Baidu Inc. ADR (BIDU) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$9.84	$7.22	-26.6%	—	$31.3B	—
Q1 26	$11.4	$12.1	+5.5%	—	$32.1B	—
Q4 25	$9.65	$10.6	+10.1%	—	$32.7B	—
Q3 25	$8.2	$11.1	+35.6%	—	$31.2B	—
Q2 25	$13.3	$13.6	+1.9%	—	$32.7B	—
Q1 25	$13.8	$18.5	+34.0%	—	$32.5B	—
Q4 24	$13.4	$19.2	+42.7%	—	$34.1B	—
Q3 24	$17.9	$16.6	-7.3%	—	$4.7B	—
Q2 24	$18.7	$21	+12.5%	—	$4.7B	—
Q1 24	$15.8	$19.9	+25.9%	—	$31.5B	—
Q4 23	$18	$21.9	+21.3%	—	$35B	—
Q3 23	$17	$20.4	+19.7%	—	$34.4B	—
Q2 23	$16.9	$22.6	+33.3%	—	$34.1B	—
Q1 23	$12.8	$16.1	+25.9%	—	$31.1B	—
Q4 22	$14.1	$15.3	+8.2%	—	$33.1B	—
Q3 22	$15.7	$16.9	+7.7%	—	$32.5B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$13.7	—	—	$129.1B	—
FY24	—	$66.5	—	—	$133.1B	—
FY23	—	$55.8	—	—	$134.6B	—
FY22	—	$20	—	—	$123.7B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$70.5B	$84.8B	$102.3B	$107.4B	$107.1B	$124.5B	$123.7B	$134.6B	$133.1B	$129.1B
YoY change	+6.28%	+20.2%	+20.6%	+5.02%	-0.32%	+16.3%	-0.66%	+8.83%	-1.09%	-3.04%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	70.5B	84.8B	102.3B	107.4B	107.1B	124.5B	123.7B	134.6B	133.1B	129.1B
Cost of revenue	35.3B	43.1B	51.7B	62.9B	55.2B	64.3B	63.9B	65B	66.1B	72.4B
Gross profit	35.3B	41.7B	50.5B	44.6B	51.9B	60.2B	59.7B	69.6B	67B	56.6B
Gross margin	50%	49.2%	49.4%	41.5%	48.5%	48.3%	48.3%	51.7%	50.3%	43.9%
Research & development	10.2B	12.9B	15.8B	18.3B	19.5B	24.9B	23.3B	24.2B	22.1B	20.4B
Selling, general & administrative	15.1B	13.1B	19.2B	19.9B	18.1B	24.7B	20.5B	23.5B	23.6B	25.8B
Operating expenses	25.2B	26.1B	35B	38.3B	37.6B	49.7B	43.8B	47.7B	45.8B	46.3B
Operating income	10B	15.7B	15.5B	6.3B	14.3B	10.5B	15.9B	21.9B	21.3B	10.4B
Operating margin	14.2%	18.5%	15.2%	5.87%	13.4%	8.45%	12.9%	16.2%	16%	8.03%
Non-operating income, net	3.3B	4.1B	9.2B	-9.7B	6.5B	-1.9B	-9.1B	-1.4B	2.2B	-9.5B
Pretax income	14.5B	21.3B	27.3B	-340M	23.1B	10.8B	10.1B	25.2B	28.6B	6.7B
Income tax	2.9B	3B	4.7B	1.9B	4.1B	3.2B	2.6B	3.6B	4.4B	1.3B
Net income	11.6B	18.3B	22.6B	-2.3B	19B	7.6B	7.5B	21.5B	24.2B	5.5B
Net margin	16.4%	21.6%	22.1%	-2.13%	17.8%	6.1%	6.09%	16%	18.2%	4.23%
EBITDA	23.5B	35.9B	48B	24.8B	49.6B	36.7B	34.6B	49.3B	50.9B	49.3B
EPS	31.9	52.8	78.6	5.68	67.1	28.6	20	55.8	66.5	13.7
Diluted EPS	31.9	52.4	78	5.6	65	28.1	19.8	55.1	65.9	11.8

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	34.4B	35B	31.5B	4.7B	4.7B	34.1B	32.5B	32.7B	31.2B	32.7B	32.1B	31.3B
Cost of revenue	16.3B	17.4B	15.3B	2.3B	2.3B	18B	17.5B	18.4B	18.3B	18.3B	19.6B	19.1B
Gross profit	18.2B	17.5B	16.2B	2.4B	2.4B	16.1B	15B	14.4B	12.9B	14.5B	12.5B	12.2B
Gross margin	52.7%	50.2%	51.5%	51.7%	51.1%	47.2%	46.1%	43.9%	41.2%	44.2%	38.9%	39%
Research & development	6.1B	6.3B	5.4B	822M	755.9M	5.5B	4.5B	5.1B	5.2B	5.6B	4.4B	4.6B
Selling, general & administrative	5.8B	5.9B	5.4B	795.6M	826.5M	6.7B	5.9B	6B	6.6B	7.4B	4.9B	4.6B
Operating expenses	11.9B	12.1B	10.7B	1.6B	1.6B	12.2B	10.5B	11.1B	11.8B	13B	9.3B	9.2B
Operating income	6.3B	5.4B	5.5B	829.6M	834.7M	3.9B	4.5B	3.3B	1.1B	1.5B	3.2B	3B
Operating margin	18.2%	15.4%	17.4%	17.5%	17.7%	11.5%	13.9%	10%	3.53%	4.53%	9.95%	9.65%
Non-operating income, net	676M	-3.8B	-79M	-67M	207.2M	1.3B	2.6B	3.6B	-15.5B	-157M	-701M	-893M
Pretax income	8.2B	2.9B	6.7B	937.2M	1.2B	6.6B	9B	8.1B	-13.1B	2.7B	3.8B	3.2B
Income tax	1.3B	-96M	883M	157.9M	114.7M	1.6B	1.2B	881M	-1.8B	1B	528M	1B
Net income	6.9B	3B	5.8B	779.4M	1.1B	5B	7.8B	7.3B	-11.3B	1.7B	3.3B	2.2B
Net margin	20%	8.47%	18.6%	16.5%	23.2%	14.5%	24.1%	22.2%	-36.3%	5.18%	10.3%	7.05%
EBITDA	9.1B	4.1B	7.1B	1B	1.5B	5.5B	10B	9.5B	4B	4.4B	5.4B	5B
EPS	18.5	6.88	15	15.1	21.9	14.4	21.8	20.9	-33.8	4.48	9.36	6.08
Diluted EPS	18.2	6.8	14.9	15	21.6	14.2	21.6	20.3	-33.8	3.68	8.8	5.76

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	413.2B	589.7B	401.3B	319.2B	525B	371.9B	288.4B	303.2B	—	44.5B	29.6B
Enterprise value	367.6B	514.4B	326.9B	246.4B	445.4B	283.3B	205.7B	193.9B	—	26.3B	-25.1M
Shares outstanding	2.5B	2.5B	2.5B	2.5B	2.4B	2.5B	2.5B	2.5B	348.8M	340.8M	340.8M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	35.6	32.2	17.8	—	27.6	49	38.3	14.1	—	8.16	80
P/S	5.86	6.95	3.92	2.97	4.9	2.99	2.33	2.25	—	0.34	0.23
P/B	4.23	4.52	2.28	1.85	2.74	1.66	1.21	1.15	—	0.15	0.73
EV/EBITDA	15.7	14.3	6.82	9.94	8.99	7.73	5.95	3.93	—	0.53	-0.01
EV/Sales	5.21	6.07	3.2	2.29	4.16	2.28	1.66	1.44	—	0.2	-0
Earnings yield	2.81%	3.1%	5.63%	—	3.62%	2.04%	2.61%	7.11%	—	12.3%	1.25%
FCF yield	2.9%	3.21%	3.41%	2.92%	3.59%	2.39%	6.16%	8.35%	—	-36.9%	-1.05%
PEG	—	—	—	—	—	—	—	—	—	—	-1.13

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	50%	49.2%	49.4%	41.5%	48.5%	48.3%	48.3%	51.7%	50.3%	43.9%	39%
Operating margin	14.2%	18.5%	15.2%	5.87%	13.4%	8.45%	12.9%	16.2%	16%	8.03%	9.65%
Net margin	16.4%	21.6%	22.1%	-2.13%	17.8%	6.1%	6.09%	16%	18.2%	4.23%	-2.9%
ROE	11.9%	14%	12.8%	-1.32%	9.92%	3.39%	3.17%	8.21%	8.52%	1.88%	-1.39%
ROA	6.37%	7.26%	7.59%	-0.76%	5.72%	2%	1.93%	5.3%	5.65%	1.21%	1.2%
ROIC	15.4%	24.5%	12.7%	6.31%	10.5%	5.47%	7.64%	12.2%	7.63%	3.1%	3.64%
Return on tangible assets	8.08%	8.74%	9.33%	-0.95%	7.37%	2.57%	2.48%	6.75%	7.16%	1.67%	-1.19%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.16	1.84	2.73	2.89	2.68	2.86	2.67	3.01	2.09	1.76	2.33
Quick ratio	2.16	1.84	2.73	2.89	2.67	2.84	2.66	2.99	2.01	1.69	2.33
Debt / equity	0.45	0.33	0.37	0.43	0.43	0.41	0.38	0.32	0.28	0.34	0.38
Debt / assets	0.24	0.17	0.22	0.24	0.25	0.24	0.23	0.21	0.19	0.22	0.24
Net debt / EBITDA	-1.94	-2.09	-1.55	-2.94	-1.61	-2.42	-2.39	-2.22	-0.95	-0.37	-2.83
Interest coverage	13.5	14.2	15.5	0.89	8.44	4.15	4.47	8.76	11.1	3.41	-0.34
Effective tax rate	20.1%	14.1%	17.4%	0%	17.6%	29.6%	25.5%	14.5%	15.5%	18.7%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	28.1	33.7	40.4	42.5	44.1	49.8	49.1	52.9	381.7	378.8	374.7
EPS (basic)	31.9	52.8	78.6	5.68	67.1	28.6	20	55.8	66.5	13.7	13.7
EPS (diluted)	31.9	52.4	78	5.6	65	28.1	19.8	55.1	65.9	11.8	-2.34
Book value per share	38.9	51.8	69.5	68.4	79	89.6	94.3	103.2	813.2	850.3	119.2
FCF per share	4.76	7.52	5.41	3.7	7.77	3.55	7.05	9.95	37.2	-48.2	-10
Cash per share	35.7	47.2	55	58	66.8	72.1	69	76.2	365.4	338.3	486.5
Capex per share	1.66	1.9	3.47	2.55	2.09	4.36	3.29	4.4	23.3	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	5.9%	5.64%	8.58%	5.98%	4.75%	8.75%	6.7%	8.31%	6.11%	—	—
Capex / operating cash flow	15.2%	12.3%	18.8%	35.7%	16.7%	62.2%	47.1%	31.7%	38.1%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$34.4B	$35B	$31.5B	$4.7B	$4.7B	$34.1B	$32.5B	$32.7B	$31.2B	$32.7B	$32.1B	$31.3B
YoY change	+5.86%	+5.67%	+1.18%	-86.1%	-86.3%	-2.37%	+2.98%	+590.7%	+559.5%	-4.06%	-1.16%	-4.24%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	89.8B	118.8B	139.3B	146.4B	162.2B	180.1B	174B	193.9B	127.4B	115.3B
Receivables	4.1B	4.6B	6B	7.4B	8.7B	10B	11.7B	10.8B	10.1B	13B
Inventory	—	—	—	—	618M	1.5B	1.2B	1.4B	6B	6.2B
Total current assets	99.8B	151.2B	155.1B	165.6B	183.3B	213.3B	212.8B	230.3B	168.8B	152B
Property, plant & equipment	6.3B	6.5B	11.6B	18.7B	20.2B	26.3B	25B	29.4B	31.5B	25.1B
Goodwill & intangibles	38.4B	42.5B	55.4B	61B	74.5B	85B	87.1B	87.6B	90B	122.4B
Total assets	182B	251.7B	297.6B	301.3B	332.7B	380B	391B	406.8B	427.8B	449.2B
Accounts payable	—	—	—	—	—	—	—	—	—	—
Short-term debt	9.8B	7.8B	10B	10.9B	17.6B	17.5B	23.4B	22.2B	22.4B	31.9B
Total current liabilities	46.1B	82.1B	56.9B	57.4B	68.4B	74.5B	79.6B	76.5B	81B	86.3B
Long-term debt	34.5B	35.8B	54.9B	62.7B	65B	74B	68B	62.4B	56.9B	65.2B
Total liabilities	84.3B	121.4B	121.8B	128.5B	140.9B	156.1B	153.2B	144.2B	144.2B	159.4B
Shareholders' equity	97.7B	130.4B	175.8B	172.8B	191.8B	224B	237.8B	262.6B	283.6B	289.7B
Total debt	44.3B	43.6B	64.9B	73.5B	82.6B	91.5B	91.4B	84.6B	79.3B	97.1B
Net debt	33.4B	32.5B	37.3B	40.1B	46.8B	54.7B	38.2B	59.4B	54.5B	72.5B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	191.3B	193.9B	180.2B	21B	18.7B	127.4B	141.8B	123.9B	124.8B	115.3B	116.9B	166.3B
Receivables	10.7B	10.8B	10.9B	1.6B	1.4B	10.1B	11.1B	11.6B	11.8B	13B	14.2B	13.5B
Inventory	—	1.4B	—	—	—	6B	—	—	—	6.2B	—	—
Total current assets	230.4B	230.3B	217.5B	26.1B	24.2B	168.8B	175.8B	157.2B	158.3B	152B	155.3B	207.4B
Property, plant & equipment	37B	29.4B	38.8B	5.6B	5.7B	31.5B	41.9B	43.1B	33.8B	25.1B	35.4B	47.1B
Goodwill & intangibles	86.4B	87.6B	88B	12.5B	12.5B	90B	122.2B	124.1B	123B	122.4B	123.7B	123.5B
Total assets	411B	406.8B	414.7B	58B	58.8B	427.8B	454B	450.6B	444.1B	449.2B	449.6B	469.9B
Accounts payable	37.2B	—	36.7B	5.3B	5.5B	—	38.8B	38.2B	36.7B	—	39.5B	40B
Short-term debt	24B	22.2B	25.8B	3.7B	3.2B	22.4B	21.9B	31.6B	31B	31.9B	28.9B	34B
Total current liabilities	81.6B	76.5B	77.9B	11.3B	11B	81B	76.9B	85.1B	83B	86.3B	83.8B	89.1B
Long-term debt	63.5B	62.4B	63.6B	7.8B	7.7B	56.9B	80.2B	60.2B	66.3B	65.2B	65.2B	78.9B
Total liabilities	150.3B	144.2B	146.9B	19.9B	19.5B	144.2B	163.9B	152.7B	156.5B	159.4B	157.2B	174.8B
Shareholders' equity	260.7B	262.6B	267.8B	38.1B	39.3B	283.6B	290.1B	297.9B	287.6B	289.7B	292.3B	295.1B
Total debt	87.5B	84.6B	89.4B	11.6B	10.9B	79.3B	102.1B	91.8B	97.2B	97.1B	94.1B	112.9B
Net debt	52.6B	59.4B	59B	5.5B	6.9B	54.5B	52.9B	61.9B	58.6B	72.5B	64.2B	88.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	11.6B	18.3B	22.6B	-2.3B	19B	7.6B	7.5B	21.5B	24.2B	5.5B
Depreciation & amortization	8.3B	12.6B	18.6B	22.1B	22.7B	22.6B	20.1B	21.5B	20.5B	21.4B
Stock-based compensation	1.8B	3.2B	4.7B	5.6B	6.7B	7.1B	6.8B	6.3B	4.8B	3.6B
Change in working capital	6.6B	6B	2.5B	-6.5B	-18.1B	-19B	-16.6B	-12.9B	-27.6B	-42.2B
Operating cash flow	27.4B	38.9B	46.6B	18B	30.4B	17.5B	17.6B	35.3B	21.4B	-3B
Capital expenditure	-4.2B	-4.8B	-8.8B	-6.4B	-5.1B	-10.9B	-8.3B	-11.2B	-8.1B	—
Investing cash flow	-29.6B	-67.8B	-21B	-7.3B	-27.3B	-31.1B	-3.8B	-50.3B	-8.4B	-11.7B
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	-1.7B	-3.3B	-5B	-13.1B	-7.6B	-1.9B	-4.8B	-6.3B	-5.5B
Financing cash flow	12.3B	43.3B	13.4B	-7.1B	2.2B	19.7B	-11.7B	-25.3B	-35.8B	2B
Net change in cash	10.1B	14.4B	39B	3.7B	5.3B	6.1B	2.1B	-40.3B	-22.9B	-12.7B
Free cash flow	12B	18.9B	13.7B	9.3B	18.9B	8.9B	17.8B	25.3B	13B	-16.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	—	—	—	—	—	—	—	—	—	—	—	—
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	—	—	—	—	—	—	—	-877M	1.3B	2.6B	2.7B	3.4B
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	—	—	—	—	—	—	—	—	—	—	—	—
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	—	—	—	—	—	—	—	—	—	—	—	—
Net change in cash	—	—	—	—	—	—	—	-877M	1.3B	2.6B	2.7B	3.4B
Free cash flow	9.5B	-677M	6.2B	1.2B	602.8M	-5.9B	-6B	-877M	1.3B	-10.8B	2.7B	3.4B

Baidu Inc. ADR Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement