$IQ

iQIYI, Inc.

CIK:0001722608|SEC Filings

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) ¥ in Thousands, $ in Thousands	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
Revenues:
Revenues	¥ 27,291,300	$ 3,902,604	¥ 29,225,238	¥ 31,872,651
Operating costs and expenses:
Cost of revenues	(21,542,347)	(3,080,515)	(21,953,582)	(23,102,492)
Selling, general and administrative	(3,856,554)	(551,480)	(3,682,050)	(4,014,070)
Research and development	(1,663,084)	(237,817)	(1,778,403)	(1,766,610)
Total operating costs and expenses	(27,061,985)	(3,869,812)	(27,414,035)	(28,883,172)
Operating income	229,315	32,792	1,811,203	2,989,479
Other income/(expenses):
Interest income	334,360	47,813	271,824	257,499
Interest expenses	(909,616)	(130,073)	(1,062,026)	(1,130,314)
Foreign exchange gain/(loss), net	246,249	35,213	(97,249)	(105,434)
Share of gains/(losses) from equity method investments	(4,375)	(626)	17,790	(51,249)
Others, net	44,566	6,372	(89,863)	72,620
Total other expenses, net	(288,816)	(41,301)	(959,524)	(956,878)
Income/(loss) before income taxes	(59,501)	(8,509)	851,679	2,032,601
Income tax expense	(144,542)	(20,669)	(61,090)	(80,047)
Net income/(loss)	(204,043)	(29,178)	790,589	1,952,554
Less: Net income attributable to noncontrolling interests	2,268	324	26,530	27,085
Net income/(loss) attributable to iQIYI, Inc.	(206,311)	(29,502)	764,059	1,925,469
Net income/(loss) attributable to ordinary shareholders	(206,311)	(29,502)	764,059	1,925,469
Other comprehensive loss:
Foreign currency translation adjustments	(96,408)	(13,786)	(133,922)	(163,983)
Unrealized losses on available-for-sale debt securities	(150,066)	(21,459)	(2,506)	(11,367)
Total other comprehensive loss, net of tax	(246,474)	(35,245)	(136,428)	(175,350)
Comprehensive income/(loss)	(450,517)	(64,423)	654,161	1,777,204
Less: Comprehensive income attributable to noncontrolling interests	775	111	27,626	27,142
Comprehensive income/(loss) attributable to iQIYI, Inc.	¥ (451,292)	$ (64,534)	¥ 626,535	¥ 1,750,062
Class A and Class B ordinary share
Net income/(loss) per ordinary share:
Basic \| (per share)	¥ (0.03)	$ (0)	¥ 0.11	¥ 0.29
Diluted \| (per share)	¥ (0.03)	$ (0)	¥ 0.11	¥ 0.28
Shares used in net income/(loss) per Class A and Class B ordinary share computation:
Basic	6,746,355,442	6,746,355,442	6,729,974,821	6,675,522,809
Diluted	6,746,355,442	6,746,355,442	6,799,500,149	6,823,628,066
American Depositary Shares
Net income/(loss) per ordinary share:
Basic \| (per share)	¥ (0.21)	$ (0.03)	¥ 0.79	¥ 2.02
Diluted \| (per share)	¥ (0.21)	$ (0.03)	¥ 0.79	¥ 1.98
Membership services
Revenues:
Revenues	¥ 16,807,289	$ 2,403,410	¥ 17,762,814	¥ 20,314,216
Online advertising services
Revenues:
Revenues	5,193,406	742,647	5,714,243	6,223,903
Content distribution
Revenues:
Revenues	2,497,464	357,133	2,846,854	2,458,610
Others
Revenues:
Revenues	¥ 2,793,141	$ 399,414	¥ 2,901,327	¥ 2,875,922

CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands	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/ (loss)	¥ (204,043)	$ (29,178)	¥ 790,589	¥ 1,952,554
Adjustments to reconcile net income/(loss) to net cash provided by/ (used for) operating activities
Depreciation of fixed assets	138,300	19,782	147,946	275,155
Amortization of intangible assets	75,634	10,816	95,595	179,380
Amortization of licensed copyrights	6,137,566	877,660	7,488,646	7,087,769
Amortization and impairment of produced content	6,912,583	988,486	5,892,927	6,548,911
Provision/(reversal) of credit losses	22,321	3,192	(13,347)	30,225
Unrealized foreign exchange loss/(gain)	(245,936)	(35,168)	35,267	28,025
Gain on disposal of fixed assets	(5,956)	(852)	(19,459)	(16,361)
Loss/(gain) on disposal of subsidiaries or business	0	0	22,265	(89,571)
Accretion on convertible senior notes and others	260,707	37,281	311,236	331,967
Barter transaction revenue	(449,810)	(64,322)	(901,638)	(417,630)
Share-based compensation	403,425	57,689	544,395	636,732
Share of losses/(gains) from equity method investments	4,375	626	(17,790)	51,249
Fair value change and impairment of long-term investments	71,937	10,287	176,221	340,042
Deferred income tax expense/(benefit)	2,763	395	(24,360)	(1,008)
Other non-cash expense/(income)	35,273	5,044	(59,337)	(227,353)
Changes in operating assets and liabilities
Accounts receivable	(350,341)	(50,098)	6,993	193,305
Amounts due from related parties	26,828	3,836	(14,515)	(280,042)
Licensed copyrights	(4,858,452)	(694,749)	(6,529,740)	(6,381,628)
Produced content	(6,779,279)	(969,424)	(7,218,469)	(6,901,691)
Prepayments and other assets	(1,446,680)	(206,872)	699,289	(34,876)
Accounts payable	322,196	46,073	703,957	(288,128)
Amounts due to related parties	460,213	65,810	256,647	37,841
Customer advances and deferred revenue	(243,227)	(34,781)	30,478	141,098
Accrued expenses and other liabilities	4,511	645	76,242	173,550
Other non-current liabilities	(189,144)	(27,047)	(369,981)	(17,915)
Net cash provided by operating activities	105,801	15,131	2,110,057	3,351,600
Cash flows from investing activities:
Acquisition of fixed assets	(95,808)	(13,700)	(79,319)	(36,971)
Acquisition of intangible assets	(28,828)	(4,122)	(93,719)	(67,937)
Purchase of long-term investments	(2,000)	(286)	(37,790)	(178,522)
Proceeds from disposal of long-term investments	99,359	14,208	61,009	109,791
Film investments made as passive investor	(5,114)	(731)	(14,400)	(17,600)
Proceeds from film investments as passive investor	16,076	2,299	13,512	20,689
Loans provided to related parties	(812,632)	(116,205)	(2,316,239)	(1,472,600)
Purchases of held-to-maturity debt securities	(67,363)	(9,633)	(510,000)	0
Maturities of held-to-maturity debt securities	33,464	4,785	510,000	0
Purchases of available-for-sale debt securities	(430,000)	(61,489)	(438,000)	(1,890,450)
Maturities of available-for-sale debt securities	1,077,000	154,009	443,000	1,769,297
Other investing activities	(111,589)	(15,957)	17,076	24,788
Net cash used for investing activities	(327,435)	(46,822)	(2,444,870)	(1,739,515)
Cash flows from financing activities:
Repayments from loans from related parties	0	0	0	(650,000)
Proceeds from short-term loans	2,587,380	369,990	4,952,608	4,633,238
Repayments of short-term loans	(3,881,626)	(555,065)	(4,732,857)	(4,412,667)
Proceeds from long-term loans	3,449,616	493,289	1,120,332	99,990
Repayments of long-term loans	(547,171)	(78,244)	(15,500)	0
Proceeds from issuance of convertible senior notes, net of issuance costs	2,490,035	356,070	0	4,415,401
Repayments or redemption of convertible senior notes	(2,813,569)	(402,335)	(2,914,233)	(11,735,964)
Acquisition of noncontrolling interests in a subsidiary	0	0	(26,819)	0
Proceeds from issuance of ordinary shares in the follow-on offering, net of issuance costs	0	0	0	3,391,277
Proceeds from exercise of share options	347	50	41,067	69,844
Finance lease payments	0	0	(18,256)	(27,666)
Dividends paid to noncontrolling interest shareholders	(19,455)	(2,782)	(22,503)	(44,525)
Proceeds from other financing activities	95,814	13,701	339,023	0
Repayment for other financing activities	(296,937)	(42,461)	(92,983)	(24,000)
Net cash provided by/(used for) financing activities	1,064,434	152,213	(1,370,121)	(4,285,072)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(55,393)	(7,924)	14,657	92,039
Net increase/(decrease) in cash, cash equivalents and restricted cash	787,407	112,598	(1,690,277)	(2,580,948)
Cash, cash equivalents and restricted cash at the beginning of the year	3,590,331	513,411	5,280,608	7,861,556
Cash, cash equivalents and restricted cash at the end of the year	4,377,738	626,009	3,590,331	5,280,608
Supplemental disclosures of cash flow information:
Cash paid for interest	628,071	89,813	678,069	784,242
Cash paid for income taxes	104,323	14,918	78,487	34,719
Acquisition of fixed assets included in accounts payable	138,778	19,845	95,597	6,869
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents	4,354,275	$ 622,653	3,529,679	4,434,525
Restricted cash	23,123		0	6,120
Long-term restricted cash	340		60,652	839,963
Total cash and cash equivalents and restricted cash shown in the statements of cash flows	¥ 4,377,700		¥ 3,590,331	¥ 5,280,608

CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 4,354,275	$ 622,653	¥ 3,529,679
Restricted cash	23,123	3,307	0
Short-term investments	314,819	45,019	941,610
Accounts receivable, net of allowance of RMB90,626 and RMB107,191 (US$15,328) as of December 31, 2024 and 2025, respectively	2,522,668	360,737	2,191,178
Prepayments and other assets	2,406,222	344,085	2,192,928
Licensed copyrights, net	447,507	63,993	388,718
Total current assets	10,290,295	1,471,494	9,527,236
Non-current assets:
Fixed assets, net	903,427	129,188	877,982
Long-term investments	1,773,309	253,580	2,108,477
Deferred tax assets, net	20,773	2,970	23,536
Licensed copyrights, net	5,962,954	852,691	6,930,053
Intangible assets, net	217,085	31,043	289,861
Produced content, net	14,578,037	2,084,632	14,707,869
Prepayments and other assets	8,458,312	1,209,523	2,913,919
Operating lease assets	489,720	70,029	609,832
Goodwill	3,820,823	546,370	3,820,823
Total non-current assets	36,391,440	5,203,907	36,233,289
Total assets	46,681,735	6,675,401	45,760,525
Current liabilities (including current liabilities of the consolidated VIEs without recourse to the primary beneficiary of RMB12,435,742 and RMB12,443,908 (US$1,779,455) as of December 31, 2024 and 2025, respectively):
Accounts and notes payable	6,652,432	951,285	6,482,209
Customer advances and deferred revenue	4,160,459	594,938	4,403,686
Short-term loans	2,493,100	356,500	3,786,901
Long-term loans, current portion	738,391	105,589	167,987
Convertible senior notes, current portion	1,459,151	208,656	242,460
Operating lease liabilities, current portion	84,174	12,037	96,675
Accrued expenses	1,947,905	278,547	1,899,083
Total current liabilities	22,067,307	3,155,584	21,477,333
Non-current liabilities (including non-current liabilities of the consolidated VIEs without recourse to the primary beneficiary of RMB2,349,005 and RMB4,256,563 (US$608,681) as of December 31, 2024 and 2025, respectively):
Long-term loans	3,368,876	481,743	1,036,835
Convertible senior notes	6,711,948	959,796	8,350,570
Deferred tax liabilities	0	0	0
Operating lease liabilities	340,256	48,656	461,974
Total non-current liabilities	11,305,502	1,616,665	10,909,428
Total liabilities	33,372,809	4,772,249	32,386,761
Commitments and contingencies
Shareholders’ equity:
Additional paid-in capital	56,026,232	8,011,645	55,623,841
Accumulated deficit	(44,015,680)	(6,294,158)	(43,809,369)
Accumulated other comprehensive income	1,305,542	186,690	1,550,523
Noncontrolling interests	(7,600)	(1,087)	8,338
Total shareholders’ equity	13,308,926	1,903,152	13,373,764
Total liabilities and shareholders' equity	46,681,735	6,675,401	45,760,525
Related Party
Current assets:
Interest receivable from related parties	221,681	31,700	283,123
Non-current assets:
Amounts due from related parties	167,000	23,881	3,950,937
Current liabilities (including current liabilities of the consolidated VIEs without recourse to the primary beneficiary of RMB12,435,742 and RMB12,443,908 (US$1,779,455) as of December 31, 2024 and 2025, respectively):
Other liabilities	3,717,283	531,564	3,239,036
Non-current liabilities (including non-current liabilities of the consolidated VIEs without recourse to the primary beneficiary of RMB2,349,005 and RMB4,256,563 (US$608,681) as of December 31, 2024 and 2025, respectively):
Other non-current liabilities	38,192	5,461	59,226
Nonrelated Party
Current liabilities (including current liabilities of the consolidated VIEs without recourse to the primary beneficiary of RMB12,435,742 and RMB12,443,908 (US$1,779,455) as of December 31, 2024 and 2025, respectively):
Other liabilities	814,412	116,459	1,159,296
Non-current liabilities (including non-current liabilities of the consolidated VIEs without recourse to the primary beneficiary of RMB2,349,005 and RMB4,256,563 (US$608,681) as of December 31, 2024 and 2025, respectively):
Other non-current liabilities	846,230	121,009	1,000,823
Class A Ordinary Shares
Shareholders’ equity:
Ordinary shares, value	239	34	238
Class B Ordinary Shares
Shareholders’ equity:
Ordinary shares, value	¥ 193	$ 28	¥ 193