Total debt has increased to $97.1 billion as of 2025Q4, pushing the debt-to-equity ratio to 0.34 amidst a broader shift toward higher financial leverage.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 |
|---|
| Total Current Assets | 151.97B | 168.85B | 230.25B | 212.85B | 213.31B | 183.34B | 165.56B | 155.09B | 151.17B | 99.76B | 78.23B | 64.04B | 43.03B | 34.67B | 15.85B | 8.78B | 4.84B | 2.85B | 1.73B | 1.28B | 935.35M | 212.26M | 65.65M |
| Cash & Short-Term Investments | 115.27B | 127.44B | 193.9B | 174B | 180.09B | 162.18B | 146.37B | 139.26B | 118.81B | 89.84B | 67.93B | 56.55B | 38.43B | 32.48B | 14.18B | 8.16B | 4.58B | 2.66B | 1.6B | 1.23B | 904.17M | 200.2M | 62.82M |
| Cash Only | 24.61B | 24.83B | 25.23B | 53.16B | 36.85B | 35.78B | 33.44B | 27.64B | 11.08B | 10.9B | 9.96B | 13.85B | 9.69B | 11.88B | 4.13B | 7.78B | 4.2B | 2.36B | 1.36B | 1.14B | 904.17M | 200.2M | 62.82M |
| Short-Term Investments | 90.66B | 102.61B | 168.67B | 120.84B | 143.24B | 126.4B | 112.92B | 111.63B | 107.73B | 78.94B | 57.97B | 42.7B | 28.73B | 20.6B | 10.05B | 376.49M | 381.15M | 301.24M | 242.04M | 85.34M | 0 | 0 | 0 |
| Accounts Receivable | 13.73B | 14.28B | 16.62B | 21.14B | 14.83B | 11.59B | 11.13B | 8.78B | 5.05B | 4.87B | 4.32B | 4.36B | 2.72B | 1.38B | 949.78M | 395.56M | 221.81M | 152.39M | 102.69M | 33.7M | 24.55M | 9.97M | 2.09M |
| Days Sales Outstanding | 38.83 | 39.15 | 45.07 | 62.38 | 43.48 | 39.51 | 37.81 | 31.34 | 21.74 | 25.17 | 23.74 | 32.46 | 31.11 | 22.63 | 23.91 | 18.24 | 18.2 | 12.51 | 21.49 | 3.85 | 28.07 | 30.97 | 2.39 |
| Inventory | 0 | 5.99B | 1.4B | 1.23B | 1.48B | 618M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | 33.07 | 7.84 | 7 | 8.38 | 4.09 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 22.97B | 14.96B | 14.62B | 12.95B | 12.94B | 5.07B | 3.26B | 4.02B | 25.94B | 3.5B | 3.31B | 873.55M | 855.67M | 555.34M | 663.03M | 195.14M | 32M | 16.4M | 6.32M | 2.17M | 1.73M | 1.42M | 637.42K |
| Total Non-Current Assets | 297.19B | 258.93B | 176.5B | 178.12B | 166.72B | 149.37B | 135.75B | 142.47B | 100.56B | 82.24B | 69.62B | 33.82B | 27.96B | 10.99B | 7.49B | 2.27B | 1.31B | 1.09B | 930.41M | 389.34M | 201.07M | 49.94M | 11.05M |
| Property, Plant & Equipment | 34.89B | 41B | 38.81B | 34.34B | 35.09B | 27.31B | 25.64B | 17.9B | 12.47B | 11.29B | 10.63B | 8.71B | 5.37B | 3.96B | 2.74B | 1.62B | 997.56M | 884.23M | 678.89M | 191.73M | 96.42M | 35.94M | 11.05M |
| Fixed Asset Turnover | 3.70x | 3.25x | 3.47x | 3.60x | 3.55x | 3.92x | 4.19x | 5.71x | 6.80x | 6.25x | 6.25x | 5.63x | 5.95x | 5.64x | 5.28x | 4.88x | 4.46x | 5.03x | 2.57x | 16.68x | 3.31x | 3.27x | 28.88x |
| Goodwill | 36.78B | 22.59B | 22.59B | 22.48B | 22.61B | 22.25B | 18.25B | 18.54B | 15.81B | 15.34B | 15.4B | 17.42B | 16.86B | 3.88B | 2.42B | 63.69M | 63.69M | 51.08M | 51.09M | 47.32M | 9.29M | 0 | 0 |
| Intangible Assets | 24.43B | 22.4B | 21.23B | 21.1B | 19.9B | 15.01B | 12.24B | 9.18B | 5.47B | 3.87B | 3.33B | 3.57B | 3.63B | 1.59B | 978.75M | 115.8M | 122.59M | 125.78M | 136.93M | 136.79M | 13.3M | 12.95M | 0 |
| Long-Term Investments | 168.78B | 140.26B | 72.62B | 78.93B | 67.33B | 76.23B | 69.41B | 80.45B | 56.28B | 45.69B | 37.96B | 2.88B | 634.78M | 803.5M | 734.36M | 287.97M | 14.31M | 12.28M | 15.44M | 96.36M | 2.02M | 0 | 0 |
| Other Non-Current Assets | 27.72B | 30.5B | 19.16B | 19.16B | 19.42B | 6.89B | 8.02B | 14.07B | 9B | 4.94B | 1.3B | 893.95M | 1.36B | 784.89M | 613.61M | 145.28M | 82.15M | 80.12M | 32.35M | 7.7M | 77.2M | 1.06M | 0 |
| Total Assets | 449.16B | 427.78B | 406.76B | 390.97B | 380.03B | 332.71B | 301.32B | 297.57B | 251.73B | 182B | 147.85B | 99.66B | 70.99B | 45.67B | 23.34B | 11.05B | 6.16B | 3.94B | 2.66B | 1.67B | 1.14B | 262.2M | 76.71M |
| Asset Turnover | 0.29x | 0.31x | 0.33x | 0.32x | 0.33x | 0.32x | 0.36x | 0.34x | 0.34x | 0.39x | 0.45x | 0.49x | 0.45x | 0.49x | 0.62x | 0.72x | 0.72x | 1.13x | 0.66x | 1.92x | 0.28x | 0.45x | 4.16x |
| Asset Growth % | 5% | 5.17% | 4.04% | 2.88% | 14.22% | 10.42% | 1.26% | 18.21% | 38.31% | 23.09% | 48.36% | 40.4% | 55.44% | 95.66% | 111.26% | 79.45% | 56.35% | 48.27% | 59.22% | 46.78% | 333.41% | 241.83% | - |
| Total Current Liabilities | 86.33B | 80.95B | 76.45B | 79.63B | 74.49B | 68.39B | 57.38B | 56.85B | 82.06B | 46.1B | 26.1B | 20.27B | 11.03B | 8.24B | 4.41B | 2.55B | 1.4B | 849.33M | 631.2M | 301M | 131.25M | 54.19M | 19.64M |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 452.44M | 295.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 42.38 | 50.17 | - | - | - | - | - | - | - |
| Short-Term Debt | 28.41B | 19.11B | 19.09B | 20.55B | 14.68B | 15.2B | 8.57B | 10B | 7.75B | 9.79B | 1.07B | 2.26B | 343.63M | 2.17B | 171.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 13.58B | 16.55B | 16.33B | 14.35B | 14.74B | 13.57B | 12.73B | 10.76B | 9.23B | 9.46B | 8.88B | 6.9B | 3.8B | 2.43B | 1.77B | 1.14B | 649.86M | 426.3M | 271.89M | 147.86M | 78.11M | 32.29M | 7.46M |
| Other Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 95.41M | 61.85M | 29.82M | 0 | 10.53M | 0 | 10.87M |
| Current Ratio | 1.76x | 2.09x | 3.01x | 2.67x | 2.86x | 2.68x | 2.89x | 2.73x | 1.84x | 2.16x | 3.00x | 3.16x | 3.90x | 4.21x | 3.60x | 3.44x | 3.46x | 3.36x | 2.73x | 4.25x | 7.13x | 3.92x | 3.34x |
| Quick Ratio | 1.76x | 2.01x | 2.99x | 2.66x | 2.84x | 2.67x | 2.89x | 2.73x | 1.84x | 2.16x | 3.00x | 3.16x | 3.90x | 4.21x | 3.60x | 3.44x | 3.46x | 3.36x | 2.73x | 4.25x | 7.13x | 3.92x | 3.34x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 73.1B | 63.22B | 67.7B | 73.54B | 81.59B | 72.48B | 71.12B | 64.96B | 39.3B | 38.15B | 37.53B | 24.89B | 19.29B | 10.22B | 2.61B | 91M | 4.15M | 0 | 3.33M | 9.82M | 124K | 211.35M | 91.63M |
| Long-Term Debt | 61.1B | 51.94B | 57.36B | 63.18B | 68.4B | 60.34B | 58.19B | 54.9B | 35.81B | 34.47B | 33.94B | 23.42B | 17.23B | 9.69B | 2.28B | 86M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 4.11B | 4.97B | 5.04B | 4.81B | 5.57B | 4.69B | 4.49B | 0 | 0 | 0 | 8.44M | 50.08M | 41M | 44.48M | 30.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 4.99B | 3.87B | 2.73B | 2.9B | 3.29B | 3.07B | 3.27B | 4.1B | 3.38B | 3.59B | 3.44B | 1.14B | 1.2B | 289.48M | 131.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 1.99B | 1.61B | 1.9B | 2.16B | 3.99B | 3.6B | 4.14B | 4.6B | 39M | 64.65M | 125.86M | 144.55M | 440.6M | 0 | 148.87M | 0 | 4.15M | 0 | 3M | 7M | 0 | 211.35M | 91.63M |
| Total Liabilities | 159.43B | 144.17B | 144.15B | 153.17B | 156.08B | 140.87B | 128.5B | 121.81B | 121.36B | 84.25B | 63.64B | 45.16B | 30.32B | 18.45B | 7.02B | 2.64B | 1.4B | 849.33M | 634.54M | 310.82M | 131.37M | 265.54M | 111.27M |
| Total Debt | 97.08B | 79.32B | 84.59B | 91.35B | 91.51B | 82.59B | 73.53B | 64.9B | 43.57B | 44.27B | 35.07B | 25.87B | 17.66B | 11.94B | 2.52B | 86M | 4.15M | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | 72.47B | 54.49B | 59.36B | 38.2B | 54.66B | 46.81B | 40.09B | 37.27B | 32.48B | 33.37B | 25.11B | 12.02B | 7.97B | 60.6M | -1.61B | -7.7B | -4.2B | -2.36B | -1.36B | -1.14B | -904.17M | -200.2M | -62.82M |
| Debt / Equity | 0.34x | 0.28x | 0.32x | 0.38x | 0.41x | 0.43x | 0.43x | 0.37x | 0.33x | 0.45x | 0.42x | 0.47x | 0.43x | 0.44x | 0.15x | 0.01x | 0.00x | - | - | - | - | - | - |
| Debt / EBITDA | 11.57x | 2.21x | 2.30x | 2.98x | 3.39x | 2.54x | 2.89x | 2.03x | 1.59x | 2.41x | 2.00x | 1.54x | 1.28x | 0.95x | 0.30x | 0.02x | 0.00x | - | - | - | - | - | - |
| Net Debt / EBITDA | 8.64x | 1.52x | 1.61x | 1.25x | 2.03x | 1.44x | 1.57x | 1.17x | 1.18x | 1.82x | 1.43x | 0.72x | 0.58x | 0.00x | -0.19x | -1.75x | -2.23x | -1.41x | -1.87x | -0.98x | -22.20x | -9.56x | -1.54x |
| Interest Coverage | 26.04x | 11.14x | 8.76x | 4.47x | 4.15x | 8.44x | 0.89x | 15.51x | 14.18x | 13.53x | 37.40x | 24.04x | 28.33x | 111.94x | - | - | - | - | - | - | - | - | - |
| Total Equity | 289.73B | 283.61B | 262.61B | 237.81B | 223.95B | 191.84B | 172.81B | 175.75B | 130.37B | 97.74B | 84.22B | 54.51B | 40.67B | 27.22B | 16.33B | 8.41B | 4.75B | 3.09B | 2.02B | 1.36B | 1.01B | -3.34M | -34.56M |
| Equity Growth % | 2.16% | 8% | 10.43% | 6.19% | 16.74% | 11.01% | -1.67% | 34.81% | 33.38% | 16.06% | 54.51% | 34.03% | 49.42% | 66.7% | 94.22% | 76.84% | 53.89% | 52.8% | 48.93% | 35.04% | 30226.64% | 90.35% | - |
| Book Value per Share | 844.68 | 810.90 | 740.52 | 677.27 | 636.68 | 556.87 | 495.39 | 503.08 | 373.00 | 281.22 | 242.83 | 154.55 | 115.75 | 77.79 | 46.69 | 24.06 | 13.67 | 8.95 | 5.88 | 3.98 | 3.53 | -0.03 | -0.31 |
| Total Shareholders' Equity | 266.33B | 263.62B | 243.63B | 223.48B | 211.46B | 182.7B | 163.6B | 162.9B | 115.35B | 92.27B | 80.26B | 51.53B | 38.42B | 26.06B | 15.29B | 8.41B | 4.75B | 3.09B | 2.02B | 1.36B | 1.01B | -3.34M | -34.56M |
| Common Stock | 266.33B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15K | 15K | 15K | 15K | 15K | 15K | 15K | 15K | 15K | 14K | 14K | 14K | 0 | 0 |
| Retained Earnings | 0 | 180.07B | 161.24B | 148.34B | 145.16B | 135.28B | 126.27B | 129.25B | 102.33B | 85.73B | 74.66B | 47.66B | 34.53B | 24.04B | 13.6B | 6.97B | 3.44B | 1.98B | 931.74M | 302.77M | 1M | -47.13M | -58.61M |
| Treasury Stock | 0 | -6.24B | -3.82B | -5.26B | -7.58B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | -1.8B | -895M | 546M | -8M | 199M | -1.38B | 210M | 930M | -1.78B | -806.06M | 231.92M | 843.1M | -78.28M | -82.6M | -117.38M | -113.51M | -109.55M | -81.95M | -33.7M | -5.45M | 521.52K | -10.25M |
| Minority Interest | 23.4B | 19.99B | 18.98B | 14.33B | 12.49B | 9.15B | 9.22B | 12.86B | 15.03B | 5.47B | 3.96B | 2.98B | 2.24B | 1.16B | 1.03B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Capital Intensive AI Pivot
According to recent financial statements, Baidu's total assets have expanded from $406.8 billion in 2023Q4 to $449.2 billion by 2025Q4, a trend that appears decoupled from the company's underlying revenue contraction and suggests a significant accumulation of non-liquid or potentially impaired long-term asset holdings.
The growth in total assets despite a shrinking top line indicates that the company is aggressively reinvesting into its infrastructure, likely to support its AI and autonomous driving initiatives. Investors should monitor whether this asset expansion will eventually yield productive returns or if it represents a buildup of underutilized capital that may require future write-downs.
As reported in quarterly filings, Baidu's total debt has increased from $84.6 billion in 2023Q4 to $97.1 billion by 2025Q4, pushing the debt-to-equity ratio to 0.34 and signaling a shift toward higher financial leverage to fund ongoing operational and capital-intensive AI development requirements.
While the current debt-to-equity ratio remains manageable, the upward trend in absolute debt levels during a period of revenue decline warrants caution regarding the company's long-term solvency. This reliance on debt suggests that internal cash generation is currently insufficient to cover the massive capital expenditures required for the company's technological pivot.
Based on reported figures, Baidu's current ratio has declined from 3.01 in 2023Q4 to 1.76 by 2025Q4, reflecting a significant reduction in short-term liquidity as cash reserves are deployed to fund aggressive R&D and infrastructure projects amidst a challenging macroeconomic environment in the Chinese market.
The rapid depletion of cash, which fell from $49.2 billion in 2025Q1 to $24.6 billion by 2025Q4, indicates that the company is burning through its liquidity buffer at an unsustainable pace. This trend suggests that Baidu may face increased pressure to access external financing if the current cash burn rate persists without a corresponding recovery in core profitability.
Analysis of recent balance sheets reveals that goodwill has surged from $22.6 billion in 2024Q4 to $36.8 billion by 2025Q4, a significant increase that may mask underlying operational weaknesses and introduces substantial risk of future impairment charges if the acquired businesses fail to meet performance expectations.
The sharp rise in goodwill suggests that recent acquisitions or internal revaluations are inflating the asset base, potentially obscuring the true economic value of the company's holdings. Investors should be wary of this trend, as it may indicate that management is relying on accounting adjustments to maintain the appearance of a robust balance sheet while core operations face significant headwinds.
Quick answers to the most common questions about buying BIDU stock.
As of 2025, Baidu, Inc. (BIDU) had total assets of $449.16B including $151.97B in current assets.
Baidu, Inc. (BIDU) carries total debt of $97.08B, offset by $115.27B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Baidu, Inc. (BIDU) has total shareholders' equity (book value) of $266.33B ($844.68 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Baidu, Inc. (BIDU) reported a current ratio of 1.76x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.