iQIYI, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data iQIYI, 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

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	3,635	4,165	4,553	4,795	4,204	4,489	4,004	3,903
Cost of revenue	3,946	4,359	4,273	4,317	3,236	3,254	3,008	3,081
Gross profit	-312	-195	279	477	968	1,235	996	822
Research and development	290	383	410	439	275	249	244	238
Selling, general and administrative	606	752	795	741	503	565	504	551
Operating income	-1,208	-1,330	-926	-703	190	421	248	32.8
Interest expense	13.8	131	163	212	104	159	145	130
Interest income	31.1	57.8	24.1	18.6	10.1	36.3	37.2	47.8
Other non-operating income	-98.3	-139	-145	-241	-195	-135	-131	-41.3
Pre-tax income	-1,306	-1,469	-1,070	-943	-4.9	286	117	-8.51
Income tax	11.5	7.45	3.57	15.2	12.2	11.3	8.37	20.7
Net income to minority interests	7.06	6.69	4.78	9.58	2.67	3.82	3.63	0.32
Net income	-1,325	-1,483	-1,079	-968	-19.7	271	105	-29.5
EBITDA	-1,163	-1,261	-852	-640	239	460	268	52.6

Balance sheet

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	667	852	1,673	470	1,029	625	484	623
Short-term investments	882	658	515	212	119	133	129	45
Receivables	420	521	513	431	348	306	300	361
Other current assets	392	534	539	513	377	394	300	344
Total current assets	2,888	2,912	3,416	1,808	1,999	1,780	1,305	1,471
Property, plant and equipment	235	252	214	211	160	122	120	129
Lease right-of-use assets		104	154	142	97.7	96.3	83.5	70
Goodwill	566	559	596	610	539	523	523	546
Intangible assets	244	117	96.1	85.6	63.3	43.6	39.7	31
Long-term investments	374	428	491	476	356	318	289	254
Total assets	6,510	6,434	7,385	6,665	6,676	6,281	6,269	6,675
Accounts payable	1,478
Accrued liabilities	392	375	347	358	267	269	260	279
Deferred revenue		443	528	547	614	616	603	595
Short-term debt	443	376	455	646	485	503	23	106
Total current liabilities	2,882	2,898	3,809	3,527	4,078	3,147	2,942	3,156
Lease liabilities		57.8	118	98.2	73.7	73.8	63.3	48.7
Other non-current liabilities	8.37	33.4	32.2	40.9	202
Total liabilities	3,869	5,039	5,937	5,775	5,757	4,565	4,437	4,772
Total debt							23	106
Paid-in capital	5,769	5,932	7,308	7,790	7,378	7,743	7,620	8,012
Retained earnings	-3,419	-4,860	-6,280	-7,401	-6,742	-6,278	-6,002	-6,294
Other comprehensive income	273	303	390	425	270	238	212	187
Minority interests	17.3	6.09	12.1	13.8	13.5	13.9	1.14	-1.09
Total equity	2,641	1,381	1,431	828	920	1,716	1,832	1,903
Total liabilities and equity	6,510	6,434	7,385	6,665	6,676	6,281	6,269	6,675

Cash flow statement

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-1,318	-1,476	-1,074	-959	-17.1	275	108	-29.2
Depreciation and amortization	45.4	68.4	73.6	62.8	48.9	38.8	20.3	19.8
Stock-based compensation	80.9	156	210	191	118	89.7	74.6	57.7
Deferred income tax	-6.56	-11.1	-6.43	2.91	4.36	-0.14	-3.34	0.4
Change in receivables	-79.1	-116	1.36	101	45.3	27.2	0.96	-50.1
Cash from operations	419	561	-829	-934	-10.2	472	289	15.1
Capital expenditures	-89	-106	-36.9	-41	-25.3	-5.21	-10.9	-13.7
Acquisitions	-148	-0.83	-0.89	0	0
Purchases of investments	-128	-2,077	-1,811	-2,127	-541	-266	-60	-61.5
Sales and maturities of investments	3,086	2,132	1,752	2,113	618	249	60.7	154
Cash from investing	-3,047	-1,688	24.4	198	38.6	-245	-335	-46.8
Debt repaid	-14.4
Stock issued	9.68	21.1	683	78.5	0	478	0	0
Cash from financing	3,414	1,132	1,437	-464	648	-604	-188	152
Net change in cash	877	21.4	618	-1,234	694	-364	-232	113
Free cash flow	330	455	-866	-975	-35.5	467	278	1.43
Interest paid	6.75	62.7	77.1	105	76	110	92.9	89.8
Income taxes paid	2.92	24.6	15	17	8.14	4.89	10.8	14.9

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $1.02 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	21.1%	Gross profit / revenue.
Operating margin	0.8%	Operating income / revenue.
EBITDA margin	1.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-0.2%	Pre-tax income / revenue.
Net margin	-0.8%	Net income / revenue.
FCF margin	0.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	0.4%	Cash from operations / revenue.
Return on assets (ROA)	-0.5%	Net income / average total assets.
R&D / revenue	6.1%	Research and development expense / revenue.
SG&A / revenue	14.1%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.4%	Capital expenditures / revenue.
D&A / revenue	0.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-2.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-2.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-3.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-17.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-5.3%	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	24.1%	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	-86.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-44.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-80.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-39.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-128.2%	Net income vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-94.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-99.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	6.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-0.0%	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	-2.0%	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	0.47x	Current assets / current liabilities.
Quick ratio	0.33x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.21x	(Cash + short-term investments) / current liabilities.
Debt / assets	1.6%	Total debt / total assets.
Liabilities / assets	71.5%	Total liabilities / total assets.
Net debt	-$562.1M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-10.7x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.25x	Operating income / interest expense.
Working capital	-$1.68B	Current assets - current liabilities.
Goodwill and intangibles / assets	8.6%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.60x	Revenue / average total assets.
Fixed asset turnover	31.3x	Revenue / average property, plant and equipment.
Receivables turnover	11.8x	Revenue / average receivables.
Days sales outstanding	31 days	365 x average receivables / revenue.
Capex / operating cash flow	90.5%	Capital expenditures / cash from operations, when that is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$984.3M	Share price x shares outstanding.
Enterprise value	$422.2M	Market cap + total debt - cash - short-term investments.
P/S	0.25x	Market cap / revenue.
P/FCF	688x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	65.1x	Market cap / cash from operations, when positive.
EV/Sales	0.11x	Enterprise value / revenue.
EV/EBIT	12.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	8.03x	Enterprise value / EBITDA, when both are positive.
EV/FCF	295x	Enterprise value / free cash flow, when both are positive.
FCF yield	0.1%	Free cash flow / market cap.
Earnings yield	-3.0%	Net income / market cap (the inverse of P/E).

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

iQIYI, Inc. reported revenue of $3.90B for fiscal 2025, 2.5% lower than the year before.

Was iQIYI, Inc. profitable in fiscal 2025?

No. It reported a net loss of $29.5M.

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

Cash from operations of $15.1M minus capital expenditures of $13.7M left free cash flow of $1.4M.

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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