Baidu, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Baidu, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	10,161	13,034	14,876	15,429	16,410	19,536	17,931	18,958	18,238	18,458
Cost of revenue	5,081	6,619	7,526	9,028	8,454	10,092	9,269	9,159	9,056	10,358
Gross profit	5,080	6,415	7,350	6,401	7,956	9,444	8,662	9,799	9,182	8,100
Research and development	1,462	1,987	2,294	2,635	2,989	3,914	3,380	3,407	3,032	2,922
Selling, general and administrative	2,171	2,018	2,797	2,860	2,769	3,879	2,975	3,314	3,236	3,696
Selling and marketing	1,120	700	1,500	1,500	1,300	1,900	1,500	1,900	1,900	2,200
Operating income	1,447	2,410	2,259	906	2,198	1,651	2,307	3,078	2,914	-833
Interest expense	167	248	274	425	476	537	422	457	387	398
Interest income	337	485	647	870	822	871	905	1,128	1,091	1,230
Other non-operating income	642	860	1,715	-955	1,341	40	-841	472	1,007	1,793
Pre-tax income	2,090	3,270	3,974	-49	3,539	1,691	1,466	3,550	3,921	960
Income tax	420	460	690	279	623	500	374	514	609	180
Net income to minority interests	-5.28	-2	-726	-624	-528	-414	-4	175	57	-19
Net income	1,675	2,812	4,010	296	3,444	1,605	1,096	2,861	3,255	799
EBITDA	1,944	2,995	2,802	1,713	3,067	2,547	3,212	4,078	3,823	267

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,675	1,704	4,020	4,804	5,484	5,783	7,707	3,554	3,402	3,519
Short-term investments	11,370	13,738	16,235	16,221	19,372	22,478	17,520	23,757	14,057	12,964
Receivables	592	703	875	1,065	1,328	1,566	1,701	1,528	1,384	1,855
Other current assets	482	526	995	1,320	1,687	1,735	1,501	1,772	2,580	3,253
Total current assets	14,368	23,235	22,557	23,782	28,099	33,474	30,860	32,432	23,133	21,732
Property, plant and equipment	1,627	1,917	2,604	2,630	2,683	3,613	3,476	3,938	4,124	3,758
Lease right-of-use assets				1,053	1,503	1,894	1,503	1,528	1,493	1,231
Goodwill	2,210	2,429	2,696	2,621	3,410	3,547	3,259	3,181	3,094	5,260
Intangible assets	558	840	1,335	1,133	310	265	182	124	106	556
Long-term investments	6,581	8,651	11,702	9,970	11,683	10,566	8,017	6,755	5,716	6,423
Other non-current assets	320	848	1,422	1,264	527	2,501	2,768	2,671	2,304	3,941
Total assets	26,213	38,689	43,279	43,280	50,990	59,636	56,686	57,291	58,606	64,229
Accounts payable	4,127	4,229	5,147	4,698	5,627	6,494	5,512	5,312	5,677	5,561
Accrued liabilities	208	273	276	346	538	1,549	1,282	1,262	1,198	1,281
Deferred revenue	85.9	121	274
Short-term debt	161	191	443	376	462	654	980	384	31	208
Total current liabilities	6,640	12,611	8,269	8,243	10,481	11,689	11,546	10,768	11,091	12,344
Long-term debt	3,982	4,474	6,216	5,471	7,419	6,766	5,784	4,928	3,835	2,041
Lease liabilities				644	719	874	697	710	681	587
Other non-current liabilities	9.36	6	34	44	9	112	299	257	213	280
Total liabilities	12,135	18,651	17,716	18,458	21,589	24,492	22,208	20,304	19,751	22,798
Total debt	4,732	5,473	7,215	6,221	7,419	8,414	6,785	5,777	4,935	5,907
Paid-in capital	1,199	1,858	4,864	5,561	7,236	11,595	11,578	12,268	12,547	13,582
Retained earnings	12,348	15,728	18,798	18,137	20,733	22,779	21,507	22,710	24,670	25,410
Treasury stock						-1,190	-763	-538	-854	-671
Other comprehensive income	-257	143	31	-199	30	-1	79	-126	-247	-236
Shareholders' equity	13,290	17,729	23,693	23,499	27,999	33,183	32,401	34,314	36,116	38,085
Minority interests	-3.33	615	1,766	1,164	927	839	860	1,340	1,387	1,463
Total equity	13,287	18,344	25,459	24,663	28,926	34,022	33,261	35,654	37,503	39,548
Total liabilities and equity	26,213	38,689	43,279	43,280	50,990	59,636	56,686	57,291	58,606	64,229

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1,670	2,810	3,284	-328	2,916	1,191	1,092	3,036	3,312	780
Depreciation and amortization	497	585	543	807	869	896	905	1,000	909	1,100
Stock-based compensation	253	499	681	808	1,031	1,107	984	894	655	517
Deferred income tax	-1.95	-116	-111	-100	17	-70	-14	-23	142	-182
Change in receivables	-34.3	-111	-234	-256	-254	-336	-343	30	45	-645
Change in payables	535	784	595	-238	32	1,121
Cash from operations	3,206	5,054	5,231	4,088	3,709	3,158	3,794	5,157	2,909	-431
Capital expenditures	-603	-735	-1,276	-923	-779	-1,710	-1,201	-1,576	-1,114	-1,726
Acquisitions	0	-85	-288	-139	-367	-39	-2	-16		-170
Purchases of investments				-17,264	-24,399	-4,013	-1,100	-470	-10,826	-21,657
Sales and maturities of investments	25,035	30,512	34,886	41,823	20,783	4,063	1,347	304	10,188	20,990
Cash from investing	-5,172	-11,825	-5,012	-2,869	-4,223	-4,934	-572	-7,098	-1,172	-3,594
Debt issued		1,526
Stock issued	25.4	70	98	3	35	3,120	0	15	6	13
Share buybacks	0	-265	-482	-712	-2,001	-1,190	-279	-671	-866	-792
Cash from financing	2,081	6,848	2,194	-556	869	3,671	-926	-1,995	-1,885	2,451
Exchange rate effect	20.8	-48
Net change in cash	135	29	2,689	663	323	1,747	2,547	-3,896	-135	-1,681
Free cash flow	2,602	4,319	3,955	3,165	2,930	1,448	2,593	3,581	1,795	-2,157
Interest paid	160	117	230	352	338	399	390	389	306	287
Income taxes paid	346	507	801	589	553	510	511	516	505	465

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $87.38 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	43.9%	Gross profit / revenue.
Operating margin	-4.5%	Operating income / revenue.
EBITDA margin	1.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	5.2%	Pre-tax income / revenue.
Net margin	4.3%	Net income / revenue.
FCF margin	-11.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-2.3%	Cash from operations / revenue.
Effective tax rate	18.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	2.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.3%	Net income / average total assets.
Return on invested capital (ROIC)	-1.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	15.8%	Research and development expense / revenue.
SG&A / revenue	20.0%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	2.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	9.4%	Capital expenditures / revenue.
D&A / revenue	6.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	2.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-11.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-2.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	0.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-128.6%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-93.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-56.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-38.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-75.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-10.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-25.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-114.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-220.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	5.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	5.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	6.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	9.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	4.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.76x	Current assets / current liabilities.
Quick ratio	1.49x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.34x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.16x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	9.2%	Total debt / total assets.
Liabilities / assets	35.5%	Total liabilities / total assets.
Net debt	-$10.58B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-39.6x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	-2.09x	Operating income / interest expense.
Working capital	$9.39B	Current assets - current liabilities.
Goodwill and intangibles / assets	9.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$32.27B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.30x	Revenue / average total assets.
Fixed asset turnover	4.68x	Revenue / average property, plant and equipment.
Receivables turnover	11.4x	Revenue / average receivables.
Days sales outstanding	32 days	365 x average receivables / revenue.
Days payables	198 days	365 x average accounts payable / cost of revenue.
FCF conversion	-270.0%	Free cash flow / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$29.73B	Share price x shares outstanding.
Enterprise value	$19.16B	Market cap + total debt - cash - short-term investments.
P/E	37.2x	Market cap / net income. Only when net income is positive.
P/S	1.61x	Market cap / revenue.
P/B	0.78x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.92x	Market cap / tangible book value, when positive.
EV/Sales	1.04x	Enterprise value / revenue.
EV/EBITDA	71.7x	Enterprise value / EBITDA, when both are positive.
FCF yield	-7.3%	Free cash flow / market cap.
Earnings yield	2.7%	Net income / market cap (the inverse of P/E).
Shareholder yield	2.7%	(Dividends paid + share buybacks) / market cap.

What was Baidu, Inc.'s revenue in fiscal 2025?

Baidu, Inc. reported revenue of $18.46B for fiscal 2025, 1.2% higher than the year before.

Was Baidu, Inc. profitable in fiscal 2025?

Yes. Net income was $799.0M, a net margin of 4.3%.

How much free cash flow did Baidu, Inc. generate in fiscal 2025?

Cash from operations of $431.0M minus capital expenditures of $1.73B left free cash flow of -$2.16B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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