$BIDU

Baidu, Inc.

CIK:0001329099|SEC Filings

Consolidated Statements Of Comprehensive Income ¥ in Millions, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025 CNY (¥) ¥ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 CNY (¥) ¥ / shares shares	Dec. 31, 2023 CNY (¥) ¥ / shares shares
Revenue
Revenue	¥ 129,079	$ 18,458	¥ 133,125	¥ 134,598
Costs and expenses:
Cost of revenue	72,436	10,358	66,102	65,031
Selling, general and administrative	25,843	3,696	23,620	23,519
Research and development	20,433	2,922	22,133	24,192
Impairment of long-lived assets	16,190	2,315	0	0
Total costs and expenses	134,902	19,291	111,855	112,742
Operating income (loss)	(5,823)	(833)	21,270	21,856
Other income:
Interest income	8,602	1,230	7,962	8,009
Interest expense	(2,784)	(398)	(2,824)	(3,248)
Foreign exchange gain (loss), net	(2,242)	(321)	1,076	595
Share of earnings (losses) from equity method investments	3,196	457	(691)	(3,799)
Others, net	5,767	825	1,829	1,785
Total other income, net	12,539	1,793	7,352	3,342
Income before income taxes	6,716	960	28,622	25,198
Income tax expense	1,259	180	4,447	3,649
Net income	5,457	780	24,175	21,549
Less: net income (loss) attributable to noncontrolling interests	(132)	(19)	415	1,234
Net income attributable to Baidu, Inc.	5,589	799	23,760	20,315
Other comprehensive income (loss):
Foreign currency translation adjustments	624	89	(766)	(913)
Unrealized gains (losses) on available-for-sale investments, net of reclassification	(96)	(14)	174	(201)
Unrealized losses on derivatives	(511)	(73)	(387)	(422)
Other comprehensive income (loss), net of tax	17	2	(979)	(1,536)
Comprehensive income	5,474	782	23,196	20,013
Less: comprehensive income (loss) attributable to noncontrolling interests	(268)	(38)	344	1,139
Comprehensive income attributable to Baidu, Inc.	¥ 5,742	$ 820	¥ 22,852	¥ 18,874
Common Class A and Class B
Earnings per shares:
Basic \| (per share)	¥ 1.71	$ 0.24	¥ 8.31	¥ 6.98
Diluted \| (per share)	¥ 1.47	$ 0.21	¥ 8.24	¥ 6.89
Weighted average number of Class A and Class B ordinary shares outstanding
Basic	2,726	2,726	2,790	2,807
Diluted	2,744	2,744	2,798	2,837
Class A Ordinary Shares
Earnings per shares:
Basic \| (per share)	¥ 1.71	$ 0.24	¥ 8.31	¥ 6.98
Diluted \| (per share)	¥ 1.47	$ 0.21	¥ 8.24	¥ 6.89
Weighted average number of Class A and Class B ordinary shares outstanding
Basic	2,202	2,202	2,265	2,278
Diluted	2,744	2,744	2,798	2,837
Class A Ordinary Shares \| American Depositary Shares
Earnings per shares:
Basic \| (per share)	¥ 13.67	$ 1.95	¥ 66.4	¥ 55.83
Diluted \| (per share)	¥ 11.78	$ 1.68	¥ 65.91	¥ 55.08

Consolidated Statements of Cash Flows
¥ in Millions, $ in Millions

12 Months Ended

Dec. 31, 2025

CNY (¥)

Dec. 31, 2025

USD ($)

Dec. 31, 2024

CNY (¥)

Dec. 31, 2023

CNY (¥)

Cash flows from operating activities:

Net income

¥ 5,457

$ 780

¥ 24,175

¥ 21,549

Adjustments to reconcile net income to net cash provided by/ (used in) operating activities:

Depreciation of fixed assets and computer parts

7,746

1,108

6,844

7,390

Amortization and impairment of intangible assets

555

295

430

Impairment of long-lived assets

16,190

2,315

Deferred income tax, net

(1,271)

(182)

1,040

(163)

Share-based compensation

3,605

517

4,784

6,345

Allowance for credit losses

1,984

284

1,074

693

Investment and interest income

(7,455)

(1,067)

(2,598)

(3,765)

Amortization of licensed copyrights

6,137

878

7,489

7,088

Amortization and impairment of produced content

6,913

989

5,893

6,549

Impairment of long-term investments and other assets excluding long-lived assets

488

630

910

Share of losses (earnings) from equity method investments

(3,196)

(457)

691

3,799

Loss (gain) on disposal of subsidiaries or business

(157)

Gain on disposal of fixed assets

(11)

(2)

(44)

(36)

Barter transaction revenue

(450)

(64)

(902)

(418)

Accretion on convertible senior notes and others

261

311

332

Other non-cash expenses (income)

2,082

298

(958)

(864)

Changes in operating assets and liabilities, net of effects of acquisitions and disposals:

Accounts receivable

(4,509)

(645)

327

216

Amounts due from related parties

(220)

(196)

Licensed copyrights

(4,858)

(695)

(6,530)

(6,381)

Produced content

(6,749)

(965)

(7,210)

(6,928)

Other assets

(22,377)

(3,200)

(16,782)

(691)

Customer deposits and deferred revenue

(1,775)

(254)

103

1,645

Accounts payable and accrued liabilities and other non-current liabilities

(1,844)

(264)

2,298

(858)

Deferred income

(99)

(14)

410

273

Amounts due to related parties

157

(147)

Net cash provided by/ (used in) operating activities

(3,013)

(431)

21,234

36,615

Cash flows from investing activities:

Acquisition of fixed assets

(12,073)

(1,726)

(8,134)

(11,190)

Acquisition of businesses, net of cash acquired

(1,188)

(170)

(115)

Acquisition of intangible assets

(1,344)

(192)

(125)

(105)

Purchases of time deposits and held-to-maturity investments

(160,679)

(22,977)

(225,885)

(198,658)

Maturities of time deposits and held-to-maturity investments

155,700

22,265

224,188

152,877

Purchases of available-for-sale debt investments

(151,448)

(21,657)

(79,022)

(3,335)

Sales and maturities of available-for-sale debt investments

146,788

20,990

74,366

2,155

Purchases of trading investments

(3,405)

(487)

(15)

Purchases of equity investments

(646)

(92)

(795)

(1,487)

Proceeds from disposal of equity investments

3,936

563

6,697

6,884

Loans provided to third parties

(813)

(116)

(2,427)

(1,472)

Loans provided to related parties

(100)

(14)

(38)

(1)

Repayment from loans provided to third parties

112

Repayment from loans provided to related parties

3,946

Return of equity method investments

2,536

Other investing activities

107

(13)

104

Net cash used in investing activities

(25,136)

(3,594)

(8,555)

(50,397)

Cash flows from financing activities:

Proceeds from short-term loans

11,996

1,715

22,454

15,928

Repayments of short-term loans

(15,035)

(2,150)

(22,039)

(11,026)

Proceeds from long-term loans

3,450

493

1,120

130

Repayments of long-term loans

(547)

(78)

(16)

(31)

Repayment of loans borrowed from related parties

(3,477)

Proceeds from issuance of long-term notes, net of issuance costs

28,708

4,105

Repayments of long-term notes

(7,955)

(1,138)

(6,142)

(7,296)

Proceeds from issuance of convertible senior notes, net of issuance costs

2,490

356

4,415

Repayments or redemption of convertible senior notes

(2,814)

(402)

(2,914)

(11,736)

Proceeds from issuance of subsidiaries' shares

3,461

Repurchase of ordinary shares

(5,536)

(792)

(6,324)

(4,764)

Proceeds from exercise of share options

103

Proceeds from issuance of redeemable noncontrolling interests

2,370

339

615

351

Acquisition of redeemable noncontrolling interests and noncontrolling interests in subsidiaries

(825)

Proceeds from other financing activities

243

339

Repayments of other financing activities

(321)

(46)

(115)

(220)

Net cash provided by/ (used in) financing activities

17,142

2,451

(13,759)

(14,162)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(751)

(107)

282

Net decrease in cash, cash equivalents and restricted cash

(11,758)

(1,681)

(985)

(27,662)

Cash, cash equivalents and restricted cash at the beginning of the year

36,589

5,232

37,574

65,236

Cash, cash equivalents and restricted cash at the end of the year

24,831

3,551

36,589

37,574

Supplemental disclosures:

Interest paid

2,007

287

2,237

2,764

Income taxes paid

^[1]

3,254

465

3,684

3,666

Non-cash investing and financing activities:

Acquisition of fixed assets included in accounts payable and accrued liabilities

1,638

234

1,819

1,310

Reconciliation of cash, cash equivalents and restricted cash:

Cash and cash equivalents

24,606

3,519

24,832

25,231

Restricted cash

225

11,697

11,503

Long-term restricted cash

840

Cash, cash equivalents and restricted cash at the end of the year

¥ 24,831

$ 3,551

¥ 36,589

¥ 37,574

[1]	For the year ended December 31, 2025, income taxes paid amounted to RMB3.2 billion (US$461 million) in Chinese mainland, and RMB27 million (US$4 million) in jurisdictions outside Chinese mainland.

Consolidated Balance Sheets ¥ in Millions, $ in Millions	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 24,606	$ 3,519	¥ 24,832
Restricted cash	225	32	11,697
Short-term investments, net	90,661	12,964	102,608
Accounts receivable, net of allowance of RMB3,517 and RMB5,001 (US$715) as of December 31, 2024 and 2025, respectively	12,972	1,855	10,104
Amounts due from related parties	761	109	790
Other current assets, net	22,745	3,253	18,818
Total current assets	151,970	21,732	168,849
Non-current assets:
Fixed assets, net	26,281	3,758	30,102
Licensed copyrights, net	5,963	853	6,930
Produced content, net	14,575	2,084	14,695
Intangible assets, net	3,891	556	772
Goodwill	36,783	5,260	22,586
Long-term investments, net	44,918	6,423	41,721
Long-term time deposits and held-to-maturity investments	123,862	17,712	98,535
Amounts due from related parties	167	24	137
Deferred tax assets, net	4,582	655	2,193
Operating lease right-of-use assets	8,610	1,231	10,898
Receivables related to the proposed acquisition of YY Live, net	0	0	13,547
Other non-current assets	27,555	3,941	16,815
Total non-current assets	297,187	42,497	258,931
Total assets	449,157	64,229	427,780
Current liabilities (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB39,711 and RMB37,165 (US$5,315) as of December 31, 2024 and 2025, respectively):
Short-term loans	7,626	1,091	10,669
Accounts payable and accrued liabilities	38,891	5,561	41,443
Customer deposits and deferred revenue	13,051	1,866	14,624
Deferred income	531	76	684
Long-term loans, current portion	14,765	2,111	168
Convertible senior notes, current portion	1,459	209	242
Notes payable, current portion	4,560	652	8,026
Amounts due to related parties	1,988	284	1,794
Operating lease liabilities	3,457	494	3,303
Total current liabilities	86,328	12,344	80,953
Non-current liabilities (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB7,352 and RMB8,242 (US$1,179) as of December 31, 2024 and 2025, respectively):
Deferred income	198	28	231
Deferred revenue	723	103	585
Amounts due to related parties	36	5	56
Long-term loans	3,369	482	15,596
Notes payable	51,021	7,296	27,996
Convertible senior notes	6,712	960	8,351
Deferred tax liabilities	4,985	713	3,870
Operating lease liabilities	4,108	587	4,973
Other non-current liabilities	1,951	280	1,557
Total non-current liabilities	73,103	10,454	63,215
Total liabilities	159,431	22,798	144,168
Commitments and contingencies
Redeemable noncontrolling interests	13,166	1,883	9,870
Equity
Additional paid-in capital	94,979	13,582	91,586
Treasury stock	(4,693)	(671)	(6,236)
Retained earnings	177,694	25,410	180,073
Accumulated other comprehensive loss	(1,650)	(236)	(1,803)
Total Baidu, Inc. shareholders' equity	266,330	38,085	263,620
Noncontrolling interests	10,230	1,463	10,122
Total equity	276,560	39,548	273,742
Total liabilities, redeemable noncontrolling interests and equity	449,157	64,229	427,780
Class A Ordinary Shares
Equity
Ordinary shares, value	0	0	0
Class B Ordinary Shares
Equity
Ordinary shares, value	¥ 0	$ 0	¥ 0