Baidu, Inc. (BIDU) Financial Statements

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Baidu financial statements at a glance

Baidu reported revenue of 129.08 billion CNY for fiscal year 2025 (ended December 31, 2025), down 3.0% from fiscal year 2024. Net income was 4.66 billion CNY, a net margin of 3.6%, and diluted earnings per share were 11.76 CNY.

At the end of fiscal year 2025 it had total assets of 449.16 billion CNY, total liabilities of 159.43 billion CNY and shareholders' equity of 266.33 billion CNY, with cash and short-term investments of 115.27 billion CNY and total debt of 97.08 billion CNY.

Its operations brought in -3.01 billion CNY of cash; capital spending was 13.42 billion CNY, leaving free cash flow of -16.43 billion CNY.

The tables below show the income statement, balance sheet and cash flow statement; the key figures of the last 5 fiscal years are at the bottom of the page.

Figures from company filings, in CNY; latest fiscal year ended December 31, 2025.

BIDU logo

Baidu, Inc.

BIDUChina
Technology
CNY (Local)

Income Statement

Annual • CNY

Total Revenue
129.08B
Prev Year: 133.13B
YoY: -3.0%
Operating Revenue
129.08B
Prev Year: 78.56B
YoY: +64.3%
Net Income from Continuing Operation Net Minority Interest
5.59B
Prev Year: 23.76B
YoY: -76.5%
Total Unusual Items Excluding Goodwill
-18.43B
Prev Year: 1.08B
YoY: -1813.0%
Total Unusual Items
-18.43B
Prev Year: 1.08B
YoY: -1813.0%
Normalized EBITDA
49.28B
Prev Year: 50.89B
YoY: -3.2%
Tax Rate for Calcs
0.187
Prev Year: 0
Tax Effect of Unusual Items
-3.45B
Prev Year: 166.78M
YoY: -2166.7%
Average Dilution Earnings
-620.00M
Prev Year: -105.00M
YoY: -490.5%
Otherunder Preferred Stock Dividend
926.00M
Prev Year: 588.00M
YoY: +57.5%
Noncontrolling Interests
132.00M
Prev Year: -415.00M
YoY: +131.8%
Special Income Charges
-16.19B
Impairment of Capital Assets
16.19B
Cost of Revenue
72.44B
Prev Year: 66.10B
YoY: +9.6%
Gross Profit
56.64B
Prev Year: 67.02B
YoY: -15.5%
Operating Expense
46.28B
Prev Year: 45.75B
YoY: +1.1%
Selling General and Administrative
25.84B
Prev Year: 23.62B
YoY: +9.4%
Research and Development
20.43B
Prev Year: 22.13B
YoY: -7.7%
Operating Income
10.37B
Prev Year: 21.27B
YoY: -51.3%
Net Non Operating Interest Income Expense
5.82B
Prev Year: 5.14B
YoY: +13.2%
Non-operating Interest Income
8.60B
Prev Year: 7.96B
YoY: +8.0%
Non-operating Interest Expense
2.78B
Prev Year: 2.82B
YoY: -1.4%
Other Income Expense
-9.47B
Prev Year: 2.21B
YoY: -527.7%
Gain on Sale of Securities
-2.24B
Prev Year: 1.08B
YoY: -308.4%
Equity in Earnings of Affiliates
3.20B
Prev Year: -691.00M
YoY: +562.5%
Other Non-operating Income (expense)
5.77B
Prev Year: 1.83B
YoY: +215.3%
Pre-tax Income
6.72B
Prev Year: 28.62B
YoY: -76.5%
Provision for Income Taxes
1.26B
Prev Year: 4.45B
YoY: -71.7%
Net Income Common Stockholders
4.66B
Prev Year: 23.17B
YoY: -79.9%
Net Income
5.59B
Prev Year: 23.76B
YoY: -76.5%
Net Income Including Non-Controlling Interests
5.46B
Prev Year: 24.18B
YoY: -77.4%
Net Income from Continuing Operations
5.46B
Prev Year: 24.18B
YoY: -77.4%
Diluted NI Available to Com Stockholders
4.04B
Prev Year: 23.07B
YoY: -82.5%
Basic EPS
13.68
Diluted EPS
11.76
Weighted Average Shares (basic)
340.75M
Weighted Average Shares (diluted)
343.00M
Total Operating Income as Reported
-5.82B
Prev Year: 21.27B
YoY: -127.4%
Total Expenses
118.71B
Prev Year: 111.86B
YoY: +6.1%
Net Income from Continuing and Discontinued Operation
5.59B
Prev Year: 23.76B
YoY: -76.5%
Normalized Income
20.57B
Prev Year: 22.85B
YoY: -10.0%
Interest Income
8.60B
Prev Year: 7.96B
YoY: +8.0%
Interest Expense
2.78B
Prev Year: 2.82B
YoY: -1.4%
Net Interest Income
5.82B
Prev Year: 5.14B
YoY: +13.2%
EBIT
9.50B
Prev Year: 31.45B
YoY: -69.8%
EBITDA
30.85B
Prev Year: 51.97B
YoY: -40.6%
Reconciled Cost of Revenue
72.44B
Prev Year: 66.10B
YoY: +9.6%
Reconciled Depreciation
21.35B
Prev Year: 20.52B
YoY: +4.0%
Values in CNY

Baidu key figures by fiscal year

FY2025FY2024FY2023FY2022FY2021
Revenue129.1B CNY133.1B CNY134.6B CNY123.7B CNY124.5B CNY
Gross profit56.6B CNY67.0B CNY69.6B CNY59.7B CNY60.2B CNY
Operating income10.4B CNY21.3B CNY21.9B CNY15.9B CNY10.5B CNY
Net income4.7B CNY23.2B CNY19.6B CNY7.0B CNY9.9B CNY
Diluted EPS11.76 CNY–55.12 CNY19.84 CNY28.08 CNY
Total assets449.2B CNY427.8B CNY406.8B CNY391.0B CNY380.0B CNY
Total liabilities159.4B CNY144.2B CNY144.2B CNY153.2B CNY156.1B CNY
Shareholders' equity266.3B CNY263.6B CNY243.6B CNY223.5B CNY211.5B CNY
Cash and short-term investments115.3B CNY127.4B CNY193.9B CNY174.0B CNY180.1B CNY
Total debt97.1B CNY79.3B CNY84.6B CNY91.4B CNY91.5B CNY
Operating cash flow-3.0B CNY21.2B CNY36.6B CNY26.2B CNY20.1B CNY
Capital spending13.4B CNY8.3B CNY11.3B CNY8.4B CNY11.2B CNY
Free cash flow-16.4B CNY13.0B CNY25.3B CNY17.8B CNY8.9B CNY

In CNY. Fiscal years as reported by the company; statements on this page go back to fiscal year 2014.

Questions and answers

What was Baidu's revenue in fiscal year 2025?

129.08 billion CNY, down 3.0% from 133.13 billion CNY in fiscal year 2024.

How much profit does Baidu make?

Baidu reported net income of 4.66 billion CNY for fiscal year 2025 (3.6% of revenue); operating income was 10.37 billion CNY.

How much cash and debt does Baidu have?

At the end of fiscal year 2025: cash and short-term investments of 115.27 billion CNY and total debt of 97.08 billion CNY.

What is Baidu's free cash flow?

-16.43 billion CNY in fiscal year 2025 (operating cash flow of -3.01 billion CNY minus capital spending of 13.42 billion CNY).

Disclaimer: This analysis is for informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. Data may be incomplete, delayed, or contain inaccuracies. Consult with a qualified financial advisor before making any investment decisions.
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