IQ

MKT CAP:$1B

iQIYI, Inc.

Market Cap

$1B

Communication Services·Entertainment·🇨🇳 China·NASDAQ

Communication·Entertainment·🇨🇳·NASDAQ

Stock Price

$1.40-$0.63 (-31.12%)

Apr 20, 2026

Company Details

iQIYI, Inc., together with its subsidiaries, provides online entertainment services under the iQIYI brand in the People's Republic of China. The company offers various products and services comprising internet video, online games, live broa...

CEO

Yu Gong

IPO Date

Mar 29, 2018

Website

www.iqiyi.com

Key Metrics TTM

Revenue

$4.0B

-10.3% YoY

Net Income

-$29M

EPS (Diluted)

-$0.03

Free Cash Flow

$1M

Revenue / Share

$4.12

Gross Margin

21.1%

Operating Margin

0.8%

Net Margin

-0.7%

FCF Margin

0.0%

P/S

0.3x

P/E

—

Earnings Reports

FY 2025

Mar 16, 2026

$3.9BEPS -$0.03

Q4 2025

Mar 16, 2026

$979MEPS -$0.00

Q3 2025

Nov 18, 2025

$976M-7.8%EPS -$0.04

Q2 2025

Aug 20, 2025

$968M-10.9%EPS -$0.02

Q1 2025

May 21, 2025

$1.1B-9.3%EPS $0.03

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 19	$1.0B	$19M	-$273M
Q3 19	$1.1B	-$114M	-$414M
Q1 20	$1.1B	-$37M	-$328M
Q1 22	$1.1B	$192M	$14M
Q4 22	$1.1B	$320M	-$430M
Q1 23	$1.2B	$350M	$125M
Q2 23	$1.1B	$296M	$89M
Q3 23	$1.2B	$318M	$109M
Q4 23	$1.1B	$318M	$113M
Q1 24	$1.2B	$335M	$138M
Q2 24	$1.1B	$257M	$50M
Q3 24	$1.1B	$233M	$35M
Q1 25	$1.1B	$260M	$50M
Q2 25	$968M	$195M	-$7M
Q3 25	$976M	$178M	-$18M
Q4 25	$979M	$204M	$8M

Valuation

Quarter	P/S	P/E
Q2 19	3.8x	—
Q3 19	2.8x	—
Q1 20	3.2x	—
Q1 22	0.9x	—
Q4 22	1.3x	—
Q1 23	1.7x	—
Q2 23	1.2x	24.6x
Q3 23	1.0x	17.5x
Q4 23	0.9x	15.5x
Q1 24	0.9x	14.7x
Q2 24	0.9x	16.1x
Q3 24	0.7x	15.1x
Q1 25	0.5x	13.1x
Q2 25	0.4x	33.7x
Q3 25	0.6x	597.7x
Q4 25	0.5x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 19	$130M	$130M
Q3 19	$43M	$43M
Q1 20	-$88M	-$98M
Q1 22	-$171M	-$178M
Q4 22	$125M	$119M
Q1 23	$146M	$146M
Q2 23	$129M	$127M
Q3 23	$121M	$121M
Q4 23	$93M	$90M
Q1 24	$137M	$134M
Q2 24	$60M	$56M
Q3 24	$35M	$34M
Q1 25	$50M	$46M
Q2 25	-$2M	-$5M
Q3 25	-$39M	-$42M
Q4 25	$6M	$3M

Capital Expenditures

Quarter	CapEx
Q2 19	$0
Q3 19	$0
Q1 20	$10M
Q1 22	$7M
Q4 22	$5M
Q1 23	$35.2K
Q2 23	$2M
Q3 23	$612.5K
Q4 23	$3M
Q1 24	$3M
Q2 24	$4M
Q3 24	$1M
Q1 25	$3M
Q2 25	$3M
Q3 25	$3M
Q4 25	$4M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 19	+45.8%	+51.2%
Q3 19	+19.9%	+36.4%
Q1 20	+10.6%	+4.1%
Q1 22	+4.1%	-20.3%
Q4 22	+6.8%	+17.3%
Q1 23	+12.9%	-26.8%
Q2 23	+2.0%	-27.3%
Q3 23	+10.1%	+1.2%
Q4 23	+1.5%	-34.2%
Q1 24	-5.0%	-6.8%
Q2 24	-4.7%	-1.3%
Q3 24	-9.6%	-3.6%
Q1 25	-6.7%	-1.3%
Q2 25	-16.4%	-4.4%
Q3 25	-10.2%	-4.1%
Q4 25	-7.5%	-5.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 19	$0	0.0%
Q3 19	$112M	10.4%
Q1 20	$0	0.0%
Q1 22	$32M	3.0%
Q4 22	$28M	2.5%
Q1 23	$25M	2.0%
Q2 23	$25M	2.2%
Q3 23	$21M	1.8%
Q4 23	$72M	6.4%
Q1 24	$20M	1.8%
Q2 24	$0	0.0%
Q3 24	$19M	1.8%
Q1 25	$17M	1.6%
Q2 25	$15M	1.6%
Q3 25	$14M	1.5%
Q4 25	-$46M	-4.7%

OpEx Breakdown

Quarter	R&D	S&M	SG&A
Q2 19	$96M	—	$197M
Q3 19	$103M	—	$197M
Q1 20	$99M	—	$191M
Q1 22	$69M	—	$109M
Q4 22	$68M	$264M	—
Q1 23	$63M	—	$162M
Q2 23	$64M	—	$143M
Q3 23	$65M	—	$143M
Q4 23	$66M	$385M	—
Q1 24	$63M	—	$135M
Q2 24	$66M	—	$142M
Q3 24	$66M	—	$133M
Q1 25	$60M	—	$150M
Q2 25	$62M	—	$140M
Q3 25	$60M	—	$135M
Q4 25	$60M	—	$136M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$557M	$187M	$744M
Q2 22	$427M	$276M	$703M
Q3 22	$520M	$215M	$735M
Q4 22	$1.0B	$120M	$1.2B
Q1 23	$662M	$98M	$760M
Q2 23	$521M	$148M	$669M
Q3 23	$618M	$150M	$768M
Q4 23	$648M	$138M	$786M
Q1 24	$737M	$144M	$881M
Q2 24	$921M	$108M	$1.0B
Q3 24	$474M	$137M	$610M
Q4 24	$516M	$138M	$653M
Q1 25	$631M	$138M	$769M
Q2 25	$487M	$134M	$621M
Q3 25	$578M	$17M	$595M
Q4 25	$640M	$46M	$686M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 19	729M	+0.4%	+3.0%
Q3 19	730M	+0.1%	+3.6%
Q1 20	734M	+0.5%	+1.6%
Q1 22	820M	+11.8%	+13.0%
Q4 22	871M	+6.2%	+19.5%
Q1 23	965M	+10.7%	+32.2%
Q2 23	979M	+1.4%	+33.4%
Q3 23	979M	-0.0%	+19.3%
Q4 23	976M	-0.2%	+12.0%
Q1 24	970M	-0.7%	+0.5%
Q2 24	980M	+1.0%	+0.1%
Q3 24	968M	-1.1%	-1.0%
Q1 25	969M	+0.0%	-0.8%
Q2 25	963M	-0.5%	-0.7%
Q3 25	964M	+0.1%	-1.6%
Q4 25	965M	+0.1%	-0.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 19	$121.1K	9K
Q3 19	$126.0K	9K
Q1 20	$125.7K	9K
Q1 22	$181.6K	6K
Q4 22	$222.7K	5K
Q1 23	$244.9K	5K
Q2 23	$228.9K	5K
Q3 23	$235.1K	5K
Q4 23	$235.2K	5K
Q1 24	$241.9K	5K
Q2 24	$227.0K	5K
Q3 24	$221.1K	5K
Q1 25	$224.7K	5K
Q2 25	$207.3K	5K
Q3 25	$208.9K	5K
Q4 25	$204.5K	5K

Revenue / Employee