Baidu Announces First Quarter 2025 Results
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 iQIYI Elim & Baidu, Baidu iQIYI Elim & Baidu, Baidu iQIYI Elim & Baidu, Baidu iQIYI Elim & Baidu,
Core Core Core
adj(2) Inc. adj(2) Inc. adj(2) Inc. Core adj(2) 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 iQIYI Baidu, Baidu iQIYI Baidu, Baidu iQIYI Baidu, Baidu iQIYI Baidu,
excl. Inc. excl. Inc. excl. Inc. excl. Inc.
iQIYI iQIYI iQIYI iQIYI
Net cash provided by (used in) operating 5,284 936 6,220 1,836 520 2,356 (6,340) 339 (6,001) (874) 47 (827)
activities
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 154 15 169 582 61 643 (5) (1) (6) (1) (1)
equivalents and restricted cash
Net increase (decrease) in cash, cash 4,671 989 5,660 (4,107) (201) (4,308) 12,119 1,168 13,287 1,669 162 1,831
equivalents and restricted cash
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 5,284 936 6,220 1,836 520 2,356 (6,340) 339 (6,001) (874) 47 (827)
activities
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 iQIYI Baidu, Baidu iQIYI Baidu, Baidu iQIYI Baidu, Baidu iQIYI Baidu,
Core Inc. Core Inc. Core Inc. Core 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 725 (23) 714 (288) (5) (290) (1,889) (2) (1,890) (260) (260)
exchangeable bonds
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.
