Baidu Income 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
Operating Revenue	129,079	78,563	81,203	74,711	80,695
Other Revenue	-	54,562	53,395	48,964	43,798
Revenue	129,079	133,125	134,598	123,675	124,493
Revenue Growth (YoY)	-3.04%	-1.09%	8.83%	-0.66%	16.27%
Cost of Revenue	72,436	66,007	64,778	63,867	64,153
Gross Profit	56,643	67,118	69,820	59,808	60,340
Selling, General & Admin	25,843	23,620	23,519	20,514	24,723
Research & Development	20,433	22,133	24,192	23,315	24,938
Operating Expenses	46,276	45,753	47,711	43,829	49,661
Operating Income	10,367	21,365	22,109	15,979	10,679
Interest Expense	-2,784	-2,824	-3,248	-2,913	-3,421
Interest & Investment Income	8,602	7,962	8,009	6,245	5,551
Earnings From Equity Investments	3,196	-691	-3,799	-1,910	-932
Currency Exchange Gain (Loss)	-2,242	1,076	595	-1,484	100
Other Non Operating Income (Expenses)	5,767	2,121	2,538	-3,281	121
EBT Excluding Unusual Items	22,906	29,009	26,204	12,636	12,098
Gain (Loss) on Sale of Investments	-	-292	-753	-2,456	-1,159
Asset Writedown	-16,190	-95	-253	-68	-161
Pretax Income	6,716	28,622	25,198	10,112	10,778
Income Tax Expense	1,259	4,447	3,649	2,578	3,187
Earnings From Continuing Operations	5,457	24,175	21,549	7,534	7,591
Minority Interest in Earnings	132	-415	-1,234	25	2,635
Net Income	5,589	23,760	20,315	7,559	10,226
Preferred Dividends & Other Adjustments	-	588	717	591	350
Net Income to Common	5,589	23,172	19,598	6,968	9,876
Net Income Growth	-76.48%	16.96%	168.75%	-26.08%	-54.49%
Shares Outstanding (Basic)	341	349	351	348	345
Shares Outstanding (Diluted)	343	350	355	351	352
Shares Change (YoY)	-1.93%	-1.38%	1.00%	-0.18%	2.10%
EPS (Basic)	16.40	66.44	55.85	20.04	28.65
EPS (Diluted)	11.76	65.95	55.14	19.84	28.08
EPS Growth	-82.17%	19.61%	177.92%	-29.34%	-56.77%
Free Cash Flow	-15,086	13,100	25,425	17,884	9,226
Free Cash Flow Per Share	-43.98	37.45	71.69	50.93	26.23
Gross Margin	43.88%	50.42%	51.87%	48.36%	48.47%
Operating Margin	8.03%	16.05%	16.43%	12.92%	8.58%
Profit Margin	4.33%	17.41%	14.56%	5.63%	7.93%
Free Cash Flow Margin	-11.69%	9.84%	18.89%	14.46%	7.41%
EBITDA	10,637	35,993	37,017	30,704	27,117
EBITDA Margin	8.24%	27.04%	27.50%	24.83%	21.78%
D&A For EBITDA	270	14,628	14,908	14,725	16,438
EBIT	10,367	21,365	22,109	15,979	10,679
EBIT Margin	8.03%	16.05%	16.43%	12.92%	8.58%
Effective Tax Rate	18.75%	15.54%	14.48%	25.49%	29.57%
Revenue as Reported	-	133,125	134,598	123,675	124,493

Source: S&P Global Market Intelligence. Standard template. Financial Sources.