BEIJING, May 21, 2025 /PRNewswire/ — Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888 (HKD Counter) and 89888 (RMB Counter)) (“Baidu” or the “Company”), a leading AI company with a strong Internet foundation, today announced its unaudited financial results for the first quarter ended March 31, 2025.
“Baidu Core revenue grew 7% year over year in the first quarter, driven by the accelerating momentum of AI Cloud, which surged 42% year over year. The strong performance of our AI Cloud business underscores the growing market recognition of our distinctive strength in providing full-stack AI products and solutions with a highly competitive price-performance advantage. We also achieved a pivotal milestone in our robotaxi business, as Apollo Go expanded internationally by entering Dubai and Abu Dhabi, reinforcing our commitment to bringing safe, comfortable, and affordable autonomous ride-hailing services to global markets,” said Robin Li, Co-founder and CEO of Baidu. “We are confident that our AI-first strategy positions us to remain at the forefront and to capture long-term growth opportunities in the AI era.”
“AI Cloud continued its robust growth in the first quarter, which provides solid support to our overall revenue while we accelerate the AI transformation across our mobile ecosystem,” said Junjie He, Interim CFO of Baidu. “Looking ahead, we are strongly committed to investing in AI to translate our technological strengths into sustainable long-term growth.”
First Quarter 2025 Financial Highlights[1]
Baidu, Inc.
(In millions except per
Q1
Q4
Q1
ADS, unaudited)
2024
2024
2025
YOY
QOQ
RMB
RMB
RMB
US$
Total revenues
31,513
34,124
32,452
4,472
3 %
(5 %)
Operating income
5,484
3,917
4,508
621
(18 %)
15 %
Operating income (non-GAAP) [2]
6,673
5,047
5,333
735
(20 %)
6 %
Net income to Baidu
5,448
5,192
7,717
1,063
42 %
49 %
Net income to Baidu (non-GAAP) [2]
7,011
6,709
6,469
891
(8 %)
(4 %)
Diluted earnings per ADS
14.91
14.26
21.59
2.98
45 %
51 %
Diluted earnings per ADS (non-GAAP) [2]
19.91
19.18
18.54
2.55
(7 %)
(3 %)
Adjusted EBITDA [2]
8,244
6,954
7,209
993
(13 %)
4 %
Adjusted EBITDA margin
26 %
20 %
22 %
22 %
Baidu Core
Q1
Q4
Q1
(In millions, unaudited)
2024
2024
2025
YOY
QOQ
RMB
RMB
RMB
US$
Total revenues
23,803
27,698
25,463
3,509
7 %
(8 %)
Operating income
4,538
3,638
4,164
574
(8 %)
14 %
Operating income (non-GAAP) [2]
5,586
4,647
4,872
671
(13 %)
5 %
Net income to Baidu Core
5,150
5,283
7,633
1,052
48 %
44 %
Net income to Baidu Core (non-GAAP) [2]
6,628
6,741
6,330
872
(4 %)
(6 %)
Adjusted EBITDA[2]
7,118
6,516
6,712
925
(6 %)
3 %
Adjusted EBITDA margin
30 %
24 %
26 %
26 %
[1] Unless otherwise noted, RMB to USD was converted at an exchange rate of RMB 7.2567 as of March 31, 2025, as
set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. Translations are
provided solely for the convenience of the reader.
[2] Non-GAAP measures are defined in the Non-GAAP Financial Measures section (see also “Reconciliations of
Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures” for more details).
Operational Highlights
Corporate
Baidu released ERNIE 4.5, its first flagship foundation model with multimodal capabilities, and ERNIE X1, its first reasoning model, in March 2025. Baidu launched enhanced versions, ERNIE 4.5 Turbo and ERNIE X1 Turbo, in April, delivering improved performance at significantly lower pricing.Apollo Go received Gold in the Driverless Vehicles category at the 2025 Edison Awards, recognizing it as China’s largest autonomous ride-hailing service.Baidu ranked second in Asia Pacific on Fast Company’s 2025 Most Innovative Companies list, following DeepSeek, and was recognized for “deploying the world’s largest autonomous driving experiment.”Baidu held China’s largest portfolio of AI-related patents and patent applications across various areas, including foundation models and AI agents, as of December 31, 2024, according to a recent report by CICS-CERT, a research institute under the Ministry of Industry and Information Technology.Baidu released its annual ESG Report on April 28, 2025, which details Baidu’s latest ESG policies and sustainability initiatives (https://esg.baidu.com/Uploads/Baidu_2024_ESG_Report.pdf).Baidu has returned US$445 million to shareholders since the beginning of Q1 2025, bringing the cumulative repurchase to US$2.1 billion under the 2023 share repurchase program.
AI Cloud
Baidu upgraded its MaaS platform, Qianfan, with an expanded model library and more comprehensive toolkits, extending support for the training and fine-tuning of multimodal and reasoning models to further facilitate AI-native application development.Baidu officially released version 3.0 of its deep learning framework, PaddlePaddle, in April 2025.
Intelligent Driving
Apollo Go, Baidu’s autonomous ride-hailing service, expanded into Dubai and Abu Dhabi in March 2025. In May, Apollo Go commenced open-road validation testing in Dubai.Apollo Go entered into a long-term strategic partnership with CAR Inc., China’s leading auto rental service provider, in May 2025 to launch fully autonomous vehicle rental services.Apollo Go obtained permission to conduct open-road testing with designated passengers in Hong Kong in April 2025.Apollo Go provided over 1.4 million rides in the first quarter of 2025, up 75% year over year, underscoring the accelerating momentum of its scaled operations. As of May 2025, the cumulative rides provided to the public by Apollo Go surpassed 11 million.
Mobile Ecosystem
In March 2025, Baidu App’s MAUs reached 724 million, up 7% year over year.Managed Page accounted for 47% of Baidu Core’s online marketing revenue in the first quarter of 2025.
First Quarter 2025 Financial Results
Total revenues were RMB32.5 billion ($4.47 billion), increasing 3% year over year.
Revenue from Baidu Core was RMB25.5 billion ($3.51 billion), increasing 7% year over year; online marketing revenue was RMB16.0 billion ($2.21 billion), decreasing 6% year over year, and non-online marketing revenue was RMB9.4 billion ($1.30 billion), up 40% year over year, mainly driven by AI Cloud business.Revenue from iQIYI was RMB7.2 billion ($990 million), decreasing 9% year over year.
Cost of revenues was RMB17.5 billion ($2.41 billion), increasing 14% year over year, primarily due to an increase in costs related to AI Cloud business and traffic acquisition costs.
Selling, general and administrative expenses were RMB5.9 billion ($815 million), increasing 10% year over year, primarily due to an increase in channel spending and promotional marketing expenses, partially offset by a decrease in personnel-related expenses.
Research and development expenses were RMB4.5 billion ($626 million), decreasing 15% year over year, primarily due to a decrease in personnel-related expenses.
Operating income was RMB4.5 billion ($621 million). Baidu Core operating income was RMB4.2 billion ($574 million), and Baidu Core operating margin was 16%. Non-GAAP operating income was RMB5.3 billion ($735 million). Non-GAAP Baidu Core operating income was RMB4.9 billion ($671 million), and non-GAAP Baidu Core operating margin was 19%.
Total other income, net was RMB4.5 billion ($618 million), increasing 260% year over year, mainly due to an increase in fair value gain and pickup of earnings from long-term investments, partially offset by the decrease in net foreign exchange gain arising from exchange rate fluctuation between Renminbi and U.S. dollar.
Income tax expense was RMB1.2 billion ($162 million), compared to RMB883 million for the same period last year.
Net income attributable to Baidu was RMB7.7 billion ($1.06 billion), and diluted earnings per ADS was RMB21.59 ($2.98). Net income attributable to Baidu Core was RMB7.6 billion ($1.05 billion), and net margin for Baidu Core was 30%. Non-GAAP net income attributable to Baidu was RMB6.5 billion ($891 million). Non-GAAP diluted earnings per ADS was RMB18.54 ($2.55). Non-GAAP net income attributable to Baidu Core was RMB6.3 billion ($872 million), and non-GAAP net margin for Baidu Core was 25%.
Adjusted EBITDA was RMB7.2 billion ($993 million) and adjusted EBITDA margin was 22%. Adjusted EBITDA for Baidu Core was RMB6.7 billion ($925 million) and adjusted EBITDA margin for Baidu Core was 26%.
As of March 31, 2025, cash, cash equivalents, restricted cash and short-term investments were RMB142.0 billion ($19.57 billion), and cash, cash equivalents, restricted cash and short-term investments excluding iQIYI were RMB136.7 billion ($18.84 billion). Free cash flow was negative RMB8.9 billion (negative $1.23 billion), and free cash flow excluding iQIYI was negative RMB9.2 billion (negative $1.27 billion), mainly due to an increase of investment in AI business. We define net cash position as total cash, cash equivalents, restricted cash, short-term investments, net, long-term time deposits and held-to-maturity investments, and others, less total loans, convertible senior notes, and notes payable. As of March 31, 2025, net cash position for Baidu was RMB159.0 billion.
Conference Call Information
Baidu’s management will hold an earnings conference call 8.00 AM on May 21, 2025, U.S. Eastern Time (8.00 PM on May 21, 2025, Beijing Time).
Please register in advance of the conference call using the link provided below. It will automatically direct you to the registration page of “Baidu Inc. Q1 2025 Earnings Conference Call”. Please follow the steps to enter your registration details, then click “Register”. Upon registering, you will then be provided with the dial-in number, the passcode, and your unique access PIN. This information will also be emailed to you as a calendar invite.
For pre-registration, please click:
https://s1.c-conf.com/diamondpass/10046864-38s6ff.html
In the 10 minutes prior to the call start time, you may use the conference access information (including dial-in number(s), the passcode and unique access PIN) provided in the calendar invite that you have received following your pre-registration.
Additionally, a live and archived webcast of this conference call will be available at https://ir.baidu.com.
About Baidu
Founded in 2000, Baidu’s mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong Internet foundation, trading on NASDAQ under “BIDU” and HKEX under “9888”. One Baidu ADS represents eight Class A ordinary shares.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, Baidu’s and other parties’ strategic and operational plans, contain forward-looking statements. Baidu may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in announcements made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Baidu’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Baidu’s growth strategies; its future business development, including development of new products and services; its ability to attract and retain users and customers; competition in the Chinese Internet search and newsfeed market; competition for online marketing customers; changes in the Company’s revenues and certain cost or expense items as a percentage of its revenues; the outcome of ongoing, or any future, litigation or arbitration, including those relating to intellectual property rights; the expected growth of the Chinese-language Internet search and newsfeed market and the number of Internet and broadband users in China; Chinese governmental policies relating to the Internet and Internet search providers, and general economic conditions in China and elsewhere. Further information regarding these and other risks is included in the Company’s annual report on Form 20-F and other documents filed with the Securities and Exchange Commission, and announcements on the website of the Hong Kong Stock Exchange. Baidu does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of the press release, and Baidu undertakes no duty to update such information, except as required under applicable law.
Non-GAAP Financial Measures
To supplement Baidu’s consolidated financial results presented in accordance with GAAP, Baidu uses the following non-GAAP financial measures: non-GAAP operating income, non-GAAP operating margin, non-GAAP net income (loss) attributable to Baidu, non-GAAP net margin, non-GAAP diluted earnings per ADS, adjusted EBITDA, adjusted EBITDA margin and free cash flow. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.
Baidu believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding certain items that may not be indicative of its recurring core business operating results, such as operating performance excluding non-cash charges or non-operating in nature. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to Baidu’s historical performance and liquidity. The Company believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using these non-GAAP financial measures is that these non-GAAP measures exclude certain items that have been and will continue to be for the foreseeable future a significant component in the Company’s results of operations. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data.
Non-GAAP operating income represents operating income excluding share-based compensation expenses, and amortization and impairment of intangible assets resulting from business combinations.
Non-GAAP net income attributable to Baidu represents net income attributable to Baidu excluding share-based compensation expenses, amortization and impairment of intangible assets resulting from business combinations, disposal gain or loss, impairment of long-term investments, and fair value gain or loss of long-term investments and exchangeable bonds, adjusted for related income tax effects. Baidu’s share of equity method investments for these non-GAAP reconciling items, amortization and impairment of intangible assets not on the investees’ books, accretion of their redeemable non-controlling interests, and the gain or loss associated with the issuance of shares by the investees at a price higher or lower than the carrying value per share, adjusted for related income tax effects, are also excluded.
Non-GAAP diluted earnings per ADS represents diluted earnings per ADS calculated by dividing non-GAAP net income attributable to Baidu, by the weighted average number of ordinary shares expressed in ADS. Adjusted EBITDA represents operating income excluding depreciation, amortization and impairment of intangible assets resulting from business combinations, and share-based compensation expenses.
For more information on non-GAAP financial measures, please see the tables captioned “Reconciliations of non-GAAP financial measures to the nearest comparable GAAP measure.”
Baidu, Inc.
Condensed Consolidated Statements of Income
(In millions except for per share (or ADS) information, unaudited)
Three Months Ended
March 31,
December 31,
March 31,
March 31,
2024
2024
2025
2025
RMB
RMB
RMB
US$(2)
Revenues:
Online marketing services
18,490
19,340
17,306
2,385
Others
13,023
14,784
15,146
2,087
Total revenues
31,513
34,124
32,452
4,472
Costs and expenses:
Cost of revenues(1)
15,291
18,014
17,487
2,410
Selling, general and administrative(1)
5,375
6,678
5,913
815
Research and development(1)
5,363
5,515
4,544
626
Total costs and expenses
26,029
30,207
27,944
3,851
Operating income
5,484
3,917
4,508
621
Other income:
Interest income
2,091
2,001
2,664
367
Interest expense
(766)
(643)
(801)
(110)
Foreign exchange gain (loss), net
401
1,678
(210)
(29)
Share of (losses) earnings from equity method investments
(205)
(399)
574
79
Others, net
(275)
23
2,260
311
Total other income, net
1,246
2,660
4,487
618
Income before income taxes
6,730
6,577
8,995
1,239
Income tax expense
883
1,619
1,177
162
Net income
5,847
4,958
7,818
1,077
Net income (loss) attributable to noncontrolling interests
399
(234)
101
14
Net income attributable to Baidu
5,448
5,192
7,717
1,063
Earnings per ADS (1 ADS representing 8 Class A ordinary shares):
-Basic
14.97
14.41
21.86
3.01
-Diluted
14.91
14.26
21.59
2.98
Earnings per share for Class A and Class B ordinary shares:
-Basic
1.87
1.80
2.73
0.38
-Diluted
1.86
1.78
2.70
0.37
Weighted average number of Class A and Class B ordinary shares outstanding (in millions):
-Basic
2,804
2,775
2,751
2,751
-Diluted
2,816
2,783
2,762
2,762
(1) Includes share-based compensation expenses as follows:
Cost of revenues
108
103
77
11
Selling, general and administrative
417
297
313
43
Research and development
618
685
361
50
Total share-based compensation expenses
1,143
1,085
751
104
(2) All translations from RMB to U.S. dollars are made at a rate of RMB7.2567 to US$1.00, the exchange rate in effect as of March 31,
2025 as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System.
Baidu, Inc.
Condensed Consolidated Balance Sheets
(In millions, unaudited)
December 31,
March 31,
March 31,
2024
2025
2025
RMB
RMB
US$
ASSETS
Current assets:
Cash and cash equivalents
24,832
49,202
6,780
Restricted cash
11,697
238
33
Short-term investments, net
102,608
92,567
12,756
Accounts receivable, net
10,104
11,078
1,527
Amounts due from related parties
790
743
102
Other current assets, net
18,818
22,001
3,032
Total current assets
168,849
175,829
24,230
Non-current assets:
Fixed assets, net
30,102
30,691
4,229
Licensed copyrights, net
6,930
6,487
894
Produced content, net
14,695
14,372
1,981
Intangible assets, net
772
2,588
357
Goodwill
22,586
37,637
5,187
Long-term investments, net
41,721
43,470
5,990
Long-term time deposits and held-to-maturity investments
98,535
106,212
14,636
Amounts due from related parties
137
266
37
Deferred tax assets, net
2,193
2,171
299
Operating lease right-of-use assets
10,898
11,203
1,544
Receivables related to the proposed acquisition of YY Live, net
13,547
–
–
Other non-current assets
16,815
23,056
3,176
Total non-current assets
258,931
278,153
38,330
Total assets
427,780
453,982
62,560
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Current liabilities:
Short-term loans
10,669
7,724
1,064
Accounts payable and accrued liabilities
41,443
38,770
5,342
Customer deposits and deferred revenue
14,624
13,909
1,917
Deferred income
684
611
84
Long-term loans, current portion
168
560
77
Convertible senior notes, current portion
242
2,133
294
Notes payable, current portion
8,026
7,986
1,101
Amounts due to related parties
1,794
1,683
232
Operating lease liabilities
3,303
3,488
481
Total current liabilities
80,953
76,864
10,592
Non-current liabilities:
Deferred income
231
191
26
Deferred revenue
585
665
92
Amounts due to related parties
56
51
7
Long-term loans
15,596
16,072
2,215
Notes payable
27,996
52,202
7,194
Convertible senior notes
8,351
6,775
934
Deferred tax liabilities
3,870
4,011
553
Operating lease liabilities
4,973
5,113
705
Other non-current liabilities
1,557
1,964
269
Total non-current liabilities
63,215
87,044
11,995
Total liabilities
144,168
163,908
22,587
Redeemable noncontrolling interests
9,870
10,067
1,387
Equity
Total Baidu shareholders’ equity
263,620
269,747
37,172
Noncontrolling interests
10,122
10,260
1,414
Total equity
273,742
280,007
38,586
Total liabilities, redeemable noncontrolling interests, and equity
427,780
453,982
62,560
Baidu, Inc.
Selected Information
(In millions, unaudited)
Three months ended
Three months ended
Three months ended
Three months ended
March 31, 2024 (RMB)
December 31, 2024 (RMB)
March 31, 2025 (RMB)
March 31, 2025 (US$)
Baidu
Core
iQIYI
Elim &
adj(2)
Baidu,
Inc.
Baidu
Core
iQIYI
Elim &
adj(2)
Baidu,
Inc.
Baidu
Core
iQIYI
Elim &
adj(2)
Baidu,
Inc.
Baidu
Core
iQIYI
Elim &
adj(2)
Baidu,
Inc.
Total revenues
23,803
7,927
(217)
31,513
27,698
6,613
(187)
34,124
25,463
7,186
(197)
32,452
3,509
990
(27)
4,472
YOY
7 %
(9 %)
3 %
QOQ
(8 %)
9 %
(5 %)
Costs and expenses:
Cost of revenues (1)
9,839
5,631
(179)
15,291
13,180
4,995
(161)
18,014
12,246
5,406
(165)
17,487
1,688
745
(23)
2,410
Selling, general and administrative (1)
4,492
922
(39)
5,375
5,816
882
(20)
6,678
4,921
1,026
(34)
5,913
678
141
(4)
815
Research and development (1)
4,934
429
–
5,363
5,064
451
–
5,515
4,132
412
–
4,544
569
57
–
626
Total costs and expenses
19,265
6,982
(218)
26,029
24,060
6,328
(181)
30,207
21,299
6,844
(199)
27,944
2,935
943
(27)
3,851
YOY
Cost of revenues
24 %
(4 %)
14 %
Selling, general and administrative
10 %
11 %
10 %
Research and development
(16 %)
(4 %)
(15 %)
Costs and expenses
11 %
(2 %)
7 %
Operating income
4,538
945
1
5,484
3,638
285
(6)
3,917
4,164
342
2
4,508
574
47
–
621
YOY
(8 %)
(64 %)
(18 %)
QOQ
14 %
20 %
15 %
Operating margin
19 %
12 %
17 %
13 %
4 %
11 %
16 %
5 %
14 %
Add: total other income (loss), net
1,508
(262)
–
1,246
3,125
(465)
–
2,660
4,602
(115)
–
4,487
634
(16)
–
618
Less: income tax expense
866
17
–
883
1,612
7
–
1,619
1,136
41
–
1,177
156
6
–
162
Less: net income (loss) attributable to NCI
30
11
358(3)
399
(132)
2
(104)(3)
(234)
(3)
4
100(3)
101
–
1
13(3)
14
Net income (loss) attributable to Baidu
5,150
655
(357)
5,448
5,283
(189)
98
5,192
7,633
182
(98)
7,717
1,052
24
(13)
1,063
YOY
48 %
(72 %)
42 %
QOQ
44 %
–
49 %
Net margin
22 %
8 %
17 %
19 %
(3 %)
15 %
30 %
3 %
24 %
Non-GAAP financial measures:
Operating income (non-GAAP)
5,586
1,086
6,673
4,647
406
5,047
4,872
459
5,333
671
64
735
YOY
(13 %)
(58 %)
(20 %)
QOQ
5 %
13 %
6 %
Operating margin (non-GAAP)
23 %
14 %
21 %
17 %
6 %
15 %
19 %
6 %
16 %
Net income (loss) attributable to Baidu (non-GAAP)
6,628
844
7,011
6,741
(59)
6,709
6,330
304
6,469
872
41
891
YOY
(4 %)
(64 %)
(8 %)
QOQ
(6 %)
–
(4 %)
Net margin (non-GAAP)
28 %
11 %
22 %
24 %
(1 %)
20 %
25 %
4 %
20 %
Adjusted EBITDA
7,118
1,125
8,244
6,516
444
6,954
6,712
495
7,209
925
68
993
YOY
(6 %)
(56 %)
(13 %)
QOQ
3 %
11 %
4 %
Adjusted EBITDA margin
30 %
14 %
26 %
24 %
7 %
20 %
26 %
7 %
22 %
(1) Includes share-based compensation as follows:
Cost of revenues
76
32
108
74
29
103
50
27
77
7
4
11
Selling, general and administrative
353
64
417
240
57
297
257
56
313
35
8
43
Research and development
575
43
618
652
33
685
329
32
361
45
5
50
Total share-based compensation
1,004
139
1,143
966
119
1,085
636
115
751
87
17
104
(2) Relates to intersegment eliminations and adjustments
(3) Relates to the net income attributable to iQIYI noncontrolling interests
Baidu, Inc.
Condensed Consolidated Statements of Cash Flows
(In millions,unaudited)
Three months ended
Three months ended
Three months ended
Three months ended
March 31, 2024 (RMB)
December 31, 2024 (RMB)
March 31, 2025 (RMB)
March 31, 2025 (US$)
Baidu
excl.
iQIYI
iQIYI
Baidu,
Inc.
Baidu
excl.
iQIYI
iQIYI
Baidu,
Inc.
Baidu
excl.
iQIYI
iQIYI
Baidu,
Inc.
Baidu
excl.
iQIYI
iQIYI
Baidu,
Inc.
Net cash provided by (used in) operating
activities
5,284
936
6,220
1,836
520
2,356
(6,340)
339
(6,001)
(874)
47
(827)
Net cash used in investing activities
(2,893)
(223)
(3,116)
(4,741)
(896)
(5,637)
(1,175)
(30)
(1,205)
(162)
(4)
(166)
Net cash provided by (used in) financing activities
2,126
261
2,387
(1,784)
114
(1,670)
19,639
860
20,499
2,706
119
2,825
Effect of exchange rate changes on cash, cash
equivalents and restricted cash
154
15
169
582
61
643
(5)
(1)
(6)
(1)
–
(1)
Net increase (decrease) in cash, cash
equivalents and restricted cash
4,671
989
5,660
(4,107)
(201)
(4,308)
12,119
1,168
13,287
1,669
162
1,831
Cash, cash equivalents and restricted cash
At beginning of period
32,293
5,281
37,574
37,106
3,791
40,897
32,999
3,590
36,589
4,547
495
5,042
At end of period
36,964
6,270
43,234
32,999
3,590
36,589
45,118
4,758
49,876
6,216
657
6,873
Net cash provided by (used in) operating
activities
5,284
936
6,220
1,836
520
2,356
(6,340)
339
(6,001)
(874)
47
(827)
Less: Capital expenditures
(2,016)
(22)
(2,038)
(2,312)
(21)
(2,333)
(2,869)
(31)
(2,900)
(395)
(4)
(399)
Free cash flow
3,268
914
4,182
(476)
499
23
(9,209)
308
(8,901)
(1,269)
43
(1,226)
Note: Baidu excl. iQIYI represents Baidu, Inc. minus iQIYI’s consolidated cash flows.
Baidu, Inc.
Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures
(In millions except for per ADS information, unaudited)
Three months ended
Three months ended
Three months ended
Three months ended
March 31, 2024 (RMB)
December 31, 2024 (RMB)
March 31, 2025 (RMB)
March 31, 2025 (US$)
Baidu
Core
iQIYI
Baidu,
Inc.
Baidu
Core
iQIYI
Baidu,
Inc.
Baidu
Core
iQIYI
Baidu,
Inc.
Baidu
Core
iQIYI
Baidu,
Inc.
Operating income
4,538
945
5,484
3,638
285
3,917
4,164
342
4,508
574
47
621
Add: Share-based compensation expenses
1,004
139
1,143
966
119
1,085
636
115
751
87
17
104
Add: Amortization and impairment of intangible assets(1)
44
2
46
43
2
45
72
2
74
10
–
10
Operating income (non-GAAP)
5,586
1,086
6,673
4,647
406
5,047
4,872
459
5,333
671
64
735
Add: Depreciation of fixed assets
1,532
39
1,571
1,869
38
1,907
1,840
36
1,876
254
4
258
Adjusted EBITDA
7,118
1,125
8,244
6,516
444
6,954
6,712
495
7,209
925
68
993
Net income (loss) attributable to Baidu
5,150
655
5,448
5,283
(189)
5,192
7,633
182
7,717
1,052
24
1,063
Add: Share-based compensation expenses
1,003
139
1,066
965
119
1,019
635
115
687
87
16
95
Add: Amortization and impairment of intangible assets(1)
42
2
43
41
2
42
70
2
71
10
–
10
Add: Disposal (gain) loss
(458)
–
(458)
7
–
7
(91)
–
(91)
(13)
–
(13)
Add: Impairment of long-term investments
36
71
68
84
14
90
–
2
1
–
–
–
Add: Fair value loss (gain) of long-term investments and
exchangeable bonds
725
(23)
714
(288)
(5)
(290)
(1,889)
(2)
(1,890)
(260)
–
(260)
Add: Reconciling items on equity method investments(2)
280
–
280
679
–
679
(66)
5
(64)
(9)
1
(9)
Add: Tax effects on non-GAAP adjustments(3)
(150)
–
(150)
(30)
–
(30)
38
–
38
5
–
5
Net income (loss) attributable to Baidu (non-GAAP)
6,628
844
7,011
6,741
(59)
6,709
6,330
304
6,469
872
41
891
Diluted earnings per ADS
14.91
14.26
21.59
2.98
Add: Accretion of the redeemable noncontrolling interests
0.55
0.55
0.57
0.08
Add: Non-GAAP adjustments to earnings per ADS
4.45
4.37
(3.62)
(0.51)
Diluted earnings per ADS (non-GAAP)
19.91
19.18
18.54
2.55
(1) This represents amortization and impairment of intangible assets resulting from business combinations.
(2) This represents Baidu’s share of equity method investments for other non-GAAP reconciling items, amortization and impairment of intangible assets not on the investee’s books, accretion of their redeemable
noncontrolling interests, and the gain or loss associated with the issuance of shares by the investees at a price higher or lower than the carrying value per share.
(3) This represents tax impact of all non-GAAP adjustments.
View original content:https://www.prnewswire.com/news-releases/baidu-announces-first-quarter-2025-results-302461545.html
SOURCE Baidu, Inc.
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