Baidu (NASDAQ: BIDU) grows AI business, books RMB16.2B impairment and adds US$5B buyback

Rhea-AI Filing Summary

Baidu reported fourth quarter and full-year 2025 results showing fast AI growth alongside legacy headwinds. Q4 2025 revenue was RMB32.7 billion ($4.68 billion), up 5% quarter over quarter, helped by Baidu Core AI-powered Business, whose Q4 revenue exceeded RMB11 billion and represented 43% of Baidu General Business revenue.

For 2025, total revenue was RMB129.1 billion ($18.46 billion), down 3% year over year as Legacy Business declined, while Baidu Core AI-powered Business grew 48% to RMB40.0 billion. A RMB16.2 billion impairment of long-lived assets drove a RMB5.8 billion operating loss, though excluding this, operating income was RMB10.4 billion. Non-GAAP net income attributable to Baidu was RMB18.9 billion ($2.71 billion) with a 15% non-GAAP net margin, and total cash and investments reached RMB294.1 billion ($42.06 billion) at year-end. Management highlighted progress on spinning off and listing Kunlunxin and announced a new share repurchase program of up to US$5 billion plus Baidu’s first-ever dividend policy, with the first payment potentially by year-end 2026.

Positive

• Baidu Core AI-powered Business accelerating: 2025 revenue from Baidu Core AI-powered Business grew 48% year over year to RMB40.0 billion, with AI Cloud Infra up 34% to RMB19.8 billion, showing strong traction in newer AI-driven segments.
• Robust balance sheet and new capital return plans: Total cash and investments reached RMB294.1 billion ($42.06 billion), and Baidu announced a share repurchase program of up to US$5 billion plus its first-ever dividend policy, with the first payment potentially by year-end 2026.

Negative

• Revenue decline and heavy impairment in 2025: Full-year 2025 revenue fell 3% to RMB129.1 billion, mainly due to Legacy Business, and a RMB16.2 billion impairment of long-lived assets in the Core asset group led to a reported operating loss of RMB5.8 billion.
• Weaker full-year cash generation: Despite positive operating cash flow of RMB3.9 billion in the second half, full-year 2025 operating cash flow was negative RMB3.0 billion (negative $431 million), highlighting the cash impact of investments and business mix shifts.

Insights

Equity research analyst

AI businesses are scaling quickly, but 2025 included a large write-down and softer legacy revenue.

Baidu is shifting its earnings mix as AI becomes central. Baidu Core AI-powered Business revenue rose 48% year over year to RMB40.0 billion in 2025, with AI Cloud Infra up 34% to RMB19.8 billion. In Q4 2025, AI-powered revenue exceeded RMB11 billion and contributed 43% of Baidu General Business revenue, signaling growing reliance on newer AI offerings.

However, group revenue for 2025 slipped 3% to RMB129.1 billion, reflecting pressure in Legacy Business and higher costs tied to AI expansion. A sizeable RMB16.2 billion impairment of long-lived assets in the Core asset group turned operating results into a reported loss of RMB5.8 billion, although operating income excluding this charge was RMB10.4 billion. This gap underscores how non-cash adjustments are masking underlying operating profitability.

On cash and capital allocation, Baidu ended 2025 with total cash and investments of RMB294.1 billion, and operating cash flow turned positive in the second half, generating RMB3.9 billion. The company announced a share repurchase authorization of up to US$5 billion and its first dividend policy, with the first payment potentially by year-end 2026. Progress toward a Kunlunxin spin-off and separate listing may further reshape the portfolio and crystallize value, depending on final terms and market conditions.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of February 2026

Commission File Number: 000-51469

BAIDU, INC.

Baidu Campus

No. 10 Shangdi 10th Street

Haidian District, Beijing 100085

The People’s Republic of China

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒    Form 40-F ☐

EXHIBIT INDEX

Exhibit No.		Description
99.1		Press Release –– Baidu Announces Fourth Quarter and Fiscal Year 2025 Results

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BAIDU, INC.
By:		/s/ Haijian He
Name:		Haijian He
Title:		Chief Financial Officer

Date: February 26, 2026

Exhibit 99.1

Baidu Announces Fourth Quarter and Fiscal Year 2025 Results

BEIJING, China, Feb 26, 2026 – 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 Business¹ exceeded RMB 11 billion in Q4, accounting for 43% of Baidu General Business² 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 Highlights¹

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

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.

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		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.

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• 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.

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.

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).

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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).

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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).

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).

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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.

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.

Contacts

Investors Relations, Baidu, Inc.

Tel: +86-10-5992-8888

Email: ir@baidu.com

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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.

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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.

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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.”

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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.

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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

11

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

12

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

13

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.

14

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.

15

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.

16

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.

17

FAQ

How did Baidu (BIDU) perform financially in the fourth quarter of 2025?

Baidu generated RMB32.7 billion in Q4 2025 revenue, a 5% sequential increase, mainly driven by Baidu Core AI-powered Business. Q4 operating income was RMB1.5 billion, with a 5% operating margin, and non-GAAP operating income reached RMB3.0 billion, yielding a 9% non-GAAP operating margin.

What were Baidu’s (BIDU) full-year 2025 revenue and profitability?

Baidu reported 2025 revenue of RMB129.1 billion, a 3% year-over-year decline, mainly from Legacy Business. A RMB16.2 billion asset impairment caused a RMB5.8 billion operating loss, but non-GAAP net income attributable to Baidu was RMB18.9 billion, with a 15% non-GAAP net margin.

How fast is Baidu’s Core AI-powered Business growing in 2025?

Baidu Core AI-powered Business revenue reached RMB40.0 billion in 2025, growing 48% year over year. Within this, AI Cloud Infra revenue increased 34% to RMB19.8 billion, AI Applications reached RMB10.2 billion, and AI-native Marketing Services climbed to RMB9.8 billion, reflecting strong AI adoption.

What capital return initiatives did Baidu (BIDU) announce with these results?

Baidu introduced a major capital return package, including a new share repurchase program authorizing up to US$5 billion in buybacks. The company also unveiled its first-ever dividend policy, with the initial dividend payment potentially occurring by year-end 2026, subject to future decisions.

What is Baidu’s cash and investment position as of December 31, 2025?

Baidu held RMB294.1 billion in total cash and investments at year-end 2025, equivalent to $42.06 billion. This includes cash, cash equivalents, restricted cash, short-term investments, long-term time deposits, held-to-maturity instruments, and adjusted long-term investments, providing significant financial flexibility for AI initiatives and capital returns.

How did non-GAAP metrics affect Baidu’s 2025 profitability picture?

Non-GAAP results paint a more profitable 2025. Excluding share-based compensation, impairments, and other items, Baidu’s non-GAAP operating income was RMB15.0 billion with a 12% margin, and non-GAAP net income attributable to Baidu was RMB18.9 billion, indicating solid underlying earnings despite the impairment.

What progress did Baidu report on the Kunlunxin spin-off and Apollo Go business?

Baidu highlighted strategic progress in AI-related units. Management stated the Kunlunxin spin-off and separate listing are progressing, which they believe can unlock shareholder value. Apollo Go, Baidu’s robotaxi service, continued operating at what the company describes as industry-leading scales while expanding into new international markets.

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