NASDAQ : IQ
iQIYI, Inc. — Financial statements
Communication Services · Entertainment · China
Last price 0.8257 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 796.82M
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Financial statements
iQIYI, Inc. (IQ) reported revenue of 25.99B 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 | 24.08B | 24.50B | 26.32B | 29.00B | 25.60B | 26.79B |
| Other Revenue | 1.90B | 2.79B | 2.90B | 2.88B | 3.39B | 3.77B |
| Revenue | 25.99B | 27.29B | 29.23B | 31.87B | 29.00B | 30.55B |
| Cost of Revenue | 21.33B | 21.54B | 21.95B | 23.10B | 22.25B | 27.33B |
| Gross Profit | 4.66B | 5.75B | 7.27B | 8.77B | 6.75B | 3.23B |
| Selling, General & Admin | 3.43B | 3.86B | 3.68B | 4.01B | 3.47B | 4.67B |
| Research & Development | 1.63B | 1.66B | 1.78B | 1.77B | 1.90B | 2.70B |
| Operating Expenses | 5.06B | 5.52B | 5.46B | 5.78B | 5.37B | 7.37B |
| Operating Income | -399.61M | 229.31M | 1.81B | 2.99B | 1.38B | -4.14B |
| Interest Expense | -842.27M | -909.62M | -1.06B | -1.13B | -715.08M | -1.35B |
| Interest & Investment Income | 321.30M | 334.36M | 271.82M | 257.50M | 69.58M | 118.61M |
| Earnings From Equity Investments | -3.31M | -4.38M | 17.79M | -51.25M | -213.41M | -446.32M |
| Currency Exchange Gain (Loss) | 281.75M | 246.25M | -97.25M | -105.43M | -167.86M | 54.55M |
| Other Non Operating Income (Expenses) | 77.35M | 25.08M | -89.86M | 76.65M | -718.44M | -4.59M |
| EBT Excluding Unusual Items | -564.78M | -78.99M | 851.68M | 2.04B | -365.27M | -5.77B |
| Merger & Restructuring Charges | -178.73M | |||||
| Gain (Loss) on Sale of Investments | 19.49M | 19.49M | -4.03M | 31.30M | 94.51M | |
| Gain (Loss) on Sale of Assets | 367.72M | |||||
| Asset Writedown | -67.52M | -160.99M | ||||
| Pretax Income | -545.29M | -59.50M | 851.68M | 2.03B | -33.78M | -6.01B |
| Income Tax Expense | 332.74M | 144.54M | 61.09M | 80.05M | 84.00M | 96.55M |
| Earnings From Continuing Operations | -878.03M | -204.04M | 790.59M | 1.95B | -117.78M | -6.11B |
| Minority Interest in Earnings | 41.20M | -2.27M | -26.53M | -27.09M | -18.44M | -81.39M |
| Net Income | -836.83M | -206.31M | 764.06M | 1.93B | -136.21M | -6.19B |
| Net Income to Common | -836.83M | -206.31M | 764.06M | 1.93B | -136.21M | -6.19B |
| Shares Outstanding (Basic) | 963.28M | 963.77M | 961.42M | 953.65M | 855.43M | 795.82M |
| Shares Outstanding (Diluted) | 963.28M | 963.77M | 971.36M | 974.80M | 855.43M | 795.82M |
| EPS (Basic) | -0.87 | -0.21 | 0.79 | 2.02 | -0.16 | -7.78 |
| EPS (Diluted) | -0.91 | -0.21 | 0.77 | 1.96 | -0.16 | -7.78 |
| Free Cash Flow | 165.75M | 9.99M | 2.03B | 3.31B | -244.83M | -6.21B |
| Free Cash Flow Per Share | 0.17 | 0.01 | 2.09 | 3.40 | -0.29 | -7.81 |
| Gross Margin | 17.94% | 21.07% | 24.88% | 27.52% | 23.26% | 10.56% |
| Operating Margin | -1.54% | 0.84% | 6.20% | 9.38% | 4.76% | -13.55% |
| Profit Margin | -3.22% | -0.76% | 2.61% | 6.04% | -0.47% | -20.26% |
| Free Cash Flow Margin | 0.64% | 0.04% | 6.95% | 10.40% | -0.84% | -20.34% |
| EBITDA | 5.26B | 6.58B | 9.54B | 10.53B | 9.68B | 6.51B |
| EBITDA Margin | 20.24% | 24.11% | 32.66% | 33.04% | 33.37% | 21.29% |
| D&A For EBITDA | 5.66B | 6.35B | 7.73B | 7.54B | 8.30B | 10.64B |
| EBIT | -399.61M | 229.31M | 1.81B | 2.99B | 1.38B | -4.14B |
| EBIT Margin | -1.54% | 0.84% | 6.20% | 9.38% | 4.76% | -13.55% |
| Effective Tax Rate | 7.17% | 3.94% | ||||
| Revenue as Reported | 25.99B | 27.29B | 29.23B | 31.87B | 29.00B | 30.55B |
Balance sheet
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 3.21B | 4.35B | 3.53B | 4.43B | 7.10B | 3.00B |
| Short-Term Investments | 917.51M | 314.82M | 941.61M | 941.74M | 818.26M | 1.37B |
| Cash & Short-Term Investments | 4.12B | 4.67B | 4.47B | 5.38B | 7.92B | 4.37B |
| Accounts Receivable | 2.80B | 4.09B | 3.64B | 4.04B | 4.00B | 4.49B |
| Other Receivables | 446.28M | 451.17M | 534.72M | 369.73M | 324.33M | |
| Receivables | 2.80B | 4.58B | 4.13B | 6.01B | 4.37B | 4.82B |
| Prepaid Expenses | 61.59M | |||||
| Restricted Cash | 514.00K | 23.12M | 6.12M | 13.62M | 77.65M | |
| Other Current Assets | 2.73B | 1.02B | 926.86M | 1.24B | 1.49B | 2.20B |
| Total Current Assets | 9.66B | 10.29B | 9.53B | 12.64B | 13.79B | 11.52B |
| Property, Plant & Equipment | 1.41B | 1.39B | 1.49B | 1.55B | 1.78B | 2.25B |
| Long-Term Investments | 1.78B | 1.77B | 2.11B | 2.26B | 2.45B | 3.04B |
| Goodwill | 3.82B | 3.82B | 3.82B | 3.82B | 3.83B | 3.89B |
| Other Intangible Assets | 6.28B | 6.18B | 7.22B | 7.28B | 7.28B | 7.80B |
| Long-Term Deferred Tax Assets | 11.86M | 20.77M | 23.54M | 31.35M | ||
| Other Long-Term Assets | 22.47B | 23.20B | 21.57B | 17.05B | 16.93B | 13.94B |
| Total Assets | 45.42B | 46.68B | 45.76B | 44.59B | 46.05B | 42.47B |
| Accounts Payable | 7.42B | 6.65B | 6.48B | 5.67B | 5.99B | 8.90B |
| Accrued Expenses | 2.63B | 4.35B | 4.02B | 3.90B | 3.69B | 3.63B |
| Short-Term Debt | 1.95B | 2.54B | 3.84B | 3.62B | 4.05B | 4.17B |
| Current Portion of Long-Term Debt | 1.60B | 2.20B | 410.45M | 2.80B | 8.31B | |
| Current Portion of Leases | 86.98M | 84.17M | 96.67M | 119.47M | 134.38M | 214.39M |
| Current Unearned Revenue | 4.19B | 4.18B | 4.42B | 4.39B | 4.25B | 3.70B |
| Other Current Liabilities | 3.62B | 2.06B | 2.21B | 1.83B | 1.71B | 1.87B |
| Total Current Liabilities | 21.50B | 22.07B | 21.48B | 22.34B | 28.13B | 22.48B |
| Long-Term Debt | 10.16B | 10.08B | 9.39B | 8.24B | 9.57B | 13.30B |
| Long-Term Leases | 323.52M | 340.26M | 461.97M | 523.75M | 525.08M | 668.79M |
| Long-Term Unearned Revenue | 33.95M | 55.15M | 76.43M | 97.72M | 127.59M | |
| Long-Term Deferred Tax Liabilities | 824.00K | 1.83M | 3.13M | |||
| Other Long-Term Liabilities | 870.63M | 850.47M | 1.00B | 1.22B | 1.38B | 220.90M |
| Total Liabilities | 32.85B | 33.37B | 32.39B | 32.41B | 39.70B | 36.80B |
| Common Stock | 434.00K | 432.00K | 431.00K | 430.00K | 387.00K | 356.00K |
| Additional Paid-In Capital | 56.18B | 56.03B | 55.62B | 54.97B | 50.89B | 49.64B |
| Retained Earnings | -44.60B | -44.02B | -43.81B | -44.57B | -46.50B | -47.16B |
| Comprehensive Income & Other | 1.24B | 1.31B | 1.55B | 1.69B | 1.86B | 2.71B |
| Total Common Equity | 12.66B | 13.32B | 13.37B | 12.09B | 6.25B | 5.19B |
| Minority Interest | -90.45M | -7.60M | 8.34M | 98.40M | 92.81M | 485.51M |
| Shareholders' Equity | 12.57B | 13.31B | 13.37B | 12.18B | 6.34B | 5.67B |
| Total Liabilities & Equity | 45.42B | 46.68B | 45.76B | 44.59B | 46.05B | 42.47B |
| Total Debt | 14.12B | 15.25B | 14.19B | 15.31B | 22.58B | 18.35B |
| Net Cash (Debt) | -10.00B | -10.58B | -9.72B | -9.94B | -14.66B | -13.99B |
| Net Cash Per Share | -10.38 | -10.97 | -10.01 | -10.19 | -17.14 | -17.57 |
| Filing Date Shares Outstanding | 959.24M | 965.02M | 962.96M | 959.66M | 956.69M | 799.89M |
| Total Common Shares Outstanding | 959.24M | 964.91M | 962.84M | 959.45M | 869.81M | 799.82M |
| Working Capital | -11.84B | -11.78B | -11.95B | -9.71B | -14.34B | -10.95B |
| Book Value Per Share | 13.20 | 13.80 | 13.88 | 12.60 | 7.19 | 6.49 |
| Tangible Book Value | 2.56B | 3.32B | 2.32B | 989.65M | -4.85B | -6.50B |
| Tangible Book Value Per Share | 2.67 | 3.44 | 2.41 | 1.03 | -5.58 | -8.13 |
| Buildings | 588.68M | 588.68M | 588.68M | 588.68M | 588.68M | |
| Machinery | 1.43B | 1.52B | 1.68B | 1.99B | 2.32B | |
| Construction In Progress | 241.85M | 100.99M | 23.54M | 9.14M | 6.82M | |
| Leasehold Improvements | 189.00M | 187.56M | 164.56M | 162.65M | 194.34M |
Cash flow statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -836.83M | -206.31M | 764.06M | 1.93B | -136.21M | -6.19B |
| Depreciation & Amortization | 6.35B | 6.35B | 7.73B | 7.54B | 8.30B | 10.64B |
| Other Amortization | 6.83B | 6.83B | 5.80B | 6.30B | 5.29B | 5.96B |
| Loss (Gain) From Sale of Assets | -5.96M | -5.96M | 2.81M | -105.93M | -402.62M | -70.47M |
| Asset Writedown & Restructuring Costs | 85.48M | 85.48M | 95.33M | 253.21M | 67.52M | 160.99M |
| Loss (Gain) From Sale of Investments | 71.94M | 71.94M | 176.22M | 340.04M | 823.81M | 82.45M |
| Loss (Gain) on Equity Investments | 4.38M | 4.38M | -17.79M | 51.25M | 213.41M | 446.32M |
| Stock-Based Compensation | 403.43M | 403.43M | 544.39M | 636.73M | 811.44M | 1.22B |
| Provision & Write-off of Bad Debts | 22.32M | 22.32M | -13.35M | 30.23M | 25.86M | -45.23M |
| Other Operating Activities | 435.60M | -394.74M | -612.30M | -258.91M | -568.05M | -573.92M |
| Change in Accounts Receivable | -350.34M | -350.34M | 6.99M | 193.31M | 312.78M | 644.92M |
| Change in Accounts Payable | 322.20M | 322.20M | 703.96M | -288.13M | -2.91B | 1.44B |
| Change in Unearned Revenue | -243.23M | -243.23M | 30.48M | 141.10M | 750.80M | 39.59M |
| Change in Other Net Operating Assets | -12.78B | -12.78B | -13.10B | -13.40B | -12.65B | -19.71B |
| Operating Cash Flow | 305.61M | 105.80M | 2.11B | 3.35B | -70.57M | -5.95B |
| Capital Expenditures | -139.86M | -95.81M | -79.32M | -36.97M | -174.26M | -261.54M |
| Sale (Purchase) of Intangibles | -17.87M | -17.87M | -94.61M | -64.85M | -124.96M | -157.45M |
| Investment in Securities | 710.46M | 710.46M | 28.22M | -189.88M | 512.82M | 1.63B |
| Other Investing Activities | -1.26B | -924.22M | -2.30B | -1.45B | 52.38M | 55.72M |
| Investing Cash Flow | -703.99M | -327.44M | -2.44B | -1.74B | 265.98M | 1.26B |
| Short-Term Debt Issued | 2.59B | 4.95B | 4.63B | 4.28B | 4.44B | |
| Long-Term Debt Issued | 5.94B | 1.12B | 4.52B | 3.45B | 632.37M | |
| Total Debt Issued | 8.53B | 8.53B | 6.07B | 9.15B | 7.73B | 5.07B |
| Short-Term Debt Repaid | -3.88B | -4.73B | -4.41B | -5.03B | -3.30B | |
| Long-Term Debt Repaid | -3.36B | -2.95B | -12.41B | -38.13M | -5.65B | |
| Total Debt Repaid | -7.24B | -7.24B | -7.68B | -16.83B | -5.07B | -8.94B |
| Net Debt Issued (Repaid) | 1.28B | 1.28B | -1.61B | -7.68B | 2.65B | -3.87B |
| Issuance of Common Stock | 347.00K | 347.00K | 41.07M | 3.46B | 1.86B | 680.38M |
| Other Financing Activities | -1.75B | -220.58M | 196.72M | -68.53M | -44.33M | 234.10M |
| Financing Cash Flow | -464.15M | 1.06B | -1.37B | -4.29B | 4.47B | -2.96B |
| Foreign Exchange Rate Adjustments | -69.56M | -55.39M | 14.66M | 92.04M | 122.42M | -216.70M |
| Net Cash Flow | -932.09M | 787.41M | -1.69B | -2.58B | 4.79B | -7.87B |
| Free Cash Flow | 165.75M | 9.99M | 2.03B | 3.31B | -244.83M | -6.21B |
| Free Cash Flow Margin | 0.64% | 0.04% | 6.95% | 10.40% | -0.84% | -20.34% |
| Free Cash Flow Per Share | 0.17 | 0.01 | 2.09 | 3.40 | -0.29 | -7.81 |
| Levered Free Cash Flow | 12.69B | 12.59B | 17.91B | 14.30B | 13.35B | 16.91B |
| Unlevered Free Cash Flow | 13.21B | 13.16B | 18.57B | 15.01B | 13.80B | 17.76B |
| Cash Interest Paid | 628.07M | 628.07M | 678.07M | 784.24M | 524.48M | 670.92M |
| Cash Income Tax Paid | 104.32M | 104.32M | 78.49M | 34.72M | 56.15M | 108.44M |
| Change in Working Capital | -13.05B | -13.05B | -12.36B | -13.36B | -14.49B | -17.59B |
Ratios
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 826.83M | 1.85B | 1.93B | 4.67B | 4.36B | 3.60B |
| Enterprise Value | 2.30B | 3.35B | 3.29B | 6.07B | 6.42B | 5.53B |
| Last Close Price | 0.83 | 1.92 | 2.01 | 4.88 | 5.30 | 4.56 |
| PE Ratio | 18.43 | 17.19 | ||||
| Forward PE | 244.80 | 275.06 | 7.38 | 12.17 | 18.27 | |
| PS Ratio | 0.22 | 0.47 | 0.48 | 1.04 | 1.04 | 0.75 |
| PB Ratio | 0.42 | 0.97 | 1.05 | 2.72 | 4.75 | 4.03 |
| P/TBV Ratio | 2.20 | 3.90 | 6.06 | 33.45 | ||
| P/FCF Ratio | 33.19 | 1,294.09 | 6.93 | 9.99 | ||
| P/OCF Ratio | 18.00 | 122.23 | 6.67 | 9.88 | ||
| PEG Ratio | 2.60 | 2.60 | 0.23 | |||
| EV/Sales Ratio | 0.60 | 0.86 | 0.82 | 1.35 | 1.53 | 1.15 |
| EV/EBITDA Ratio | 2.97 | 3.56 | 2.52 | 4.09 | 4.58 | 5.40 |
| EV/EBIT Ratio | 102.08 | 13.25 | 14.40 | 32.10 | ||
| EV/FCF Ratio | 92.22 | 2,342.59 | 11.82 | 12.99 | ||
| Debt / Equity Ratio | 1.12 | 1.15 | 1.06 | 1.26 | 3.56 | 3.23 |
| Debt / EBITDA Ratio | 2.55 | 2.22 | 1.44 | 1.40 | 2.23 | 2.61 |
| Debt / FCF Ratio | 85.18 | 1,525.66 | 6.99 | 4.62 | ||
| Net Debt / Equity Ratio | 0.80 | 0.80 | 0.73 | 0.81 | 2.31 | 2.46 |
| Net Debt / EBITDA Ratio | 1.90 | 1.61 | 1.02 | 0.94 | 1.52 | 2.15 |
| Net Debt / FCF Ratio | 60.31 | 1,058.42 | 4.79 | 3.00 | -59.90 | -2.25 |
| Asset Turnover | 0.57 | 0.59 | 0.65 | 0.70 | 0.66 | 0.67 |
| Quick Ratio | 0.32 | 0.42 | 0.40 | 0.45 | 0.44 | 0.41 |
| Current Ratio | 0.45 | 0.47 | 0.44 | 0.57 | 0.49 | 0.51 |
| Return on Equity (ROE) | -6.73% | -1.53% | 6.19% | 21.08% | -1.96% | -80.81% |
| Return on Assets (ROA) | -0.54% | 0.31% | 2.51% | 4.12% | 1.95% | -5.71% |
| Return on Invested Capital (ROIC) | -1.73% | 0.98% | 7.44% | 13.32% | 6.79% | -22.36% |
| Return on Capital Employed (ROCE) | -1.70% | 0.90% | 7.50% | 13.40% | 7.70% | -20.70% |
| Earnings Yield | -15.63% | -1.59% | 5.43% | 5.82% | -0.45% | -27.07% |
| FCF Yield | 3.01% | 0.08% | 14.42% | 10.01% | -0.81% | -27.18% |
| Buyback Yield / Dilution | 0.52% | 0.78% | 0.35% | -13.96% | -7.49% | -7.62% |