Baidu

BIDU · Nasdaq

Services-Computer Programming, Data Processing, Etc. · Fiscal year ends Dec 31 · Reports in CNY

Baidu reported revenue of CNY 129B in the fiscal year ended Dec 2025, down 3.0% from the year before. Operating income was −CNY 5.8B, an operating margin of −4.5%, and net income was CNY 5.6B. Operating cash flow of −CNY 3B less capital expenditure of CNY 12.1B left free cash flow of −CNY 15.1B. Net debt was CNY 18.2B.

Last 5 fiscal years

Revenue and net income

RevenueNet income

Income statement

Fiscal year	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue	CNY 124B	CNY 124B	CNY 135B	CNY 133B	CNY 129B
Cost of revenue	CNY 64.3B	CNY 63.9B	CNY 65B	CNY 66.1B	CNY 72.4B
Gross profit	CNY 60.2B	CNY 59.7B	CNY 69.6B	CNY 67B	CNY 56.6B
Research & development	CNY 24.9B	CNY 23.3B	CNY 24.2B	CNY 22.1B	CNY 20.4B
Selling, general & admin	CNY 24.7B	CNY 20.5B	CNY 23.5B	CNY 23.6B	CNY 25.8B
Operating income	CNY 10.5B	CNY 15.9B	CNY 21.9B	CNY 21.3B	−CNY 5.8B
Interest expense	CNY 3.4B	CNY 2.9B	CNY 3.2B	CNY 2.8B	CNY 2.8B
Pre-tax income	CNY 10.8B	CNY 10.1B	CNY 25.2B	CNY 28.6B	CNY 6.7B
Income tax	CNY 3.2B	CNY 2.6B	CNY 3.6B	CNY 4.4B	CNY 1.3B
Net income	CNY 10.2B	CNY 7.6B	CNY 20.3B	CNY 23.8B	CNY 5.6B

Balance sheet

Fiscal year	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash & equivalents	CNY 36.9B	CNY 53.2B	CNY 25.2B	CNY 24.8B	CNY 24.6B
Receivables	CNY 10B	CNY 11.7B	CNY 10.8B	CNY 10.1B	CNY 13B
Current assets	CNY 213B	CNY 213B	CNY 230B	CNY 169B	CNY 152B
Net PP&E	CNY 23B	CNY 24B	CNY 28B	CNY 30.1B	CNY 26.3B
Goodwill	CNY 22.6B	CNY 22.5B	CNY 22.6B	CNY 22.6B	CNY 36.8B
Total assets	CNY 380B	CNY 391B	CNY 407B	CNY 428B	CNY 449B
Current liabilities	CNY 74.5B	CNY 79.6B	CNY 76.5B	CNY 81B	CNY 86.3B
Short-term debt	CNY 4.2B	CNY 6.8B	CNY 2.7B	CNY 225M	CNY 1.5B
Long-term debt	CNY 53.6B	CNY 46.8B	CNY 41B	CNY 36B	CNY 41.3B
Total liabilities	CNY 156B	CNY 153B	CNY 144B	CNY 144B	CNY 159B
Shareholders' equity	CNY 211B	CNY 223B	CNY 244B	CNY 264B	CNY 266B
Backlog (remaining obligations)	–	CNY 3.5B	CNY 2.3B	CNY 990M	–

Cash flow

Fiscal year	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Operating cash flow	CNY 20.1B	CNY 26.2B	CNY 36.6B	CNY 21.2B	−CNY 3B
Capital expenditure	CNY 10.9B	CNY 8.3B	CNY 11.2B	CNY 8.1B	CNY 12.1B
Free cash flow	CNY 9.2B	CNY 17.9B	CNY 25.4B	CNY 13.1B	−CNY 15.1B
Depreciation & amortisation	CNY 5.7B	CNY 6.2B	CNY 7.1B	CNY 6.6B	CNY 7.4B
Stock-based compensation	CNY 7.1B	CNY 6.8B	CNY 6.3B	CNY 4.8B	CNY 3.6B
Acquisitions	CNY 247M	CNY 14M	CNY 115M	–	CNY 1.2B
Share buybacks	CNY 7.6B	CNY 1.9B	CNY 4.8B	CNY 6.3B	CNY 5.5B

Key ratios

Fiscal year	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue growth (YoY)	–	−0.7%	8.8%	−1.1%	−3.0%
Operating income growth (YoY)	–	51.3%	37.4%	−2.7%	−127.4%
Gross margin	48.3%	48.3%	51.7%	50.3%	43.9%
Operating margin	8.4%	12.9%	16.2%	16.0%	−4.5%
Net margin	8.2%	6.1%	15.1%	17.8%	4.3%
Return on equityBlank when equity is negative	4.8%	3.4%	8.3%	9.0%	2.1%
ROCEEBIT ÷ (assets − current liabilities)	3.4%	5.1%	6.6%	6.1%	−1.6%
Free cash flow margin	7.4%	14.5%	18.9%	9.8%	−11.7%
Cash conversion (CFO ÷ net income)	1.97x	3.46x	1.80x	0.89x	−0.54x
Receivable days	29	35	29	28	37
Interest cover	3.07x	5.46x	6.73x	7.53x	−2.09x
Debt ÷ equity	0.27x	0.24x	0.18x	0.14x	0.16x
Net debtDebt − cash & equivalents; excludes investments; negative = net cash	CNY 20.9B	CNY 397M	CNY 18.5B	CNY 11.4B	CNY 18.2B
Current ratio	2.86x	2.67x	3.01x	2.09x	1.76x

Recent filings

20-F2026-03-17 ↗

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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.