BIDU

MKT CAP:$44B

Baidu, Inc.

Market Cap

$44B

Communication Services·Internet Content & Information·🇨🇳 China·NASDAQ

Communication·Internet·🇨🇳·NASDAQ

Stock Price

$128.48-$21.82 (-14.52%)

Apr 24, 2026

Company Details

Baidu, Inc. provides online marketing and cloud services through an internet platform in the People's Republic of China. It operates in two segments, Baidu Core and iQIYI. The Baidu Core segment offers search-based, feed-based, and other on...

CEO

Yanhong Li

IPO Date

Aug 5, 2005

Website

ir.baidu.com

Key Metrics TTM

Revenue

$18.9B

-4.0% YoY

Net Income

$817M

EPS (Diluted)

$1.54

Free Cash Flow

-$1.9B

Revenue / Share

$54.71

Gross Margin

43.9%

Operating Margin

-4.5%

Net Margin

4.3%

FCF Margin

-10.2%

P/S

2.3x

P/E

53.4x

Earnings Reports

FY 2025

Mar 17, 2026

$18.9BEPS $1.72

Q4 2025

Mar 17, 2026

$4.8B-4.1%EPS $0.36

Q3 2025

Nov 18, 2025

$4.6BEPS -$4.94

Q2 2025

Aug 20, 2025

$4.8B-3.6%EPS $2.97

Q1 2025

May 21, 2025

$4.7B+3.0%EPS $3.16

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$4.7B	$2.3B	$337M
Q4 21	$4.8B	$2.3B	$286M
Q1 22	$4.2B	$1.9B	$380M
Q2 22	$4.3B	$2.1B	$497M
Q4 22	$4.8B	$2.4B	$671M
Q1 23	$4.6B	$2.3B	$728M
Q2 23	$5.0B	$2.6B	$761M
Q3 23	$5.0B	$2.7B	$917M
Q4 23	$5.1B	$2.6B	$788M
Q1 24	$4.6B	$2.4B	$801M
Q2 24	$5.0B	$2.6B	$869M
Q4 24	$5.0B	$2.4B	$572M
Q1 25	$4.7B	$2.2B	$659M
Q2 25	$4.8B	$2.1B	$479M
Q3 25	$4.6B	$1.9B	-$2.2B
Q4 25	$4.8B	$2.1B	$217M

Valuation

Quarter	P/S	P/E
Q3 21	3.1x	27.3x
Q4 21	2.8x	34.5x
Q1 22	2.8x	—
Q2 22	3.0x	—
Q4 22	2.6x	33.9x
Q1 23	2.9x	26.5x
Q2 23	2.7x	17.6x
Q3 23	2.4x	14.1x
Q4 23	2.1x	13.9x
Q1 24	1.9x	13.0x
Q2 24	1.5x	10.2x
Q4 24	1.5x	10.7x
Q1 25	1.7x	9.4x
Q2 25	1.5x	7.8x
Q3 25	2.4x	34.9x
Q4 25	2.3x	52.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	$490M	$101M
Q4 21	$689M	$70M
Q1 22	$274M	-$16M
Q2 22	$1.1B	$806M
Q4 22	$1.1B	$866M
Q1 23	$853M	$664M
Q2 23	$1.6B	$1.2B
Q3 23	$1.4B	$876M
Q4 23	$1.6B	$1.0B
Q1 24	$909M	$611M
Q2 24	$1.2B	$915M
Q4 24	$344M	$3M
Q1 25	-$877M	-$1.3B
Q2 25	-$128M	-$683M
Q3 25	$184M	-$313M
Q4 25	$381M	$381M

Capital Expenditures

Quarter	CapEx
Q3 21	$389M
Q4 21	$619M
Q1 22	$289M
Q2 22	$320M
Q4 22	$282M
Q1 23	$189M
Q2 23	$395M
Q3 23	$516M
Q4 23	$535M
Q1 24	$298M
Q2 24	$309M
Q4 24	$341M
Q1 25	$424M
Q2 25	$555M
Q3 25	$497M
Q4 25	$368M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	+13.1%	+34.1%
Q4 21	+9.3%	+23.1%
Q1 22	+1.0%	+1.8%
Q2 22	-5.4%	-5.9%
Q4 22	+3.6%	-3.8%
Q1 23	-5.9%	-16.0%
Q2 23	+19.9%	+11.8%
Q3 23	+16.2%	+7.3%
Q4 23	+5.7%	+3.8%
Q1 24	+1.2%	-0.5%
Q2 24	-0.4%	-3.0%
Q4 24	-0.9%	+7.2%
Q1 25	-7.2%	-5.5%
Q2 25	+3.8%	+13.1%
Q3 25	-8.1%	+65.3%
Q4 25	-4.1%	+3.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$197M	4.2%
Q4 21	$306M	6.3%
Q1 22	$193M	4.7%
Q2 22	$295M	6.8%
Q4 22	$269M	5.6%
Q1 23	$203M	4.5%
Q2 23	$299M	6.0%
Q3 23	$186M	3.7%
Q4 23	$239M	4.7%
Q1 24	$167M	3.6%
Q2 24	$0	0.0%
Q4 24	$159M	3.2%
Q1 25	$110M	2.3%
Q2 25	$158M	3.3%
Q3 25	$153M	3.3%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q3 21	$901M	—	$1.1B
Q4 21	$1.1B	—	$943M
Q1 22	$819M	—	$680M
Q2 22	$919M	$711M	—
Q4 22	$827M	—	$859M
Q1 23	$792M	—	$817M
Q2 23	$932M	$949M	—
Q3 23	$891M	—	$844M
Q4 23	$919M	—	$855M
Q1 24	$784M	—	$785M
Q2 24	$860M	—	$833M
Q4 24	$806M	—	$976M
Q1 25	$664M	—	$864M
Q2 25	$748M	—	$871M
Q3 25	$757M	—	$962M
Q4 25	$817M	—	$1.1B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$5.4B	$20.9B	$26.3B
Q2 22	$6.2B	$19.8B	$26.1B
Q3 22	$8.1B	$17.3B	$25.3B
Q4 22	$7.8B	$17.7B	$25.4B
Q1 23	$3.5B	$23.3B	$26.7B
Q2 23	$6.1B	$21.6B	$27.8B
Q3 23	$5.1B	$22.8B	$27.9B
Q4 23	$3.7B	$24.6B	$28.3B
Q1 24	$4.4B	$21.9B	$26.3B
Q2 24	$6.4B	$15.6B	$22.0B
Q3 24	$4.2B	$15.2B	$19.4B
Q4 24	$3.6B	$15.0B	$18.6B
Q1 25	$7.2B	$13.5B	$20.7B
Q2 25	$4.4B	$13.7B	$18.1B
Q3 25	$5.6B	$12.6B	$18.2B
Q4 25	$3.6B	$13.2B	$16.8B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	347M	-0.1%	+1.1%
Q4 21	352M	+1.4%	+2.9%
Q1 22	346M	-1.7%	-0.4%
Q2 22	351M	+1.6%	+1.0%
Q4 22	350M	-0.4%	+0.8%
Q1 23	355M	+1.3%	+0.7%
Q2 23	354M	-0.1%	+2.4%
Q3 23	356M	+0.4%	+1.2%
Q4 23	354M	-0.6%	+1.0%
Q1 24	352M	-0.5%	-0.7%
Q2 24	351M	-0.2%	-0.8%
Q4 24	348M	-1.0%	-2.2%
Q1 25	345M	-0.8%	-2.4%
Q2 25	341M	-1.2%	-3.1%
Q3 25	339M	-0.6%	-3.5%
Q4 25	345M	+1.7%	-0.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	$194.3K	24K
Q4 21	$175.8K	28K
Q1 22	$151.0K	28K
Q2 22	$157.5K	28K
Q4 22	$204.8K	24K
Q1 23	$192.8K	24K
Q2 23	$210.9K	24K
Q3 23	$213.3K	24K
Q4 23	$234.3K	22K
Q1 24	$211.2K	22K
Q2 24	$227.4K	22K
Q4 24	$255.7K	20K
Q1 25	$243.2K	20K
Q2 25	$245.1K	20K
Q3 25	$233.6K	20K
Q4 25	$257.2K	19K

Revenue / Employee