Baidu Cash Flow Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	8,999	23,760	20,315	7,559	10,226	22,472
Depreciation & Amortization	15,926	14,628	14,908	14,725	16,438	18,180
Other Amortization	5,798	5,798	6,296	5,291	5,960	4,534
Loss (Gain) From Sale of Assets	-22	-22	-193	-926	-126	71
Asset Writedown & Restructuring Costs	95	95	253	68	161	2,928
Loss (Gain) From Sale of Investments	630	630	910	3,058	4,445	-
Loss (Gain) on Equity Investments	691	691	3,799	1,910	932	2,248
Stock-Based Compensation	4,784	4,784	6,345	6,788	7,056	6,728
Provision & Write-off of Bad Debts	1,074	1,074	693	701	989	679
Other Operating Activities	-13,729	-2,692	-3,644	3,754	-7,268	-15,433
Change in Accounts Receivable	327	327	216	-2,369	-2,144	-1,660
Change in Accounts Payable	2,298	2,298	-858	-1,450	7,141	208
Change in Unearned Revenue	513	513	1,918	-444	593	884
Change in Other Net Operating Assets	-30,650	-30,650	-14,343	-12,495	-24,281	-17,639
Operating Cash Flow	-3,266	21,234	36,615	26,170	20,122	24,200
Operating Cash Flow Growth	-	-42.01%	39.91%	30.06%	-16.85%	-14.96%
Capital Expenditures	-12,434	-8,134	-11,190	-8,286	-10,896	-5,084
Cash Acquisitions	-	-	-115	-14	-12,282	-2,396
Divestitures	-	-	15	270	-	-486
Sale (Purchase) of Intangibles	-125	-125	-105	-107	-344	-247
Investment in Securities	2,085	2,085	-41,564	4,954	-7,993	-20,244
Other Investing Activities	402	-66	4,034	-761	71	910
Investing Cash Flow	-12,387	-8,555	-50,397	-3,944	-31,444	-27,552
Short-Term Debt Issued	-	22,454	15,928	6,273	4,487	3,559
Long-Term Debt Issued	-	1,120	4,545	3,449	19,746	18,497
Total Debt Issued	23,574	23,574	20,473	9,722	24,233	22,056
Short-Term Debt Repaid	-	-22,039	-11,026	-5,084	-3,365	-3,223
Long-Term Debt Repaid	-	-9,072	-22,540	-11,451	-12,028	-6,443
Total Debt Repaid	-31,111	-31,111	-33,566	-16,535	-15,393	-9,666
Net Debt Issued (Repaid)	-7,537	-7,537	-13,093	-6,813	8,840	12,390
Issuance of Common Stock	47	47	103	200	20,208	228
Repurchase of Common Stock	-6,324	-6,324	-4,764	-1,925	-7,581	-13,054
Other Financing Activities	28,173	55	3,592	2,148	1,929	6,101
Financing Cash Flow	14,359	-13,759	-14,162	-6,390	23,396	5,665
Foreign Exchange Rate Adjustments	197	95	282	1,729	-943	-212
Net Cash Flow	-1,097	-985	-27,662	17,565	11,131	2,101
Free Cash Flow	-15,700	13,100	25,425	17,884	9,226	19,116
Free Cash Flow Growth	-	-48.48%	42.17%	93.84%	-51.74%	-13.23%
Free Cash Flow Margin	-12.03%	9.84%	18.89%	14.46%	7.41%	17.85%
Free Cash Flow Per Share	-45.72	37.45	71.69	50.93	26.23	55.49
Cash Interest Paid	2,237	2,237	2,764	2,690	2,542	2,204
Cash Income Tax Paid	3,684	3,684	3,666	3,525	3,253	3,608
Levered Free Cash Flow	21,751	27,693	28,534	20,267	16,750	33,341
Unlevered Free Cash Flow	23,486	29,458	30,564	22,088	18,888	35,280
Change in Working Capital	-27,512	-27,512	-13,067	-16,758	-18,691	-18,207

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