NASDAQ : BIDU
Baidu, Inc. — Financial statements
Communication Services · Internet Content & Information · China
Last price 76.4 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 25.22B
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Financial statements
Baidu, Inc. (BIDU) reported revenue of 127.31B CNY (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 127.31B | 129.08B | 133.12B | 134.60B | 74.71B | 80.69B |
| Other Revenue | 48.96B | 43.80B | ||||
| Revenue | 127.31B | 129.08B | 133.12B | 134.60B | 123.67B | 124.49B |
| Cost of Revenue | 75.28B | 72.44B | 66.10B | 65.03B | 63.87B | 64.15B |
| Gross Profit | 52.03B | 56.64B | 67.02B | 69.57B | 59.81B | 60.34B |
| Selling, General & Admin | 23.48B | 25.84B | 23.62B | 23.52B | 20.51B | 24.72B |
| Research & Development | 19.76B | 20.43B | 22.13B | 24.19B | 23.32B | 24.94B |
| Operating Expenses | 43.24B | 46.28B | 45.75B | 47.71B | 43.83B | 49.66B |
| Operating Income | 8.80B | 10.37B | 21.27B | 21.86B | 15.98B | 10.68B |
| Interest Expense | -2.53B | -2.78B | -2.82B | -3.25B | -2.91B | -3.42B |
| Interest & Investment Income | 7.63B | 8.60B | 7.96B | 8.01B | 6.25B | 5.55B |
| Earnings From Equity Investments | 2.82B | 3.20B | -691.00M | -3.80B | -1.91B | -932.00M |
| Currency Exchange Gain (Loss) | -3.56B | -2.24B | 1.08B | 595.00M | -1.48B | 100.00M |
| Other Non Operating Income (Expenses) | -1.90B | 6.03B | 2.12B | 2.54B | -3.28B | 121.00M |
| EBT Excluding Unusual Items | 11.26B | 23.17B | 28.91B | 25.95B | 12.64B | 12.10B |
| Gain (Loss) on Sale of Investments | 1.54B | -263.00M | -292.00M | -753.00M | -2.46B | -1.16B |
| Asset Writedown | -16.19B | -16.19B | -68.00M | -161.00M | ||
| Pretax Income | -3.39B | 6.72B | 28.62B | 25.20B | 10.11B | 10.78B |
| Income Tax Expense | 729.00M | 1.26B | 4.45B | 3.65B | 2.58B | 3.19B |
| Earnings From Continuing Operations | -4.12B | 5.46B | 24.18B | 21.55B | 7.53B | 7.59B |
| Minority Interest in Earnings | 435.00M | 132.00M | -415.00M | -1.23B | 25.00M | 2.63B |
| Net Income | -3.69B | 5.59B | 23.76B | 20.32B | 7.56B | 10.23B |
| Preferred Dividends & Other Adjustments | 1.02B | 926.00M | 588.00M | 717.00M | 591.00M | 350.00M |
| Net Income to Common | -4.71B | 4.66B | 23.17B | 19.60B | 6.97B | 9.88B |
| Shares Outstanding (Basic) | 339.75M | 340.75M | 348.75M | 350.88M | 347.75M | 344.75M |
| Shares Outstanding (Diluted) | 339.75M | 343.00M | 349.75M | 354.62M | 351.12M | 351.75M |
| EPS (Basic) | -13.86 | 13.68 | 66.44 | 55.85 | 20.04 | 28.65 |
| EPS (Diluted) | -15.73 | 11.79 | 65.95 | 55.14 | 19.84 | 28.08 |
| Free Cash Flow | -12.71B | -15.09B | 13.10B | 25.43B | 17.88B | 9.23B |
| Free Cash Flow Per Share | -37.40 | -43.98 | 37.45 | 71.69 | 50.93 | 26.23 |
| Gross Margin | 40.87% | 43.88% | 50.35% | 51.69% | 48.36% | 48.47% |
| Operating Margin | 6.91% | 8.03% | 15.98% | 16.24% | 12.92% | 8.58% |
| Profit Margin | -3.70% | 3.61% | 17.41% | 14.56% | 5.63% | 7.93% |
| Free Cash Flow Margin | -9.98% | -11.69% | 9.84% | 18.89% | 14.46% | 7.41% |
| EBITDA | 23.40B | 24.65B | 35.90B | 36.85B | 30.70B | 27.12B |
| EBITDA Margin | 18.38% | 19.10% | 26.97% | 27.38% | 24.83% | 21.78% |
| D&A For EBITDA | 14.60B | 14.29B | 14.63B | 15.00B | 14.72B | 16.44B |
| EBIT | 8.80B | 10.37B | 21.27B | 21.86B | 15.98B | 10.68B |
| EBIT Margin | 6.91% | 8.03% | 15.98% | 16.24% | 12.92% | 8.58% |
| Effective Tax Rate | 18.75% | 15.54% | 14.48% | 25.49% | 29.57% | |
| Revenue as Reported | 123.67B | 124.49B |
Balance sheet
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 24.52B | 24.61B | 24.83B | 25.23B | 53.16B | 36.85B |
| Short-Term Investments | 141.73B | 90.66B | 102.61B | 169.06B | 121.22B | 143.62B |
| Cash & Short-Term Investments | 166.25B | 115.27B | 127.44B | 194.29B | 174.37B | 180.47B |
| Accounts Receivable | 17.51B | 16.78B | 14.28B | 16.62B | 21.14B | 14.83B |
| Receivables | 17.51B | 16.78B | 14.28B | 16.62B | 21.14B | 14.83B |
| Inventory | 8.29B | 6.20B | 5.99B | 1.40B | 1.23B | 1.48B |
| Prepaid Expenses | 728.00M | 582.00M | 615.00M | |||
| Restricted Cash | 170.00M | 225.00M | 11.70B | 11.50B | 11.33B | 10.82B |
| Other Current Assets | 15.15B | 13.50B | 9.44B | 5.72B | 4.20B | 5.11B |
| Total Current Assets | 207.36B | 151.97B | 168.85B | 230.25B | 212.85B | 213.31B |
| Property, Plant & Equipment | 47.06B | 34.89B | 41.00B | 38.81B | 34.34B | 35.09B |
| Long-Term Investments | 117.17B | 168.78B | 140.26B | 72.62B | 78.93B | 67.33B |
| Goodwill | 36.78B | 36.78B | 22.59B | 22.59B | 22.48B | 22.61B |
| Other Intangible Assets | 11.06B | 9.85B | 7.70B | 7.85B | 8.10B | 8.95B |
| Long-Term Accounts Receivable | 144.00M | 167.00M | 137.00M | |||
| Long-Term Deferred Tax Assets | 4.48B | 4.58B | 2.19B | 2.10B | 2.13B | 2.37B |
| Long-Term Deferred Charges | 13.90B | 14.57B | 14.70B | 13.38B | 13.00B | 10.95B |
| Other Long-Term Assets | 27.62B | 23.08B | 26.55B | 19.16B | 19.16B | 19.42B |
| Total Assets | 469.93B | 449.16B | 427.78B | 406.76B | 390.97B | 380.03B |
| Accounts Payable | 41.86B | 3.47B | 5.35B | 1.97B | 1.96B | 1.31B |
| Accrued Expenses | 16.58B | 15.00B | 16.17B | 15.16B | 17.17B | |
| Short-Term Debt | 26.31B | 7.63B | 10.67B | 10.26B | 5.34B | 4.17B |
| Current Portion of Long-Term Debt | 4.07B | 20.78B | 8.44B | 8.83B | 15.21B | 10.51B |
| Current Portion of Leases | 3.63B | 3.46B | 3.30B | 3.11B | 2.81B | 2.86B |
| Current Income Taxes Payable | 2.63B | 3.53B | 2.69B | 3.64B | 4.43B | |
| Current Unearned Revenue | 13.25B | 13.58B | 15.31B | 14.93B | 13.19B | 13.80B |
| Other Current Liabilities | 18.20B | 19.36B | 18.49B | 22.32B | 20.24B | |
| Total Current Liabilities | 89.12B | 86.33B | 80.95B | 76.45B | 79.63B | 74.49B |
| Long-Term Debt | 73.48B | 61.10B | 51.94B | 57.36B | 63.18B | 68.40B |
| Long-Term Leases | 5.41B | 4.11B | 4.97B | 5.04B | 4.81B | 5.57B |
| Long-Term Unearned Revenue | 927.00M | 921.00M | 816.00M | 681.00M | 490.00M | 352.00M |
| Long-Term Deferred Tax Liabilities | 5.43B | 4.99B | 3.87B | 2.73B | 2.90B | 3.29B |
| Other Long-Term Liabilities | 477.00M | 1.99B | 1.61B | 1.90B | 2.16B | 3.99B |
| Total Liabilities | 174.84B | 159.43B | 144.17B | 144.15B | 153.17B | 156.08B |
| Additional Paid-In Capital | 96.33B | 94.98B | 91.59B | 87.10B | 79.86B | 73.89B |
| Retained Earnings | 177.60B | 177.69B | 180.07B | 161.24B | 148.34B | 145.16B |
| Treasury Stock | -698.00M | -4.69B | -6.24B | -3.82B | -5.26B | -7.58B |
| Comprehensive Income & Other | -1.48B | -1.65B | -1.80B | -895.00M | 546.00M | -8.00M |
| Total Common Equity | 271.75B | 266.33B | 263.62B | 243.63B | 223.48B | 211.46B |
| Minority Interest | 23.34B | 23.40B | 19.99B | 18.98B | 14.33B | 12.49B |
| Shareholders' Equity | 295.10B | 289.73B | 283.61B | 262.61B | 237.81B | 223.95B |
| Total Liabilities & Equity | 469.93B | 449.16B | 427.78B | 406.76B | 390.97B | 380.03B |
| Total Debt | 112.90B | 97.08B | 79.32B | 84.59B | 91.35B | 91.51B |
| Net Cash (Debt) | 53.35B | 18.19B | 48.12B | 109.69B | 83.02B | 88.96B |
| Net Cash Per Share | 157.04 | 53.03 | 137.57 | 309.32 | 236.44 | 252.91 |
| Filing Date Shares Outstanding | 341.70M | 340.25M | 343.77M | 350.65M | 349.57M | 345.54M |
| Total Common Shares Outstanding | 339.59M | 347.03M | 345.45M | 350.65M | 349.57M | 345.54M |
| Working Capital | 118.25B | 65.64B | 87.90B | 153.80B | 133.22B | 138.83B |
| Book Value Per Share | 800.23 | 767.45 | 763.13 | 694.79 | 639.29 | 611.96 |
| Tangible Book Value | 223.90B | 219.69B | 233.33B | 213.19B | 192.91B | 179.91B |
| Tangible Book Value Per Share | 659.33 | 633.06 | 675.45 | 607.99 | 551.83 | 520.65 |
| Buildings | 5.44B | 5.31B | 5.15B | 5.12B | 4.92B | |
| Machinery | 66.53B | 58.38B | 53.67B | 46.16B | 42.42B | |
| Construction In Progress | 563.00M | 621.00M | 285.00M | 291.00M | 688.00M | |
| Leasehold Improvements | 505.00M | 549.00M | 540.00M | 490.00M | 496.00M |
Cash flow statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -3.69B | 5.59B | 23.76B | 20.32B | 7.56B | 10.23B |
| Depreciation & Amortization | 14.29B | 14.29B | 14.63B | 15.00B | 14.72B | 16.44B |
| Other Amortization | 6.80B | 6.80B | 5.84B | 6.30B | 5.29B | 5.96B |
| Loss (Gain) From Sale of Assets | -11.00M | -11.00M | -22.00M | -193.00M | -926.00M | -126.00M |
| Asset Writedown & Restructuring Costs | 16.45B | 16.45B | 49.00M | 160.00M | 68.00M | 161.00M |
| Loss (Gain) From Sale of Investments | 488.00M | 488.00M | 630.00M | 910.00M | 3.06B | 4.45B |
| Loss (Gain) on Equity Investments | -3.20B | -3.20B | 691.00M | 3.80B | 1.91B | 932.00M |
| Stock-Based Compensation | 3.60B | 3.60B | 4.78B | 6.34B | 6.79B | 7.06B |
| Provision & Write-off of Bad Debts | 1.98B | 1.98B | 1.07B | 693.00M | 701.00M | 989.00M |
| Other Operating Activities | 15.29B | -6.96B | -2.69B | -3.64B | 3.75B | -7.27B |
| Change in Accounts Receivable | -4.51B | -4.51B | 327.00M | 216.00M | -2.37B | -2.14B |
| Change in Accounts Payable | -1.84B | -1.84B | 2.30B | -858.00M | -1.45B | 7.14B |
| Change in Unearned Revenue | -1.87B | -1.87B | 513.00M | 1.92B | -444.00M | 593.00M |
| Change in Other Net Operating Assets | -33.82B | -33.82B | -30.65B | -14.34B | -12.49B | -24.28B |
| Operating Cash Flow | 9.97B | -3.01B | 21.23B | 36.62B | 26.17B | 20.12B |
| Capital Expenditures | -22.68B | -12.07B | -8.13B | -11.19B | -8.29B | -10.90B |
| Cash Acquisitions | -1.19B | -1.19B | -115.00M | -14.00M | -12.28B | |
| Divestitures | 270.00M | |||||
| Sale (Purchase) of Intangibles | -1.34B | -1.34B | -125.00M | -105.00M | -107.00M | -344.00M |
| Investment in Securities | -10.47B | -9.72B | 2.07B | -41.56B | 4.95B | -7.99B |
| Other Investing Activities | -419.00M | 7.00M | -51.00M | 4.05B | -761.00M | 71.00M |
| Investing Cash Flow | -36.91B | -25.14B | -8.55B | -50.40B | -3.94B | -31.44B |
| Short-Term Debt Issued | 12.00B | 22.45B | 15.93B | 6.27B | 4.49B | |
| Long-Term Debt Issued | 34.65B | 1.12B | 4.54B | 3.45B | 19.75B | |
| Total Debt Issued | 57.45B | 46.64B | 23.57B | 20.47B | 9.72B | 24.23B |
| Short-Term Debt Repaid | -15.04B | -22.04B | -11.03B | -5.08B | -3.37B | |
| Long-Term Debt Repaid | -11.32B | -9.07B | -22.54B | -11.45B | -12.03B | |
| Total Debt Repaid | -33.65B | -26.35B | -31.11B | -33.57B | -16.54B | -15.39B |
| Net Debt Issued (Repaid) | 23.80B | 20.29B | -7.54B | -13.09B | -6.81B | 8.84B |
| Issuance of Common Stock | 93.00M | 93.00M | 47.00M | 103.00M | 200.00M | 20.21B |
| Repurchase of Common Stock | -1.69B | -5.54B | -6.32B | -4.76B | -1.93B | -7.58B |
| Other Financing Activities | -634.00M | 2.29B | 55.00M | 3.59B | 2.15B | 1.93B |
| Financing Cash Flow | 21.57B | 17.14B | -13.76B | -14.16B | -6.39B | 23.40B |
| Foreign Exchange Rate Adjustments | -999.00M | -751.00M | 95.00M | 282.00M | 1.73B | -943.00M |
| Net Cash Flow | -6.37B | -11.76B | -985.00M | -27.66B | 17.57B | 11.13B |
| Free Cash Flow | -12.71B | -15.09B | 13.10B | 25.43B | 17.88B | 9.23B |
| Free Cash Flow Margin | -9.98% | -11.69% | 9.84% | 18.89% | 14.46% | 7.41% |
| Free Cash Flow Per Share | -37.40 | -43.98 | 37.45 | 71.69 | 50.93 | 26.23 |
| Levered Free Cash Flow | -2.10B | 16.64B | 27.38B | 28.47B | 20.27B | 16.75B |
| Unlevered Free Cash Flow | -516.62M | 18.38B | 29.14B | 30.50B | 22.09B | 18.89B |
| Cash Interest Paid | 2.01B | 2.01B | 2.24B | 2.76B | 2.69B | 2.54B |
| Cash Income Tax Paid | 3.25B | 3.25B | 3.68B | 3.67B | 3.52B | 3.25B |
| Change in Working Capital | -42.05B | -42.05B | -27.51B | -13.07B | -16.76B | -18.69B |
Ratios
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 25.66B | 44.91B | 29.56B | 41.63B | 39.52B | 51.79B |
| Enterprise Value | 17.80B | 44.28B | 24.44B | 29.91B | 30.49B | 40.33B |
| Last Close Price | 76.40 | 130.66 | 84.31 | 119.09 | 114.38 | 148.79 |
| PE Ratio | 67.37 | 9.31 | 15.06 | 39.12 | 33.31 | |
| Forward PE | 15.12 | 18.01 | 9.62 | 11.30 | 12.72 | 17.34 |
| PS Ratio | 1.35 | 2.43 | 1.62 | 2.19 | 2.20 | 2.64 |
| PB Ratio | 0.65 | 1.08 | 0.76 | 1.12 | 1.15 | 1.47 |
| P/TBV Ratio | 0.77 | 1.43 | 0.93 | 1.39 | 1.41 | 1.83 |
| P/FCF Ratio | 16.47 | 11.61 | 15.24 | 35.66 | ||
| P/OCF Ratio | 16.83 | 10.16 | 8.06 | 10.42 | 16.35 | |
| PEG Ratio | 5.59 | 1.67 | 0.35 | 1.42 | 2.61 | |
| EV/Sales Ratio | 0.93 | 2.40 | 1.34 | 1.58 | 1.70 | 2.06 |
| EV/EBITDA Ratio | 5.04 | 12.56 | 4.97 | 5.76 | 6.85 | 9.45 |
| EV/EBIT Ratio | 13.41 | 29.87 | 8.39 | 9.71 | 13.16 | 23.99 |
| EV/FCF Ratio | 13.62 | 8.34 | 11.76 | 27.77 | ||
| Debt / Equity Ratio | 0.38 | 0.34 | 0.28 | 0.32 | 0.38 | 0.41 |
| Debt / EBITDA Ratio | 4.11 | 3.34 | 1.98 | 2.07 | 2.64 | 2.97 |
| Debt / FCF Ratio | 6.05 | 3.33 | 5.11 | 9.92 | ||
| Net Debt / Equity Ratio | -0.18 | -0.06 | -0.17 | -0.42 | -0.35 | -0.40 |
| Net Debt / EBITDA Ratio | -2.28 | -0.74 | -1.34 | -2.98 | -2.70 | -3.28 |
| Net Debt / FCF Ratio | 4.20 | 1.21 | -3.67 | -4.31 | -4.64 | -9.64 |
| Asset Turnover | 0.28 | 0.29 | 0.32 | 0.34 | 0.32 | 0.35 |
| Inventory Turnover | 11.88 | 17.90 | 49.59 | 47.24 | 61.24 | |
| Quick Ratio | 2.06 | 1.53 | 1.75 | 2.76 | 2.46 | 2.62 |
| Current Ratio | 2.33 | 1.76 | 2.09 | 3.01 | 2.67 | 2.86 |
| Return on Equity (ROE) | -1.39% | 1.90% | 8.85% | 8.61% | 3.26% | 3.65% |
| Return on Assets (ROA) | 1.20% | 1.48% | 3.19% | 3.43% | 2.59% | 1.87% |
| Return on Invested Capital (ROIC) | 3.44% | 3.32% | 9.25% | 12.15% | 8.22% | 6.09% |
| Return on Capital Employed (ROCE) | 2.30% | 2.90% | 6.10% | 6.60% | 5.10% | 3.50% |
| Earnings Yield | -2.98% | 1.78% | 11.01% | 6.88% | 2.77% | 3.11% |
| FCF Yield | -7.57% | -4.80% | 6.07% | 8.61% | 6.56% | 2.80% |
| Buyback Yield / Dilution | 1.74% | 1.93% | 1.38% | -1.00% | 0.18% | -2.10% |