iQIYI (NASDAQ: IQ) swings to 2025 net loss as cash flow collapses

Rhea-AI Filing Summary

iQIYI, Inc. reported mixed fourth quarter and weaker full-year 2025 results. In Q4 2025, total revenues reached RMB6.79 billion, up 3% year over year, led by a 94% jump in content distribution revenue to RMB787.7 million, while membership revenue was flat and advertising fell 6%.

Q4 operating income dropped to RMB55.4 million and GAAP net loss narrowed sharply to RMB5.8 million, with non-GAAP net income improving to RMB109.7 million. For 2025, total revenues declined 7% to RMB27.29 billion, reflecting softer membership and advertising trends and lower content distribution and other revenues.

Full-year operating income fell to RMB229.3 million from RMB1.81 billion, and the company swung to a RMB206.3 million net loss from RMB764.1 million net income in 2024. Non-GAAP net income dropped to RMB280.6 million. Free cash flow declined significantly to RMB10.0 million from RMB2.03 billion, though iQIYI ended 2025 with RMB4.69 billion in cash, equivalents, restricted cash and short-term investments.

Positive

• None.

Negative

• Profitability reversal and margin compression: 2025 operating income fell to RMB229.3 million from RMB1.81 billion, and net results shifted from RMB764.1 million profit to RMB206.3 million loss, with non-GAAP operating margin dropping from 8% to 2%.
• Severe deterioration in cash generation: 2025 free cash flow dropped to RMB10.0 million from RMB2.03 billion, and net cash provided by operating activities fell to RMB105.8 million from RMB2.11 billion, signaling much weaker cash conversion of earnings.

Insights

Streaming sector equity analyst

Full-year profitability and cash generation deteriorated sharply despite stable Q4 revenue growth.

iQIYI delivered modest Q4 revenue growth, with total revenues up 3% to RMB6.79 billion. The mix shifted as content distribution revenue nearly doubled, while membership was flat and advertising fell amid macro pressure, compressing the traditionally higher-margin subscriber and ad lines.

Expense lines show tighter but still pressured operations. Q4 operating income dropped to RMB55.4 million and non-GAAP operating income to RMB143.5 million, as content costs rose 11% and selling, general and administrative expenses increased 7% on higher marketing. This suggests growth is being supported by heavier content and marketing spending.

For 2025, revenue declined 7% to RMB27.29 billion, while operating income fell to RMB229.3 million from RMB1.81 billion. GAAP results swung to a RMB206.3 million net loss, and non-GAAP net income slid to RMB280.6 million. Free cash flow collapsed to RMB10.0 million from RMB2.03 billion, indicating far less surplus cash from the business even though the company still held RMB4.69 billion in cash and investments as of December 31, 2025.

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

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: 001-38431

iQIYI, Inc.

4/F, iQIYI Youth Center Yoolee Plaza,

No. 21, North Road of Workers’ Stadium, Chaoyang District Beijing, 100027,

People’s Republic of China

Tel: +86 10 6267-7171

(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 99.1 — Press Release — iQIYI Announces Fourth Quarter and Fiscal Year 2025 Financial 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.

iQIYI, Inc.
By		:		/s/ Ying Zeng
Name		:		Ying Zeng
Title		:		Interim Chief Financial Officer

Date: February 26, 2026

Exhibit 99.1

iQIYI Announces Fourth Quarter and Fiscal Year 2025 Financial Results

BEIJING, CHINA, February 26, 2026 – iQIYI, Inc. (Nasdaq: IQ) (“iQIYI” or the “Company”), a leading provider of online entertainment video services in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2025.

Fourth Quarter 2025 Highlights

• Total revenues were RMB6.79 billion (US$971.6 million¹), increasing 3% year over year.

• Operating income was RMB55.4 million (US$7.9 million) and operating income margin was 1%, compared to operating income of RMB285.4 million and operating income margin of 4% in the same period in 2024.

• Non-GAAP operating income² was RMB143.5 million (US$20.5 million) and non-GAAP operating income margin was 2%, compared to non-GAAP operating income of RMB405.9 million and non-GAAP operating income margin of 6% in the same period in 2024.

• Net loss attributable to iQIYI was RMB5.8 million (US$0.8 million), compared to net loss attributable to iQIYI of RMB189.4 million in the same period in 2024.

• Non-GAAP net income attributable to iQIYI² was RMB109.7 million (US$15.7 million), compared to non-GAAP net loss attributable to iQIYI of RMB58.8 million in the same period in 2024.

Fiscal Year 2025 Highlights

• Total revenues were RMB27.29 billion (US$3.90 billion), decreasing 7% from 2024.

• Operating income was RMB229.3 million (US$32.8 million) and operating income margin was 1%, compared to operating income of RMB1.81 billion and operating income margin of 6% in 2024.

• Non-GAAP operating income was RMB638.9 million (US$91.4 million) and non-GAAP operating income margin was 2%, compared to non-GAAP operating income of RMB2.36 billion and non-GAAP operating income margin of 8% in 2024.

• Net loss attributable to iQIYI was RMB206.3 million (US$29.5 million), compared to net income attributable to iQIYI of RMB764.1 million in 2024.

• Non-GAAP net income attributable to iQIYI was RMB280.6 million (US$40.1 million), compared to non-GAAP net income attributable to iQIYI of RMB1.51 billion in 2024.

“In the fourth quarter, our IP-centric strategy reinforced user engagement and market leadership, and we delivered improved financial performance, with total revenues growing both annually and sequentially,” commented Mr. Yu Gong, Founder, Director, and Chief Executive Officer of iQIYI. “Heading into 2026, we will fortify our domestic core by advancing content excellence and strengthening our membership and advertising businesses, accelerate breakthroughs across our overseas and experience businesses, and harness AI to cultivate a thriving content ecosystem enriched by AIGC.”

“Our emerging businesses are shaping new growth engines. Notably, our overseas business maintained strong growth momentum, achieving record top-line performance in the fourth quarter. Additionally, the recent opening of our first iQIYI Land garnered positive initial feedback and marked an important milestone for our experience business. We look forward to these emerging businesses contributing to long-term value creation,” commented Ms. Ying Zeng, Interim Chief Financial Officer of iQIYI.

Fourth Quarter and Fiscal 2025 Financial Highlights

		Three Months Ended												Year Ended
(Amounts in thousands of Renminbi (“RMB”), except for per ADS data, unaudited)		December 31, 2024				September 30, 2025				December 31, 2025				December 31, 2024				December 31, 2025
		RMB				RMB				RMB				RMB				RMB
Total revenues			6,613,417				6,682,385				6,794,198				29,225,238				27,291,300
Operating income/(loss)			285,436				(121,809	)			55,395				1,811,203				229,315
Operating income/(loss) (non-GAAP)			405,907				(21,856	)			143,515				2,361,730				638,872
Net income/(loss)attributable to iQIYI, Inc.			(189,355	)			(248,932	)			(5,816	)			764,059				(206,311	)
Net income/(loss) attributable to iQIYI, Inc. (non-GAAP)			(58,779	)			(148,180	)			109,668				1,512,247				280,560
Diluted net income/(loss) per ADS			(0.20	)			(0.26	)			(0.01	)			0.79				(0.21	)
Diluted net income/(loss) per ADS (non-GAAP)2			(0.06	)			(0.15	)			0.11				1.56				0.29

Footnotes:

^[1]  Unless otherwise noted, RMB to USD was converted at an exchange rate of RMB6.9931 as of December 31, 2025, as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. Translations are provided solely for the convenience of the reader.

^[2]  Non-GAAP measures are defined in the Non-GAAP Financial Measures section (see also “Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures” for more details).

Fourth Quarter 2025 Financial Results

Total revenues reached RMB6.79 billion (US$971.6 million), increasing 3% year over year.

Membership services revenue was RMB4.11 billion (US$587.1 million), flat year over year.

Online advertising services revenue was RMB1.35 billion (US$193.4 million), decreasing 6% year over year, as some advertisers adjusted their advertising and promotion strategies in response to macro pressures.

Content distribution revenue was RMB787.7 million (US$112.6 million), increasing 94% year over year, primarily driven by the increase in cash transactions.

Other revenues were RMB547.9 million (US$78.3 million), decreasing 18% year over year, primarily due to the alternation of certain business cooperation arrangement.

Cost of revenues was RMB5.38 billion (US$768.8 million), increasing 8% year over year. Content costs as a component of cost of revenues were RMB3.83 billion (US$548.1 million), increasing 11% year over year. The increase in content cost was mainly attributable to a more robust lineup of original dramas this quarter.

Selling, general and administrative expenses were RMB946.2 million (US$135.3 million), increasing 7% year over year. The increase was primarily driven by higher marketing spending.

Research and development expenses were RMB416.5 million (US$59.6 million), decreasing 8% year over year, primarily attributable to the decrease in personnel-related expenses.

Operating income was RMB55.4 million (US$7.9 million), compared to operating income of RMB285.4 million in the same period in 2024. Operating income margin was 1%, compared to operating income margin of 4% in the same period in 2024.

Non-GAAP operating income was RMB143.5 million (US$20.5 million), compared to non-GAAP operating income of RMB405.9 million in the same period in 2024. Non-GAAP operating income margin was 2%, compared to non-GAAP operating income margin of 6% in the same period in 2024.

Total other expense was RMB27.2 million (US$3.9 million), decreasing 94% year over year, primarily due to the fluctuation of exchange rate between the Renminbi and the U.S. dollar.

Income before income taxes was RMB28.2 million (US$4.0 million), compared to loss before income taxes of RMB180.8 million in the same period in 2024.

Income tax expense was RMB35.8 million (US$5.1 million), compared to income tax expense of RMB6.2 million in the same period in 2024.

Net loss attributable to iQIYI was RMB5.8 million (US$0.8 million), compared to net loss attributable to iQIYI of RMB189.4 million in the same period in 2024. Diluted net loss attributable to iQIYI per ADS was RMB0.01 (US$0.00) for the fourth quarter of 2025, compared to diluted net loss attributable to iQIYI per ADS of RMB0.20 in the same period of 2024.

Non-GAAP net income attributable to iQIYI was RMB109.7 million (US$15.7 million), compared to non-GAAP net loss attributable to iQIYI of RMB58.8 million in the same period in 2024. Non-GAAP diluted net income attributable to iQIYI per ADS was RMB0.11 (US$0.02), compared to non-GAAP diluted net loss attributable to iQIYI per ADS of RMB0.06 in the same period of 2024.

Net cash provided by operating activities was RMB47.2 million (US$6.7 million), compared to net cash provided by operating activities of RMB519.0 million in the same period of 2024. Free cash flow was RMB26.8 million (US$3.8 million), compared to free cash flow of RMB498.1 million in the same period of 2024.

As of December 31, 2025, the Company had cash, cash equivalents, restricted cash, short-term investments and long-term restricted cash included in prepayments and other assets of RMB4.69 billion (US$671.0 million).

In October 2025, the Company entered into another facility agreement with PAG which provides PAG with an additional loan facility of US$114.1 million, carrying an interest rate of 4.5% per annum. In connection with this loan facility, PAG released all remaining restricted cash collateralized by the Company under its convertible senior notes previously issued to PAG. As of December 31, 2025, the Company had an aggregate loan of US$636.6 million to PAG, recorded under the line item of prepayments and other assets.

Fiscal Year 2025 Financial Results

Total revenues were RMB27.29 billion (US$3.90 billion), decreasing 7% from 2024.

Membership services revenue was RMB16.81 billion (US$2.40 billion), decreasing 5% from 2024, primarily due to a lighter content slate.

Online advertising services revenue was RMB5.19 billion (US$742.6 million), decreasing 9% from 2024, as some advertisers adjusted their advertising and promotion strategies in response to macro pressures.

Content distribution revenue was RMB2.50 billion (US$357.1 million), decreasing 12% from 2024, primarily due to the decrease in barter transactions.

Other revenues were RMB2.79 billion (US$399.4 million), decreasing 4% from 2024, primarily due to the alternation of certain business cooperation arrangement.

Cost of revenues was RMB21.54 billion (US$3.08 billion), decreasing 2% from 2024. Content costs as a component of cost of revenues were RMB15.45 billion (US$2.21 billion), decreasing 2% from 2024.

Selling, general and administrative expenses were RMB3.86 billion (US$551.5 million), increasing 5% from 2024, primarily driven by higher marketing spending.

Research and development expenses were RMB1.66 billion (US$237.8 million), decreasing 6% from 2024, primarily attributable to the decrease in personnel-related expenses.

Operating income was RMB229.3 million (US$32.8 million), compared to operating income of RMB1.81 billion in the 2024. Operating income margin was 1%, compared to operating income margin of 6% in 2024.

Non-GAAP operating income was RMB638.9 million (US$91.4 million), compared to non-GAAP operating income of RMB2.36 billion in the 2024. Non-GAAP operating income margin was 2%, compared to non-GAAP operating income margin of 8% in 2024.

Total other expense was RMB288.8 million (US$41.3 million), decreasing 70% from 2024. The year over year variance was primarily due to the fluctuation of exchange rate between the Renminbi and the U.S. dollar, less interest expense and decrease in impairment provision.

Loss before income taxes was RMB59.5 million (US$8.5 million), compared to income before income taxes of RMB851.7 million in 2024.

Income tax expense was RMB144.5 million (US$20.7 million), compared to income tax expense of RMB61.1 million in 2024.

Net loss attributable to iQIYI was RMB206.3 million (US$29.5 million), compared to net income attributable to iQIYI of RMB764.1 million in 2024. Diluted net loss attributable to iQIYI per ADS was RMB0.21 (US$0.03) for 2025, compared to diluted net income attributable to iQIYI per ADS of RMB0.79 in 2024.

Non-GAAP net income attributable to iQIYI was RMB280.6 million (US$40.1 million), compared to net income attributable to iQIYI of RMB1.51 billion in 2024. Non-GAAP diluted net income attributable to iQIYI per ADS was RMB0.29 (US$0.04), compared to non-GAAP diluted net income attributable to iQIYI per ADS of RMB1.56 in 2024.

Net cash provided by operating activities was RMB105.8 million (US$15.1 million), compared to net cash provided by operating activities of RMB2.11 billion in 2024. Free cash flow was RMB10.0 million (US$1.4 million), compared to free cash flow of RMB2.03 billion in 2024.

Conference Call Information

iQIYI’s management will hold an earnings conference call at 6:30 AM on February 26, 2026, U.S. Eastern Time (7:30 PM on February 26, 2026, Beijing Time).

Please register in advance of the conference using the link provided below. Upon registering, you will be provided with participant dial-in numbers, passcode and unique access PIN by a calendar invite.

Participant Online Registration: https://s1.c-conf.com/diamondpass/10052620-8j25st.html

It will automatically direct you to the registration page of “ iQIYI Fourth Quarter and Fiscal Year 2025 Earnings Conference Call”, where you may fill in your details for RSVP.

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

A telephone replay of the call will be available after the conclusion of the conference call through March 5, 2026.

Dial-in numbers for the replay are as follows:

International Dial-in +1 855 883 1031

Passcode: 10052620

A live and archived webcast of the conference call will be available at http://ir.iqiyi.com/.

About iQIYI, Inc.

iQIYI, Inc. is a leading provider of online entertainment video services in China. It combines creative talent with technology to foster an environment for continuous innovation and the production of blockbuster content. It produces, aggregates and distributes a wide variety of professionally produced content, as well as a broad spectrum of other video content in a variety of formats. iQIYI distinguishes itself in the online entertainment industry by its leading technology platform powered by advanced AI, big data analytics and other core proprietary technologies. Over time, iQIYI has built a massive user base and developed a diversified monetization model including membership services, online advertising services, content distribution, online games, talent agency, experience business, etc.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the quotations from management in this announcement, as well as iQIYI’s strategic and operational plans, contain forward-looking statements. iQIYI may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about iQIYI’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: iQIYI’s strategies; iQIYI’s future business development, financial condition and results of operations; iQIYI’s ability to retain and increase the number of users, members and advertising customers, and expand its service offerings; competition in the online entertainment industry; changes in iQIYI’s revenues, costs or expenditures; Chinese governmental policies and regulations relating to the online entertainment industry, general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and iQIYI undertakes no duty to update such information, except as required under applicable law.

Non-GAAP Financial Measures

To supplement iQIYI’s consolidated financial results presented in accordance with GAAP, iQIYI uses the following non-GAAP financial measures: non-GAAP operating income/(loss), non-GAAP operating income/(loss) margin, non-GAAP net income/(loss) attributable to iQIYI, non-GAAP diluted net income/(loss) attributable to iQIYI per ADS and free cash flow. The presentation of the non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

iQIYI believes that these non-GAAP financial measures provide meaningful supplemental information regarding its operating performance by excluding certain items that may not be indicative of its business operating results, such as operating performance excluding non-cash charges or non-operating in nature. The Company believes that both management and investors benefit from referring to the non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to iQIYI’s historical operating performance. The Company believes the non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using these non-GAAP financial measures is that the non-GAAP measures exclude certain items

that have been and will continue to be for the foreseeable future a significant component in the Company’s results of operations. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data.

Non-GAAP operating income/(loss) represents operating income/(loss) excluding share-based compensation expenses, amortization of intangible assets resulting from business combinations.

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

Non-GAAP diluted net income/(loss) per ADS represents diluted net income/(loss) per ADS calculated by dividing non-GAAP net income/(loss) attributable to iQIYI, Inc, by the weighted average number of ordinary shares expressed in ADS.

Free cash flow represents net cash provided by operating activities less capital expenditures.

For more information, please contact:

Investor Relations

iQIYI, Inc.

ir@qiyi.com

iQIYI, INC.

Condensed Consolidated Statements of Income/(Loss)

(In RMB thousands, except for number of shares and per share data)

		Three Months Ended												Year Ended
		December 31, 2024				September 30, 2025				December 31, 2025				December 31, 2024				December 31, 2025
		RMB (Unaudited)				RMB (Unaudited)				RMB (Unaudited)				RMB				RMB (Unaudited)
Revenues:
Membership services			4,102,688				4,212,294				4,105,859				17,762,814				16,807,289
Online advertising services			1,433,892				1,240,570				1,352,811				5,714,243				5,193,406
Content distribution			406,642				644,474				787,669				2,846,854				2,497,464
Others			670,195				585,047				547,859				2,901,327				2,793,141
Total revenues			6,613,417				6,682,385				6,794,198				29,225,238				27,291,300
Operating costs and expenses:
Cost of revenues			(4,994,165	)			(5,467,033	)			(5,376,079	)			(21,953,582	)			(21,542,347	)
Selling, general and administrative			(882,457	)			(925,024	)			(946,184	)			(3,682,050	)			(3,856,554	)
Research and development			(451,359	)			(412,137	)			(416,540	)			(1,778,403	)			(1,663,084	)
Total operating costs and expenses			(6,327,981	)			(6,804,194	)			(6,738,803	)			(27,414,035	)			(27,061,985	)
Operating income/(loss)			285,436				(121,809	)			55,395				1,811,203				229,315
Other income/(expense):
Interest income			75,352				83,326				84,499				271,824				334,360
Interest expenses			(235,289	)			(220,642	)			(220,278	)			(1,062,026	)			(909,616	)
Foreign exchange gain/(loss), net			(310,390	)			38,434				65,115				(97,249	)			246,249
Share of gains/(losses) from equity method investments			1,749				310				18				17,790				(4,375	)
Others, net			2,387				13,485				43,491				(89,863	)			44,566
Total other income/(expense), net			(466,191	)			(85,087	)			(27,155	)			(959,524	)			(288,816	)
Income/(loss) before income taxes			(180,755	)			(206,896	)			28,240				851,679				(59,501	)
Income tax expense			(6,233	)			(40,040	)			(35,757	)			(61,090	)			(144,542	)
Net income/(loss)			(186,988	)			(246,936	)			(7,517	)			790,589				(204,043	)
Less: Net income/(loss) attributable to noncontrolling interests			2,367				1,996				(1,701	)			26,530				2,268
Net income/(loss) attributable to iQIYI, Inc.			(189,355	)			(248,932	)			(5,816	)			764,059				(206,311	)
Net income/(loss) attributable to ordinary shareholders			(189,355	)			(248,932	)			(5,816	)			764,059				(206,311	)
Net income/(loss) per share for Class A and Class B ordinary shares:
Basic			(0.03	)			(0.04	)			(0.00	)			0.11				(0.03	)
Diluted			(0.03	)			(0.04	)			(0.00	)			0.11				(0.03	)
Net income/(loss) per ADS (1 ADS equals 7 Class A ordinary shares):
Basic			(0.20	)			(0.26	)			(0.01	)			0.79				(0.21	)
Diluted			(0.20	)			(0.26	)			(0.01	)			0.79				(0.21	)
Weighted average number of Class A and Class B ordinary shares used in net income/(loss) per share computation:
Basic			6,738,808,989				6,747,637,741				6,753,258,796				6,729,974,821				6,746,355,442
Diluted			6,738,808,989				6,747,637,741				6,753,258,796				6,799,500,149				6,746,355,442

iQIYI, INC.

Condensed Consolidated Balance Sheets

(In RMB thousands, except for number of shares and per share data)

		December 31, 2024				December 31, 2025
		RMB				RMB (Unaudited)
ASSETS
Current assets:
Cash and cash equivalents			3,529,679				4,354,275
Restricted cash			—				23,123
Short-term investments			941,610				314,819
Accounts receivable, net			2,191,178				2,522,668
Prepayments and other assets			2,192,928				2,406,222
Amounts due from related parties			283,123				221,681
Licensed copyrights, net			388,718				447,507
Total current assets			9,527,236				10,290,295
Non-current assets:
Fixed assets, net			877,982				903,427
Long-term investments			2,108,477				1,773,309
Deferred tax assts, net			23,536				20,773
Licensed copyrights, net			6,930,053				5,962,954
Intangible assets, net			289,861				217,085
Produced content, net			14,707,869				14,578,037
Prepayments and other assets			2,913,919				8,458,312
Operating lease assets			609,832				489,720
Goodwill			3,820,823				3,820,823
Amounts due from related parties			3,950,937				167,000
Total non-current assets			36,233,289				36,391,440
Total assets			45,760,525				46,681,735
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts and notes payable			6,482,209				6,652,432
Amounts due to related parties			3,239,036				3,717,283
Customer advances and deferred revenue			4,403,686				4,160,459
Convertible senior notes, current portion			242,460				1,459,151
Short-term loans			3,786,901				2,493,100
Long-term loans, current portion			167,987				738,391
Operating lease liabilities, current portion			96,675				84,174
Accrued expenses and other liabilities			3,058,379				2,762,317
Total current liabilities			21,477,333				22,067,307
Non-current liabilities:
Long-term loans			1,036,835				3,368,876
Convertible senior notes			8,350,570				6,711,948
Amounts due to related parties			59,226				38,192
Operating lease liabilities			461,974				340,256
Other non-current liabilities			1,000,823				846,230
Total non-current liabilities			10,909,428				11,305,502
Total liabilities			32,386,761				33,372,809
Shareholders’ equity:
Class A ordinary shares			238				239
Class B ordinary shares			193				193
Additional paid-in capital			55,623,841				56,026,232
Accumulated deficit			(43,809,369	)			(44,015,680	)
Accumulated other comprehensive income			1,550,523				1,305,542
Non-controlling interests			8,338				(7,600	)
Total shareholders’ equity			13,373,764				13,308,926
Total liabilities and shareholders’ equity			45,760,525				46,681,735

iQIYI, INC.

Condensed Consolidated Statements of Cash Flows

(In RMB thousands, except for number of shares and per share data)

		Three Months Ended												Year Ended
		December 31, 2024				September 30, 2025				December 31, 2025				December 31, 2024				December 31, 2025
		RMB (Unaudited)				RMB (Unaudited)				RMB (Unaudited)				RMB				RMB (Unaudited)
Net cash provided by/(used for) operating activities			519,015				(267,581	)			47,163				2,110,057				105,801
Net cash provided by/(used for) investing activities (1,2)			(895,709	)			763,706				(947,000	)			(2,444,870	)			(327,435	)
Net cash provided by/(used for) financing activities			114,419				150,809				518,404				(1,370,121	)			1,064,434
Effect of exchange rate changes on cash, cash equivalents and restricted cash			60,746				(16,074	)			(10,206	)			14,657				(55,393	)
Net increase/(decrease) in cash, cash equivalents and restricted cash			(201,529	)			630,860				(391,639	)			(1,690,277	)			787,407
Cash, cash equivalents and restricted cash at the beginning of the period			3,791,860				4,138,517				4,769,377				5,280,608				3,590,331
Cash, cash equivalents and restricted cash at the end of the period			3,590,331				4,769,377				4,377,738				3,590,331				4,377,738
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents			3,529,679				3,956,761				4,354,275				3,529,679				4,354,275
Restricted cash			—				1,853				23,123				—				23,123
Long-term restricted cash			60,652				810,763				340				60,652				340
Total cash and cash equivalents and restricted cash shown in the statements of cash flows			3,590,331				4,769,377				4,377,738				3,590,331				4,377,738
Net cash provided by/(used for) operating activities			519,015				(267,581	)			47,163				2,110,057				105,801
Less: Capital expenditures (2)			(20,891	)			(22,733	)			(20,413	)			(79,319	)			(95,808	)
Free cash flow			498,124				(290,314	)			26,750				2,030,738				9,993

(1) Net cash provided by or used for investing activities primarily consists of net cash flows from loans provided to related party, investing in debt securities, purchase of long-term investments and capital expenditures.

(2) Capital expenditures are incurred primarily in connection with construction in process, computers and servers.

iQIYI, INC.

Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures

(Amounts in thousands of Renminbi (“RMB”), except for per ADS information, unaudited)

		Three Months Ended												Year Ended
		December 31, 2024				September 30, 2025				December 31, 2025				December 31, 2024				December 31, 2025
		RMB				RMB				RMB				RMB				RMB
Operating income/(loss)			285,436				(121,809	)			55,395				1,811,203				229,315
Add: Share-based compensation expenses			118,938				98,420				86,587				544,395				403,425
Add: Amortization of intangible assets(1)			1,533				1,533				1,533				6,132				6,132
Operating income/(loss) (non-GAAP)			405,907				(21,856	)			143,515				2,361,730				638,872
Net income/(loss) attributable to iQIYI, Inc.			(189,355	)			(248,932	)			(5,816	)			764,059				(206,311	)
Add: Share-based compensation expenses			118,938				98,420				86,587				544,395				403,425
Add: Amortization of intangible assets(1)			1,533				1,533				1,533				6,132				6,132
Add: Disposal loss			—				—				—				22,265				—
Add: Impairment of long-term investments			14,034				—				9,990				192,613				37,940
Add: Fair value loss/(gain) of long-term investments			(3,895	)			799				17,374				(16,393	)			33,997
Add: Reconciling items on equity method investments(2)			—				—				—				—				5,377
Add: Tax effects on non-GAAP adjustments(3)			(34	)			—				—				(824	)			—
Net income/(loss) attributable to iQIYI, Inc. (non-GAAP)			(58,779	)			(148,180	)			109,668				1,512,247				280,560
Diluted net income/(loss) per ADS			(0.20	)			(0.26	)			(0.01	)			0.79				(0.21	)
Add: Non-GAAP adjustments to earnings per ADS			0.14				0.11				0.12				0.77				0.50
Diluted net income/(loss) per ADS (non-GAAP)			(0.06	)			(0.15	)			0.11				1.56				0.29

(1) This represents amortization of intangible assets resulting from business combinations.

(2) This represents iQIYI’s share of equity method investments for other non-GAAP reconciling items, primarily amortization and impairment of intangible assets not on the investee’s books, accretion of their redeemable noncontrolling interests, and the gain or loss associated with the issuance of shares by the investees at a price higher or lower than the carrying value per share.

(3) This represents tax impact of all relevant non-GAAP adjustments.

FAQ

How did iQIYI (IQ) perform financially in the fourth quarter of 2025?

iQIYI’s fourth quarter 2025 revenue rose 3% year over year to RMB6.79 billion. Operating income declined to RMB55.4 million, but GAAP net loss narrowed to RMB5.8 million and non-GAAP net income improved to RMB109.7 million, reflecting better underlying profitability.

What were iQIYI’s full-year 2025 revenues and profit compared with 2024?

In 2025, iQIYI’s total revenues were RMB27.29 billion, down 7% from 2024. Operating income dropped to RMB229.3 million from RMB1.81 billion, and results shifted from RMB764.1 million net income in 2024 to a RMB206.3 million net loss in 2025.

How did iQIYI’s cash flow and free cash flow change in 2025?

Net cash provided by operating activities in 2025 fell to RMB105.8 million from RMB2.11 billion in 2024. Free cash flow declined dramatically to RMB10.0 million, compared with RMB2.03 billion the prior year, indicating much weaker cash generation from operations.

What were the key revenue drivers for iQIYI in Q4 2025?

In Q4 2025, total revenue reached RMB6.79 billion. Membership services contributed RMB4.11 billion and were flat year over year. Online advertising revenue was RMB1.35 billion, down 6%, while content distribution revenue surged 94% to RMB787.7 million, mainly from higher cash transactions.

How did iQIYI’s non-GAAP earnings metrics trend in 2025?

Non-GAAP operating income for 2025 was RMB638.9 million, down from RMB2.36 billion in 2024. Non-GAAP net income attributable to iQIYI decreased to RMB280.6 million from RMB1.51 billion, and non-GAAP diluted net income per ADS dropped from RMB1.56 to RMB0.29.

What is iQIYI’s liquidity position as of December 31, 2025?

As of December 31, 2025, iQIYI held RMB4.69 billion in cash, cash equivalents, restricted cash, short-term investments and long-term restricted cash included in prepayments and other assets, providing a meaningful liquidity buffer despite weaker profitability and cash flow during 2025.

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