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
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	66,102	65,031	63,935	64,314
Gross Profit	56,643	67,023	69,567	59,740	60,179
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
Other Operating Expenses	16,190	-	-	-	-
Total Operating Expenses	62,466	45,753	47,711	43,829	49,661
Operating Income	-5,823	21,270	21,856	15,911	10,518
Interest Income	8,602	7,962	8,009	6,245	5,551
Interest Expense	-2,784	-2,824	-3,248	-2,913	-3,421
Other Non-Operating Income (Expense)	6,721	2,214	-1,419	-9,131	-1,870
Total Non-Operating Income (Expense)	12,539	7,352	3,342	-5,799	260
Pretax Income	6,716	28,622	25,198	10,112	10,778
Provision for Income Taxes	1,259	4,447	3,649	2,578	3,187
Net Income	5,589	23,760	20,315	7,559	10,226
Minority Interest in Earnings	-132	415	1,234	-25	-2,635
Net Income to Common	5,589	23,760	20,315	7,559	10,226
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)	13.68	66.48	55.84	20.00	28.64
EPS (Diluted)	11.76	65.92	55.12	19.84	28.08
EPS Growth	-82.16%	19.59%	177.82%	-29.34%	-56.95%
Shares Outstanding	340.25	345.45	350.65	349.57	345.54
Free Cash Flow	-15,086	13,100	25,425	26,170	9,226
Free Cash Flow Growth	-	-48.48%	-2.85%	183.66%	-61.88%
Free Cash Flow Per Share	-43.98	37.46	71.70	74.53	26.23
Gross Margin	43.88%	50.35%	51.69%	48.30%	48.34%
Operating Margin	-4.51%	15.98%	16.24%	12.87%	8.45%
Profit Margin	4.23%	18.16%	16.01%	6.09%	6.10%
FCF Margin	-11.69%	9.84%	18.89%	21.16%	7.41%
EBITDA	15,528	41,791	43,313	35,995	33,077
EBITDA Margin	12.03%	31.39%	32.18%	29.10%	26.57%
EBIT	-5,823	21,270	21,856	15,911	10,518
EBIT Margin	-4.51%	15.98%	16.24%	12.87%	8.45%
Effective Tax Rate	18.75%	15.54%	14.48%	25.49%	29.57%

Updated Feb 26, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

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