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AppLovin vs Baidu: revenue, profit, margins and growth compared

AppLovin brought in $5.5B of revenue in fiscal 2025, Baidu $18.5B in fiscal 2025. Revenue changed by +70.0% at AppLovin and +1.2% at Baidu on the year before, so AppLovin grew faster. AppLovin kept 60.8% of its revenue as net profit, Baidu 4.3%.

Side by side, latest fiscal year

APPBIDU
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$5.5B$18.5B
Revenue growth+70.0%+1.2%
Net income$3.3B$799M
Net margin60.8%4.3%
Free cash flown/a-$2.2B
Free cash flow marginn/a-11.7%
Earnings per share (diluted)$9.75n/a
Cash$2.5B$3.5B
Debt$3.5B$5.9B
Price to earnings31.6n/a
Market value$103.2B$29.7B
Dividend yieldn/an/a
Rank by revenue in sector#89 of 731 · Technology#40 of 731 · Technology

Over the years

Revenue
APP FY2019: $994.1MAPP FY2021: $1.5BAPP FY2021: $2.8BAPP FY2022: $2.8BAPP FY2023: $1.8BAPP FY2024: $3.2BAPP FY2025: $5.5BBIDU FY2018: $14.9BBIDU FY2019: $15.4BBIDU FY2020: $16.4BBIDU FY2021: $19.5BBIDU FY2022: $17.9BBIDU FY2023: $19BBIDU FY2024: $18.2BBIDU FY2025: $18.5BFY18FY19FY20FY21FY22FY23FY24FY25
APP $5.5BBIDU $18.5B
Net income
APP FY2019: $119MAPP FY2021: -$125.2MAPP FY2021: $35.4MAPP FY2022: -$192.7MAPP FY2023: $356.7MAPP FY2024: $1.6BAPP FY2025: $3.3BBIDU FY2018: $4BBIDU FY2019: $296MBIDU FY2020: $3.4BBIDU FY2021: $1.6BBIDU FY2022: $1.1BBIDU FY2023: $2.9BBIDU FY2024: $3.3BBIDU FY2025: $799MFY18FY19FY20FY21FY22FY23FY24FY25
APP $3.3BBIDU $799M
Net margin
APP FY2019: 12.0%APP FY2021: -8.6%APP FY2021: 1.3%APP FY2022: -6.8%APP FY2023: 19.4%APP FY2024: 49.0%APP FY2025: 60.8%BIDU FY2018: 27.0%BIDU FY2019: 1.9%BIDU FY2020: 21.0%BIDU FY2021: 8.2%BIDU FY2022: 6.1%BIDU FY2023: 15.1%BIDU FY2024: 17.8%BIDU FY2025: 4.3%FY18FY19FY20FY21FY22FY23FY24FY25
APP 60.8%BIDU 4.3%
Revenue growth
APP FY2021: +46.0%APP FY2021: +92.5%APP FY2022: +0.9%APP FY2023: -34.6%APP FY2024: +75.1%APP FY2025: +70.0%BIDU FY2019: +3.7%BIDU FY2020: +6.4%BIDU FY2021: +19.0%BIDU FY2022: -8.2%BIDU FY2023: +5.7%BIDU FY2024: -3.8%BIDU FY2025: +1.2%FY19FY20FY21FY22FY23FY24FY25
APP +70.0%BIDU +1.2%
Free cash flow
APP FY2019: $195.1MAPP FY2021: $219.6MAPP FY2021: $360.5MAPP FY2022: $412.1MAPP FY2023: $1.1BAPP FY2024: $2.1BBIDU FY2018: $4BBIDU FY2019: $3.2BBIDU FY2020: $2.9BBIDU FY2021: $1.4BBIDU FY2022: $2.6BBIDU FY2023: $3.6BBIDU FY2024: $1.8BBIDU FY2025: -$2.2BFY18FY19FY20FY21FY22FY23FY24FY25
APP $2.1BBIDU -$2.2B

Fiscal years as each company reports them; the two may end in different months.

Questions about AppLovin and Baidu

Which is bigger by revenue, AppLovin or Baidu?

Baidu is bigger by revenue: $18.5B in fiscal 2025, against $5.5B for AppLovin in fiscal 2025.

Which keeps more of its revenue as profit, AppLovin or Baidu?

AppLovin had a net margin of 60.8% in fiscal 2025; Baidu had 4.3% in fiscal 2025.

Which grew revenue faster, AppLovin or Baidu?

In their latest fiscal years revenue changed by +70.0% at AppLovin and +1.2% at Baidu.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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