133	14			147
(2) Relates to intersegment eliminations and adjustments
(3) Relates to the net income attributable to iQIYI noncontrolling interests

 

Baidu, Inc.
Condensed Consolidated Statements of Cash Flows
(In millions,unaudited)
		Three months ended				Three months ended				Three months ended				Three months ended
		September 30, 2024 (RMB)				June 30, 2025 (RMB)				September 30, 2025 (RMB)				September 30, 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		4,036	243	4,279		(864)	(13)	(877)		1,523	(267)	1,256		214	(38)	176
Net cash (used in) provided by investing activities		(12,300)	(1,663)	(13,963)		(8,428)	(113)	(8,541)		2,233	763	2,996		314	107	421
Net cash (used in) provided by financing activities		(2,787)	(2,612)	(5,399)		(8,688)	(465)	(9,153)		4,532	151	4,683		637	21	658
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(721)	(84)	(805)		(210)	(28)	(238)		(186)	(16)	(202)		(26)	(2)	(28)
Net (decrease) increase in cash, cash equivalents and restricted cash		(11,772)	(4,116)	(15,888)		(18,190)	(619)	(18,809)		8,102	631	8,733		1,139	88	1,227
Cash, cash equivalents and restricted cash
At beginning of period		48,878	7,907	56,785		45,118	4,758	49,876		26,928	4,139	31,067		3,783	581	4,364
At end of period		37,106	3,791	40,897		26,928	4,139	31,067		35,030	4,770	39,800		4,922	669	5,591
Net cash provided by (used in) operating activities		4,036	243	4,279		(864)	(13)	(877)		1,523	(267)	1,256		214	(38)	176
Less: Capital expenditures		(1,637)	(8)	(1,645)		(3,779)	(21)	(3,800)		(3,378)	(23)	(3,401)		(475)	(3)	(478)
Free cash flow		2,399	235	2,634		(4,643)	(34)	(4,677)		(1,855)	(290)	(2,145)		(261)	(41)	(302)
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
		September 30, 2024 (RMB)				June 30, 2025 (RMB)				September 30, 2025 (RMB)				September 30, 2025 (US$)
		Baidu Core	iQIYI	Baidu, Inc.		Baidu Core	iQIYI	Baidu, Inc.		Baidu Core	iQIYI	Baidu, Inc.		Baidu Core	iQIYI	Baidu, Inc.
Operating income (loss)		5,694	239	5,925		3,322	(46)	3,277		(14,971)	(122)	(15,091)		(2,103)	(17)	(2,120)
Add: Share-based compensation expenses		915	129	1,044		978	103	1,081		946	98	1,044		133	14	147
Add: Amortization and impairment of intangible assets resulting from business combinations		43	2	45		85	2	87		60	2	62		9	-	9
Add: Impairment of long-lived assets		-	-	-		-	-	-		16,190	-	16,190		2,274	-	2,274
Operating income (loss) (non-GAAP)		6,652	370	7,014		4,385	59	4,445		2,225	(22)	2,205		313	(3)	310
Add:  Depreciation of fixed assets and amortization of intangible assets(1)		1,684	35	1,719		2,012	35	2,047		2,173	52	2,224		305	7	312
Adjusted EBITDA		8,336	405	8,733		6,397	94	6,492		4,398	30	4,429		618	4	622
Net income (loss) attributable to Baidu		7,536	229	7,632		7,382	(134)	7,322		(11,121)	(249)	(11,232)		(1,562)	(35)	(1,578)
Add: Share-based compensation expenses		914	129	972		977	103	1,024		945	98	989		133	14	140
Add: Amortization and impairment of intangible assets resulting from business combinations		41	2	42		83	2	84		58	2	59		8	-	8
Add: Impairment of long-lived assets		-	-	-		-	-	-		16,190	-	16,190		2,274	-	2,274
Add: Disposal (gain) loss		(1,501)	22	(1,491)		(262)	-	(267)		(101)	-	(101)		(14)	-	(14)
Add: Impairment of long-term investments		26	91	68		101	26	113		97	-	97		14	-	14
Add: Fair value (gain) loss of long-term investments and exchangeable bonds		(1,361)	7	(1,358)		(3,317)	18	(3,309)		279	1	279		39	-	39
Add: Reconciling items on equity method investments(2)		8	-	8		(121)	-	(121)		15	-	15		2	-	2
Add: Tax effects on non-GAAP adjustments(3)		13	-	13		(51)	-	(51)		(2,526)	-	(2,526)		(355)	-	(355)
Net income (loss) attributable to Baidu (non-GAAP)		5,676	480	5,886		4,792	15	4,795		3,836	(148)	3,770		539	(21)	530
Diluted earnings (loss) per ADS				21.60				20.35				(33.88)				(4.76)
Add:  Accretion of the redeemable noncontrolling interests				0.01				0.64				0.75				0.11
Add:  Non-GAAP adjustments to earnings per ADS				(5.01)				(7.41)				44.25				6.21
Diluted earnings per ADS (non-GAAP)				16.60				13.58				11.12				1.56
(1) This represents amortization of intangible assets excluding those resulting from business combinations.
(2) This represents Baidu's share of equity method investments for other non-GAAP reconciling items, amortization and impairment of intangible assets not on the investee's books, accretion of their redeemable  noncontrolling interests, and the gain or loss associated with the issuance of shares by the investees at a price higher or lower than the carrying value per share.
(3) This represents tax impact of all non-GAAP adjustments.

 

View original content:https://www.prnewswire.com/news-releases/baidu-announces-third-quarter-2025-results-302618226.html

SOURCE Baidu, Inc.

FAQ

What was Baidu's total revenue and year-over-year change in Q3 2025 (BIDU)?

Total revenue was RMB31.2 billion, a 7% decline YoY for Q3 2025.

How large were Baidu's AI-powered business revenues in Q3 2025 and how fast did they grow (BIDU)?

AI-powered businesses generated roughly RMB10 billion in Q3 2025, growing over 50% YoY.

What caused Baidu's operating loss of RMB15.1 billion in Q3 2025 (BIDU)?

The operating loss included a RMB16.2 billion impairment of long-lived assets; excluding impairment, operating income was RMB1.1 billion.

How did Baidu's online marketing revenue perform in Q3 2025 (BIDU)?

Online marketing revenue was RMB15.3 billion, down 18% YoY in Q3 2025.

What were Baidu's non-GAAP results and adjusted EBITDA in Q3 2025 (BIDU)?

Non-GAAP net income was RMB3.8 billion and adjusted EBITDA was RMB4.4 billion in Q3 2025.

How much cash did Baidu hold at the end of Q3 2025 (BIDU)?

Total cash and investments were RMB296.4 billion as of Sept 30, 2025.

What growth did Baidu report for AI accelerator subscription revenue in Q3 2025 (BIDU)?

Subscription-based revenue from AI accelerator infrastructure grew 128% YoY in Q3 2025.