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Baidu vs Flutter Entertainment: revenue, profit, margins and growth compared

Baidu brought in $18.5B of revenue in fiscal 2025, Flutter Entertainment $16.4B in fiscal 2025. Revenue changed by +1.2% at Baidu and +16.6% at Flutter Entertainment on the year before, so Flutter Entertainment grew faster. Baidu kept 4.3% of its revenue as net profit, Flutter Entertainment -1.9%. Free cash flow was -$2.2B at Baidu and $1.1B at Flutter Entertainment.

Side by side, latest fiscal year

BIDUFLUT
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$18.5B$16.4B
Revenue growth+1.2%+16.6%
Net income$799M-$310M
Net margin4.3%-1.9%
Free cash flow-$2.2B$1.1B
Free cash flow margin-11.7%6.6%
Earnings per share (diluted)n/a-$1.75
Cash$3.5B$1.8B
Debt$5.9B$12.3B
Price to earningsn/an/a
Market value$29.7B$13.5B
Dividend yieldn/an/a
Rank by revenue in sector#40 of 731 · Technology#45 of 731 · Technology

Over the years

Revenue
BIDU FY2018: $14.9BBIDU FY2019: $15.4BBIDU FY2020: $16.4BBIDU FY2021: $19.5BBIDU FY2022: $17.9BBIDU FY2023: $19BBIDU FY2024: $18.2BBIDU FY2025: $18.5BFLUT FY2017: $1.2BFLUT FY2017: $1.3BFLUT FY2018: $2BFLUT FY2019: $2.5BFLUT FY2022: $9.5BFLUT FY2024: $11.8BFLUT FY2024: $14BFLUT FY2025: $16.4BFY17FY18FY19FY20FY21FY22FY23FY24FY25
BIDU $18.5BFLUT $16.4B
Net income
BIDU FY2018: $4BBIDU FY2019: $296MBIDU FY2020: $3.4BBIDU FY2021: $1.6BBIDU FY2022: $1.1BBIDU FY2023: $2.9BBIDU FY2024: $3.3BBIDU FY2025: $799MFLUT FY2017: $136.1MFLUT FY2017: $259.2MFLUT FY2018: -$102.5MFLUT FY2019: $62.8MFLUT FY2022: -$432MFLUT FY2024: -$1.2BFLUT FY2024: $43MFLUT FY2025: -$310MFY17FY18FY19FY20FY21FY22FY23FY24FY25
BIDU $799MFLUT -$310M
Net margin
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%FLUT FY2017: 11.8%FLUT FY2017: 19.8%FLUT FY2018: -5.0%FLUT FY2019: 2.5%FLUT FY2022: -4.6%FLUT FY2024: -10.4%FLUT FY2024: 0.3%FLUT FY2025: -1.9%FY17FY18FY19FY20FY21FY22FY23FY24FY25
BIDU 4.3%FLUT -1.9%
Revenue growth
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%FLUT FY2017: +13.6%FLUT FY2018: +54.6%FLUT FY2019: +24.6%FLUT FY2024: +24.6%FLUT FY2024: +19.2%FLUT FY2025: +16.6%FY17FY18FY19FY20FY21FY22FY23FY24FY25
BIDU +1.2%FLUT +16.6%
Free cash flow
BIDU FY2018: $4BBIDU FY2019: $3.2BBIDU FY2020: $2.9BBIDU FY2021: $1.4BBIDU FY2022: $2.6BBIDU FY2023: $3.6BBIDU FY2024: $1.8BBIDU FY2025: -$2.2BFLUT FY2017: $343.1MFLUT FY2017: $483.6MFLUT FY2018: $525.9MFLUT FY2019: $643.1MFLUT FY2022: $1BFLUT FY2024: $778MFLUT FY2024: $1.5BFLUT FY2025: $1.1BFY17FY18FY19FY20FY21FY22FY23FY24FY25
BIDU -$2.2BFLUT $1.1B

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

Questions about Baidu and Flutter Entertainment

Which is bigger by revenue, Baidu or Flutter Entertainment?

Baidu is bigger by revenue: $18.5B in fiscal 2025, against $16.4B for Flutter Entertainment in fiscal 2025.

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

Baidu had a net margin of 4.3% in fiscal 2025; Flutter Entertainment had -1.9% in fiscal 2025.

Which grew revenue faster, Baidu or Flutter Entertainment?

In their latest fiscal years revenue changed by +1.2% at Baidu and +16.6% at Flutter Entertainment.

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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