iQIYI Announces Fourth Quarter and Fiscal Year 2025 Financial Results
Rhea-AI Summary
iQIYI (Nasdaq: IQ) reported Q4 2025 total revenues of RMB6.79 billion (US$971.6 million), up 3% year‑over‑year, and fiscal 2025 revenues of RMB27.29 billion (US$3.90 billion), down 7% year‑over‑year. Operating margins compressed to 1% for both Q4 and fiscal 2025; non‑GAAP results improved modestly.
Q4 net loss attributable to iQIYI was RMB5.8 million (US$0.8 million); fiscal 2025 net loss was RMB206.3 million (US$29.5 million). Cash and equivalents totaled RMB4.69 billion as of December 31, 2025.
Positive
- Q4 revenue growth of 3% YoY
- Q4 non‑GAAP net income of RMB109.7M
- Company secured additional US$114.1M loan facility from PAG
Negative
- Fiscal 2025 total revenue down 7% YoY
- Operating margin compressed from 6% to 1% (FY 2024 vs 2025)
- Free cash flow collapsed from RMB2.03B in 2024 to RMB10.0M in 2025
- Aggregate loan to PAG of US$636.6M recorded in prepayments and other assets
News Market Reaction – IQ
On the day this news was published, IQ declined 3.39%, reflecting a moderate negative market reaction. Argus tracked a trough of -16.2% from its starting point during tracking. Our momentum scanner triggered 14 alerts that day, indicating notable trading interest and price volatility. This price movement removed approximately $60M from the company's valuation, bringing the market cap to $1.70B at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
While IQ was down 1.12% pre-earnings, key Entertainment peers like BATRA (+2.44%), BATRK (+1.47%) and CNK (+1.21%) were green, suggesting stock-specific factors.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 18 | Quarterly earnings | Negative | +6.3% | Q3 2025 revenue decline and shift to operating and net losses. |
| Aug 20 | Quarterly earnings | Negative | +0.9% | Q2 2025 revenues down 11% YoY and swing to operating loss. |
| May 21 | Quarterly earnings | Negative | -8.1% | Q1 2025 revenue down 9% YoY and lower net income margin. |
| Feb 18 | Annual earnings | Negative | -9.3% | Q4 and FY 2024 revenue and income declines across key metrics. |
| Nov 21 | Quarterly earnings | Negative | -7.3% | Q3 2024 revenue down 10% YoY and margin compression. |
Earnings have often shown revenue pressure and margin compression; the stock has more frequently sold off on these reports but occasionally rose despite weak metrics.
Over the past year, iQIYI’s earnings releases have highlighted recurring revenue declines and a shift from profitability to losses. Q1–Q3 2025 all reported year-over-year revenue contractions and weaker margins, with Q3 2025 showing an operating loss and negative free cash flow. FY 2024 results also showed falling revenues and net income. Against this backdrop, the current Q4 and FY 2025 report continues the narrative of top-line pressure and thinner profitability, though Q4 shows modest revenue growth and a sharply narrowed net loss versus Q4 2024.
Historical Comparison
Recent earnings releases for IQ have averaged a -3.49% move, typically on reports of declining revenues and weaker margins. Today’s Q4/FY 2025 update fits into that pattern of pressured fundamentals.
Across Q3 2024 through Q3 2025 and FY 2024, iQIYI has shown repeated year-over-year revenue declines, shrinking operating margins, and a transition from net income to net losses, framing today’s FY 2025 results as a continuation of this earnings downtrend.
Market Pulse Summary
This announcement details Q4 and FY 2025 results showing modest quarterly revenue growth but a full-year revenue decline and thinner margins versus 2024. Non-GAAP profitability and positive free cash flow for the year contrast with the GAAP net loss, while cash and investment balances of RMB4.69 billion provide liquidity context. Against prior quarters that also featured year-over-year revenue pressure, investors may watch future membership, advertising, and content cost trends for signs of stabilization.
Key Terms
non-gaap financial
free cash flow financial
convertible senior notes financial
aigc technical
AI-generated analysis. Not financial advice.
BEIJING, China, Feb. 26, 2026 (GLOBE NEWSWIRE) -- iQIYI, Inc. (Nasdaq: IQ) (“iQIYI” or the “Company”), a leading provider of online entertainment video services in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2025.
Fourth Quarter 2025 Highlights
- Total revenues were RMB6.79 billion (US
$971.6 million 1), increasing3% year over year. - Operating income was RMB55.4 million (US
$7.9 million ) and operating income margin was1% , compared to operating income of RMB285.4 million and operating income margin of4% in the same period in 2024. - Non-GAAP operating income2 was RMB143.5 million (US
$20.5 million ) and non-GAAP operating income margin was2% , compared to non-GAAP operating income of RMB405.9 million and non-GAAP operating income margin of6% in the same period in 2024. - Net loss attributable to iQIYI was RMB5.8 million (US
$0.8 million ), compared to net loss attributable to iQIYI of RMB189.4 million in the same period in 2024. - Non-GAAP net income attributable to iQIYI2 was RMB109.7 million (US
$15.7 million ), compared to non-GAAP net loss attributable to iQIYI of RMB58.8 million in the same period in 2024.
Fiscal Year 2025 Highlights
- Total revenues were RMB27.29 billion (US
$3.90 billion ), decreasing7% from 2024. - Operating income was RMB229.3 million (US
$32.8 million ) and operating income margin was1% , compared to operating income of RMB1.81 billion and operating income margin of6% in 2024. - Non-GAAP operating income was RMB638.9 million (US
$91.4 million ) and non-GAAP operating income margin was2% , compared to non-GAAP operating income of RMB2.36 billion and non-GAAP operating income margin of8% in 2024. - Net loss attributable to iQIYI was RMB206.3 million (US
$29.5 million ), compared to net income attributable to iQIYI of RMB764.1 million in 2024. - Non-GAAP net income attributable to iQIYI was RMB280.6 million (US
$40.1 million ), compared to non-GAAP net income attributable to iQIYI of RMB1.51 billion in 2024.
“In the fourth quarter, our IP-centric strategy reinforced user engagement and market leadership, and we delivered improved financial performance, with total revenues growing both annually and sequentially,” commented Mr. Yu Gong, Founder, Director, and Chief Executive Officer of iQIYI. “Heading into 2026, we will fortify our domestic core by advancing content excellence and strengthening our membership and advertising businesses, accelerate breakthroughs across our overseas and experience businesses, and harness AI to cultivate a thriving content ecosystem enriched by AIGC.”
“Our emerging businesses are shaping new growth engines. Notably, our overseas business maintained strong growth momentum, achieving record top-line performance in the fourth quarter. Additionally, the recent opening of our first iQIYI LAND garnered positive initial feedback and marked an important milestone for our experience business. We look forward to these emerging businesses contributing to long-term value creation,” commented Ms. Ying Zeng, Interim Chief Financial Officer of iQIYI.
| Fourth Quarter and Fiscal 2025 Financial Highlights | ||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||
| (Amounts in thousands of Renminbi (“RMB”), except for per ADS data, unaudited) | December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||
| 2024 | 2025 | 2025 | 2024 | 2025 | ||||||||||
| RMB | RMB | RMB | RMB | RMB | ||||||||||
| Total revenues | 6,613,417 | 6,682,385 | 6,794,198 | 29,225,238 | 27,291,300 | |||||||||
| Operating income/(loss) | 285,436 | (121,809 | ) | 55,395 | 1,811,203 | 229,315 | ||||||||
| Operating income/(loss) (non-GAAP) | 405,907 | (21,856 | ) | 143,515 | 2,361,730 | 638,872 | ||||||||
| Net income/(loss)attributable to iQIYI, Inc. | (189,355 | ) | (248,932 | ) | (5,816 | ) | 764,059 | (206,311 | ) | |||||
| Net income/(loss) attributable to iQIYI, Inc. (non-GAAP) | (58,779 | ) | (148,180 | ) | 109,668 | 1,512,247 | 280,560 | |||||||
| Diluted net income/(loss) per ADS | (0.20 | ) | (0.26 | ) | (0.01 | ) | 0.79 | (0.21 | ) | |||||
| Diluted net income/(loss) per ADS (non-GAAP)2 | (0.06 | ) | (0.15 | ) | 0.11 | 1.56 | 0.29 | |||||||
Footnotes:
[1] 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.
[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).
Fourth Quarter 2025 Financial Results
Total revenues reached RMB6.79 billion (US
Membership services revenue was RMB4.11 billion (US
Online advertising services revenue was RMB1.35 billion (US
Content distribution revenue was RMB787.7 million (US
Other revenues were RMB547.9 million (US
Cost of revenues was RMB5.38 billion (US
Selling, general and administrative expenses were RMB946.2 million (US
Research and development expenses were RMB416.5 million (US
Operating income was RMB55.4 million (US
Non-GAAP operating income was RMB143.5 million (US
Total other expense was RMB27.2 million (US
Income before income taxes was RMB28.2 million (US
Income tax expense was RMB35.8 million (US
Net loss attributable to iQIYI was RMB5.8 million (US
Non-GAAP net income attributable to iQIYI was RMB109.7 million (US
Net cash provided by operating activities was RMB47.2 million (US
As of December 31, 2025, the Company had cash, cash equivalents, restricted cash, short-term investments and long-term restricted cash included in prepayments and other assets of RMB4.69 billion (US
In October 2025, the Company entered into another facility agreement with PAG which provides PAG with an additional loan facility of US
Fiscal Year 2025 Financial Results
Total revenues were RMB27.29 billion (US
Membership services revenue was RMB16.81 billion (US
Online advertising services revenue was RMB5.19 billion (US
Content distribution revenue was RMB2.50 billion (US
Other revenues were RMB2.79 billion (US
Cost of revenues was RMB21.54 billion (US
Selling, general and administrative expenses were RMB3.86 billion (US
Research and development expenses were RMB1.66 billion (US
Operating income was RMB229.3 million (US
Non-GAAP operating income was RMB638.9 million (US
Total other expense was RMB288.8 million (US
Loss before income taxes was RMB59.5 million (US
Income tax expense was RMB144.5 million (US
Net loss attributable to iQIYI was RMB206.3 million (US
Non-GAAP net income attributable to iQIYI was RMB280.6 million (US
Net cash provided by operating activities was RMB105.8 million (US
Conference Call Information
iQIYI’s management will hold an earnings conference call at 6:30 AM on February 26, 2026, U.S. Eastern Time (7:30 PM on February 26, 2026, Beijing Time).
Please register in advance of the conference using the link provided below. Upon registering, you will be provided with participant dial-in numbers, passcode and unique access PIN by a calendar invite.
Participant Online Registration: https://s1.c-conf.com/diamondpass/10052620-8j25st.html
It will automatically direct you to the registration page of " iQIYI Fourth Quarter and Fiscal Year 2025 Earnings Conference Call", where you may fill in your details for RSVP.
In the 10 minutes prior to the call start time, you may use the conference access information (including dial-in number(s), passcode and unique access PIN) provided in the calendar invite that you have received following your pre-registration.
A telephone replay of the call will be available after the conclusion of the conference call through March 5, 2026.
Dial-in numbers for the replay are as follows:
International Dial-in +1 855 883 1031
Passcode: 10052620
A live and archived webcast of the conference call will be available at http://ir.iqiyi.com/.
About iQIYI, Inc.
iQIYI, Inc. is a leading provider of online entertainment video services in China. It combines creative talent with technology to foster an environment for continuous innovation and the production of blockbuster content. It produces, aggregates and distributes a wide variety of professionally produced content, as well as a broad spectrum of other video content in a variety of formats. iQIYI distinguishes itself in the online entertainment industry by its leading technology platform powered by advanced AI, big data analytics and other core proprietary technologies. Over time, iQIYI has built a massive user base and developed a diversified monetization model including membership services, online advertising services, content distribution, online games, talent agency, experience business, etc.
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, the quotations from management in this announcement, as well as iQIYI's strategic and operational plans, contain forward-looking statements. iQIYI may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, 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 iQIYI’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: iQIYI’s strategies; iQIYI’s future business development, financial condition and results of operations; iQIYI’s ability to retain and increase the number of users, members and advertising customers, and expand its service offerings; competition in the online entertainment industry; changes in iQIYI's revenues, costs or expenditures; Chinese governmental policies and regulations relating to the online entertainment industry, general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and iQIYI undertakes no duty to update such information, except as required under applicable law.
Non-GAAP Financial Measures
To supplement iQIYI’s consolidated financial results presented in accordance with GAAP, iQIYI uses the following non-GAAP financial measures: non-GAAP operating income/(loss), non-GAAP operating income/(loss) margin, non-GAAP net income/(loss) attributable to iQIYI, non-GAAP diluted net income/(loss) attributable to iQIYI per ADS and free cash flow. The presentation of the non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.
iQIYI believes that these non-GAAP financial measures provide meaningful supplemental information regarding its operating performance by excluding certain items that may not be indicative of its 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 the 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 iQIYI’s historical operating performance. The Company believes the 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 the 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/(loss) represents operating income/(loss) excluding share-based compensation expenses, amortization of intangible assets resulting from business combinations.
Non-GAAP net income/(loss) attributable to iQIYI, Inc. represents net income/(loss) attributable to iQIYI, Inc. excluding share-based compensation expenses, amortization of intangible assets resulting from business combinations, disposal gain or loss, impairment of long-term investments, fair value change of long-term investments, adjusted for related income tax effects. iQIYI’s share of equity method investments for these non-GAAP reconciling items, primarily 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 net income/(loss) per ADS represents diluted net income/(loss) per ADS calculated by dividing non-GAAP net income/(loss) attributable to iQIYI, Inc, by the weighted average number of ordinary shares expressed in ADS.
Free cash flow represents net cash provided by operating activities less capital expenditures.
For more information, please contact:
Investor Relations
iQIYI, Inc.
ir@qiyi.com
| iQIYI, INC. | |||||||||||||||
| Condensed Consolidated Statements of Income/(Loss) | |||||||||||||||
| (In RMB thousands, except for number of shares and per share data) | |||||||||||||||
| Three Months Ended | Year Ended | ||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||
| 2024 | 2025 | 2025 | 2024 | 2025 | |||||||||||
| RMB | RMB | RMB | RMB | RMB | |||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||
| Revenues: | |||||||||||||||
| Membership services | 4,102,688 | 4,212,294 | 4,105,859 | 17,762,814 | 16,807,289 | ||||||||||
| Online advertising services | 1,433,892 | 1,240,570 | 1,352,811 | 5,714,243 | 5,193,406 | ||||||||||
| Content distribution | 406,642 | 644,474 | 787,669 | 2,846,854 | 2,497,464 | ||||||||||
| Others | 670,195 | 585,047 | 547,859 | 2,901,327 | 2,793,141 | ||||||||||
| Total revenues | 6,613,417 | 6,682,385 | 6,794,198 | 29,225,238 | 27,291,300 | ||||||||||
| Operating costs and expenses: | |||||||||||||||
| Cost of revenues | (4,994,165 | ) | (5,467,033 | ) | (5,376,079 | ) | (21,953,582 | ) | (21,542,347 | ) | |||||
| Selling, general and administrative | (882,457 | ) | (925,024 | ) | (946,184 | ) | (3,682,050 | ) | (3,856,554 | ) | |||||
| Research and development | (451,359 | ) | (412,137 | ) | (416,540 | ) | (1,778,403 | ) | (1,663,084 | ) | |||||
| Total operating costs and expenses | (6,327,981 | ) | (6,804,194 | ) | (6,738,803 | ) | (27,414,035 | ) | (27,061,985 | ) | |||||
| Operating income/(loss) | 285,436 | (121,809 | ) | 55,395 | 1,811,203 | 229,315 | |||||||||
| Other income/(expense): | |||||||||||||||
| Interest income | 75,352 | 83,326 | 84,499 | 271,824 | 334,360 | ||||||||||
| Interest expenses | (235,289 | ) | (220,642 | ) | (220,278 | ) | (1,062,026 | ) | (909,616 | ) | |||||
| Foreign exchange gain/(loss), net | (310,390 | ) | 38,434 | 65,115 | (97,249 | ) | 246,249 | ||||||||
| Share of gains/(losses) from equity method investments | 1,749 | 310 | 18 | 17,790 | (4,375 | ) | |||||||||
| Others, net | 2,387 | 13,485 | 43,491 | (89,863 | ) | 44,566 | |||||||||
| Total other income/(expense), net | (466,191 | ) | (85,087 | ) | (27,155 | ) | (959,524 | ) | (288,816 | ) | |||||
| Income/(loss) before income taxes | (180,755 | ) | (206,896 | ) | 28,240 | 851,679 | (59,501 | ) | |||||||
| Income tax expense | (6,233 | ) | (40,040 | ) | (35,757 | ) | (61,090 | ) | (144,542 | ) | |||||
| Net income/(loss) | (186,988 | ) | (246,936 | ) | (7,517 | ) | 790,589 | (204,043 | ) | ||||||
| Less: Net income/(loss) attributable to noncontrolling interests | 2,367 | 1,996 | (1,701 | ) | 26,530 | 2,268 | |||||||||
| Net income/(loss) attributable to iQIYI, Inc. | (189,355 | ) | (248,932 | ) | (5,816 | ) | 764,059 | (206,311 | ) | ||||||
| Net income/(loss) attributable to ordinary shareholders | (189,355 | ) | (248,932 | ) | (5,816 | ) | 764,059 | (206,311 | ) | ||||||
| Net income/(loss) per share for Class A and Class B ordinary shares: | |||||||||||||||
| Basic | (0.03 | ) | (0.04 | ) | (0.00 | ) | 0.11 | (0.03 | ) | ||||||
| Diluted | (0.03 | ) | (0.04 | ) | (0.00 | ) | 0.11 | (0.03 | ) | ||||||
| Net income/(loss) per ADS (1 ADS equals 7 Class A ordinary shares): | |||||||||||||||
| Basic | (0.20 | ) | (0.26 | ) | (0.01 | ) | 0.79 | (0.21 | ) | ||||||
| Diluted | (0.20 | ) | (0.26 | ) | (0.01 | ) | 0.79 | (0.21 | ) | ||||||
| Weighted average number of Class A and Class B ordinary shares used in net income/(loss) per share computation: | |||||||||||||||
| Basic | 6,738,808,989 | 6,747,637,741 | 6,753,258,796 | 6,729,974,821 | 6,746,355,442 | ||||||||||
| Diluted | 6,738,808,989 | 6,747,637,741 | 6,753,258,796 | 6,799,500,149 | 6,746,355,442 | ||||||||||
| iQIYI, INC. | ||||||
| Condensed Consolidated Balance Sheets | ||||||
| (In RMB thousands, except for number of shares and per share data) | ||||||
| December 31, | December 31, | |||||
| 2024 | 2025 | |||||
| RMB | RMB | |||||
| (Unaudited) | ||||||
| ASSETS | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | 3,529,679 | 4,354,275 | ||||
| Restricted cash | - | 23,123 | ||||
| Short-term investments | 941,610 | 314,819 | ||||
| Accounts receivable, net | 2,191,178 | 2,522,668 | ||||
| Prepayments and other assets | 2,192,928 | 2,406,222 | ||||
| Amounts due from related parties | 283,123 | 221,681 | ||||
| Licensed copyrights, net | 388,718 | 447,507 | ||||
| Total current assets | 9,527,236 | 10,290,295 | ||||
| Non-current assets: | ||||||
| Fixed assets, net | 877,982 | 903,427 | ||||
| Long-term investments | 2,108,477 | 1,773,309 | ||||
| Deferred tax assts, net | 23,536 | 20,773 | ||||
| Licensed copyrights, net | 6,930,053 | 5,962,954 | ||||
| Intangible assets, net | 289,861 | 217,085 | ||||
| Produced content, net | 14,707,869 | 14,578,037 | ||||
| Prepayments and other assets | 2,913,919 | 8,458,312 | ||||
| Operating lease assets | 609,832 | 489,720 | ||||
| Goodwill | 3,820,823 | 3,820,823 | ||||
| Amounts due from related parties | 3,950,937 | 167,000 | ||||
| Total non-current assets | 36,233,289 | 36,391,440 | ||||
| Total assets | 45,760,525 | 46,681,735 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||
| Current liabilities: | ||||||
| Accounts and notes payable | 6,482,209 | 6,652,432 | ||||
| Amounts due to related parties | 3,239,036 | 3,717,283 | ||||
| Customer advances and deferred revenue | 4,403,686 | 4,160,459 | ||||
| Convertible senior notes, current portion | 242,460 | 1,459,151 | ||||
| Short-term loans | 3,786,901 | 2,493,100 | ||||
| Long-term loans, current portion | 167,987 | 738,391 | ||||
| Operating lease liabilities, current portion | 96,675 | 84,174 | ||||
| Accrued expenses and other liabilities | 3,058,379 | 2,762,317 | ||||
| Total current liabilities | 21,477,333 | 22,067,307 | ||||
| Non-current liabilities: | ||||||
| Long-term loans | 1,036,835 | 3,368,876 | ||||
| Convertible senior notes | 8,350,570 | 6,711,948 | ||||
| Amounts due to related parties | 59,226 | 38,192 | ||||
| Operating lease liabilities | 461,974 | 340,256 | ||||
| Other non-current liabilities | 1,000,823 | 846,230 | ||||
| Total non-current liabilities | 10,909,428 | 11,305,502 | ||||
| Total liabilities | 32,386,761 | 33,372,809 | ||||
| Shareholders’ equity: | ||||||
| Class A ordinary shares | 238 | 239 | ||||
| Class B ordinary shares | 193 | 193 | ||||
| Additional paid-in capital | 55,623,841 | 56,026,232 | ||||
| Accumulated deficit | (43,809,369 | ) | (44,015,680 | ) | ||
| Accumulated other comprehensive income | 1,550,523 | 1,305,542 | ||||
| Non-controlling interests | 8,338 | (7,600 | ) | |||
| Total shareholders’ equity | 13,373,764 | 13,308,926 | ||||
| Total liabilities and shareholders' equity | 45,760,525 | 46,681,735 | ||||
| iQIYI, INC. | ||||||||||||||||
| Condensed Consolidated Statements of Cash Flows | ||||||||||||||||
| (In RMB thousands, except for number of shares and per share data) | ||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | ||||||||||||
| 2024 | 2025 | 2025 | 2024 | 2025 | ||||||||||||
| RMB | RMB | RMB | RMB | RMB | ||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
| Net cash provided by/(used for) operating activities | 519,015 | (267,581 | ) | 47,163 | 2,110,057 | 105,801 | ||||||||||
| Net cash provided by/(used for) investing activities(1,2) | (895,709 | ) | 763,706 | (947,000 | ) | (2,444,870 | ) | (327,435 | ) | |||||||
| Net cash provided by/(used for) financing activities | 114,419 | 150,809 | 518,404 | (1,370,121 | ) | 1,064,434 | ||||||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 60,746 | (16,074 | ) | (10,206 | ) | 14,657 | (55,393 | ) | ||||||||
| Net increase/(decrease) in cash, cash equivalents and restricted cash | (201,529 | ) | 630,860 | (391,639 | ) | (1,690,277 | ) | 787,407 | ||||||||
| Cash, cash equivalents and restricted cash at the beginning of the period | 3,791,860 | 4,138,517 | 4,769,377 | 5,280,608 | 3,590,331 | |||||||||||
| Cash, cash equivalents and restricted cash at the end of the period | 3,590,331 | 4,769,377 | 4,377,738 | 3,590,331 | 4,377,738 | |||||||||||
Reconciliation of cash and cash equivalents and restricted cash: | ||||||||||||||||
| Cash and cash equivalents | 3,529,679 | 3,956,761 | 4,354,275 | 3,529,679 | 4,354,275 | |||||||||||
| Restricted cash | - | 1,853 | 23,123 | - | 23,123 | |||||||||||
| Long-term restricted cash | 60,652 | 810,763 | 340 | 60,652 | 340 | |||||||||||
| Total cash and cash equivalents and restricted cash shown in the statements of cash flows | 3,590,331 | 4,769,377 | 4,377,738 | 3,590,331 | 4,377,738 | |||||||||||
| Net cash provided by/(used for) operating activities | 519,015 | (267,581 | ) | 47,163 | 2,110,057 | 105,801 | ||||||||||
| Less: Capital expenditures(2) | (20,891 | ) | (22,733 | ) | (20,413 | ) | (79,319 | ) | (95,808 | ) | ||||||
| Free cash flow | 498,124 | (290,314 | ) | 26,750 | 2,030,738 | 9,993 | ||||||||||
(1) Net cash provided by or used for investing activities primarily consists of net cash flows from loans provided to related party, investing in debt securities, purchase of long-term investments and capital expenditures.
(2) Capital expenditures are incurred primarily in connection with construction in process, computers and servers.
| iQIYI, INC. | |||||||||||||||
| Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures | |||||||||||||||
| (Amounts in thousands of Renminbi (“RMB”), except for per ADS information, unaudited) | |||||||||||||||
| Three Months Ended | Year Ended | ||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||
| 2024 | 2025 | 2025 | 2024 | 2025 | |||||||||||
| RMB | RMB | RMB | RMB | RMB | |||||||||||
| Operating income/(loss) | 285,436 | (121,809 | ) | 55,395 | 1,811,203 | 229,315 | |||||||||
| Add: Share-based compensation expenses | 118,938 | 98,420 | 86,587 | 544,395 | 403,425 | ||||||||||
| Add: Amortization of intangible assets(1) | 1,533 | 1,533 | 1,533 | 6,132 | 6,132 | ||||||||||
| Operating income/(loss) (non-GAAP) | 405,907 | (21,856 | ) | 143,515 | 2,361,730 | 638,872 | |||||||||
| Net income/(loss) attributable to iQIYI, Inc. | (189,355 | ) | (248,932 | ) | (5,816 | ) | 764,059 | (206,311 | ) | ||||||
| Add: Share-based compensation expenses | 118,938 | 98,420 | 86,587 | 544,395 | 403,425 | ||||||||||
| Add: Amortization of intangible assets(1) | 1,533 | 1,533 | 1,533 | 6,132 | 6,132 | ||||||||||
| Add: Disposal loss | - | - | - | 22,265 | - | ||||||||||
| Add: Impairment of long-term investments | 14,034 | - | 9,990 | 192,613 | 37,940 | ||||||||||
| Add: Fair value loss/(gain) of long-term investments | (3,895 | ) | 799 | 17,374 | (16,393 | ) | 33,997 | ||||||||
| Add: Reconciling items on equity method investments(2) | - | - | - | - | 5,377 | ||||||||||
| Add: Tax effects on non-GAAP adjustments(3) | (34 | ) | - | - | (824 | ) | - | ||||||||
| Net income/(loss) attributable to iQIYI, Inc. (non-GAAP) | (58,779 | ) | (148,180 | ) | 109,668 | 1,512,247 | 280,560 | ||||||||
| Diluted net income/(loss) per ADS | (0.20 | ) | (0.26 | ) | (0.01 | ) | 0.79 | (0.21 | ) | ||||||
| Add: Non-GAAP adjustments to earnings per ADS | 0.14 | 0.11 | 0.12 | 0.77 | 0.50 | ||||||||||
| Diluted net income/(loss) per ADS (non-GAAP) | (0.06 | ) | (0.15 | ) | 0.11 | 1.56 | 0.29 | ||||||||
(1) This represents amortization of intangible assets resulting from business combinations.
(2) This represents iQIYI’s share of equity method investments for other non-GAAP reconciling items, primarily 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 relevant non-GAAP adjustments.
FAQ
What were iQIYI (IQ) Q4 2025 revenues and year‑over‑year change?
Did iQIYI report a profit or loss for fiscal 2025 and what was the amount?
How did iQIYI's operating margin change in 2025 compared to 2024 (IQ)?
What happened to iQIYI's cash flow and free cash flow in 2025?
What is the PAG financing disclosed by iQIYI and its size?
How did iQIYI perform on a non‑GAAP basis in Q4 2025?
