Baidu Inc (BIDU)

BIDU, gaining traction

BIDU, stopped decling

Baidu beats first-quarter forecasts as AI business drives strong growth (BIDU)May 18, 2026 6:30 AM
IH Market News Baidu (NASDAQ:BIDU) shares climbed more than 2% in premarket trading on Monday after the Chinese technology group delivered first-quarter revenue and earnings ahead of market expectations, supported by rapid expansion in its AI-related operations. AI-powered business becomes major revenue contributor The company reported quarterly revenue of 32.08 billion yuan, surpassing analyst estimates of 31.49 billion yuan. Adjusted earnings per American depositary receipt reached 12.06 yuan, slightly ahead of the consensus forecast of 11.84 yuan.Baidu said its Core AI-powered business generated 13.6 billion yuan in revenue during the quarter, representing year-over-year growth of 49%.Meanwhile, Baidu General Business produced total revenue of 26 billion yuan and adjusted operating profit of 3.95 billion yuan.“In Q1, our Core AI-powered Business exceeded half of Baidu General Business revenue for the first time, marking a clear signal that AI has become the core driver of Baidu,” chief executive Robin Li said in a statement. Cloud and GPU demand accelerate sharply The company highlighted strong momentum in its cloud operations, with cloud infrastructure revenue rising 79% year-on-year to 8.8 billion yuan in the first quarter.Revenue linked to GPU cloud services more than tripled during the period, surging 184%.By comparison, revenue from AI applications remained broadly unchanged at 2.5 billion yuan. Profitability exceeds expectations despite softer iQIYI revenue Baidu’s streaming subsidiary iQIYI reported revenue of 6.23 billion yuan, slightly below analyst expectations of 6.43 billion yuan.Despite the softer performance from the streaming segment, Baidu still exceeded broader profitability forecasts.Adjusted operating profit came in at 3.81 billion yuan, ahead of market expectations of 3.34 billion yuan, while adjusted EBITDA reached 5.95 billion yuan, topping forecasts of 5.23 billion yuan.Baidu stock price Original: Baidu beats first-quarter forecasts as AI business drives strong growth (BIDU)

Baidu Announces First Quarter 2026 ResultsMay 18, 2026 5:00 AM
PR Newswire (US) BEIJING, May 18, 2026 /PRNewswire/ -- Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888 (HKD Counter) and 89888 (RMB Counter)), ("Baidu" or the "Company"), a leading AI company with strong Internet foundation, today announced its unaudited financial results for the first quarter ended March 31, 2026."In Q1, our Core AI-powered Business exceeded half of Baidu General Business revenue for the first time, marking a clear signal that AI has become the core driver of Baidu. AI Cloud Infra delivered exceptional momentum, powered by surging enterprise demand and the differentiated full-stack AI capabilities we have built over the years. Our AI Applications continued to gain traction across enterprises and individuals alike, further validating the commercial potential of our AI innovations. Meanwhile, Apollo Go sustained triple-digit growth in fully driverless rides while advancing its international expansion," said Robin Li, Co-founder and CEO of Baidu. "We see AI driving even greater value for Baidu in the quarters ahead.""A few highlights from Q1: Revenue from Baidu Core AI-powered Business[1] exceeded RMB 13.6 billion, up 49% year over year. Total revenue of Baidu General Business grew 2% year over year, returning to positive growth. Non-GAAP[2] operating income of Baidu General Business increased 39% quarter over quarter to RMB 4.0 billion. Operating cash flow for Baidu remained positive at RMB 2.7 billion in Q1, reflecting continued improvement in our operating efficiency and overall business health." said Haijian He, CFO of Baidu.Operational Highlights[1]CorporateBaidu ranked second globally in the Automotive category on Fast Company's 2026 Most Innovative Companies list, which recognized Apollo Go alongside Waymo as one of the world's leading robotaxi services. Fast Company highlighted Apollo Go as "leading the charge toward large-scale deployment in the global robotaxi industry."Baidu launched ERNIE 5.1 in May 2026, featuring stronger text capabilities, a more compact model size and enhanced reasoning capabilities. Recently on LMArena, ERNIE 5.1 ranked first among Chinese models on the text leaderboard and topped the LMArena search leaderboard among Chinese models, ranking fourth globally.Baidu released its annual ESG Report on May 11, 2026, which details Baidu's latest ESG policies and sustainability initiatives (http://esg.baidu.com/Uploads/Baidu_2025_ESG_Report.pdf).Baidu returned US$172 million to shareholders in Q1 2026 through the repurchases of its shares under the current share repurchase program.Baidu Core AI-powered BusinessAI Cloud InfraRevenue from AI Cloud Infra was RMB 8.8 billion in the first quarter of 2026, up 79% year over year.Revenue from GPU Cloud[3] increased by 184% year over year in the first quarter of 2026.AI ApplicationsRevenue from AI Applications was RMB 2.5 billion in the first quarter of 2026, approximately flat year over year.Baidu launched DuMate, its general-purpose agent for everyday productivity, in March 2026, which autonomously executes complex, multi-step workflows across applications and files end-to-end.Baidu launched Miaoda 3.0, its vibe coding platform, at Baidu Create 2026, introducing enterprise and mobile versions and enabling the generation of standalone applications.Baidu launched Famou Agent 2.0, its self-evolving agent, at Baidu Create 2026. Famou Agent 2.0 has achieved state-of-the-art performance on MLE-Bench, a leading machine learning engineering benchmark, setting a new SOTA record.Baidu Wenku and Baidu Drive launched GenFlow 4.0 in April 2026, enhancing its agent capabilities for more efficient productivity workflows.RobotaxiIn the first quarter of 2026, Apollo Go, Baidu's autonomous ride-hailing service, delivered 3.2 million fully driverless operational rides with weekly rides peaking at over 350,000 in March. Total rides increased by over 120% year over year. As of April 2026, cumulative rides provided to the public by Apollo Go exceeded 22 million.Apollo Go continued to advance its global expansion. In Europe, Apollo Go is on track to commence open-road testing in Switzerland, and is expected to begin testing in London with Uber and Lyft soon. In the Middle East, Apollo Go's fully driverless operations are running across multiple zones in Dubai, with the Apollo Go App launched in March.As of May 2026, Apollo Go's global footprint reached 27 cities. To date, Apollo Go fleets have accumulated over 330 million autonomous kilometers, including over 220 million fully driverless autonomous kilometers, with an outstanding safety record.AI-native Marketing ServicesRevenue from AI-native marketing services reached RMB 2.3 billion in the first quarter of 2026, up 36% year over year.Baidu App's MAUs reached 655 million in March 2026.The following table sets forth selected revenue highlights for our Baidu Core AI-powered Business for the periods indicated:
Baidu General Business
Q1
Q4
Q1



(In billions)2025
2025
2026
YoY
QoQ
RMB
RMB
RMB



Baidu Core AI-powered Business[1]9.1
11.3
13.6
49 %
21 %- AI Cloud Infra4.9
5.8
8.8
79 %
52 %- AI Applications2.5
2.7
2.5
0 %
(10 %)- AI-native Marketing Services1.7
2.7
2.3
36 %
(15 %)% of Baidu General Business36 %
43 %
52 %



Legacy Business[1]14.3
12.3
10.2
(29 %)
(18 %)Others[1]2.1
2.5
2.2
6 %
(11 %)Baidu General Business25.5
26.1
26.0
2 %
0 % [1] The revenue and operational data presented are derived from the Company's internal management accounts and records, which have not been audited.[2] Non-GAAP measures are defined in the Non-GAAP Financial Measures section (see also "Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures" for more details).[3] Revenue from GPU Cloud was previously referred to as subscription-based revenue from AI accelerator infrastructure. This change in naming does not imply any change in the underlying revenue definition or scope. First Quarter 2026 Financial Results for Baidu[2],[4]Financial highlightsThe following table sets forth revenue highlights for Baidu General Business:
Q1
Q4
Q1



(In billions, unaudited)2025
2025
2026
YoY
QoQ
RMB
RMB
RMB



Online Marketing Services16.0
15.1
12.6
(22 %)
(17 %)Online Marketing Services % of Baidu General Business63 %
58 %
48 %



Others9.5
11.0
13.4
42 %
23 %Others % of Baidu General Business37 %
42 %
52 %



Baidu General Business25.5
26.1
26.0
2 %
0 % Revenue was RMB32.1 billion ($4.65 billion), decreasing 2% quarter over quarter. Revenue from Baidu General Business was RMB26.0 billion ($3.77 billion), remaining flat quarter over quarter, among which the increase in others was primarily driven by the growth of AI Cloud business. Revenue from iQIYI was RMB6.2 billion ($903 million), decreasing 8% quarter over quarter.Cost of revenue was RMB19.6 billion ($2.84 billion), increasing 7% quarter over quarter, primarily due to an increase in costs related to AI Cloud business, partially offset by decreases in content costs and traffic acquisition costs.Selling, general and administrative expenses were RMB4.9 billion ($712 million), decreasing 34% quarter over quarter, primarily due to decreases in expected credit losses and personnel-related expenses.Research and development expenses were RMB4.4 billion ($635 million), decreasing 22% quarter over quarter, primarily due to a decrease in personnel-related expenses.Operating income was RMB3.2 billion ($463 million) and operating margin was 10%. Non-GAAP operating income was RMB3.8 billion ($552 million) and non-GAAP operating margin was 12%.Total other income, net was RMB626 million ($91 million), compared to RMB1.2 billion last quarter.Income tax expense was RMB528 million ($76 million), compared to RMB1.0 billion last quarter.Net income attributable to Baidu was RMB3.4 billion ($499 million), net margin for Baidu was 11% and diluted earnings per ADS was RMB8.76 ($1.27). Non-GAAP net income attributable to Baidu was RMB4.3 billion ($628 million), non-GAAP net margin for Baidu was 14% and non-GAAP diluted earnings per ADS was RMB12.06 ($1.75).Adjusted EBITDA was RMB6.0 billion ($863 million) and adjusted EBITDA margin was 19%.We define total cash and investments as cash, cash equivalents, restricted cash, short-term investments, net, long-term time deposits and held-to-maturity investments, and adjusted long-term investments. As of March 31, 2026, total cash and investments were RMB279.3 billion ($40.49 billion). Operating cash flow was RMB2.7 billion ($387 million).For detailed financial information of Baidu General Business and iQIYI, please see the appended financial tables.[2] Non-GAAP measures are defined in the Non-GAAP Financial Measures section (see also "Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures" for more details).[4] Unless otherwise noted, RMB to USD was converted at an exchange rate of RMB6.8980 as of March 31, 2026, as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. Translations are provided solely for the convenience of the reader. Conference Call Information Baidu's management will hold an earnings conference call at 8:00 AM on May 18, 2026, U.S. Eastern Time (8:00 PM on May 18, 2026, Beijing Time).Please register in advance of the conference call using the link provided below. It will automatically direct you to the registration page of "Baidu Inc. Q1 2026 Earnings Conference Call". Please follow the steps to enter your registration details, then click "Register". Upon registering, you will then be provided with the dial-in number, the passcode, and your unique access PIN. This information will also be emailed to you as a calendar invite.For pre-registration, please click:
https://s1.c-conf.com/diamondpass/10054331-iu876y.htmlIn the 10 minutes prior to the call start time, you may use the conference access information (including dial-in number(s), the passcode and unique access PIN) provided in the calendar invite that you have received following your pre-registration.Additionally, a live and archived webcast of this conference call will be available at https://ir.baidu.com.About BaiduFounded in 2000, Baidu's mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong Internet foundation, trading on NASDAQ under "BIDU" and HKEX under "9888". One Baidu ADS represents eight Class A ordinary shares.Safe Harbor StatementThis announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Among other things, Baidu's and other parties' strategic and operational plans, contain forward-looking statements. Baidu may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in announcements made on the website of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Baidu's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Baidu's growth strategies; its future business development, including development of new products and services; its ability to attract and retain users and customers; competition in the Chinese Internet search and newsfeed market; competition for online marketing customers; changes in the Company's revenues and certain cost or expense items as a percentage of its revenues; the outcome of ongoing, or any future, litigation or arbitration, including those relating to intellectual property rights; the expected growth of the Chinese-language Internet search and newsfeed market and the number of Internet and broadband users in China; Chinese governmental policies relating to the Internet and Internet search providers, and general economic conditions in China and elsewhere. Further information regarding these and other risks is included in the Company's annual report on Form 20-F and other documents filed with the Securities and Exchange Commission, and announcements on the website of the Hong Kong Stock Exchange. Baidu does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of the press release, and Baidu undertakes no duty to update such information, except as required under applicable law.Non-GAAP Financial MeasuresTo supplement Baidu's consolidated financial results presented in accordance with GAAP, Baidu uses the following non-GAAP financial measures: non-GAAP operating income, non-GAAP operating margin, non-GAAP net income attributable to Baidu, non-GAAP net margin, non-GAAP diluted earnings per ADS, adjusted EBITDA, adjusted EBITDA margin, adjusted long-term investments and free cash flow. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.Baidu believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding certain items that may not be indicative of its recurring core business operating results, such as operating performance excluding non-cash charges or non-operating in nature. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management's internal comparisons to Baidu's historical performance and liquidity. The Company believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using these non-GAAP financial measures is that these non-GAAP measures exclude certain items that have been and will continue to be for the foreseeable future a significant component in the Company's results of operations. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company's data.Non-GAAP operating income represents operating income excluding share-based compensation expenses, amortization and impairment of intangible assets resulting from business combinations, and one-time employee severance costs.Non-GAAP net income attributable to Baidu represents net income attributable to Baidu excluding share-based compensation expenses, amortization and impairment of intangible assets resulting from business combinations, one-time employee severance costs, disposal gain or loss, impairment of long-term investments, and fair value gain or loss of long-term investments and exchangeable bonds, adjusted for related income tax effects. Baidu's share of equity method investments for these non-GAAP reconciling items, amortization and impairment of intangible assets not on the investees' books, accretion of their redeemable non-controlling interests, and the gain or loss associated with the issuance of shares by the investees at a price higher or lower than the carrying value per share, adjusted for related income tax effects, are also excluded.Non-GAAP diluted earnings per ADS represents diluted earnings per ADS calculated by dividing non-GAAP net income attributable to Baidu, by the weighted average number of ordinary shares expressed in ADS. Adjusted EBITDA represents non-GAAP operating income excluding depreciation of fixed assets, and amortization of intangible assets excluding those resulting from business combinations. Adjusted long-term investments represent long-term investments, net, with publicly listed equity method investments adjusted to fair value based on quoted market prices.For more information on non-GAAP financial measures, please see the tables captioned "Reconciliations of non-GAAP financial measures to the nearest comparable GAAP measure." Baidu, Inc. 








Condensed Consolidated Statements of  Income 








(In millions except for per share (or ADS) information, unaudited)










Three Months Ended


March 31,
December 31,
March 31,
March 31,


2025
2025
2026
2026


RMB
RMB
RMB
US$(2)
Revenue
32,452
32,740
32,075
4,650










Costs and expenses:








Cost of revenue(1)
17,487
18,277
19,589
2,840
Selling, general and administrative(1)
5,913
7,389
4,912
712
Research and development(1)
4,544
5,591
4,381
635
Total costs and expenses
27,944
31,257
28,882
4,187
Operating income
4,508
1,483
3,193
463










Other income:








Interest income
2,664
2,051
1,963
285
Interest expense
(801)
(651)
(636)
(92)
Foreign exchange loss, net
(210)
(1,054)
(989)
(143)
Share of earnings from equity method investments
574
1,193
536
78
Others, net
2,260
(296)
(248)
(37)
Total other income, net
4,487
1,243
626
91










Income before income taxes
8,995
2,726
3,819
554
Income tax expense
1,177
1,029
528
76
Net income
7,818
1,697
3,291
478
Net income (loss) attributable to noncontrolling interests
101
(85)
(154)
(21)
Net income attributable to Baidu
7,717
1,782
3,445
499




















Earnings per ADS (1 ADS representing 8 Class A ordinary shares):








 -Basic
21.86
4.48
9.38
1.36
 -Diluted
21.59
3.71
8.76
1.27
Earnings per share for Class A and Class B ordinary shares:








 -Basic
2.73
0.56
1.17
0.17
 -Diluted
2.70
0.46
1.10
0.16
Weighted average number of Class A and Class B ordinary shares outstanding (in millions):






 -Basic 
2,751
2,721
2,721
2,721
 -Diluted
2,762
2,758
2,764
2,764










(1) Includes share-based compensation expenses as follows:








 Cost of revenue 
77
79
82
12
 Selling, general and administrative 
313
252
190
28
 Research and development 
361
398
291
42
 Total share-based compensation expenses 
751
729
563
82










(2) All translations from RMB to U.S. dollars are made at a rate of RMB6.8980 to US$1.00, the exchange rate in effect as of March 31, 2026 as set forth
in the H.10 statistical release of The Board of Governors of the Federal Reserve System.  Baidu, Inc. 





Condensed Consolidated Balance Sheets





(In millions, unaudited)














December 31,
March 31,
March 31,

2025
2026
2026

RMB
RMB
US$ASSETS





Current assets:





Cash and cash equivalents
24,606
29,948
4,342Restricted cash
225
584
85Short-term investments, net
90,661
86,942
12,604Accounts receivable, net
12,972
14,167
2,054Amounts due from related parties
761
781
113Other current assets, net
22,745
22,867
3,315Total current assets
151,970
155,289
22,513






Non-current assets:





Fixed assets, net
26,281
26,848
3,892Licensed copyrights, net
5,963
6,139
890Produced content, net
14,575
14,578
2,113Intangible assets, net
3,891
4,368
633Goodwill
36,783
36,783
5,332Long-term investments, net
44,918
42,944
6,226Long-term time deposits and held-to-maturity investments
123,862
116,390
16,873Amounts due from related parties
167
119
17Deferred tax assets, net
4,582
5,266
763Operating lease right-of-use assets
8,610
8,550
1,239Other non-current assets
27,555
32,292
4,682Total non-current assets
297,187
294,277
42,660






Total assets
449,157
449,566
65,173






LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY



Current liabilities:





Short-term loans
7,626
3,979
577Accounts payable and accrued liabilities
38,891
39,479
5,724Customer deposits and deferred revenue
13,051
12,922
1,873Deferred income
531
566
82Long-term loans, current portion
14,765
14,979
2,171Convertible senior notes, current portion
1,459
1
-Notes payable, current portion
4,560
6,565
952Amounts due to related parties
1,988
1,960
284Operating lease liabilities
3,457
3,398
493Total current liabilities
86,328
83,849
12,156






Non-current liabilities:





Deferred income
198
192
28Deferred revenue
723
766
111Amounts due to related parties
36
30
4Long-term loans
3,369
7,612
1,104Notes payable
51,021
46,990
6,812Convertible senior notes
6,712
6,671
967Deferred tax liabilities
4,985
5,211
755Operating lease liabilities
4,108
3,941
571Other non-current liabilities
1,951
1,956
284Total non-current liabilities
73,103
73,369
10,636






Total liabilities
159,431
157,218
22,792






Redeemable noncontrolling interests
13,166
13,422
1,946






Equity





Total Baidu shareholders' equity
266,330
268,886
38,980Noncontrolling interests
10,230
10,040
1,455Total equity
276,560
278,926
40,435






Total liabilities, redeemable noncontrolling interests, and equity
449,157
449,566
65,173  Baidu, Inc. Selected Information(In millions, unaudited)


Three months ended
Three months ended
Three months ended
Three months ended

March 31, 2025 (RMB)
December 31, 2025 (RMB)
March 31, 2026 (RMB)
March 31, 2026 (US$)

Baidu
General
BusinessiQIYIElim &
adj(2)Baidu,
Inc.
Baidu
General
BusinessiQIYIElim &
adj(2)Baidu,
Inc.
Baidu
General
BusinessiQIYIElim &
adj(2)Baidu,
Inc.
Baidu
General
BusinessiQIYIElim &
adj(2)Baidu,
Inc.Revenue
25,4637,186(197)32,452
26,1126,794(166)32,740
26,0016,226(152)32,075
3,769903(22)4,650




















Costs and expenses: 



















  Cost of revenue(1)
12,2465,406(165)17,487
13,0425,376(141)18,277
14,4985,233(142)19,589
2,102759(21)2,840  Selling, general and administrative(1)
4,9211,026(34)5,913
6,455946(12)7,389
4,109817(14)4,912
596118(2)712  Research and development(1)
4,132412-4,544
5,174417-5,591
3,978404(1)4,381
57659-635Total costs and expenses 
21,2996,844(199)27,944
24,6716,739(153)31,257
22,5856,454(157)28,882
3,274936(23)4,187




















Operating income (loss)
4,16434224,508
1,44155(13)1,483
3,416(228)53,193
495(33)1463Operating margin 
16 %5 %
14 %
6 %1 %
5 %
13 %(4 %)
10 %

























  Add: total other income (loss), net
4,602(115)-4,487
1,270(27)-1,243
654(28)-626
95(4)-91  Less: income tax expense
1,13641-1,177
99336-1,029
49137-528
715-76  Less: net income (loss) attributable to NCI
(3)4100(3)101
(79)(2)(4)(3)(85)
61(161)(3)(154)
1-(22)(3)(21)Net income (loss) attributable to Baidu
7,633182(98)7,717
1,797(6)(9)1,782
3,573(294)1663,445
518(42)23499Net margin 
30 %3 %
24 %
7 %(0 %)
5 %
14 %(5 %)
11 %

























Non-GAAP financial measures:



















Operating income (loss) (non-GAAP)
4,872459
5,333
2,837143
2,967
3,950(148)
3,807
573(22)
552Operating margin (non-GAAP)
19 %6 %
16 %
11 %2 %
9 %
15 %(2 %)
12 %

























Net income (loss) attributable to Baidu (non-GAAP)
6,330304
6,469
3,869109
3,907
4,433(233)
4,332
643(34)
628Net margin (non-GAAP)
25 %4 %
20 %
15 %2 %
12 %
17 %(4 %)
14 %

























Adjusted EBITDA
6,712495
7,209
4,544196
4,727
6,050(101)
5,954
877(15)
863Adjusted EBITDA margin 
26 %7 %
22 %
17 %3 %
14 %
23 %(2 %)
19 %

























(1) Includes share-based compensation as follows:



















 Cost of revenue 
5027
77
5623
79
5923
82
93
12 Selling, general and administrative 
25756
313
21933
252
16129
190
244
28 Research and development 
32932
361
36830
398
26526
291
384
42 Total share-based compensation 
636115
751
64386
729
48578
563
7111
82(2) Relates to intersegment eliminations and adjustments



















(3) Relates to the net income attributable to iQIYI noncontrolling interests

















  Baidu, Inc. 















Condensed Consolidated Statements of Cash Flows













(In millions,unaudited)


































Three months ended
Three months ended
Three months ended
Three months ended

March 31, 2025 (RMB)
December 31, 2025 (RMB)
March 31, 2026 (RMB)
March 31, 2026 (US$)

 Baidu
excl.
iQIYIiQIYIBaidu,
Inc.
 Baidu
excl.
iQIYIiQIYIBaidu,
Inc.
 Baidu
excl.
iQIYIiQIYIBaidu,
Inc.
 Baidu
excl.
iQIYIiQIYIBaidu,
Inc.Net cash provided by (used in) operating activities
(6,340)339(6,001)
2,562472,609
2,4841862,670
36027387Net cash provided by (used in) investing activities 
(1,175)(30)(1,205)
(17,439)(947)(18,386)
5,217(275)4,942
756(40)716Net cash provided by (used in) financing activities
19,63986020,499
5955181,113
(702)(933)(1,635)
(102)(135)(237)Effect of exchange rate changes on cash, cash
equivalents and restricted cash
(5)(1)(6)
(295)(10)(305)
(241)(35)(276)
(34)(5)(39)Net increase (decrease) in cash, cash
equivalents and restricted cash 
12,1191,16813,287
(14,577)(392)(14,969)
6,758(1,057)5,701
980(153)827Cash, cash equivalents and restricted cash















  At beginning of period
32,9993,59036,589
35,0304,77039,800
20,4534,37824,831
2,9656353,600  At end of period
45,1184,75849,876
20,4534,37824,831
27,2113,32130,532
3,9454824,427
















Net cash provided by (used in) operating
activities
(6,340)339(6,001)
2,562472,609
2,4841862,670
36027387Less: Capital expenditures
(2,869)(31)(2,900)
(1,952)(20)(1,972)
(5,839)(77)(5,916)
(846)(11)(857)Free cash flow
(9,209)308(8,901)
61027637
(3,355)109(3,246)
(486)16(470)
















Note: Baidu excl. iQIYI represents Baidu, Inc. minus iQIYI's consolidated cash flows.












  Baidu, Inc. 















Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures  













(In millions except for per ADS information, unaudited)


































Three months ended 
Three months ended 
Three months ended 
Three months ended 

March 31, 2025 (RMB)
December 31, 2025 (RMB)
March 31, 2026 (RMB)
March 31, 2026 (US$)

Baidu
General
BusinessiQIYIBaidu,
Inc.
Baidu
General
BusinessiQIYIBaidu,
Inc.
Baidu
General
BusinessiQIYIBaidu,
Inc.
Baidu
General
BusinessiQIYIBaidu,
Inc.Operating income (loss)
4,1643424,508
1,441551,483
3,416(228)3,193
495(33)463Add: Share-based compensation expenses
636115751
64386729
48578563
711182Add: Amortization and impairment of intangible assets resulting from business combinations
72274
45247
49251
7-7Add: One-time employee severance costs
---
708-708
---
---Operating income (loss) (non-GAAP)
4,8724595,333
2,8371432,967
3,950(148)3,807
573(22)552
















Add:  Depreciation of fixed assets and amortization of intangible assets(1)
1,840361,876
1,707531,760
2,100472,147
3047311Adjusted EBITDA
6,7124957,209
4,5441964,727
6,050(101)5,954
877(15)863
















Net income (loss) attributable to Baidu
7,6331827,717
1,797(6)1,782
3,573(294)3,445
518(42)499Add: Share-based compensation expenses
635115687
64286681
48478519
701175Add: Amortization and impairment of intangible assets resulting from business combinations
70271
43244
47248
7-7Add: One-time employee severance costs
---
708-708
---
---Add: Disposal loss (gain)
(91)-(91)
31-31
(2)-(2)
---Add: Impairment of long-term investments
-21
591064
79983
11112Add: Fair value loss (gain) of long-term investments and exchangeable bonds
(1,889)(2)(1,890)
92317931
378(28)365
55(4)53Add: Reconciling items on equity method investments(2)
(66)5(64)
(431)-(431)
(44)-(44)
(6)-(6)Add: Tax effects on non-GAAP adjustments(3)
38-38
97-97
(82)-(82)
(12)-(12)Net income (loss) attributable to Baidu (non-GAAP)
6,3303046,469
3,8691093,907
4,433(233)4,332
643(34)628
















Diluted earnings per ADS


21.59


3.71


8.76


1.27Add:  Accretion of the redeemable noncontrolling interests


0.57


0.75


0.74


0.11Add:  Non-GAAP adjustments to earnings per ADS


(3.62)


6.16


2.56


0.37Diluted earnings per ADS (non-GAAP)


18.54


10.62


12.06


1.75
















(1) This represents amortization of intangible assets excluding those resulting from business combinations.(2) This represents Baidu's share of equity method investments for other non-GAAP reconciling items, amortization and impairment of intangible assets not on the investee's books, accretion of their redeemable noncontrolling interests, and the gain or
loss associated with the issuance of shares by the investees at a price higher or lower than the carrying value per share.(3) This represents tax impact of all non-GAAP adjustments.   View original content:https://www.prnewswire.com/news-releases/baidu-announces-first-quarter-2026-results-302774476.htmlSOURCE Baidu, Inc. Original: Baidu Announces First Quarter 2026 Results

Baidu Advances Agent Portfolio to Embrace the Agent Era, Champions Daily Active Agents as Key MetricMay 13, 2026 2:13 PM
PR Newswire (US) Baidu Co-founder and CEO Robin Li proposed Daily Active Agents (DAA) as the defining metric as the industry enters the agent era.The company also unveiled a series of updates to its agent portfolio, including the general-purpose agent DuMate, the app and enterprise edition of the coding agent Miaoda, the upgraded digital human platform Baidu Yijing, and the upgraded self-evolving agent Famou Agent 2.0.The new full-stack AI Cloud is purpose-built for large-scale agent applications, set to empower organizations to harness AI at scale.BEIJING, May 13, 2026 /PRNewswire/ -- Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888), a leading AI company with a strong internet foundation, today introduced a new generation of AI agent products at Baidu Create 2026, its annual developer conference. The lineup includes the general-purpose agent DuMate, the app and enterprise edition of the coding agent Miaoda, the upgraded digital human platform Baidu Yijing, and the upgraded self-evolving agent Famou Agent 2.0.At Create 2026, Baidu Co-founder and CEO Robin Li made the case that the right metric for measuring success in the AI industry is Daily Active Agents (DAA) — a new index he proposed as the agent era's equivalent of the mobile internet's Daily Active Users (DAU).Li contended that tokens represent cost, not value, measuring input rather than output. "To measure the health of a platform or ecosystem, we should pay closer attention to DAA — the number of agents actively working and delivering results," he said. Li also predicted that global DAA could eventually surpass 10 billion.Li put forward what he called an "AI evolution theory," describing a three-layered transformation now underway: agents evolving from passive responders to autonomous executors that continuously learn from their environment; individuals evolving from ordinary users into super individuals who learn to coexist with AI; and enterprises evolving from human-to-human collaboration into mixed human-agent formations that operate as unified, super-organizations.DuMate: General-Purpose Agent That Redefines What AI Can DoAt Create 2026, Baidu launched the mobile edition of its general-purpose agent DuMate. With full real-time synchronization between mobile and PC, users can now initiate tasks anytime, anywhere, with 24/7 availability. Since its MVP release in March, DuMate has iterated rapidly and is now capable of reading screens, operating software, processing files, and connecting business systems end-to-end. DuMate has achieved state-of-the-art performance across multiple international agent benchmarks. As a general-purpose agent, DuMate is also a unified gateway, according to Li. "It seamlessly integrates Baidu Search AI API, Miaoda coding agent, and Famou Agent, allowing users to collaboratively perform a range of tasks including search, coding, deep research, data analysis, and application creation," Li said.Miaoda & MeDo: Coding Agent That Makes Software "Disposable"Miaoda marked another highlight of the event, with the launch of its app and enterprise edition. Miaoda is a coding agent that empowers anyone to bring their ideas to life without writing a single line of code. The new Miaoda app brings professional-grade vibe coding to mobile, with 90% of its own code generated by Miaoda itself. "Coding agents like Miaoda enable people with no coding knowledge to generate applications directly; the barrier is disappearing," Li said. "At the same time, development costs are being compressed to near zero. The software industry is being redefined." Li argued that "disposable software" — apps built for a single purpose and a single moment — is becoming reasonable, and that "this market could grow ten times over." Global developers can already access MeDo, Miaoda's international version, at medo.dev.Baidu Yijing: Digital Human Is Agent You Can See and TrustBaidu Yijing, rebranded from the Huiboxing platform, is a full-scenario digital human platform spanning live streaming, video production, and real-time interactive experiences, capable of generating highly interactive content ranging from minutes to several hours in length. "A digital human is simply an agent you can see," Li said. "Equipped with voice, facial expressions, and gestures, a digital human is more expressive and more trustworthy." Baidu Yijing is also taking its digital human capabilities global by launching an international edition that enables merchants and creators to easily generate digital human content, from e-commerce livestreams to digital human videos and beyond. Supporting the platform are three agent capabilities — script writing, video production, and intelligent editing — along with deep localization from the ground up. The platform supports 12 languages with native-level lip-sync accuracy and localized AI-powered content creation, helping merchants run round-the-clock digital human livestreams across multiple global markets.Reflecting on the above products, Li described a fundamental shift in the basic unit of productive capacity: where it was once a team, it is now a super individual. In the agent era, every developer is simultaneously a builder, founder, and creator.Famou Agent 2.0: Agent That Self-Verifies and Closes the Loop Can Evolve Without LimitBaidu's self-evolving agent Famou was upgraded to version 2.0 at Create 2026. A self-evolving agent like Famou is designed to address complex operational challenges across industries and help enterprises unlock meaningful productivity gains. The 2.0 version expands direct accessibility to domain experts across three high-value use cases: production scheduling, process optimization, and logistics planning. Commenting on Famou, Li noted that agents capable of self-verification and closed-loop execution could shift efficiency gains from linear to exponential. At one of the world's most sophisticated automated ports, for instance, Famou Agent autonomously identifies optimal solutions across berth scheduling, equipment allocation, and cargo prioritization, delivering a 10.21% performance improvement on top of an already highly optimized baseline. Famou Agent 2.0 has topped MLE-Bench, winning 9 of the 15 hardest tasks and outperforming agents built on other leading models.New Full-Stack AI Cloud: The Infrastructure Behind Agents at ScaleUnderpinning these agent applications is a series of infrastructure upgrades announced at the same event. Baidu AI Cloud announced a comprehensive upgrade, repositioning itself as a new full-stack AI cloud purpose-built for large-scale agent applications, with upgrades spanning Agent Infra and AI Infra. A dedicated cluster powered by Baidu's proprietary Kunlunxin AI chip has supported the training of a key model in the ERNIE 5.1 series. Earlier in May, Baidu released ERNIE 5.1, its latest foundation model, which ranked #1 among Chinese models on LMArena's text and search leaderboards.About BaiduFounded in 2000, Baidu's mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong internet foundation, trading on the NASDAQ under "BIDU" and HKEX under "9888." One Baidu ADS represents eight Class A ordinary shares. View original content to download multimedia:https://www.prnewswire.com/news-releases/baidu-advances-agent-portfolio-to-embrace-the-agent-era-champions-daily-active-agents-as-key-metric-302771383.htmlSOURCE Baidu, Inc. Original: Baidu Advances Agent Portfolio to Embrace the Agent Era, Champions Daily Active Agents as Key Metric

BIDU, nice rebound

Baidu to Hold Annual General Meeting on June 5, 2026April 30, 2026 5:00 AM
PR Newswire (US)

BEIJING, April 30, 2026 /PRNewswire/ -- Baidu, Inc. ("Baidu" or the "Company") (Nasdaq: BIDU; HKEX: 9888 (HKD Counter) and 89888 (RMB Counter)), a leading AI company with strong Internet foundation, today announced that it will hold its annual general meeting of shareholders (the "AGM") at Baidu Campus, No. 10, Shangdi 10th Street, Haidian District, Beijing 100085, People's Republic of China on June 5, 2026 at 9:00 a.m. (Beijing/Hong Kong time).No proposal will be submitted for shareholder approval at the AGM.The board of Directors of the Company has fixed the close of business on May 18, 2026, Hong Kong time, as the record date (the "Shares Record Date") of Class A ordinary shares with a par value of US$0.000000625 each (the "Class A Ordinary Shares") and Class B ordinary shares with a par value of US$0.000000625 each (the "Class B Ordinary Shares"). Holders of record of the Company's Class A Ordinary Shares and Class B Ordinary Shares as of the Shares Record Date are entitled to receive notice of and attend the AGM and any adjourned meeting thereof.The notice of the AGM is available on the Company's website at https://ir.baidu.com.The Company has filed its annual report on Form 20-F, including its audited financial statements, for the year ended December 31, 2025 (the "Form 20-F"), with the U.S. Securities and Exchange Commission. The Form 20-F can be accessed on the Company's website at https://ir.baidu.com, as well as on the SEC's website at http://www.sec.gov.The Company has also published an annual report (the "Hong Kong Annual Report") pursuant to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited ("HKEx"). The Hong Kong Annual Report contains substantially the same information as set forth in the Form 20-F and can be accessed on the Company's investor relations website at https://ir.baidu.com as well as the HKEx's website at http://www.hkexnews.hk.About Baidu Founded in 2000, Baidu's mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong Internet foundation, trading on Nasdaq under "BIDU" and HKEX under "9888". One Baidu ADS represents eight Class A ordinary shares.



View original content:https://www.prnewswire.com/news-releases/baidu-to-hold-annual-general-meeting-on-june-5-2026-302758358.htmlSOURCE Baidu, Inc.

Original: Baidu to Hold Annual General Meeting on June 5, 2026

BIDU, still recovering

Baidu to Report First Quarter 2026 Financial Results on May 18, 2026April 23, 2026 5:00 AM
PR Newswire (US)

BEIJING, April 23, 2026 /PRNewswire/ -- Baidu, Inc. (Nasdaq: BIDU; HKEX: 9888 (HKD Counter) and 89888 (RMB Counter)) ("Baidu" or the "Company"), a leading AI company with strong Internet foundation, today announced that it will report its financial results for the First Quarter 2026 ended March 31, 2026, before the U.S. market opens on May 18, 2026. Baidu's management will hold an earnings conference call at 8:00 AM on May 18, 2026, U.S. Eastern Time (8:00 PM on May 18, 2026, Beijing Time).Please register in advance of the conference call using the link provided below. It will automatically direct you to the registration page of "Baidu Inc. Q1 2026 Earnings Conference Call". Please follow the steps to enter your registration details, then click "Register". Upon registering, you will then be provided with the dial-in number, the passcode, and your unique access PIN. This information will also be emailed to you as a calendar invite.For pre-registration, please click:
https://s1.c-conf.com/diamondpass/10054331-iu876y.htmlIn the 10 minutes prior to the call start time, you may use the conference access information (including dial-in number(s), the passcode and unique access PIN) provided in the calendar invite that you have received following your pre-registration.Additionally, a live and archived webcast of this conference call will be available at https://ir.baidu.com.A replay of the conference call may be accessed by phone at the following number until May 25, 2026:
US: 1 855 883 1031
Reply PIN: 10054331About BaiduFounded in 2000, Baidu's mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong Internet foundation, trading on Nasdaq under "BIDU" and the HKEX under "9888." One Baidu ADS represents eight Class A ordinary shares.



View original content:https://www.prnewswire.com/news-releases/baidu-to-report-first-quarter-2026-financial-results-on-may-18-2026-302751204.htmlSOURCE Baidu, Inc.

Original: Baidu to Report First Quarter 2026 Financial Results on May 18, 2026

BIDU, nice bounce

BIDU, is this the bottom

BIDU, is this the bottom

Baidu, Inc. $BIDU Total Debt (mrq) $97.08B

Baidu's Apollo Go Commences Fully Driverless Commercial Ride-Hailing in Dubai, Partners with Dubai Taxi CompanyApril 1, 2026 9:01 AM
PR Newswire (US)

Apollo Go launches a fully driverless commercial ride-hailing service in Dubai via the Apollo Go app, marking the platform's first international app deployment.Collaboration with Dubai Taxi Company (DTC) powers Apollo Go's autonomous mobility expansion in the emirate.DUBAI, UAE, April 1, 2026 /PRNewswire/ -- Baidu Inc. (NASDAQ: BIDU and HKEX: 9888) today announced that its autonomous ride-hailing platform, Apollo Go, in partnership with the Roads and Transport Authority (RTA), has launched a fully driverless commercial ride-hailing service in Dubai via the Apollo Go app, marking the platform's first international app deployment and a major milestone in the region. This comes alongside Apollo Go's strategic collaboration with Dubai Taxi Company (DTC), the emirate's leading mobility service provider, bringing strong local operational expertise to support the service.The Apollo Go app is now available in Dubai, allowing residents and visitors to hail fully driverless rides. This launch represents a significant step forward in Apollo Go's plan — announced in March 2025 — to deploy a fleet of more than 1,000 autonomous vehicles in Dubai over the next few years. The collaboration with DTC further strengthens local operations and underscores the commercialization of fully autonomous mobility in the emirate."Our partnership with DTC represents a new chapter for autonomous mobility in Dubai. By combining our cutting-edge technology with DTC's local expertise, and through the launch of the Apollo Go app, our first international app deployment, we are creating a safe, efficient and scalable ride-hailing service that sets a new standard for the region. We are proud to contribute to Dubai's vision for smart, future-ready transportation," said Nan Yang, Vice President of Baidu and General Manager of Overseas Business Unit, Intelligent Driving Group.Mansoor Rahma Alfalasi, Group CEO, DTC, said, "Dubai Taxi Company is proud and excited to be among the first entities to roll out the operations of driverless taxis in Dubai, marking a significant milestone in advancing the emirate's vision for smart and sustainable mobility. This initiative is in line with DTC's innovation-driven strategy and its commitment to delivering future-ready services that elevate the customer experience. We are grateful to our strategic partner, the Roads and Transport Authority (RTA), for their unwavering support and the development of a comprehensive infrastructure that enables the seamless deployment of driverless taxis, aligned with the ambition of transforming 25% of all transportation trips into smart and driverless journeys by 2030.""We are equally proud to partner with Baidu Inc. to bring this future-forward technology to life, combining global innovation with Dubai's pioneering spirit. The successful trials conducted over the past few months have demonstrated the vehicles' readiness, particularly in terms of safety, reliability, and operational efficiency, reinforcing our confidence in scaling this initiative," he added.This commercial launch follows a key milestone earlier this year. In January 2026, Apollo Go received Dubai's first-ever driverless testing permit for fully autonomous vehicles without a safety driver. This regulatory approval enables Baidu to operate fully autonomous ride-hailing services in Dubai in the first quarter of 2026, positioning the city as a strategic hub for autonomous mobility innovation. Also in January 2026, Baidu inaugurated the Apollo Go Park in Dubai, which serves as the company's first overseas operations and management hub, supporting plans for a fleet of over 1,000 autonomous vehicles in the coming years.Dubai marks a key strategic hub in Apollo Go's growing global network, as it continues to expand its footprint worldwide. As of February 2026, Apollo Go has completed over 20 million rides worldwide, with weekly rides peaking at more than 300,000 during Q4 2025. Its fleets have accumulated over 300 million autonomous kilometers, including more than 190 million kilometers of fully driverless operations, with an outstanding safety record.About BaiduFounded in 2000, Baidu's mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong internet foundation, trading on the NASDAQ under "BIDU" and HKEX under "9888." One Baidu ADS represents eight Class A ordinary shares.About DTCDTC was recognised as a public joint stock company under Law No. (21) of 2023. The Company is a leading provider of comprehensive mobility solutions in Dubai, operating a fleet of more than 11,000 vehicles, including more than 6,200 taxis. DTC was established in 1994 to operate a fleet of taxis and has since expanded to offer an extensive range of integrated mobility solutions across four key business lines: taxis, VIP limousines, buses and last mile delivery bike services. DTC is the number one taxi operator by fleet size in Dubai with approximately 45% market share. In 2025, the Company's taxis and limousines completed 53 million trips.Media Contact
intlcomm@baidu.com





View original content to download multimedia:https://www.prnewswire.com/news-releases/baidus-apollo-go-commences-fully-driverless-commercial-ride-hailing-in-dubai-partners-with-dubai-taxi-company-302731365.htmlSOURCE Baidu, Inc.

Original: Baidu's Apollo Go Commences Fully Driverless Commercial Ride-Hailing in Dubai, Partners with Dubai Taxi Company

BIDU, shorts in control

BIDU, declined below the 200 sma support

Baidu, Inc. Files Its Annual Report on Form 20-FMarch 17, 2026 9:27 AM
PR Newswire (US)

BEIJING, March 17, 2026 /PRNewswire/ -- Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888 (HKD Counter) and 89888 (RMB Counter)) ("Baidu" or the "Company"), a leading AI company with strong Internet foundation, today announced it filed its annual report on Form 20-F for the fiscal year ended December 31, 2025 with the Securities and Exchange Commission on March 17, 2026 (the "Form 20-F"). The Form 20-F can be accessed on the Company's investor relations website at http://ir.baidu.com.The Company will provide a hard copy of the Form 20-F containing the audited consolidated financial statements, free of charge, to its shareholders and ADS holders upon request. Requests should be directed to IR Department, Baidu, Inc., Baidu Campus, No. 10 Shangdi 10th Street, Haidian District, Beijing 100085, People's Republic of China.The Company also published an annual report for the year ended December 31, 2025 (the "Hong Kong Annual Report") today pursuant to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "HKEx"). The Hong Kong Annual Report contains substantially the same information as set forth in the Form 20-F and can be accessed on the Company's investor relations website at http://ir.baidu.com as well as the HKEx's website at http://www.hkexnews.hk.About Baidu Founded in 2000, Baidu's mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong internet foundation, trading on NASDAQ under "BIDU" and HKEX under "9888". One Baidu ADS represents eight Class A ordinary shares. 



View original content:https://www.prnewswire.com/news-releases/baidu-inc-files-its-annual-report-on-form-20-f-302716063.htmlSOURCE Baidu, Inc.

Original: Baidu, Inc. Files Its Annual Report on Form 20-F

BIDU, still going down

Baidu Announces Fourth Quarter and Fiscal Year 2025 ResultsFebruary 26, 2026 4:00 AM
PR Newswire (US)

BEIJING, Feb. 26, 2026 /PRNewswire/ -- Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888 (HKD Counter) and 89888 (RMB Counter)), ("Baidu" or the "Company"), a leading AI company with strong Internet foundation, today announced its unaudited financial results for the quarter and fiscal year ended December 31, 2025."2025 marked a pivotal year as AI became the new core of Baidu. AI Cloud Infra gained strong momentum, with our differentiated full-stack end-to-end AI capabilities earning growing enterprise recognition. Our portfolio of AI applications continued to scale, addressing diverse needs across enterprises and individuals. Apollo Go further reinforced its global leadership, operating at industry-leading scales while accelerating international expansion into new markets. Meanwhile, AI-native Marketing Services continued to grow, unlocking new possibilities for the long term," said Robin Li, Co-founder and CEO of Baidu. "As our AI-first strategy takes clear shape, we're confident in our ability to create lasting value in the AI era.""We delivered several key achievements this quarter. First, revenue from Baidu Core AI-powered Business[1] exceeded RMB 11 billion in Q4, accounting for 43% of Baidu General Business[2] revenue. Second, total revenue of Baidu General Business grew 6% sequentially and Non-GAAP operating income of Baidu General Business increased 28% quarter over quarter to RMB 2.8 billion. Third, operating cash flow for Baidu turned positive in the second half of 2025, generating RMB 3.9 billion combined, compared to negative cash flow in the first half. Fourth, the Kunlunxin spin-off and separate listing is progressing, which we believe will unlock significant value for shareholders. Finally, we announced a new share repurchase program with up to US$5 billion authorization and introduced our first-ever dividend policy, with the first payment potentially to be made by year-end 2026." said Haijian He, CFO of Baidu.Operational Highlights[1]The following table sets forth selected revenue highlights for our Baidu Core AI-powered Business for the periods indicated:
Q3  
Q4  
FY  
FY  
(In billions)2025
2025
2024
2025
YoY
RMB
RMB
RMB
RMB

Baidu Core AI-powered Business9.6
11.3
27.0
40.0
48 %- AI Cloud Infra4.2
5.8
14.8
19.8
34 %- AI Applications2.6
2.7
9.8
10.2
5 %- AI-native Marketing Services2.8
2.7
2.4
9.8
301 %








% of Baidu General Business39 %
43 %
26 %
39 %
CorporateBaidu's Board of Directors has authorized a new share repurchase program in February 2026, under which the Company may repurchase up to US$5 billion of its shares, effective through December 31, 2028. The Board has also approved, for the first time, the adoption of a dividend policy for the Company's ordinary shares, which may include regular and/or special distributions of dividends.Baidu announced its proposed spin-off and separate listing of Kunlunxin in January 2026.Baidu released an updated version of ERNIE 5.0, its native omni-modal foundation model in January 2026.Baidu earned a position in the global edition of the S&P Global Sustainability Yearbook 2026, demonstrating its further advancement in ESG performance. The selection stems from a comprehensive evaluation of 9,200 companies globally as part of the S&P Global 2025 Corporate Sustainability Assessment, underscoring Baidu's sustainability practices.Baidu Core AI-powered BusinessAI Cloud InfraRevenue from AI Cloud Infra was RMB 5.8 billion in the fourth quarter of 2025, with subscription-based revenue from AI accelerator infrastructure increasing by 143% year over year.Revenue from AI Cloud Infra was approximately RMB 20 billion for the full year 2025, up 34% year over year.AI ApplicationsRevenue from AI Applications was RMB 2.7 billion in the fourth quarter of 2025, with full year 2025 revenue exceeding RMB 10 billion.Miaoda, Baidu's vibe coding platform, demonstrates industry-leading performance in platform capabilities and application quality, according to IDC's 2025 China No-Code Generative AI Application Development Platform Report, issued in November 2025.Baidu established the Personal Super Intelligence Business Group (PSIG), integrating Baidu Wenku and Baidu Drive to accelerate AI application innovation.RobotaxiIn the fourth quarter of 2025, Apollo Go, Baidu's autonomous ride-hailing service, delivered 3.4 million fully driverless operational rides with weekly rides peaking at over 300,000 during the quarter. Total rides increased by over 200% year over year. As of February 2026, cumulative rides provided to the public by Apollo Go exceeded 20 million.Apollo Go accelerated its global footprint across multiple markets. In the UK, Apollo Go advanced partnerships with Uber and Lyft to pilot autonomous vehicles in London. In Switzerland, Apollo Go initiated testing in St. Gallen. In the Middle East, Apollo Go officially launched fully autonomous ride-hailing services in Abu Dhabi with AutoGo, secured Dubai's first fully driverless testing permit, and partnered with Uber to bring Apollo Go to the Uber platform in Dubai. In Asia, Apollo Go entered the South Korean market, starting with the Seoul metropolitan area. Apollo Go also expanded its Hong Kong testing into new districts and initiated cross-district testing.As of February 2026, Apollo Go's global footprint reached 26 cities. To date, Apollo Go fleets have accumulated over 300 million autonomous kilometers, including over 190 million fully driverless autonomous kilometers, with an outstanding safety record.AI-native Marketing ServicesRevenue from AI-native marketing services reached RMB 2.7 billion in the fourth quarter of 2025, up 110% year over year.Baidu App's MAUs reached 679 million in December 2025, remaining flat year over year.ERNIE Assistant's MAU reached 202 million in December 2025.[1] The revenue and operational data presented are derived from the Company's internal management accounts and records, which have not been audited.[2] Starting this quarter, we redefined Baidu Core as Baidu General Business. Baidu General Business includes Baidu Core AI-powered Business, Legacy Business, and Others. Legacy Business mainly consists of traditional advertising services across Search, Feed and other properties. Fourth quarter 2025 revenues from Baidu Core AI-powered Business, Legacy Business, and Others were RMB 11.3 billion, RMB 12.3 billion, and RMB 2.5 billion, respectively, derived from the Company's internal management accounts and records, which have not been audited.Fourth Quarter 2025 Financial Results for Baidu[3],[4],[5]Total revenues were RMB32.7 billion ($4.68 billion), increasing 5% quarter over quarter, primarily due to an increase in Baidu Core AI-powered Business.Cost of revenues was RMB18.3 billion ($2.61 billion), which remained flat quarter over quarter.Selling, general and administrative expenses were RMB7.4 billion ($1.06 billion), increasing 12% quarter over quarter, primarily due to an increase in expected credit losses.Research and development expenses were RMB5.6 billion ($800 million), increasing 8% quarter over quarter, primarily due to one-time employee severance costs to improve efficiency.Operating income was RMB1.5 billion ($212 million) and operating margin was 5%. Non-GAAP operating income was RMB3.0 billion ($424 million) and non-GAAP operating margin was 9%.Total other income, net was RMB1.2 billion ($178 million), compared to RMB1.9 billion last quarter.Income tax expense was RMB1.0 billion ($147 million), compared to income tax benefit of RMB1.8 billion last quarter.Net income attributable to Baidu was RMB1.8 billion ($255 million), net margin for Baidu was 5% and diluted earnings per ADS was RMB3.71 ($0.53). Non-GAAP net income attributable to Baidu was RMB3.9 billion ($559 million), non-GAAP net margin for Baidu was 12% and non-GAAP diluted earnings per ADS was RMB10.62 ($1.52).Adjusted EBITDA was RMB4.7 billion ($676 million) and adjusted EBITDA margin was 14%.We define total cash and investments as cash, cash equivalents, restricted cash, short-term investments, net, long-term time deposits and held-to-maturity investments, and adjusted long-term investments. As of December 31, 2025, total cash and investments were RMB294.1 billion ($42.06 billion). Operating cash flow was RMB2.6 billion ($373 million).[3] Starting this quarter, we focused on the quarter-over-quarter fluctuation for the quarterly results to present a more meaningful perspective of our financial information.[4] Unless otherwise noted, RMB to USD was converted at an exchange rate of RMB6.9931 as of December 31, 2025, as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. Translations are provided solely for the convenience of the reader.[5] Non-GAAP measures are defined in the Non-GAAP Financial Measures section (see also "Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures" for more details).Fiscal Year 2025 Results for Baidu[4],[5]Total revenues were RMB129.1 billion ($18.46 billion), decreasing 3% year over year, primarily due to a decrease in Legacy Business, partially offset by an increase in Baidu Core AI-powered Business.Cost of revenues was RMB72.4 billion ($10.36 billion), increasing 10% year over year, primarily due to an increase in costs related to Baidu Core AI-powered business.Selling, general and administrative expenses were RMB25.8 billion ($3.70 billion), increasing 9% year over year, primarily due to an increase in channel spending expenses and expected credit losses.Research and development expenses were RMB20.4 billion ($2.92 billion), decreasing 8% year over year, primarily due to a decrease in personnel-related expenses.Impairment of long-lived assets was RMB16.2 billion ($2.32 billion), attributable to an impairment loss of Core asset group.Operating loss was RMB5.8 billion ($833 million) and operating loss margin was 5%. Excluding impairment of long-lived assets, operating income was RMB10.4 billion ($1.48 billion). Non-GAAP operating income was RMB15.0 billion ($2.14 billion) and operating margin was 12%.Total other income, net was RMB12.5 billion ($1.79 billion), compared to RMB7.4 billion in the same period last year.Income tax expense was RMB1.3 billion ($180 million), compared to RMB4.4 billion in the same period last year.Net income attributable to Baidu was RMB5.6 billion ($799 million), net margin for Baidu was 4% and diluted earnings per ADS was RMB11.78 ($1.68). Excluding the impact of impairment of long-lived assets, net income attributable to Baidu was RMB19.4 billion ($2.77 billion). Non-GAAP net income attributable to Baidu was RMB18.9 billion ($2.71 billion), non-GAAP net margin for Baidu was 15% and non-GAAP diluted earnings per ADS was RMB53.41 ($7.64).Adjusted EBITDA was RMB22.9 billion ($3.27 billion) and adjusted EBITDA margin was 18%.Operating cash flow was negative RMB3.0 billion (negative $431 million), which remained positive for the past two consecutive quarters.For detailed financial information of Baidu General Business and iQIYI, please see the appended financial tables.[4] Unless otherwise noted, RMB to USD was converted at an exchange rate of RMB6.9931 as of December 31, 2025, as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. Translations are provided solely for the convenience of the reader.[5] Non-GAAP measures are defined in the Non-GAAP Financial Measures section (see also "Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures" for more details).Conference Call Information Baidu's management will hold an earnings conference call at 7:30 AM on Feb 26, 2026, U.S. Eastern Time (8:30 PM on Feb 26, 2026, Beijing Time).Please register in advance of the conference call using the link provided below. It will automatically direct you to the registration page of "Baidu Inc. Q4 2025 Earnings Conference Call". Please follow the steps to enter your registration details, then click "Register". Upon registering, you will then be provided with the dial-in number, the passcode, and your unique access PIN. This information will also be emailed to you as a calendar invite.For pre-registration, please click:
https://s1.c-conf.com/diamondpass/10052617-fv4jhm.htmlIn the 10 minutes prior to the call start time, you may use the conference access information (including dial-in number(s), the passcode and unique access PIN) provided in the calendar invite that you have received following your pre-registration.Additionally, a live and archived webcast of this conference call will be available at https://ir.baidu.com.About BaiduFounded in 2000, Baidu's mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong Internet foundation, trading on NASDAQ under "BIDU" and HKEX under "9888". One Baidu ADS represents eight Class A ordinary shares.Safe Harbor StatementThis announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Among other things, Baidu's and other parties' strategic and operational plans, contain forward-looking statements. Baidu may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in announcements made on the website of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Baidu's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Baidu's growth strategies; its future business development, including development of new products and services; its ability to attract and retain users and customers; competition in the Chinese Internet search and newsfeed market; competition for online marketing customers; changes in the Company's revenues and certain cost or expense items as a percentage of its revenues; the outcome of ongoing, or any future, litigation or arbitration, including those relating to intellectual property rights; the expected growth of the Chinese-language Internet search and newsfeed market and the number of Internet and broadband users in China; Chinese governmental policies relating to the Internet and Internet search providers, and general economic conditions in China and elsewhere. Further information regarding these and other risks is included in the Company's annual report on Form 20-F and other documents filed with the Securities and Exchange Commission, and announcements on the website of the Hong Kong Stock Exchange. Baidu does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of the press release, and Baidu undertakes no duty to update such information, except as required under applicable law.Non-GAAP Financial MeasuresTo supplement Baidu's consolidated financial results presented in accordance with GAAP, Baidu uses the following non-GAAP financial measures: non-GAAP operating income, non-GAAP operating margin, non-GAAP net income attributable to Baidu, non-GAAP net margin, non-GAAP diluted earnings per ADS, adjusted EBITDA, adjusted EBITDA margin, adjusted long-term investments and free cash flow. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.Baidu believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding certain items that may not be indicative of its recurring core business operating results, such as operating performance excluding non-cash charges or non-operating in nature. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management's internal comparisons to Baidu's historical performance and liquidity. The Company believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using these non-GAAP financial measures is that these non-GAAP measures exclude certain items that have been and will continue to be for the foreseeable future a significant component in the Company's results of operations. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company's data.Non-GAAP operating income represents operating income excluding share-based compensation expenses, amortization and impairment of intangible assets resulting from business combinations, impairment of long-lived assets, and one-time employee severance costs.Non-GAAP net income attributable to Baidu represents net income attributable to Baidu excluding share-based compensation expenses, amortization and impairment of intangible assets resulting from business combinations, impairment of long-lived assets, one-time employee severance costs, disposal gain or loss, impairment of long-term investments, and fair value gain or loss of long-term investments and exchangeable bonds, adjusted for related income tax effects. Baidu's share of equity method investments for these non-GAAP reconciling items, amortization and impairment of intangible assets not on the investees' books, accretion of their redeemable non-controlling interests, and the gain or loss associated with the issuance of shares by the investees at a price higher or lower than the carrying value per share, adjusted for related income tax effects, are also excluded.Non-GAAP diluted earnings per ADS represents diluted earnings per ADS calculated by dividing non-GAAP net income attributable to Baidu, by the weighted average number of ordinary shares expressed in ADS. Adjusted EBITDA represents non-GAAP operating income excluding depreciation of fixed assets, and amortization of intangible assets excluding those resulting from business combinations. Adjusted long-term investments represent long-term investments, net, with publicly listed equity method investments adjusted to fair value based on quoted market prices.For more information on non-GAAP financial measures, please see the tables captioned "Reconciliations of non-GAAP financial measures to the nearest comparable GAAP measure." Baidu, Inc. 














Condensed Consolidated Statements of  Income 














(In millions except for per share (or ADS) information, unaudited)














Three Months Ended
Twelve Months Ended


December 31,
September 30,
December 31,
December 31,
December 31,
December 31,
December 31,


2024
2025
2025
2025
2024
2025
2025


RMB
RMB
RMB
US$(2)
RMB
RMB
US$(2)
Revenue
34,124
31,174
32,740
4,682
133,125
129,079
18,458
















Costs and expenses:














Cost of revenue(1)
18,014
18,315
18,277
2,614
66,102
72,436
10,358
Selling, general and administrative(1)
6,678
6,581
7,389
1,056
23,620
25,843
3,696
Research and development(1)
5,515
5,179
5,591
800
22,133
20,433
2,922
Impairment of long-lived assets
-
16,190
-
-
-
16,190
2,315
Total costs and expenses
30,207
46,265
31,257
4,470
111,855
134,902
19,291
Operating income (loss)
3,917
(15,091)
1,483
212
21,270
(5,823)
(833)
















Other income:














Interest income
2,001
1,930
2,051
293
7,962
8,602
1,230
Interest expense
(643)
(631)
(651)
(93)
(2,824)
(2,784)
(398)
Foreign exchange gain (loss), net
1,678
(357)
(1,054)
(151)
1,076
(2,242)
(321)
Share of earnings (losses) from equity method investments
(399)
735
1,193
171
(691)
3,196
457
Others, net
23
269
(296)
(42)
1,829
5,767
825
Total other income, net
2,660
1,946
1,243
178
7,352
12,539
1,793
















Income (loss) before income taxes
6,577
(13,145)
2,726
390
28,622
6,716
960
Income tax expense (benefit)
1,619
(1,828)
1,029
147
4,447
1,259
180
Net income (loss)
4,958
(11,317)
1,697
243
24,175
5,457
780
Net income (loss) attributable to noncontrolling interests
(234)
(85)
(85)
(12)
415
(132)
(19)
Net income (loss) attributable to Baidu
5,192
(11,232)
1,782
255
23,760
5,589
799
































Earnings (loss) per ADS (1 ADS representing 8 Class A ordinary shares):












 -Basic
14.41
(33.88)
4.48
0.64
66.40
13.67
1.95
 -Diluted
14.26
(33.88)
3.71
0.53
65.91
11.78
1.68
Earnings (loss) per share for Class A and Class B ordinary shares:












 -Basic
1.80
(4.23)
0.56
0.08
8.31
1.71
0.24
 -Diluted
1.78
(4.23)
0.46
0.07
8.24
1.47
0.21
Weighted average number of Class A and Class B ordinary shares outstanding (in millions):










 -Basic 
2,775
2,713
2,721
2,721
2,790
2,726
2,726
 -Diluted
2,783
2,713
2,758
2,758
2,798
2,744
2,744
















(1) Includes share-based compensation expenses as follows:














 Cost of revenue 
103
113
79
11
461
389
56
 Selling, general and administrative 
297
340
252
36
1,427
1,181
169
 Research and development 
685
591
398
58
2,896
2,035
292
 Total share-based compensation expenses 
1,085
1,044
729
105
4,784
3,605
517
















(2) All translations from RMB to U.S. dollars are made at a rate of RMB6.9931 to US$1.00, the exchange rate in effect as of December 31, 2025 as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System.  Baidu, Inc. 





Condensed Consolidated Balance Sheets





(In millions, unaudited)














December 31,
December 31,
December 31,

2024
2025
2025

RMB
RMB
US$ASSETS





Current assets:





Cash and cash equivalents
24,832
24,606
3,519Restricted cash
11,697
225
32Short-term investments, net
102,608
90,661
12,964Accounts receivable, net
10,104
12,972
1,855Amounts due from related parties
790
761
109Other current assets, net
18,818
22,745
3,253Total current assets
168,849
151,970
21,732






Non-current assets:





Fixed assets, net
30,102
26,281
3,758Licensed copyrights, net
6,930
5,963
853Produced content, net
14,695
14,575
2,084Intangible assets, net
772
3,891
556Goodwill
22,586
36,783
5,260Long-term investments, net
41,721
44,918
6,423Long-term time deposits and held-to-maturity investments
98,535
123,862
17,712Amounts due from related parties
137
167
24Deferred tax assets, net
2,193
4,582
655Operating lease right-of-use assets
10,898
8,610
1,231Receivables related to the proposed acquisition of YY Live, net
13,547
-
-Other non-current assets
16,815
27,555
3,941Total non-current assets
258,931
297,187
42,497






Total assets
427,780
449,157
64,229






LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY



Current liabilities:





Short-term loans
10,669
7,626
1,091Accounts payable and accrued liabilities
41,443
38,891
5,561Customer deposits and deferred revenue
14,624
13,051
1,866Deferred income
684
531
76Long-term loans, current portion
168
14,765
2,111Convertible senior notes, current portion
242
1,459
209Notes payable, current portion
8,026
4,560
652Amounts due to related parties
1,794
1,988
284Operating lease liabilities
3,303
3,457
494Total current liabilities
80,953
86,328
12,344






Non-current liabilities:





Deferred income
231
198
28Deferred revenue
585
723
103Amounts due to related parties
56
36
5Long-term loans
15,596
3,369
482Notes payable
27,996
51,021
7,296Convertible senior notes
8,351
6,712
960Deferred tax liabilities
3,870
4,985
713Operating lease liabilities
4,973
4,108
587Other non-current liabilities
1,557
1,951
280Total non-current liabilities
63,215
73,103
10,454






Total liabilities
144,168
159,431
22,798






Redeemable noncontrolling interests
9,870
13,166
1,883






Equity





Total Baidu shareholders' equity
263,620
266,330
38,085Noncontrolling interests
10,122
10,230
1,463Total equity
273,742
276,560
39,548






Total liabilities, redeemable noncontrolling interests, and equity
427,780
449,157
64,229  Baidu, Inc. 























Selected Information























(In millions, unaudited)


















































Three months ended
Three months ended
Three months ended
Three months ended

December 31, 2024 (RMB)
September 30, 2025 (RMB)
December 31, 2025 (RMB)
December 31, 2025 (US$)

Baidu
General BusinessiQIYIElim & adj(2)
Baidu, Inc.
Baidu
General BusinessiQIYIElim & adj(2)
Baidu, Inc.
Baidu
General BusinessiQIYIElim & adj(2)
Baidu, Inc.
Baidu
General BusinessiQIYIElim & adj(2)
Baidu, Inc.Revenue
27,6986,613(187)
34,124
24,6596,682(167)
31,174
26,1126,794(166)
32,740
3,734972(24)
4,682  YOY












(6 %)3 %

(4 %)





  QOQ












6 %2 %

5 %






























Costs and expenses: 























  Cost of revenue(1)
13,1804,995(161)
18,014
12,9965,467(148)
18,315
13,0425,376(141)
18,277
1,865769(20)
2,614  Selling, general and administrative(1)
5,816882(20)
6,678
5,677925(21)
6,581
6,455946(12)
7,389
923135(2)
1,056  Research and development(1)
5,064451-
5,515
4,767412-
5,179
5,174417-
5,591
74060-
800  Impairment of long-lived assets
---
-
16,190--
16,190
---
-
---
-Total costs and expenses 
24,0606,328(181)
30,207
39,6306,804(169)
46,265
24,6716,739(153)
31,257
3,528964(22)
4,470  YOY 























  Cost of revenue












(1 %)8 %

1 %





  Selling, general and administrative 












11 %7 %

11 %





  Research and development 












2 %(8 %)

1 %





  Impairment of long-lived assets












--

-





  Costs and expenses












3 %6 %

3 %






























  QOQ























  Cost of revenue












0 %(2 %)

(0 %)





  Selling, general and administrative 












14 %2 %

12 %





  Research and development 












9 %1 %

8 %





  Impairment of long-lived assets












(100 %)-

(100 %)





  Costs and expenses












(38 %)(1 %)

(32 %)






























Operating income (loss)
3,638285(6)
3,917
(14,971)(122)2
(15,091)
1,44155(13)
1,483
2068(2)
212  YOY












(60 %)(81 %)

(62 %)





  QOQ












--

-





Operating margin 
13 %4 %

11 %
(61 %)(2 %)

(48 %)
6 %1 %

5 %






























  Add: total other income (loss), net
3,125(465)-
2,660
2,031(85)-
1,946
1,270(27)-
1,243
182(4)-
178  Less: income tax expense (benefit)
1,6127-
1,619
(1,868)40-
(1,828)
99336-
1,029
1425-
147  Less: net income (loss) attributable to NCI
(132)2(104)(3)
(234)
492(136)(3)
(85)
(79)(2)(4)(3)
(85)
(11)-(1)(3)
(12)Net income (loss) attributable to Baidu
5,283(189)98
5,192
(11,121)(249)138
(11,232)
1,797(6)(9)
1,782
257(1)(1)
255  YOY












(66 %)(97 %)

(66 %)





  QOQ












-(98 %)

-





Net margin 
19 %(3 %)

15 %
(45 %)(4 %)

(36 %)
7 %(0 %)

5 %






























Non-GAAP financial measures:























Operating income (loss) (non-GAAP)
4,647406

5,047
2,225(22)

2,205
2,837143

2,967
40620

424  YOY












(39 %)(65 %)

(41 %)





  QOQ












28 %-

35 %





Operating margin (non-GAAP)
17 %6 %

15 %
9 %(0 %)

7 %
11 %2 %

9 %






























Net income (loss) attributable to Baidu (non-GAAP)
6,741(59)

6,709
3,836(148)

3,770
3,869109

3,907
55314

559  YOY












(43 %)-

(42 %)





  QOQ












1 %-

4 %





Net margin (non-GAAP)
24 %(1 %)

20 %
16 %(2 %)

12 %
15 %2 %

12 %






























Adjusted EBITDA
6,516444

6,954
4,39830

4,429
4,544196

4,727
65028

676  YOY












(30 %)(56 %)

(32 %)





  QOQ












3 %553 %

7 %





Adjusted EBITDA margin 
24 %7 %

20 %
18 %0 %

14 %
17 %3 %

14 %






























(1) Includes share-based compensation as follows:























 Cost of revenue 
7429

103
8330

113
5623

79
83

11 Selling, general and administrative 
24057

297
30436

340
21933

252
315

36 Research and development 
65233

685
55932

591
36830

398
544

58 Total share-based compensation 
966119

1,085
94698

1,044
64386

729
9312

105(2) Relates to intersegment eliminations and adjustments























(3) Relates to the net income attributable to iQIYI noncontrolling interests























  Baidu, Inc. 

















Selected Information

















(In millions except for per ADS information, unaudited)





































Twelve months ended
Twelve months ended
Twelve months ended

December 31, 2024 (RMB)
December 31, 2025 (RMB)
December 31, 2025 (US$)

Baidu
General BusinessiQIYIElim & adj(2)
Baidu, Inc.
Baidu
General BusinessiQIYIElim & adj(2)
Baidu, Inc.
Baidu
General BusinessiQIYIElim & adj(2)
Baidu, Inc.Revenue
104,71229,225(812)
133,125
102,48527,290(696)
129,079
14,6553,902(99)
18,458  YOY






(2 %)(7 %)

(3 %)
























Costs and expenses: 

















  Cost of revenue(1)
44,83021,954(682)
66,102
51,49821,541(603)
72,436
7,3643,080(86)
10,358  Selling, general and administrative(1)
20,0493,682(111)
23,620
22,0713,857(85)
25,843
3,156552(12)
3,696  Research and development(1)
20,3551,778-
22,133
18,7701,663-
20,433
2,684238-
2,922  Impairment of long-lived assets
---
-
16,190--
16,190
2,315--
2,315Total costs and expenses 
85,23427,414(793)
111,855
108,52927,061(688)
134,902
15,5193,870(98)
19,291  YOY 

















  Cost of revenue






15 %(2 %)

10 %





  Selling, general and administrative 






10 %5 %

9 %





  Research and development 






(8 %)(6 %)

(8 %)





  Impairment of long-lived assets






--

-





  Cost and expenses






27 %(1 %)

21 %
























Operating income (loss)
19,4781,811(19)
21,270
(6,044)229(8)
(5,823)
(864)32(1)
(833)  YOY






-(87 %)

-





Operating margin 
19 %6 %

16 %
(6 %)1 %

(5 %)
























  Add: total other income (loss), net
8,311(959)-
7,352
12,828(289)-
12,539
1,834(41)-
1,793  Less: income tax expense
4,38661-
4,447
1,115144-
1,259
15921-
180  Less: net income (loss) attributable to NCI
(28)27416(3)
415
(22)3(113)(3)
(132)
(3)-(16)(3)
(19)Net income (loss) attributable to Baidu
23,431764(435)
23,760
5,691(207)105
5,589
814(30)15
799  YOY






(76 %)(127 %)

(76 %)





Net margin 
22 %3 %

18 %
6 %(1 %)

4 %
























Non-GAAP financial measures:

















Operating income (non-GAAP)
23,8902,363

26,234
14,319639

14,950
2,04891

2,138  YOY






(40 %)(73 %)

(43 %)





Operating margin (non-GAAP)
23 %8 %

20 %
14 %2 %

12 %
























Net income attributable to Baidu (non-GAAP)
26,3351,512

27,002
18,827280

18,941
2,69239

2,709  YOY






(29 %)(81 %)

(30 %)





Net margin (non-GAAP)
25 %5 %

20 %
18 %1 %

15 %
























Adjusted EBITDA
30,5872,510

33,078
22,051815

22,857
3,153117

3,269  YOY






(28 %)(68 %)

(31 %)





Adjusted EBITDA margin 
29 %9 %

25 %
22 %3 %

18 %
























(1) Includes share-based compensation as follows:

















 Cost of revenue 
340121

461
277112

389
4016

56 Selling, general and administrative 
1,153274

1,427
1,018163

1,181
14623

169 Research and development 
2,746150

2,896
1,908127

2,035
27319

292 Total share-based compensation 
4,239545

4,784
3,203402

3,605
45958

517(2) Relates to intersegment eliminations and adjustments















(3) Relates to the net loss attributable to iQIYI noncontrolling interests














  Baidu, Inc. 















Condensed Consolidated Statements of Cash Flows













(In millions,unaudited)


































Three months ended
Three months ended
Three months ended
Three months ended

December 31, 2024 (RMB)
September 30, 2025 (RMB)
December 31, 2025 (RMB)
December 31, 2025 (US$)

 Baidu excl. iQIYIiQIYIBaidu, Inc.
 Baidu excl. iQIYIiQIYIBaidu, Inc.
 Baidu excl. iQIYIiQIYIBaidu, Inc.
 Baidu excl. iQIYIiQIYIBaidu, Inc.Net cash provided by (used in) operating activities
1,8365202,356
1,523(267)1,256
2,562472,609
3667373Net cash provided by (used in) investing activities 
(4,741)(896)(5,637)
2,2337632,996
(17,439)(947)(18,386)
(2,494)(135)(2,629)Net cash provided by (used in) financing activities
(1,784)114(1,670)
4,5321514,683
5955181,113
8574159Effect of exchange rate changes on cash, cash equivalents and restricted cash
58261643
(186)(16)(202)
(295)(10)(305)
(42)(1)(43)Net increase (decrease) in cash, cash equivalents and restricted cash 
(4,107)(201)(4,308)
8,1026318,733
(14,577)(392)(14,969)
(2,085)(55)(2,140)Cash, cash equivalents and restricted cash















  At beginning of period
37,1063,79140,897
26,9284,13931,067
35,0304,77039,800
5,0096825,691  At end of period
32,9993,59036,589
35,0304,77039,800
20,4534,37824,831
2,9246273,551
















Net cash provided by (used in) operating activities
1,8365202,356
1,523(267)1,256
2,562472,609
3667373Less: Capital expenditures
(2,312)(21)(2,333)
(3,378)(23)(3,401)
(1,952)(20)(1,972)
(279)(3)(282)Free cash flow
(476)49923
(1,855)(290)(2,145)
61027637
87491
















Note: Baidu excl. iQIYI represents Baidu, Inc. minus iQIYI's consolidated cash flows.











  Baidu, Inc. 











Condensed Consolidated Statements of Cash Flows









(In millions,unaudited)


























Twelve months ended
Twelve months ended
Twelve months ended

December 31, 2024 (RMB)
December 31, 2025 (RMB)
December 31, 2025 (US$)

 Baidu excl. iQIYIiQIYIBaidu, Inc.
 Baidu excl. iQIYIiQIYIBaidu, Inc.
 Baidu excl. iQIYIiQIYIBaidu, Inc.Net cash provided by (used in) operating activities
19,1262,10821,234
(3,119)106(3,013)
(446)15(431)Net cash used in investing activities 
(6,110)(2,445)(8,555)
(24,809)(327)(25,136)
(3,547)(47)(3,594)Net cash provided by (used in) financing activities
(12,391)(1,368)(13,759)
16,0781,06417,142
2,2991522,451Effect of exchange rate changes on cash, cash equivalents and restricted cash
811495
(696)(55)(751)
(101)(6)(107)Net increase (decrease) in cash, cash equivalents and restricted cash 
706(1,691)(985)
(12,546)788(11,758)
(1,795)114(1,681)Cash, cash equivalents and restricted cash











  At beginning of period
32,2935,28137,574
32,9993,59036,589
4,7195135,232  At end of period
32,9993,59036,589
20,4534,37824,831
2,9246273,551












Net cash provided by (used in) operating activities
19,1262,10821,234
(3,119)106(3,013)
(446)15(431)Less: Capital expenditures
(8,055)(79)(8,134)
(11,978)(95)(12,073)
(1,712)(14)(1,726)Free cash flow
11,0712,02913,100
(15,097)11(15,086)
(2,158)1(2,157)












Note: Baidu excl. iQIYI represents Baidu, Inc. minus iQIYI's consolidated cash flows.







  Baidu, Inc. 
































Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures  






























(In millions except for per ADS information, unaudited)




































































Three months ended 
Three months ended 
Three months ended 
Three months ended 


















December 31, 2024 (RMB)
September 30, 2025 (RMB)
December 31, 2025 (RMB)
December 31, 2025 (US$)


















Baidu
General BusinessiQIYIBaidu, Inc.
Baidu
General BusinessiQIYIBaidu, Inc.
Baidu
General BusinessiQIYIBaidu, Inc.
Baidu
General BusinessiQIYIBaidu, Inc.
















Operating income (loss)
3,6382853,917
(14,971)(122)(15,091)
1,441551,483
2068212
















Add: Share-based compensation expenses
9661191,085
946981,044
64386729
9312105
















Add: Amortization and impairment of intangible assets resulting from business combinations
43245
60262
45247
6-6
















Add: Impairment of long-lived assets
---
16,190-16,190
---
---
















Add: One-time employee severance costs
---
---
708-708
101-101
















Operating income (loss) (non-GAAP)
4,6474065,047
2,225(22)2,205
2,8371432,967
40620424


















































Add:  Depreciation of fixed assets and amortization of intangible assets(1)
1,869381,907
2,173522,224
1,707531,760
2448252
















Adjusted EBITDA
6,5164446,954
4,398304,429
4,5441964,727
65028676


















































Net income (loss) attributable to Baidu
5,283(189)5,192
(11,121)(249)(11,232)
1,797(6)1,782
257(1)255
















Add: Share-based compensation expenses
9651191,019
94598989
64286681
921298
















Add: Amortization and impairment of intangible assets resulting from business combinations
41242
58259
43244
6-6
















Add: Impairment of long-lived assets
---
16,190-16,190
---
---
















Add: One-time employee severance costs
---
---
708-708
101-101
















Add: Disposal loss (gain)
7-7
(101)-(101)
31-31
4-4
















Add: Impairment of long-term investments
841490
97-97
591064
819
















Add: Fair value loss (gain) of long-term investments and exchangeable bonds
(288)(5)(290)
2791279
92317931
1322133
















Add: Reconciling items on equity method investments(2)
679-679
15-15
(431)-(431)
(62)-(62)
















Add: Tax effects on non-GAAP adjustments(3)
(30)-(30)
(2,526)-(2,526)
97-97
15-15
















Net income (loss) attributable to Baidu (non-GAAP)
6,741(59)6,709
3,836(148)3,770
3,8691093,907
55314559


















































Diluted earnings (loss) per ADS


14.26


(33.88)


3.71


0.53
















Add:  Accretion of the redeemable noncontrolling interests


0.55


0.75


0.75


0.11
















Add:  Non-GAAP adjustments to earnings per ADS


4.37


44.25


6.16


0.88
















Diluted earnings per ADS (non-GAAP)


19.18


11.12


10.62


1.52


















































(1) This represents amortization of intangible assets excluding those resulting from business combinations.
















(2) This represents Baidu's share of equity method investments for other non-GAAP reconciling items, amortization and impairment of intangible assets not on the investee's books, accretion of their redeemable noncontrolling interests, and the gain or loss associated with the issuance of shares by the investees at a price higher or lower than the carrying value per share.

















(3) This represents tax impact of all non-GAAP adjustments.
















  Baidu, Inc. 
























Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures  






















(In millions except for per ADS information, unaudited)




















































Twelve months ended
Twelve months ended
Twelve months ended














December 31, 2024 (RMB)
December 31, 2025 (RMB)
December 31, 2025 (US$)














Baidu
General BusinessiQIYIBaidu, Inc.
Baidu
General BusinessiQIYIBaidu, Inc.
Baidu
General BusinessiQIYIBaidu, Inc.












Operating income (loss)
19,4781,81121,270
(6,044)229(5,823)
(864)32(833)












Add: Share-based compensation expenses
4,2395454,784
3,2034023,605
45958517












Add: Amortization and impairment of intangible assets resulting from business combinations
1737180
2628270
37138












Add: Impairment of long-lived assets
---
16,190-16,190
2,315-2,315












Add: One-time employee severance costs
---
708-708
101-101












Operating income (non-GAAP)
23,8902,36326,234
14,31963914,950
2,048912,138






































Add:  Depreciation of fixed assets and amortization of intangible assets(1)
6,6971476,844
7,7321767,907
1,105261,131












Adjusted EBITDA
30,5872,51033,078
22,05181522,857
3,1531173,269






































Net income (loss) attributable to Baidu
23,43176423,760
5,691(207)5,589
814(30)799












Add: Share-based compensation expenses
4,2355454,482
3,1994023,381
45757484












Add: Amortization and impairment of intangible assets resulting from business combinations
1657168
2548258
36137












Add: Impairment of long-lived assets
---
16,190-16,190
2,315-2,315












Add: One-time employee severance costs
---
708-708
101-101












Add: Disposal loss (gain)
(1,982)22(1,972)
(423)-(428)
(60)-(61)












Add: Impairment of long-term investments
172193260
25738275
37539












Add: Fair value loss (gain) of long-term investments
(393)(19)(403)
(4,004)34(3,989)
(573)5(570)












Add: Reconciling items on equity method investments(2)
1,050-1,050
(603)5(601)
(86)1(86)












Add: Tax effects on non-GAAP adjustments(3)
(343)-(343)
(2,442)-(2,442)
(349)-(349)












Net income attributable to Baidu (non-GAAP)
26,3351,51227,002
18,82728018,941
2,692392,709






































Diluted earnings per ADS


65.91


11.78


1.68












Add:  Accretion of the redeemable noncontrolling interests


1.68


2.71


0.39












Add:  Non-GAAP adjustments to earnings per ADS


9.26


38.92


5.57












Diluted earnings per ADS (non-GAAP)


76.85


53.41


7.64






































(1) This represents amortization of intangible assets excluding those resulting from business combinations.












(2) This represents Baidu's share of equity method investments for other non-GAAP reconciling items, amortization and impairment of intangible assets not on the investee's books, accretion of their redeemable noncontrolling interests, and the gain or loss associated with the issuance of shares by the investees at a price higher or lower than the carrying value per share.













(3) This represents tax impact of all non-GAAP adjustments.












  



View original content:https://www.prnewswire.com/news-releases/baidu-announces-fourth-quarter-and-fiscal-year-2025-results-302698026.htmlSOURCE Baidu, Inc.

Original: Baidu Announces Fourth Quarter and Fiscal Year 2025 Results

BIDU still going south

BIDU, still declining from the 52 week high

Baidu and Uber Partner to Bring Apollo Go Autonomous Ride-hailing to Dubai in Collaboration with Dubai’s Roads and Transport AuthorityFebruary 10, 2026 7:57 AM
Business Wire
Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888) and Uber Technologies, Inc. (NYSE: UBER), in partnership with Dubai’s Roads and Transport Authority (RTA), today announced the next phase of their global partnership, bringing the Apollo Go autonomous ride-hailing service to the Uber platform in Dubai.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260210608046/en/Baidu and Uber Partner to Bring Apollo Go Autonomous Ride-hailing to Dubai
Expected to launch in the coming month, the fully autonomous vehicles will be available via the Uber app across select locations within the Jumeirah area, and the deployment will expand based on operational learnings and regulatory approvals across the city.


This collaboration also aligns directly with Dubai’s ambitious goal of having 25% of all transportation trips be autonomous by 2030.


For trips within the service area, passengers will have the opportunity to be matched with an Apollo Go vehicle when booking an Uber Comfort or UberX, or by selecting the “Autonomous” option in the Uber app. Fleet management will be handled by third-party operator New Horizon.


“Bringing Apollo Go to Dubai via the Uber platform marks a pivotal step in our mission to provide safe, efficient, and accessible autonomous mobility worldwide,” said Nan Yang, Vice President of Baidu and General Manager of Overseas Business Unit, Intelligent Driving Group. “As a key deliverable of the strategic partnership between Apollo Go and Uber announced last July, this deployment officially brings our autonomous ride-hailing service to Dubai, utilizing Uber’s vast network to turn our shared vision into reality.”


“We’re excited to partner with Baidu as we continue to grow our autonomous footprint across Dubai. Just as we helped millions of people try out EVs for the first time, we will expand consumer access to autonomous technology in major cities around the world,” said Sarfraz Maredia, Global Head of Autonomous at Uber. “With more than 20 AV partners already completing millions of autonomous trips annually, Uber is the global platform where the autonomous vehicle industry can launch at scale.”


This announcement comes on the heels of another market expansion last December, when the parties announced plans to bring the autonomous ride-hailing service to London, a right-hand drive market, as well as the inauguration of Apollo Go Park in Dubai in January, its first overseas operations and management hub.


As a leading autonomous ride-hailing service provider globally, Apollo Go has logged more than 240 million autonomous kilometers, of which over 140 million kilometers were completed in fully driverless mode. With a global footprint across 22 cities, Apollo Go's weekly ride count has recently surpassed 250,000, and the service has completed more than 17 million cumulative rides as of October 31, 2025.


About Baidu


Founded in 2000, Baidu's mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong internet foundation, trading on the NASDAQ under "BIDU" and HKEX under "9888." One Baidu ADS represents eight Class A ordinary shares.


About Uber


Uber's mission is to create opportunity through movement. We started in 2010 to solve a simple problem: how do you get access to a ride at the touch of a button? More than 72 billion trips later, we're building products to get people closer to where they want to be. By changing how people, food, and things move through cities, Uber is a platform that opens up the world to new possibilities.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260210608046/en/
Media Contacts

Baidu

intlcomm@baidu.com
Uber

press@uber.com


Original: Baidu and Uber Partner to Bring Apollo Go Autonomous Ride-hailing to Dubai in Collaboration with Dubai’s Roads and Transport Authority

Baidu and Uber Partner to Bring Apollo Go Autonomous Ride-hailing to Dubai in collaboration with Dubai's Roads and Transport AuthorityFebruary 10, 2026 2:00 AM
PR Newswire (US)

DUBAI, UAE, Feb. 10, 2026 /PRNewswire/ -- Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888) and Uber Technologies, Inc. (NYSE: UBER), in partnership with Dubai's Roads and Transport Authority (RTA), today announced the next phase of their global partnership, bringing the Apollo Go autonomous ride-hailing service to the Uber platform in Dubai.Expected to launch in the coming month, the fully autonomous vehicles will be available via the Uber app across select locations within the Jumeirah area, and the deployment will expand based on operational learnings and regulatory approvals across the city.This collaboration also aligns directly with Dubai's ambitious goal of having 25% of all transportation trips be autonomous by 2030.For trips within the service area, passengers will have the opportunity to be matched with an Apollo Go vehicle when booking an Uber Comfort or UberX, or by selecting the "Autonomous" option in the Uber app. Fleet management will be handled by third-party operator New Horizon."Bringing Apollo Go to Dubai via the Uber platform marks a pivotal step in our mission to provide safe, efficient, and accessible autonomous mobility worldwide," said Nan Yang, Vice President of Baidu and General Manager of Overseas Business Unit, Intelligent Driving Group. "As a key deliverable of the strategic partnership between Apollo Go and Uber announced last July, this deployment officially brings our autonomous ride-hailing service to Dubai, utilizing Uber's vast network to turn our shared vision into reality.""We're excited to partner with Baidu as we continue to grow our autonomous footprint across Dubai. Just as we helped millions of people try out EVs for the first time, we will expand consumer access to autonomous technology in major cities around the world," said Sarfraz Maredia, Global Head of Autonomous at Uber. "With more than 20 AV partners already completing millions of autonomous trips annually, Uber is the global platform where the autonomous vehicle industry can launch at scale."This announcement comes on the heels of another market expansion last December, when the parties announced plans to bring the autonomous ride-hailing service to London, a right-hand drive market, as well as the inauguration of Apollo Go Park in Dubai in January, its first overseas operations and management hub.As a leading autonomous ride-hailing service provider globally, Apollo Go has logged more than 240 million autonomous kilometers, of which over 140 million kilometers were completed in fully driverless mode. With a global footprint across 22 cities, Apollo Go's weekly ride count has recently surpassed 250,000, and the service has completed more than 17 million cumulative rides as of October 31, 2025.About BaiduFounded in 2000, Baidu's mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong internet foundation, trading on the NASDAQ under "BIDU" and HKEX under "9888." One Baidu ADS represents eight Class A ordinary shares.About UberUber's mission is to create opportunity through movement. We started in 2010 to solve a simple problem: how do you get access to a ride at the touch of a button? More than 68 billion trips later, we're building products to get people closer to where they want to be. By changing how people, food, and things move through cities, Uber is a platform that opens up the world to new possibilities.Media ContactsBaidu
intlcomm@baidu.com Uber
press@uber.com





View original content to download multimedia:https://www.prnewswire.com/news-releases/baidu-and-uber-partner-to-bring-apollo-go-autonomous-ride-hailing-to-dubai-in-collaboration-with-dubais-roads-and-transport-authority-302683436.htmlSOURCE Baidu, Inc.

Original: Baidu and Uber Partner to Bring Apollo Go Autonomous Ride-hailing to Dubai in collaboration with Dubai's Roads and Transport Authority

BIDU, dollar cost average

Baidu Announces New Share Repurchase Program and Dividend PolicyFebruary 4, 2026 8:00 PM
PR Newswire (US)

BEIJING, Feb. 4, 2026 /PRNewswire/ -- Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888 (HKD Counter) and 89888 (RMB Counter)), ("Baidu" or the "Company"), a leading AI company with strong Internet foundation, today announced that its Board of Directors (the "Board") has approved a new US$5 billion share repurchase program and a dividend policy, with the objective of further enhancing shareholder returns.The Board has authorized a new share repurchase program for up to US$5 billion of the Company's shares, effective through December 31, 2028. The Board will periodically review the repurchase program and may adjust its terms and size as appropriate.With our substantial cash reserves and sound financial management capabilities, we aim to create and continuously enhance long-term value for our shareholders through our proactive shareholder return initiatives. Apart from previous repurchase tactics, this brand new program will be executed on a regular basis in a disciplined and transparent manner, guided by a strategic focus beyond short-term stock price fluctuations.Repurchases may be effected from time to time through open market transactions at prevailing prices or by other legally permissible means, in compliance with applicable regulations and subject to market conditions.In addition, with the objective of further enhancing shareholder returns, the Board has approved the adoption, for the first time, of a dividend policy for the Company's ordinary shares, which may include regular and/or special distributions of dividends.Future dividend distributions will be supported by sustainable funding sources, primarily derived from operating profits and potentially supplemented by proceeds from non-core asset disposals and other investment returns. The Board intends to establish a clear, balanced policy framework that aligns shareholder returns with the continued strategic growth of the Company.The Board expects to declare the first payment of dividend in 2026. The declaration, timing, and amount of any future dividend will be subject to the determination of the Board at its discretion based on factors such as the Company's financial performance, capital requirements, prevailing market conditions and other considerations that the Board deems relevant. A formal announcement of the dividend will be made after the Board's review and approval.About Baidu Founded in 2000, Baidu's mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong Internet foundation, trading on NASDAQ under "BIDU" and HKEX under "9888". One Baidu ADS represents eight Class A ordinary shares.Safe Harbor StatementThis announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Baidu may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in announcements made on the website of the Hong Kong Stock Exchange, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Baidu's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Baidu's growth strategies; its future business development, including development of new products and services; its ability to attract and retain users and customers; competition in the Chinese Internet search and newsfeed market; competition for online marketing customers; changes in the Company's revenues and certain cost or expense items as a percentage of its revenues; the outcome of ongoing, or any future, litigation or arbitration, including those relating to intellectual property rights; the expected growth of the Chinese-language Internet search and newsfeed market and the number of Internet and broadband users in China; Chinese governmental policies relating to the Internet and Internet search providers, and general economic conditions in China and elsewhere. Further information regarding these and other risks is included in the Company's annual report on Form 20-F and other documents filed with the SEC, and announcements on the website of the Hong Kong Stock Exchange. Baidu does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this announcement is as of the date of the announcement, and Baidu undertakes no duty to update such information, except as required under applicable law.



View original content:https://www.prnewswire.com/news-releases/baidu-announces-new-share-repurchase-program-and-dividend-policy-302679608.htmlSOURCE Baidu, Inc.

Original: Baidu Announces New Share Repurchase Program and Dividend Policy

BIDU, still above the 20 sma

BIDU, still consolidating the gain

BIDU, consolidating the gain

BEIJING, Jan. 1, 2026 /PRNewswire/ -- Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888 (HKD Counter) and 89888 (RMB Counter)), ("Baidu" or the "Company"), a leading AI company with strong Internet foundation, today announced its proposed spinoff and separate listing of the H shares of Kunlunxin (Beijing) Technology Co., Ltd. ("Kunlunxin"), a non-wholly owned subsidiary of the Company, on the Main Board of the Hong Kong Stock Exchange (the "Proposed Spin-off"). The Proposed Spin-off aims to independently showcase Kunlunxin's value, attract investors focused on the AI chip sector, and leverage its standalone listing to enhance its market profile, broaden financing channels, and better align management accountability with performance. This also supports the effort to unlock the value of Baidu's AI-powered businesses.

BIDU, ended 2025 at a 52 week high

BIDU, still above the 20 sma

BIDU, above the 20 sma

BIDU, dollar cost average

AI models are evolving at a breakneck pace, but most organizations can’t integrate them that quickly. When tech outpaces real-world adoption, expectations inflate much faster than actual results. $BIDU

BIDU, hanging above the 50:sma

BIDU, Cathy Wood is a recent buyer

BIDU, rebounding with the rest of the AI stocks

BIDU, Trump nonsense won out, start all over again

BIDU, trending sideways after Trump,nonsense

BIDU, shorts in control

BIDU, bounced

BIDU, shorts in control

Shorts in control

BIDU, dollar cost average still paying off

BIDU, dollar cost average still paying off

BIDU dollar cost average pays off

BIDU, new 52 week high

BIDU, dollar cost average pays off

BIDU, dollar cost average

BIDU, dollar cost average for now