Baidu (NASDAQ: BIDU) leans on AI growth as revenue drops

Rhea-AI Filing Summary

Baidu, Inc. (BIDU) reported unaudited results for the quarter ended June 30, 2026. Revenue was RMB31.3 billion, down 4% year over year and 2% sequentially, with Baidu General Business contributing RMB25.2 billion and iQIYI RMB6.3 billion.

Baidu Core AI-powered Business revenue reached RMB12.5 billion, up 25% year over year and representing 50% of Baidu General Business. Within this, AI Cloud Infra grew 50% year over year to RMB7.3 billion, while AI Applications remained at RMB2.5 billion and AI-native Marketing Services at RMB2.6 billion. Legacy Business revenue declined 23% to RMB10.4 billion.

Online marketing services revenue fell 19% year over year to RMB13.1 billion but increased 4% sequentially. Operating income was RMB3.0 billion with a 10% margin; non-GAAP operating income was RMB3.8 billion with a 12% margin. Net income attributable to Baidu was RMB2.3 billion (non-GAAP RMB2.6 billion). Adjusted EBITDA was RMB6.2 billion with a 20% margin. Baidu generated RMB3.4 billion in operating cash flow, and total cash and investments were RMB283.1 billion as of June 30, 2026. The company is progressing toward a dual-primary listing in Hong Kong and has approved related board committee changes.

Positive

• Baidu Core AI-powered Business revenue grew 25% year over year to RMB12.5 billion, now contributing 50% of Baidu General Business and underscoring the shift toward AI-driven activities.
• AI Cloud Infra revenue rose 50% year over year to RMB7.3 billion, highlighting strong demand for Baidu’s GPU-based cloud infrastructure services.
• Adjusted EBITDA reached RMB6.2 billion with a 20% margin, indicating solid underlying profitability despite revenue pressure.
• Operating cash flow was positive at RMB3.4 billion, marking the fourth consecutive quarter of positive operating cash generation.
• Selling, general and administrative expenses declined 23% year over year to RMB4.6 billion, reflecting significant cost control.
• Total cash and investments were RMB283.1 billion as of June 30, 2026, providing a substantial liquidity buffer for ongoing AI investment and strategic initiatives.

Negative

• Total revenue declined 4% year over year to RMB31.3 billion, with Baidu General Business also down 4%, signaling top-line pressure.
• Online marketing services revenue fell 19% year over year to RMB13.1 billion, showing continued weakness in the core advertising-related business.
• Legacy Business revenue within Baidu General Business decreased 23% year over year to RMB10.4 billion, reflecting structural declines in older activities.
• iQIYI revenue decreased 5% year over year to RMB6.3 billion, despite a 1% sequential increase.
• Total other income, net dropped sharply year over year from RMB4.9 billion to RMB184 million, mainly due to lower fair value gains on investments and higher net foreign exchange loss, reducing bottom-line support.
• Net income attributable to Baidu declined significantly year over year from RMB7.3 billion to RMB2.3 billion, with net margin at 7%, driven in part by the weaker other income performance.

Filing Explained

As of August 18, 2026, Baidu’s dual-primary Hong Kong listing conversion was not yet effective; the approved audit and governance committee additions are conditional and take effect only when the conversion becomes effective.

Key Figures

Total Revenue: RMB31.3 billion Baidu Core AI-powered Business Revenue: RMB12.5 billion AI Cloud Infra Revenue: RMB7.3 billion +5 more

8 metrics

Total Revenue RMB31.3 billion Quarter ended June 30, 2026; down 4% year over year and 2% quarter over quarter

Baidu Core AI-powered Business Revenue RMB12.5 billion Q2 2026; up 25% year over year and 50% of Baidu General Business

AI Cloud Infra Revenue RMB7.3 billion Q2 2026; up 50% year over year, down 17% quarter over quarter

Online Marketing Services Revenue RMB13.1 billion Q2 2026; down 19% year over year, up 4% quarter over quarter

Net Income Attributable to Baidu RMB2.3 billion Q2 2026; net margin 7%

Adjusted EBITDA RMB6.2 billion Q2 2026; adjusted EBITDA margin 20%

Total Cash and Investments RMB283.1 billion As of June 30, 2026; company-defined liquidity measure

Operating Cash Flow RMB3.4 billion Q2 2026; fourth consecutive quarter of positive operating cash flow

Key Terms

AI Cloud Infra, AI-native Marketing Services, dual-primary listing, adjusted EBITDA, +2 more

6 terms

AI Cloud Infra technical

"AI Cloud Infra sustained strong momentum this quarter, with GPU Cloud growth accelerating"

AI cloud infra is the combination of computing hardware, software, storage and networking in a remote data center that is specifically built to train, run and store artificial intelligence models and data. Think of it as a factory for AI: it supplies the heavy-duty machines, power and processes needed to turn data into working AI services. Investors watch it because it requires big capital, drives recurring revenue, and determines which providers can scale, control costs and win customers.

AI-native Marketing Services technical

"AI-native Marketing Services | | | 2.6 | | | | 2.3 | | | | 2.6"

dual-primary listing regulatory

"we are moving forward with our conversion to a dual-primary listing in Hong Kong"

A dual-primary listing is when a company lists the same class of shares as a primary, fully regulated security on two different stock exchanges in separate jurisdictions, meeting the listing rules and disclosure requirements of both markets. It matters to investors because it increases the venues and currencies in which the stock can be bought and sold, often affecting liquidity, trading hours, and regulatory oversight—like a business opening two main storefronts so more customers can reach it.

adjusted EBITDA financial

"Adjusted EBITDA was RMB6.2 billion and adjusted EBITDA margin was 20%"

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

exchangeable bonds financial

"fair value gain or loss of long-term investments and exchangeable bonds, adjusted"

Exchangeable bonds are debt securities that pay regular interest like a loan but give the holder the right to swap the bond for shares of a different company (often a subsidiary or an investment the issuer owns) instead of being repaid in cash. For investors they combine steady income with a built‑in option for stock upside—think of lending money that can later be traded for someone else’s stock—so they matter for potential return, price volatility and how ownership of the underlying shares may be diluted.

equity method investments financial

"Baidu’s share of equity method investments for these non-GAAP reconciling items"

An equity method investment is an accounting approach used when a company owns a significant share of another company and can influence its decisions but does not fully control it; instead of listing the investment at cost, the investor records its share of the other company's profits or losses on its own income statement and adjusts the investment value on the balance sheet. For investors, this matters because it links the investor’s reported earnings and asset values directly to the financial performance of that partly-owned business, similar to how a partner’s gains affect a small business owner’s books.

FAQ

How did Baidu (BIDU) perform financially in Q2 2026?

Baidu reported Q2 2026 revenue of RMB31.3 billion, down 4% year over year, and net income attributable to Baidu of RMB2.3 billion. Operating margin was 10% and non-GAAP operating margin 12%, indicating continued profitability amid revenue pressure.

How fast is Baidu’s AI-powered Business growing in Q2 2026?

Baidu Core AI-powered Business revenue reached RMB12.5 billion in Q2 2026, up 25% year over year and accounting for 50% of Baidu General Business revenue. Within this, AI Cloud Infra grew 50% year over year to RMB7.3 billion.

What is happening to Baidu (BIDU) online marketing revenue?

Baidu’s online marketing services revenue was RMB13.1 billion in Q2 2026, a 19% year-over-year decline but a 4% sequential increase. Online marketing represented 52% of Baidu General Business revenue, showing ongoing pressure but some quarter-on-quarter stabilization.

How profitable was Baidu (BIDU) on a non-GAAP and EBITDA basis in Q2 2026?

Non-GAAP net income attributable to Baidu was RMB2.6 billion in Q2 2026, with a non-GAAP net margin of 8%. Adjusted EBITDA was RMB6.2 billion, corresponding to a 20% adjusted EBITDA margin, highlighting robust underlying earnings capacity.

What was Baidu’s (BIDU) cash and investment position at June 30, 2026?

As of June 30, 2026, Baidu reported total cash and investments of RMB283.1 billion. This metric includes cash, equivalents, restricted cash, short-term investments, long-term time deposits, held-to-maturity investments, and adjusted long-term investments, underscoring strong balance-sheet liquidity.

How did iQIYI contribute to Baidu (BIDU) Q2 2026 results?

iQIYI generated RMB6.3 billion of revenue in Q2 2026, up 1% sequentially but down 5% year over year. Together with Baidu General Business, it brought consolidated Baidu revenue to RMB31.3 billion for the quarter.

What corporate governance changes is Baidu (BIDU) making related to its Hong Kong listing?

In connection with Baidu’s planned dual-primary listing in Hong Kong, the Board approved changes to committee memberships. Yuanqing Yang will join the audit committee, and Xiaodan Liu will join the corporate governance and nominating committee once the Primary Conversion becomes effective.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Form 6-K: How Foreign Companies Report to the SEC →

Available on EDGAR 08/18/2026 - 04:09 PM Accepted by SEC EDGAR 08/18/2026 - 04:08 PM Learn about SEC filing dates

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 August 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 Second Quarter 2026 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: August 18, 2026

Exhibit 99.1

Baidu Announces Second Quarter 2026 Results

BEIJING, China, August 18, 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 second quarter ended June 30, 2026.

“With AI-powered Business now firmly established as the core of Baidu, we are strengthening the foundations for our next phase of AI-driven growth. AI Cloud Infra sustained strong momentum this quarter, with GPU Cloud¹ growth accelerating further off an already high base. Our AI Applications portfolio also continued to flourish, with stronger capabilities and increasingly diverse use cases. Apollo Go made steady progress with its global expansion, while further strengthening its safety and operational capabilities and enhancing the rider experience,” said Robin Li, Co-founder and CEO of Baidu. “While our online marketing business remains under pressure, the growing momentum in our core AI-powered Business reaffirms Baidu’s transition from an internet-centric company to an AI-first company, and strengthens our confidence in our long-term growth potential.”

“The quarter was marked by several highlights. First, revenue from Baidu Core AI-powered Business² reached RMB 12.5 billion and continued to account for half of Baidu General Business revenue. Second, operating cash flow for Baidu remained positive for the fourth consecutive quarter, reaching RMB 3.4 billion in the second quarter. Third, we are moving forward with our conversion to a dual-primary listing in Hong Kong and expect it to become effective within this year.” said Haijian He, CFO of Baidu. “Going forward, we remain firmly committed to investing in AI as the core driver of Baidu’s long-term growth.”

Operational Highlights²

Corporate

• In July 2026, following the Board’s approval of a motion to pursue a voluntary conversion to a dual-primary listing (the “Primary Conversion”), Baidu submitted its application for the Primary Conversion and received the Hong Kong Stock Exchange’s acknowledgement of the application. The Company will convene an extraordinary general meeting of shareholders on August 26, 2026 prior to the Primary Conversion to seek shareholder approval for related matters. The Primary Conversion is expected to become effective within this year, subject to the shareholder approval and the approval of the Hong Kong Stock Exchange.

¹  Revenue from GPU Cloud was previously referred to as subscription-based revenue from AI accelerator infrastructure. The growth in GPU Cloud Revenue reflected mounting demand for public cloud-based AI computing.

²  The revenue and operational data presented are derived from the Company’s internal management accounts and records, which have not been audited.

1

• At the 2026 AI for Good Global Summit, three Baidu AI use cases—Apollo Go, Miaoda & MeDo, and PaddlePaddle—were recognized as winning cases and featured in the Innovate for Impact Report.

• According to MSCI’s March 2026 ESG rating update, Baidu maintained its “AA” rating and continued to demonstrate industry-leading ESG performance.

• Baidu has returned US$259 million to shareholders since the beginning of Q1 2026 through repurchases of its shares under the current share repurchase program.

Baidu Core AI-powered Business

AI Cloud Infra

• Revenue from AI Cloud Infra was RMB 7.3 billion in the second quarter of 2026, up 50% year over year.

• Within AI Cloud Infra, revenue from GPU Cloud¹ increased by 283% year over year in the second quarter of 2026, further accelerating from 184% growth in the previous quarter.

AI Applications

• Revenue from AI Applications was RMB 2.5 billion in the second quarter of 2026, up 3% year over year.

• Baidu launched an enterprise edition of DuMate, its general-purpose agent for everyday productivity, in June 2026.

• Baidu Wenku and Baidu Drive continued to strengthen their AI-powered features, expanding new capabilities and enhancing existing ones, including through upgrades to GenFlow. In June 2026, AI DAU penetration across Baidu Wenku and Baidu Drive increased by 27.4% year over year, reflecting broader adoption of their AI-powered features.

Robotaxi

• Apollo Go continued to advance its global expansion. In London, Apollo Go began open-road testing in partnership with Uber and Lyft. In Dubai, Apollo Go launched fully driverless commercial operations, with rides also available through the Uber app, in addition to its own app. In Hong Kong, Apollo Go received the city’s first permits for fully driverless testing and commenced testing on Airport Island, becoming the first autonomous ride-hailing service provider globally to conduct fully driverless testing in a right-hand-drive, left-hand traffic robotaxi market. In Switzerland, Apollo Go conducted open-road testing in partnership with PostBus. Apollo Go also signed a Memorandum of Understanding with Kazakhstan’s Turlov Private Holding Ltd. to jointly explore autonomous ride-hailing services in the country.

¹  Revenue from GPU Cloud was previously referred to as subscription-based revenue from AI accelerator infrastructure. The growth in GPU Cloud Revenue reflected mounting demand for public cloud-based AI computing.

2

• To date, Apollo Go’s global footprint has reached 28 cities, and its fleets have accumulated over 350 million autonomous kilometers, including over 240 million fully driverless autonomous kilometers, with an outstanding safety record.

AI-native Marketing Services

• Revenue from AI-native marketing services reached RMB 2.6 billion in the second quarter of 2026, approximately flat year over year.

• Baidu App’s MAUs reached 644 million in June 2026.

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

		Baidu General Business
		Q2				Q1				Q2
(In billions)		2025				2026				2026				YoY				QoQ
		RMB				RMB				RMB
Baidu Core AI-powered Business2			10.0				13.6				12.5				25	%			(8	%)
- AI Cloud Infra			4.9				8.8				7.3				50	%			(17	%)
- AI Applications			2.5				2.5				2.5				3	%			3	%
- AI-native Marketing Services			2.6				2.3				2.6				0	%			11	%
% of Baidu General Business			38	%			52	%			50	%
Legacy Business2			13.6				10.2				10.4				(23	%)			3	%
Others2			2.7				2.2				2.3				(15	%)			2	%
Baidu General Business			26.3				26.0				25.2				(4	%)			(3	%)

Second Quarter 2026 Financial Results for Baidu^3,4

Financial highlights

The following table sets forth revenue highlights for Baidu General Business:

²  The revenue and operational data presented are derived from the Company’s internal management accounts and records, which have not been audited.

³  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).

⁴  Unless otherwise noted, RMB to USD was converted at an exchange rate of RMB6.7851 as of June 30, 2026, 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.

3

		Q2				Q1				Q2
(In billions, unaudited)		2025				2026				2026				YoY				QoQ
		RMB				RMB				RMB
Online Marketing Services			16.2				12.6				13.1				(19	%)			4	%
Online Marketing Services % of Baidu General Business			62	%			48	%			52	%
Others			10.0				13.4				12.1				21	%			(10	%)
Others % of Baidu General Business			38	%			52	%			48	%
Baidu General Business			26.3				26.0				25.2				(4	%)			(3	%)

Revenue was RMB31.3 billion ($4.62 billion), decreasing 2% quarter over quarter and 4% year over year. Revenue from Baidu General Business was RMB25.2 billion ($3.71 billion), decreasing 3% quarter over quarter and 4% year over year. Revenue from iQIYI was RMB6.3 billion ($927 million), increasing 1% quarter over quarter and decreasing 5% year over year.

Cost of revenue was RMB19.1 billion ($2.82 billion), decreasing 3% quarter over quarter, primarily due to a decrease in costs related to AI Cloud business, partially offset by an increase in traffic acquisition costs, and increasing 4% year over year, primarily due to increases in costs related to AI Cloud business.

Selling, general and administrative expenses were RMB4.6 billion ($677 million), decreasing 6% quarter over quarter and 23% year over year. The year over year decrease was primarily due to decreases in expected credit losses and channel spending expenses.

Research and development expenses were RMB4.6 billion ($679 million), increasing 5% quarter over quarter and decreasing 10% year over year, both of which were primarily due to fluctuations in personnel-related expenses.

Operating income was RMB3.0 billion ($446 million) and operating margin was 10%. Non-GAAP operating income was RMB3.8 billion ($558 million) and non-GAAP operating margin was 12%.

Total other income, net was RMB184 million ($27 million), compared to RMB626 million last quarter and RMB4.9 billion for the same period last year. The year over year decrease was primarily due to a decrease in fair value gain from long-term investments and an increase in net foreign exchange loss arising from exchange rate fluctuation between Renminbi and U.S. dollar.

4

Income tax expense was RMB1.0 billion ($147 million), compared to RMB528 million last quarter and RMB881 million for the same period last year.

Net income attributable to Baidu was RMB2.3 billion ($342 million), net margin for Baidu was 7% and diluted earnings per ADS was RMB5.74 ($0.85). Non-GAAP net income attributable to Baidu was RMB2.6 billion ($379 million), non-GAAP net margin for Baidu was 8% and non-GAAP diluted earnings per ADS was RMB7.22 ($1.06).

Adjusted EBITDA was RMB6.2 billion ($906 million) and adjusted EBITDA margin was 20%.

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 June 30, 2026, total cash and investments were RMB283.1 billion ($41.72 billion). Operating cash flow was RMB3.4 billion ($506 million).

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

Changes in the Composition of Board Committees

In connection with the Primary Conversion, the board of directors of the Company (the “Board”) has approved the following changes to the composition of the committees of the Board, with effect from the date on which the Primary Conversion becomes effective:

Mr. Yuanqing Yang, an independent director of the Company, will be appointed as an additional member of the audit committee of the Board. Following such appointment, the audit committee will comprise Ms. Xiaodan Liu (chairperson), Mr. Jixun Foo and Mr. Yuanqing Yang.

Ms. Xiaodan Liu, an independent director of the Company, will be appointed as an additional member of the corporate governance and nominating committee of the Board. Following such appointment, the corporate governance and nominating committee will comprise Mr. Jixun Foo (chairperson), Mr. Yuanqing Yang and Ms. Xiaodan Liu.

Conference Call Information

Baidu’s management will hold an earnings conference call at 8:00 AM on Aug 18, 2026, U.S. Eastern Time (8:00 PM on Aug 18, 2026, Beijing Time).

5

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. Q2 2026 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/10056174-8o7ckp.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

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.

6

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.

7

Non-GAAP operating income represents operating income excluding share-based compensation expenses, and amortization and impairment of intangible assets resulting from business combinations.

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, 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.”

8

Baidu, Inc.

Condensed Consolidated Statements of Income

(In millions except for per share (or ADS) information, unaudited)

		Three Months Ended																Six Months Ended
		June 30,				March 31,				June 30,				June 30,				June 30,				June 30,				June 30,
		2025				2026				2026				2026				2025				2026				2026
		RMB				RMB				RMB				US$(2)				RMB				RMB				US$(2)
Revenue			32,713				32,075				31,325				4,617				65,165				63,400				9,344
Costs and expenses:
Cost of revenue(1)			18,357				19,589				19,098				2,815				35,844				38,687				5,702
Selling, general and administrative(1)			5,960				4,912				4,596				677				11,873				9,508				1,401
Research and development(1)			5,119				4,381				4,607				679				9,663				8,988				1,325
Total costs and expenses			29,436				28,882				28,301				4,171				57,380				57,183				8,428
Operating income			3,277				3,193				3,024				446				7,785				6,217				916
Other income:
Interest income			1,957				1,963				1,685				248				4,621				3,648				538
Interest expense			(701	)			(636	)			(608	)			(90	)			(1,502	)			(1,244	)			(183	)
Foreign exchange loss, net			(621	)			(989	)			(1,160	)			(171	)			(831	)			(2,149	)			(317	)
Share of earnings from equity method investments			694				536				357				53				1,268				893				132
Others, net			3,534				(248	)			(90	)			(13	)			5,794				(338	)			(50	)
Total other income, net			4,863				626				184				27				9,350				810				120
Income before income taxes			8,140				3,819				3,208				473				17,135				7,027				1,036
Income tax expense			881				528				1,000				147				2,058				1,528				225
Net income			7,2 59				3,291				2,208				326				15,077				5,499				811
Net income (loss) attributable to noncontrolling interests			(63	)			(154	)			(111	)			(16	)			38				(265	)			(39	)
Net income attributable to Baidu			7,322				3,445				2,319				342				15,039				5,764				850
Earnings per ADS (1 ADS representing 8 Class A ordinary shares):
-Basic			20.90				9.38				6.08				0.90				42.76				15.46				2.28
-Diluted			20.35				8.76				5.74				0.85				41.95				14.50				2.14
Earnings per share for Class A and Class B ordinary shares:
-Basic			2.61				1.17				0.76				0.11				5.35				1.93				0.28
-Diluted			2.54				1.10				0.72				0.11				5.24				1.81				0.27
Weighted average number of Class A and Class B ordinary shares outstanding (in millions):
-Basic			2,720				2,721				2,716				2,716				2,735				2,719				2,719
-Diluted			2,730				2,764				2,755				2,755				2,746				2,760				2,760
(1) Includes share-based compensation expenses as follows:
Cost of revenue			120				82				91				13				197				173				25
Selling, general and administrative			276				190				220				33				589				410				60
Research and development			685				291				398				58				1,046				689				102
Total share-based compensation expenses			1,081				563				709				104				1,832				1,272				187

(2) All translations from RMB to U.S. dollars are made at a rate of RMB6.7851 to US$1.00, the exchange rate in effect as of June 30, 2026 as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System.

9

Baidu, Inc.

Condensed Consolidated Balance Sheets

(In millions, unaudited)

		December 31,				June 30,				June 30,
		2025				2026				2026
		RMB				RMB				US$
ASSETS
Current assets:
Cash and cash equivalents			24,606				24,524				3,614
Restricted cash			225				170				25
Short-term investments, net			90,661				141,727				20,888
Accounts receivable, net			12,972				13,493				1,989
Amounts due from related parties			761				721				106
Other current assets, net			22,745				26,729				3,940
Total current assets			151,970				207,364				30,562
Non-current assets:
Fixed assets, net			26,281				28,484				4,198
Licensed copyrights, net			5,963				6,068				894
Produced content, net			14,575				13,903				2,049
Intangible assets, net			3,891				4,997				736
Goodwill			36,783				36,783				5,421
Long-term investments, net			44,918				42,855				6,316
Long-term time deposits and held-to-maturity investments			123,862				74,311				10,952
Amounts due from related parties			167				144				21
Deferred tax assets, net			4,582				4,480				660
Lease right-of-use assets			9,287				18,574				2,737
Other non-current assets			26,878				31,969				4,713
Total non-current assets			297,187				262,568				38,697
Total assets			449,157				469,932				69,259
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Current liabilities:
Short-term loans			7,626				26,311				3,878
Accounts payable and accrued liabilities			38,846				40,040				5,901
Customer deposits and deferred revenue			13,051				12,819				1,889
Deferred income			531				431				64
Long-term loans, current portion			14,765				2,027				299
Convertible senior notes, current portion			1,459				1				—
Notes payable, current portion			4,560				2,038				300
Amounts due to related parties			1,988				1,818				268
Lease liabilities			3,502				3,631				535
Total current liabilities			86,328				89,116				13,134
Non-current liabilities:
Deferred income			198				152				22
Deferred revenue			723				775				114
Amounts due to related parties			36				25				4
Long-term loans			3,369				20,779				3,062
Notes payable			51,021				46,089				6,793
Convertible senior notes			6,712				6,615				975
Deferred tax liabilities			4,985				5,426				800
Lease liabilities			4,885				5,406				797
Other non-current liabilities			1,174				452				66
Total non-current liabilities			73,103				85,719				12,633
Total liabilities			159,431				174,835				25,767
Redeemable noncontrolling interests			13,166				13,685				2,017
Equity
Total Baidu shareholders’ equity			266,330				271,752				40,051
Noncontrolling interests			10,230				9,660				1,424
Total equity			276,560				281,412				41,475
Total liabilities, redeemable noncontrolling interests, and equity			449,157				469,932				69,259

10

Baidu, Inc.

Selected Information

(In millions, unaudited)

		Three months ended																Three months ended																Three months ended																Three months ended
		June 30, 2025 (RMB)																March 31, 2026 (RMB)																June 30, 2026 (RMB)																June 30, 2026 (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			26,251				6,628				(166	)			32,713				26,001				6,226				(152	)			32,075				25,183				6,287				(145	)			31,325				3,712				927				(22	)			4,617
Costs and expenses:
Cost of revenue(1)			13,214				5,292				(149	)			18,357				14,498				5,233				(142	)			19,589				13,982				5,250				(134	)			19,098				2,062				774				(21	)			2,815
Selling, general and administrative(1)			5,018				960				(18	)			5,960				4,109				817				(14	)			4,912				3,861				744				(9	)			4,596				569				110				(2	)			677
Research and development(1)			4,697				422				—				5,119				3,978				404				(1	)			4,381				4,209				398				—				4,607				620				59				—				679
Total costs and expenses			22,929				6,674				(167	)			29,436				22,585				6,454				(157	)			28,882				22,052				6,392				(143	)			28,301				3,251				943				(23	)			4,171
Operating income (loss)			3,322				(46	)			1				3,277				3,416				(228	)			5				3,193				3,131				(105	)			(2	)			3,024				461				(16	)			1				446
Operating margin			13	%			(1	%)							10	%			13	%			(4	%)							10	%			12	%			(2	%)							10	%
Add: total other income (loss), net			4,925				(62	)			—				4,863				654				(28	)			—				626				189				(5	)			—				184				28				(1	)			—				27
Less: income tax expense			854				27				—				881				491				37				—				528				780				220				—				1,000				115				32				—				147
Less: net income (loss) attributable to NCI			11				(1	)			(73	)(3)			(63	)			6				1				(161	)(3)			(154	)			87				(43	)			(155	)(3)			(111	)			12				(6	)			(22	)(3)			(16	)
Net income (loss) attributable to Baidu			7,382				(134	)			74				7,322				3,573				(294	)			166				3,445				2,453				(287	)			153				2,319				362				(43	)			23				342
Net margin			28	%			(2	%)							22	%			14	%			(5	%)							11	%			10	%			(5	%)							7	%
Non-GAAP financial measures:
Operating income (loss) (non-GAAP)			4,385				59								4,445				3,950				(148	)							3,807				3,818				(31	)							3,785				563				(6	)							558
Operating margin (non-GAAP)			17	%			1	%							14	%			15	%			(2	%)							12	%			15	%			(0	%)							12	%
Net income (loss) attributable to Baidu (non-GAAP)			4,792				15								4,795				4,433				(233	)							4,332				2,672				(210	)							2,573				394				(32	)							379
Net margin (non-GAAP)			18	%			0	%							15	%			17	%			(4	%)							14	%			11	%			(3	%)							8	%
Adjusted EBITDA			6,397				94								6,492				6,050				(101	)							5,954				6,141				11								6,150				905				—								906
Adjusted EBITDA margin			24	%			1	%							20	%			23	%			(2	%)							19	%			24	%			0	%							20	%
(1) Includes share-based compensation as follows:
Cost of revenue			88				32								120				59				23								82				68				23								91				10				3								13
Selling, general and administrative			238				38								276				161				29								190				194				26								220				29				4								33
Research and development			652				33								685				265				26								291				375				23								398				55				3								58
Total share-based compensation			978				103								1,081				485				78								563				637				72								709				94				10								104
(2)   Relates to intersegment eliminations and adjustments (3)   Relates to the net income attributable to iQIYI noncontrolling interests

11

Baidu, Inc.

Condensed Consolidated Statements of Cash Flows

(In millions,unaudited)

		Three months ended												Three months ended												Three months ended												Three months ended
		June 30, 2025 (RMB)												March 31, 2026 (RMB)												June 30, 2026 (RMB)												June 30, 2026 (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			(864	)			(13	)			(877	)			2,484				186				2,670				3,096				340				3,436				456				50				506
Net cash provided by (used in) investing activities			(8,428	)			(113	)			(8,541	)			5,217				(275	)			4,942				(26,217	)			(246	)			(26,463	)			(3,864	)			(36	)			(3,900	)
Net cash provided by (used in) financing activities			(8,688	)			(465	)			(9,153	)			(702	)			(933	)			(1,635	)			17,606				(201	)			17,405				2,595				(30	)			2,565
Effect of exchange rate changes on cash, cash equivalents and restricted cash			(210	)			(28	)			(238	)			(241	)			(35	)			(276	)			(208	)			(8	)			(216	)			(30	)			(1	)			(31	)
Net increase (decrease) in cash, cash equivalents and restricted cash			(18,190	)			(619	)			(18,809	)			6,758				(1,057	)			5,701				(5,723	)			(115	)			(5,838	)			(843	)			(17	)			(860	)
Cash, cash equivalents and restricted cash
At beginning of period			45,118				4,758				49,876				20,453				4,378				24,831				27,211				3,321				30,532				4,010				489				4,499
At end of period			26,928				4,139				31,067				27,211				3,321				30,532				21,488				3,206				24,694				3,167				472				3,639
Net cash provided by (used in) operating activities			(864	)			(13	)			(877	)			2,484				186				2,670				3,096				340				3,436				456				50				506
Less: Capital expenditures			(3,779	)			(21	)			(3,800	)			(5,839	)			(77	)			(5,916	)			(11,370	)			(20	)			(11,390	)			(1,676	)			(3	)			(1,679	)
Free cash flow			(4,643	)			(34	)			(4,677	)			(3,355	)			109				(3,246	)			(8,274	)			320				(7,954	)			(1,220	)			47				(1,173	)

Note: Baidu excl. iQIYI represents Baidu, Inc. minus iQIYI’s consolidated cash flows.

12

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
		June 30, 2025 (RMB)												March 31, 2026 (RMB)												June 30, 2026 (RMB)												June 30, 2026 (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)			3,322				(46	)			3,277				3,416				(228	)			3,193				3,131				(105	)			3,024				461				(16	)			446
Add: Share-based compensation expenses			978				103				1,081				485				78				563				637				72				709				94				10				104
Add: Amortization and impairment of intangible assets resulting from business combinations			85				2				87				49				2				51				50				2				52				8				—				8
Operating income (loss) (non-GAAP)			4,385				59				4,445				3,950				(148	)			3,807				3,818				(31	)			3,785				563				(6	)			558
Add: Depreciation of fixed assets and amortization of intangible assets(1)			2,012				35				2,047				2,100				47				2,147				2,323				42				2,365				342				6				348
Adjusted EBITDA			6,397				94				6,492				6,050				(101	)			5,954				6,141				11				6,150				905				—				906
Net income (loss) attributable to Baidu			7,382				(134	)			7,322				3,573				(294	)			3,445				2,453				(287	)			2,319				362				(43	)			342
Add: Share-based compensation expenses			977				103				1,024				484				78				519				636				72				669				94				11				99
Add: Amortization and impairment of intangible assets resulting from business combinations			83				2				84				47				2				48				48				2				49				7				—				7
Add: Disposal gain			(262	)			—				(267	)			(2	)			—				(2	)			(26	)			—				(26	)			(4	)			—				(4	)
Add: Impairment of long-term investments			101				26				113				79				9				83				464				—				464				68				—				68
Add: Fair value loss (gain) of long-term investments and exchangeable bonds			(3,317	)			18				(3,309	)			378				(28	)			365				(1,073	)			3				(1,072	)			(158	)			—				(158	)
Add: Reconciling items on equity method investments(2)			(121	)			—				(121	)			(44	)			—				(44	)			82				—				82				12				—				12
Add: Tax effects on non-GAAP adjustments(3)			(51	)			—				(51	)			(82	)			—				(82	)			88				—				88				13				—				13
Net income (loss) attributable to Baidu (non-GAAP)			4,792				15				4,795				4,433				(233	)			4,332				2,672				(210	)			2,573				394				(32	)			379
Diluted earnings per ADS											20.35												8.76												5.74												0.85
Add: Accretion of the redeemable noncontrolling interests											0.64												0.74												0.74												0.11
Add: Non-GAAP adjustments to earnings per ADS											(7.41	)											2.56												0.74												0.10
Diluted earnings per ADS (non-GAAP)											13.58												12.06												7.22												1.06

(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. 

13

Filing Exhibits & Attachments

1 document

Press Releases

• EX-99.1 EX-99.1 372.2 KB