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	-	24,175	21,549	7,534	7,591
Depreciation & Amortization	-	20,521	21,457	20,084	22,559
Stock-Based Compensation	-	4,784	6,345	6,788	7,056
Other Adjustments	-	-734	331	8,522	1,607
Change in Receivables	-	327	216	-2,369	-2,144
Changes in Accounts Payable	-	2,298	-858	-1,450	7,141
Changes in Unearned Revenue	-	513	1,918	-444	593
Changes in Other Operating Activities	-	-30,650	-14,343	-12,495	-24,281
Operating Cash Flow	-3,013	21,234	36,615	26,170	20,122
Operating Cash Flow Growth	-	-42.01%	39.91%	30.06%	-16.85%
Capital Expenditures	-	-	-	-	-10,896
Purchases of Intangible Assets	-	-125	-105	-107	-344
Purchases of Investments	-	-305,702	-203,480	-185,149	-200,496
Proceeds from Sale of Investments	-	307,787	161,916	190,103	192,503
Payments for Business Acquisitions	-	-	-115	-14	-12,282
Proceeds from Business Divestments	-	-	15	270	-
Other Investing Activities	-	46	2,562	-761	71
Investing Cash Flow	-25,136	-8,555	-50,397	-3,944	-31,444
Short-Term Debt Issued	-	22,454	15,928	6,273	4,487
Short-Term Debt Repaid	-	-22,039	-11,026	-5,084	-3,365
Net Short-Term Debt Issued (Repaid)	-	415	4,902	1,189	1,122
Long-Term Debt Issued	-	1,120	4,545	3,449	19,746
Long-Term Debt Repaid	-	-9,072	-22,540	-11,451	-12,028
Net Long-Term Debt Issued (Repaid)	-	-7,952	-17,995	-8,002	7,718
Issuance of Common Stock	-	703	3,915	2,639	25,827
Repurchase of Common Stock	-	-7,149	-4,764	-2,011	-8,461
Net Common Stock Issued (Repurchased)	-	-6,446	-849	628	17,366
Other Financing Activities	-	224	-220	-205	-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	-27,662	17,565	12,074
Free Cash Flow	-3,013	21,234	36,615	26,170	9,226
Free Cash Flow Growth	-	-42.01%	39.91%	183.66%	-61.88%
FCF Margin	-2.33%	15.95%	27.20%	21.16%	7.41%
Free Cash Flow Per Share	-8.78	60.71	103.25	74.53	26.23
Levered Free Cash Flow	5,589	8,905	15,396	6,441	14,182
Unlevered Free Cash Flow	-4,731	10,647	26,865	17,550	2,524

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