Baidu Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	-	-	-	-	7,591
Depreciation & Amortization	-	-	-	-	22,559
Stock-Based Compensation	-	-	-	-	7,056
Other Adjustments	-	-	-	-	1,607
Change in Receivables	-	-	-	-	-2,144
Changes in Accounts Payable	-	-	-	-	7,141
Changes in Unearned Revenue	-	-	-	-	593
Changes in Other Operating Activities	-	-	-	-	-24,281
Operating Cash Flow	-3,013	-	33,263	-	20,122
Capital Expenditures	-12,073	-8,134	-11,190	-16,572	-10,896
Purchases of Intangible Assets	-	-	-	-	-344
Purchases of Investments	-	-	-	-	-200,496
Proceeds from Sale of Investments	-	-	-	-	192,503
Payments for Business Acquisitions	-	-	-	-	-12,282
Other Investing Activities	-	-	-	-	71
Investing Cash Flow	-25,136	-8,555	-50,397	-3,944	-31,444
Short-Term Debt Issued	-	-	-	-	4,487
Short-Term Debt Repaid	-	-	-	-	-3,365
Net Short-Term Debt Issued (Repaid)	-	-	-	-	1,122
Long-Term Debt Issued	-	-	-	-	19,746
Long-Term Debt Repaid	-	-	-	-	-12,028
Net Long-Term Debt Issued (Repaid)	-	-	-	-	7,718
Issuance of Common Stock	-	-	-	-	25,827
Repurchase of Common Stock	-	-	-	-	-8,461
Net Common Stock Issued (Repurchased)	-	-	-	-	17,366
Other Financing Activities	-	-	-	-	-2,810
Financing Cash Flow	17,142	-13,759	-14,162	-6,390	23,396
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-751	95	282	1,729	-
Net Cash Flow	-11,758	-985	-31,014	-8,605	12,074
Free Cash Flow	-15,086	-8,134	22,073	-16,572	9,226
FCF Margin	-11.69%	-6.11%	16.40%	-13.40%	7.41%
Free Cash Flow Per Share	-43.98	-23.26	62.24	-47.20	26.23
Levered Free Cash Flow	-6,484	15,626	9,125	-9,013	14,182
Unlevered Free Cash Flow	-16,804	9,831	7,501	-4,717	2,524

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.