Baidu, Inc. (BIDU) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 | Q1'21 |
|---|
| Cash from Operations | 2.61B | 1.26B | -877M | -6B | 2.36B | 4.28B | 8.38B | 6.22B | 10.62B | 9.53B | 10.63B | 5.84B | 7.85B | 8.74B | 7.71B | 1.87B | 4.71B | 3.35B | 7.94B | 4.12B |
| Operating CF Margin % | 56.5% | 28.84% | -19.39% | -134.56% | 6.9% | 12.75% | 24.69% | 19.74% | 30.38% | 27.65% | 31.22% | 18.75% | 23.74% | 26.86% | 25.99% | 6.59% | 14.25% | 10.51% | 25.31% | 14.63% |
| Operating CF Growth % | 10.74% | -70.65% | -110.47% | -196.48% | -77.81% | -55.08% | -21.19% | 6.51% | 35.21% | 8.99% | 37.97% | 211.97% | 66.59% | 160.48% | -2.9% | -54.53% | -21.79% | -56.92% | -3.09% | 87.39% |
| Net Income | 1.78B | -11.23B | 7.32B | 7.72B | 5.19B | 1.06B | 5.49B | 5.45B | 2.6B | 6.68B | 5.21B | 5.83B | 4.95B | -361M | 3.64B | -885M | 1.72B | -16.56B | -583M | 25.65B |
| Depreciation & Amortization | 0 | 2.28B | 2.13B | 1.95B | 20.43B | 0 | 0 | 0 | 14.68B | 0 | 0 | 0 | 14.46B | 0 | 0 | 0 | 7.22B | 0 | 8.91B | 0 |
| Stock-Based Compensation | 0 | 1.04B | 1.08B | 751M | 1.08B | 0 | 1.51B | 1.14B | 1.64B | 1.27B | 2.04B | 1.39B | 1.84B | 1.6B | 2.02B | 1.32B | 2.09B | 1.35B | 2.12B | 1.5B |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -13.94B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 827M | 9.16B | -11.41B | -16.42B | 5.98B | 4.28B | 2.89B | -371M | 5.83B | 1.57B | 3.38B | -1.37B | 2.9B | 7.5B | 2.05B | 2.76B | 3B | 19.91B | 8.52B | -21.54B |
| Working Capital Changes | 0 | 0 | 0 | 0 | -30.32B | 0 | 0 | 0 | -14.13B | 0 | 0 | 0 | -2.37B | 0 | 0 | 0 | -14.37B | 0 | -12.06B | 0 |
| Change in Receivables | 0 | 0 | 0 | 0 | 327M | 0 | 0 | 0 | 216M | 0 | 0 | 0 | -2.37B | 0 | 0 | 0 | -1.33B | 0 | -814M | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -18.39B | 3B | -8.54B | -1.21B | -5.64B | -13.96B | 14.16B | -3.12B | -13.24B | -11.4B | 6.89B | -32.65B | -5.32B | 8.01B | -3.68B | -2.95B | 2.05B | -13.97B | -12.16B | -7.36B |
| Capital Expenditures | -1.31B | -3.4B | -3.8B | -2.9B | -2.33B | -1.65B | -2.12B | -2.04B | -3.66B | -3.53B | -2.71B | -1.29B | -1.93B | -2.19B | -2.19B | -1.98B | -4.24B | -2.66B | 122M | -1.5B |
| CapEx % of Revenue | 28.27% | 78.09% | 84.02% | 65.03% | 6.84% | 4.9% | 6.24% | 6.47% | 10.47% | 10.24% | 7.95% | 4.16% | 5.83% | 6.72% | 7.39% | 6.97% | 12.81% | 8.35% | 0.39% | 5.33% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -115M | 0 | 0 | 0 | -14M | 0 | 0 | 0 | -28M | 0 | -12.25B | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -17.08B | 6.4B | -4.74B | 1.7B | -3.3B | -12.32B | 16.28B | -1.08B | -9.46B | -7.87B | 9.59B | -31.35B | -3.38B | 10.2B | -1.49B | -2.95B | 2.05B | -13.97B | -12.16B | -7.36B |
| Cash from Financing | 1.11B | 4.68B | -9.15B | 20.5B | -1.67B | -5.4B | -9.08B | 2.39B | -7.61B | -4.98B | 732M | -2.3B | -2.26B | -6.07B | 543M | 1.4B | -9.9B | 8.61B | 6.06B | 18.63B |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | -5.29B | 0 | 0 | 0 | -6.32B | 0 | 0 | 0 | -4.76B | 0 | 0 | 0 | -1.93B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -5.38B | 0 | 0 | 0 | -6.32B | 0 | 0 | 0 | -4.76B | 0 | 0 | 0 | -1.93B | 0 | 0 | 0 | -5.43B | 0 | -2.15B | 0 |
| Other Financing | 6.4B | 4.68B | -9.15B | 20.5B | 4.65B | -5.4B | -9.08B | 2.39B | -2.84B | -4.98B | 732M | -2.3B | -337M | -6.07B | 543M | 1.4B | -9.9B | 8.61B | 6.06B | 18.63B |
| Net Change in Cash | -14.97B | 8.73B | -18.81B | 13.29B | -4.31B | -15.89B | 13.55B | 5.66B | -10.62B | -6.7B | 18.88B | -29.22B | -1.16B | 12.72B | 5.87B | 136M | -3.8B | -2.07B | 1.4B | 15.61B |
| Free Cash Flow | 87.59M | -2.15B | -4.68B | -8.9B | 23M | 2.63B | 6.26B | 4.18B | 6.96B | 6B | 7.93B | 4.54B | 5.92B | 6.55B | 5.52B | -107M | 477M | 691M | 8.06B | 2.62B |
| FCF Margin % | 1.9% | -49.25% | -103.42% | -199.59% | 0.07% | 7.85% | 18.45% | 13.27% | 19.91% | 17.41% | 23.27% | 14.59% | 17.91% | 20.13% | 18.61% | -0.38% | 1.44% | 2.16% | 25.7% | 9.31% |
| FCF Growth % | 280.83% | -181.44% | -174.7% | -312.84% | -99.67% | -56.07% | -21.01% | -7.99% | 17.45% | -8.47% | 43.69% | 4347.66% | 1141.93% | 848.05% | -31.55% | -104.09% | -92.09% | -91.13% | 9.86% | 58.47% |
| FCF per Share | 0.25 | -6.33 | -13.71 | -25.78 | 0.07 | 7.50 | 17.82 | 11.88 | 19.67 | 16.85 | 22.37 | 12.82 | 16.92 | 18.78 | 15.70 | -0.31 | 1.36 | 1.99 | 23.17 | 7.54 |
| FCF Conversion (FCF/Net Income) | 21.61x | -0.80x | -0.87x | -5.66x | 0.45x | 0.56x | 1.53x | 1.14x | 4.09x | 1.43x | 2.04x | 1.00x | 1.59x | -59.86x | 2.12x | -2.12x | 2.75x | -0.20x | -13.61x | 0.16x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |