Baidu (BIDU) financial statements

Communication Services · Internet Content & Information · Market cap $26.1B

Baidu reported revenue of 129.1B CNY in fiscal 2025, up 6.9% a year over 9 years.

Net income was 5.6B CNY and the operating margin -4.5%, against 14.2% in 2016.

Free cash flow was -15.1B CNY, and the company returned 5.5B CNY in net buybacks.

Revenue and free cash flow

Fiscal years, $ billions (CNY).

-500501001502016201720182019202020212022202320242025RevenueFree cash flow
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Income statement

Fiscal years, in CNY, from Baidu's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Revenue70.5B CNY84.8B CNY102.3B CNY107.4B CNY107.1B CNY124.5B CNY123.7B CNY134.6B CNY133.1B CNY129.1B CNY
Cost of revenue35.3B CNY43.1B CNY51.7B CNY62.9B CNY55.2B CNY64.3B CNY63.9B CNY65.0B CNY66.1B CNY72.4B CNY
Gross profit35.3B CNY41.7B CNY50.5B CNY44.6B CNY51.9B CNY60.2B CNY59.7B CNY69.6B CNY67.0B CNY56.6B CNY
Research and development10.2B CNY12.9B CNY15.8B CNY18.3B CNY19.5B CNY24.9B CNY23.3B CNY24.2B CNY22.1B CNY20.4B CNY
Selling, general and admin15.1B CNY13.1B CNY19.2B CNY19.9B CNY18.1B CNY24.7B CNY20.5B CNY23.5B CNY23.6B CNY25.8B CNY
Operating income10.0B CNY15.7B CNY15.5B CNY6.3B CNY14.3B CNY10.5B CNY15.9B CNY21.9B CNY21.3B CNY-5.8B CNY
Interest expense1.2B CNY1.6B CNY1.9B CNY3.0B CNY3.1B CNY3.4B CNY2.9B CNY3.2B CNY2.8B CNY2.8B CNY
Pre-tax income14.5B CNY21.3B CNY27.3B CNY-340M CNY23.1B CNY10.8B CNY10.1B CNY25.2B CNY28.6B CNY6.7B CNY
Income tax2.9B CNY3.0B CNY4.7B CNY1.9B CNY4.1B CNY3.2B CNY2.6B CNY3.6B CNY4.4B CNY1.3B CNY
Net income11.6B CNY18.3B CNY27.6B CNY2.1B CNY22.5B CNY10.2B CNY7.6B CNY20.3B CNY23.8B CNY5.6B CNY
Gross margin50.0%49.2%49.4%41.5%48.5%48.3%48.3%51.7%50.3%43.9%
Operating margin14.2%18.5%15.2%5.9%13.4%8.4%12.9%16.2%16.0%-4.5%
Net margin16.5%21.6%27.0%1.9%21.0%8.2%6.1%15.1%17.8%4.3%

Balance sheet

Fiscal years, in CNY, from Baidu's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Cash and short-term investments82.1B CNY100.5B CNY139.3B CNY146.4B CNY162.2B CNY180.1B CNY174.0B CNY193.9B CNY127.4B CNY115.3B CNY
Receivables4.1B CNY4.6B CNY6.0B CNY7.4B CNY8.7B CNY10.0B CNY11.7B CNY10.8B CNY10.1B CNY13.0B CNY
Total current assets99.8B CNY151.2B CNY155.1B CNY165.6B CNY183.3B CNY213.3B CNY212.8B CNY230.3B CNY168.8B CNY152.0B CNY
Property, plant and equipment11.3B CNY12.5B CNY17.9B CNY18.3B CNY17.5B CNY23.0B CNY24.0B CNY28.0B CNY30.1B CNY26.3B CNY
Goodwill15.3B CNY15.8B CNY18.5B CNY18.2B CNY22.2B CNY22.6B CNY22.5B CNY22.6B CNY22.6B CNY36.8B CNY
Total assets182.0B CNY251.7B CNY297.6B CNY301.3B CNY332.7B CNY380.0B CNY391.0B CNY406.8B CNY427.8B CNY449.2B CNY
Total current liabilities46.1B CNY82.1B CNY56.9B CNY57.4B CNY68.4B CNY74.5B CNY79.6B CNY76.5B CNY81.0B CNY86.3B CNY
Total liabilities84.3B CNY121.4B CNY121.8B CNY128.5B CNY140.9B CNY156.1B CNY153.2B CNY144.2B CNY144.2B CNY159.4B CNY
Shareholders' equity92.3B CNY115.3B CNY162.9B CNY163.6B CNY182.7B CNY211.5B CNY223.5B CNY243.6B CNY263.6B CNY266.3B CNY
Net debt-10.9B CNY-11.1B CNY-27.6B CNY-33.4B CNY-35.8B CNY-36.9B CNY-46.4B CNY-22.5B CNY-24.6B CNY-23.1B CNY

Cash flow

Fiscal years, in CNY, from Baidu's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Operating cash flow22.5B CNY32.8B CNY36.0B CNY28.5B CNY24.2B CNY20.1B CNY26.2B CNY36.6B CNY21.2B CNY-3.0B CNY
Capital spending4.2B CNY4.8B CNY8.8B CNY6.4B CNY5.1B CNY10.9B CNY8.3B CNY11.2B CNY8.1B CNY12.1B CNY
Free cash flow18.3B CNY28.0B CNY27.2B CNY22.0B CNY19.1B CNY9.2B CNY17.9B CNY25.4B CNY13.1B CNY-15.1B CNY
Stock-based compensation1.8B CNY3.2B CNY4.7B CNY5.6B CNY6.7B CNY7.1B CNY6.8B CNY6.3B CNY4.8B CNY3.6B CNY
Share buybacks (net)0 CNY-1.7B CNY-3.3B CNY-5.0B CNY-13.1B CNY-7.6B CNY-1.9B CNY-4.8B CNY-6.3B CNY-5.5B CNY
Net borrowing0 CNY9.9B CNY————————
Free cash flow margin25.9%33.1%26.6%20.5%17.9%7.4%14.5%18.9%9.8%-11.7%
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Questions

What was Baidu's revenue in 2025?

129.1B CNY in fiscal 2025, from its 10-K filing.

How much free cash flow does Baidu generate?

-15.1B CNY in fiscal 2025 (operating cash flow minus capital spending).

From Baidu's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.