iQIYI (IQ) financial statements

Communication Services · Entertainment · Market cap $918M

iQIYI reported revenue of 27.3B CNY in fiscal 2025, up 10.4% a year over 9 years.

Net income was -206M CNY and the operating margin 0.8%, against -24.8% in 2016.

Free cash flow was 10M CNY.

The diluted share count rose 847% over the period (dilution).

Revenue and free cash flow

Fiscal years, $ billions (CNY).

-100102030402016201720182019202020212022202320242025RevenueFree cash flow
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Income statement

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

Fiscal year2016201720182019202020212022202320242025
Revenue11.2B CNY17.4B CNY25.0B CNY29.0B CNY29.7B CNY30.6B CNY29.0B CNY31.9B CNY29.2B CNY27.3B CNY
Cost of revenue11.4B CNY17.4B CNY27.1B CNY30.3B CNY27.9B CNY27.5B CNY22.3B CNY23.1B CNY22.0B CNY21.5B CNY
Gross profit-199M CNY-8M CNY-2.1B CNY-1.4B CNY1.8B CNY3.0B CNY6.7B CNY8.8B CNY7.3B CNY5.7B CNY
Research and development824M CNY1.3B CNY2.0B CNY2.7B CNY2.7B CNY2.8B CNY1.9B CNY1.8B CNY1.8B CNY1.7B CNY
Selling, general and admin1.8B CNY2.7B CNY4.2B CNY5.2B CNY5.2B CNY4.7B CNY3.5B CNY4.0B CNY3.7B CNY3.9B CNY
Operating income-2.8B CNY-4.0B CNY-8.3B CNY-9.3B CNY-6.0B CNY-4.5B CNY1.3B CNY3.0B CNY1.8B CNY229M CNY
Interest expense110M CNY278M CNY95M CNY914M CNY1.1B CNY1.3B CNY715M CNY1.1B CNY1.1B CNY910M CNY
Pre-tax income-3.1B CNY-3.7B CNY-9.0B CNY-10.2B CNY-7.0B CNY-6.0B CNY-34M CNY2.0B CNY852M CNY-60M CNY
Income tax13M CNY-8M CNY79M CNY52M CNY23M CNY97M CNY84M CNY80M CNY61M CNY145M CNY
Net income-3.1B CNY-3.7B CNY-9.1B CNY-10.3B CNY-7.0B CNY-6.2B CNY-136M CNY1.9B CNY764M CNY-206M CNY
EPS (diluted)-23.20 CNY-1.15 CNY————————
Diluted shares343M3.24B————————
Gross margin-1.8%-0.0%-8.6%-4.7%6.1%10.0%23.0%27.5%24.9%21.1%
Operating margin-24.8%-22.7%-33.2%-31.9%-20.3%-14.7%4.5%9.4%6.2%0.8%
Net margin-27.4%-21.5%-36.5%-35.6%-23.7%-20.2%-0.5%6.0%2.6%-0.8%

Balance sheet

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

Fiscal year2016201720182019202020212022202320242025
Cash and short-term investments—1.5B CNY10.6B CNY10.5B CNY14.3B CNY4.3B CNY7.9B CNY5.4B CNY4.5B CNY4.7B CNY
Receivables—2.2B CNY2.9B CNY3.6B CNY3.3B CNY2.7B CNY2.4B CNY2.2B CNY2.2B CNY2.5B CNY
Total current assets—5.7B CNY19.9B CNY20.3B CNY22.3B CNY11.5B CNY13.8B CNY12.6B CNY9.5B CNY10.3B CNY
Property, plant and equipment—1.2B CNY1.6B CNY1.8B CNY1.4B CNY1.3B CNY1.1B CNY864M CNY878M CNY903M CNY
Goodwill—3.3B CNY3.9B CNY3.9B CNY3.9B CNY3.9B CNY3.8B CNY3.8B CNY3.8B CNY3.8B CNY
Total assets—20.2B CNY44.8B CNY44.8B CNY48.2B CNY42.5B CNY46.0B CNY44.6B CNY45.8B CNY46.7B CNY
Total current liabilities—11.6B CNY19.8B CNY20.2B CNY24.9B CNY22.5B CNY28.1B CNY22.3B CNY21.5B CNY22.1B CNY
Total liabilities—11.9B CNY26.6B CNY35.1B CNY38.7B CNY36.8B CNY39.7B CNY32.4B CNY32.4B CNY33.4B CNY
Shareholders' equity-15.3B CNY-14.3B CNY18.2B CNY9.6B CNY9.3B CNY5.3B CNY6.3B CNY12.2B CNY13.4B CNY13.3B CNY
Net debt—-733M CNY-4.6B CNY-5.9B CNY-10.9B CNY-3.0B CNY-7.1B CNY-4.4B CNY-3.4B CNY-3.6B CNY

Cash flow

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

Fiscal year2016201720182019202020212022202320242025
Operating cash flow2.6B CNY4.0B CNY2.9B CNY3.9B CNY-5.4B CNY-6.0B CNY-71M CNY3.4B CNY2.1B CNY106M CNY
Capital spending400M CNY1.0B CNY612M CNY740M CNY241M CNY262M CNY174M CNY37M CNY79M CNY96M CNY
Free cash flow2.2B CNY3.0B CNY2.3B CNY3.2B CNY-5.7B CNY-6.2B CNY-245M CNY3.3B CNY2.0B CNY10M CNY
Stock-based compensation62M CNY233M CNY556M CNY1.1B CNY1.4B CNY1.2B CNY811M CNY637M CNY544M CNY403M CNY
Net borrowing0 CNY-5M CNY-99M CNY———————
Free cash flow margin19.7%17.2%9.1%10.9%-19.0%-20.3%-0.8%10.4%6.9%0.0%
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Questions

What was iQIYI's revenue in 2025?

27.3B CNY in fiscal 2025, from its 10-K filing.

How much free cash flow does iQIYI generate?

10M CNY in fiscal 2025 (operating cash flow minus capital spending).

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