Baidu Income Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	128,702	129,079	133,125	134,598	74,711	80,695
Other Revenue	-	-	-	-	48,964	43,798
Revenue	128,702	129,079	133,125	134,598	123,675	124,493
Revenue Growth (YoY)	-4.00%	-3.04%	-1.09%	8.83%	-0.66%	16.27%
Cost of Revenue	74,538	72,436	66,102	65,031	63,867	64,153
Gross Profit	54,164	56,643	67,023	69,567	59,808	60,340
Selling, General & Admin	24,842	25,843	23,620	23,519	20,514	24,723
Research & Development	20,270	20,433	22,133	24,192	23,315	24,938
Operating Expenses	45,112	46,276	45,753	47,711	43,829	49,661
Operating Income	9,052	10,367	21,270	21,856	15,979	10,679
Interest Expense	-2,619	-2,784	-2,824	-3,248	-2,913	-3,421
Interest & Investment Income	7,901	8,602	7,962	8,009	6,245	5,551
Earnings From Equity Investments	3,158	3,196	-691	-3,799	-1,910	-932
Currency Exchange Gain (Loss)	-3,021	-2,242	1,076	595	-1,484	100
Other Non Operating Income (Expenses)	3,522	6,030	2,121	2,538	-3,281	121
EBT Excluding Unusual Items	17,993	23,169	28,914	25,951	12,636	12,098
Gain (Loss) on Sale of Investments	-263	-263	-292	-753	-2,456	-1,159
Asset Writedown	-16,190	-16,190	-	-	-68	-161
Pretax Income	1,540	6,716	28,622	25,198	10,112	10,778
Income Tax Expense	610	1,259	4,447	3,649	2,578	3,187
Earnings From Continuing Operations	930	5,457	24,175	21,549	7,534	7,591
Minority Interest in Earnings	387	132	-415	-1,234	25	2,635
Net Income	1,317	5,589	23,760	20,315	7,559	10,226
Preferred Dividends & Other Adjustments	926	926	588	717	591	350
Net Income to Common	391	4,663	23,172	19,598	6,968	9,876
Net Income Growth	-94.94%	-76.48%	16.96%	168.75%	-26.08%	-54.49%
Shares Outstanding (Basic)	340	341	349	351	348	345
Shares Outstanding (Diluted)	343	343	350	355	351	352
Shares Change (YoY)	-1.44%	-1.93%	-1.38%	1.00%	-0.18%	2.10%
EPS (Basic)	1.15	13.68	66.44	55.85	20.04	28.65
EPS (Diluted)	-1.09	11.79	65.95	55.14	19.84	28.08
EPS Growth	-	-82.13%	19.61%	177.92%	-29.34%	-56.77%
Free Cash Flow	-9,431	-15,086	13,100	25,425	17,884	9,226
Free Cash Flow Per Share	-27.49	-43.98	37.45	71.69	50.93	26.23
Gross Margin	42.09%	43.88%	50.35%	51.69%	48.36%	48.47%
Operating Margin	7.03%	8.03%	15.98%	16.24%	12.92%	8.58%
Profit Margin	0.30%	3.61%	17.41%	14.56%	5.63%	7.93%
Free Cash Flow Margin	-7.33%	-11.69%	9.84%	18.89%	14.46%	7.41%
EBITDA	23,586	24,653	35,898	36,853	30,704	27,117
EBITDA Margin	18.33%	19.10%	26.97%	27.38%	24.83%	21.78%
D&A For EBITDA	14,534	14,286	14,628	14,997	14,725	16,438
EBIT	9,052	10,367	21,270	21,856	15,979	10,679
EBIT Margin	7.03%	8.03%	15.98%	16.24%	12.92%	8.58%
Effective Tax Rate	39.61%	18.75%	15.54%	14.48%	25.49%	29.57%
Revenue as Reported	-	-	-	-	123,675	124,493

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