Baidu, Inc. (BIDU) Income Statement

23Y historyFree accessUpdated daily

Baidu's revenue has declined for five consecutive quarters, culminating in a -4.5% drop in 2026Q2, while gross margins have contracted by 1,300 basis points to 39.0%, suggesting persistent profitability pressures.

Annual statement

BIDU Income Statement

Baidu, Inc. (BIDU) annual income statement — 23-year revenue, gross profit & net income history

Annual Quarterly

Metric	TTM	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

Sales/Revenue	127.23B	129.08B	133.13B	134.6B	123.67B	124.49B	107.07B	107.41B	102.28B	84.81B	70.55B	66.38B	49.05B	31.94B	22.31B	14.5B	7.92B	4.45B	4.45B	1.74B	3.2B	319.21M	117.45M	319.21M
Revenue Growth %	-4.23%	-3.04%	-1.09%	8.83%	-0.66%	16.27%	-0.32%	5.02%	20.6%	20.21%	6.28%	35.33%	53.56%	43.21%	53.83%	83.2%	77.96%	0%	154.97%	-45.46%	901.91%	171.79%	-63.21%	-
Cost of Goods Sold	75.23B	72.44B	66.1B	65.03B	63.94B	64.31B	55.16B	62.85B	51.74B	43.06B	35.28B	27.46B	18.89B	11.47B	6.45B	3.9B	2.15B	1.62B	1.62B	645.41M	1.16B	104.4M	41.19M	103.43M
COGS % of Revenue	-	56.12%	49.65%	48.32%	51.7%	51.66%	51.51%	58.51%	50.59%	50.78%	50.01%	41.36%	38.5%	35.91%	28.91%	26.87%	27.15%	36.34%	36.34%	37%	36.13%	32.71%	35.07%	32.4%
Gross Profit	52B	56.64B	67.02B	69.57B	59.74B	60.18B	51.92B	44.56B	50.53B	41.75B	35.27B	38.92B	30.17B	20.47B	15.86B	10.6B	5.77B	2.83B	2.83B	1.1B	2.04B	214.81M	76.26M	215.79M
Gross Margin %	40.87%	43.88%	50.35%	51.69%	48.3%	48.34%	48.49%	41.49%	49.41%	49.22%	49.99%	58.64%	61.5%	64.09%	71.09%	73.13%	72.85%	63.66%	63.66%	63%	63.87%	67.29%	64.93%	67.6%
Gross Profit Growth %	-	-15.49%	-3.66%	16.45%	-0.73%	15.92%	16.5%	-11.81%	21.05%	18.36%	-9.39%	29.03%	47.36%	29.1%	49.54%	83.91%	103.63%	0%	157.64%	-46.2%	850.96%	181.69%	-64.66%	-
Operating Expenses	43.21B	46.28B	45.75B	47.71B	43.83B	49.66B	37.58B	38.26B	35B	26.06B	25.22B	27.25B	17.36B	9.28B	4.81B	3.03B	1.81B	1.23B	1.23B	551.87M	946.06M	178.97M	65.25M	179.94M
OpEx % of Revenue	-	35.85%	34.37%	35.45%	35.44%	39.89%	35.09%	35.62%	34.22%	30.72%	35.75%	41.05%	35.4%	29.05%	21.55%	20.88%	22.83%	27.58%	27.58%	31.64%	29.58%	56.07%	55.56%	56.37%
Selling, General & Admin	23.47B	25.84B	23.62B	23.52B	20.51B	24.72B	18.06B	19.91B	19.23B	13.13B	15.07B	17.08B	10.38B	5.17B	2.5B	1.69B	1.09B	803.99M	803.99M	411.16M	659.8M	134.77M	50.72M	141.24M
SG&A % of Revenue	-	20.02%	17.74%	17.47%	16.59%	19.86%	16.87%	18.54%	18.8%	15.48%	21.36%	25.72%	21.17%	16.2%	11.21%	11.67%	13.76%	18.08%	18.08%	23.57%	20.63%	42.22%	43.19%	44.25%
Research & Development	19.74B	20.43B	22.13B	24.19B	23.32B	24.94B	19.51B	18.35B	15.77B	12.93B	10.15B	10.18B	6.98B	4.11B	2.3B	1.33B	718.04M	422.62M	422.62M	140.7M	286.26M	44.2M	14.53M	34.41M
R&D % of Revenue	-	15.83%	16.63%	17.97%	18.85%	20.03%	18.22%	17.08%	15.42%	15.24%	14.39%	15.33%	14.23%	12.86%	10.33%	9.2%	9.07%	9.5%	9.5%	8.07%	8.95%	13.85%	12.37%	10.78%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	4.3M
Operating Income	8.79B	10.37B	21.27B	21.86B	15.91B	10.52B	14.34B	6.31B	15.53B	15.69B	10.05B	11.67B	12.8B	11.19B	11.05B	7.58B	3.96B	1.6B	1.6B	547.15M	1.1B	35.84M	11M	35.84M
Operating Margin %	6.91%	8.03%	15.98%	16.24%	12.87%	8.45%	13.39%	5.87%	15.18%	18.5%	14.24%	17.58%	26.1%	35.04%	49.54%	52.25%	50.02%	36.08%	36.08%	31.37%	34.29%	11.23%	9.37%	11.23%
Operating Income Growth %	-	-51.26%	-2.68%	37.36%	51.27%	-26.65%	127.37%	-59.39%	-1.03%	56.14%	-13.91%	-8.84%	14.4%	1.27%	45.86%	91.39%	146.66%	0%	193.32%	-50.11%	2959.83%	225.8%	-69.31%	-
EBITDA	21.42B	24.65B	35.9B	36.76B	30.64B	26.96B	32.52B	25.47B	31.9B	27.44B	18.38B	17.52B	16.75B	13.81B	12.55B	8.46B	4.4B	1.89B	1.68B	728.09M	1.17B	40.73M	20.94M	40.73M
EBITDA Margin %	16.84%	19.1%	26.97%	27.31%	24.77%	21.65%	30.37%	23.71%	31.19%	32.35%	26.05%	26.39%	34.14%	43.24%	56.25%	58.35%	55.59%	42.4%	37.67%	41.74%	36.49%	12.76%	17.83%	12.76%
EBITDA Growth %	-15.75%	-31.32%	-2.36%	20%	13.65%	-17.11%	27.69%	-20.16%	16.25%	49.32%	4.89%	4.61%	21.25%	10.08%	48.28%	92.3%	133.35%	12.55%	130.11%	-37.62%	2765.57%	94.48%	-48.58%	-
D&A (Non-Cash Add-back)	12.63B	14.29B	14.63B	14.91B	14.72B	16.44B	18.18B	19.16B	16.37B	11.75B	8.33B	5.85B	3.94B	2.62B	1.5B	884.91M	441.35M	280.71M	70.44M	180.94M	70.44M	4.89M	9.94M	4.88M
EBIT	-1.67B	9.5B	31.45B	28.45B	13.03B	14.2B	26.19B	2.62B	29.21B	22.9B	15.67B	38.95B	15.11B	12.66B	12.07B	7.89B	4.1B	1.6B	1.6B	547.15M	1.1B	35.84M	11M	35.84M
Net Interest Income	5.1B	5.82B	5.14B	4.76B	3.33B	2.13B	2.25B	3.1B	2.57B	1.54B	1.18B	1.32B	1.36B	861.46M	758.61M	335.65M	67.12M	32.66M	48.76M	49.01M	41.78M	13.58M	1.14M	13.58M
Interest Income	7.62B	8.6B	7.96B	8.01B	6.25B	5.55B	5.36B	6.06B	4.45B	3.15B	2.34B	2.36B	1.99B	1.31B	866.47M	335.65M	67.12M	32.66M	48.76M	49.01M	41.78M	13.58M	1.14M	13.58M
Interest Expense	2.52B	2.78B	2.82B	3.25B	2.91B	3.42B	3.1B	2.96B	1.88B	1.61B	1.16B	1.04B	628.57M	447.08M	107.86M	0	0	0	0	0	0	0	0	0
Other Income/Expense	-12.19B	-3.65B	7.35B	3.34B	-5.8B	260M	8.75B	-6.65B	11.79B	5.59B	4.46B	26.23B	1.68B	1.02B	914.12M	232.52M	102.39M	78.18M	78.18M	69.06M	67.44M	13.67M	1.48M	13.67M
Pretax Income	-3.4B	6.72B	28.62B	25.2B	10.11B	10.78B	23.09B	-340M	27.32B	21.28B	14.51B	37.91B	14.48B	12.22B	11.97B	7.81B	4.06B	1.68B	1.68B	616.22M	1.16B	49.52M	12.48M	49.52M
Pretax Margin %	-2.67%	5.2%	21.5%	18.72%	8.18%	8.66%	21.56%	-0.32%	26.72%	25.1%	20.57%	57.1%	29.53%	38.24%	53.64%	53.85%	51.31%	37.84%	37.84%	35.32%	36.4%	15.51%	10.63%	15.51%
Income Tax	726.18M	1.26B	4.45B	3.65B	2.58B	3.19B	4.06B	1.95B	4.74B	3B	2.91B	5.47B	2.23B	1.83B	1.57B	1.19B	536M	198.02M	198.02M	-12.75M	116.07M	1.91M	480.13K	1.91M
Effective Tax Rate %	-21.35%	18.75%	15.54%	14.48%	25.49%	29.57%	17.6%	-572.94%	17.36%	14.07%	20.08%	14.44%	15.4%	14.97%	13.16%	15.22%	13.2%	11.76%	11.76%	-2.07%	9.97%	3.86%	3.85%	3.86%
Net Income	-3.69B	5.59B	23.76B	20.32B	7.56B	10.23B	22.47B	2.06B	27.57B	18.3B	11.63B	33.66B	13.19B	10.52B	10.46B	6.64B	3.53B	1.49B	1.05B	628.97M	1.05B	47.6M	12M	47.6M
Net Margin %	-2.9%	4.33%	17.85%	15.09%	6.11%	8.21%	20.99%	1.92%	26.96%	21.58%	16.49%	50.71%	26.88%	32.93%	46.88%	45.78%	44.54%	33.39%	23.56%	36.06%	32.77%	14.91%	10.22%	14.91%
Net Income Growth %	-113.25%	-76.48%	16.96%	168.75%	-26.08%	-54.49%	992.46%	-92.54%	50.66%	57.33%	-65.45%	155.28%	25.36%	0.6%	57.5%	88.32%	137.37%	41.69%	66.64%	-39.99%	2101.68%	296.6%	-74.79%	-
Net Income (Continuing)	-4.13B	5.46B	24.18B	21.55B	7.53B	7.59B	19.03B	-2.29B	22.58B	18.29B	11.6B	32.43B	12.25B	10.39B	10.39B	6.62B	3.53B	1.49B	1.49B	628.97M	1.05B	47.6M	12.01M	47.6M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest	23.35B	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
EPS (Diluted)	-10.72	11.76	65.92	55.12	19.84	28.08	65.20	6.40	78.96	52.32	33.44	118.56	46.88	37.76	36.72	22.88	11.60	4.88	3.44	1.84	0.88	0.16	0.08	0.40
EPS Growth %	-120.44%	-82.16%	19.59%	177.82%	-29.34%	-56.93%	918.75%	-91.89%	50.92%	56.46%	-71.79%	152.9%	24.15%	2.83%	60.49%	97.24%	137.7%	41.86%	86.96%	109.09%	450%	100%	-80%	-
EPS (Basic)	-	13.28	66.48	55.84	20.00	28.64	65.84	6.48	79.04	52.72	33.52	118.88	47.12	37.92	36.80	22.88	11.60	4.88	3.44	1.92	0.88	0.16	0.08	0.40
Diluted Shares Outstanding	344.38M	343M	349.75M	354.63M	351.13M	351.75M	344.5M	348.85M	349.35M	349.52M	347.57M	346.81M	352.68M	351.31M	349.87M	349.69M	349.33M	347.67M	345.22M	343.73M	340.65M	284.76M	110.33M	111.95M
Basic Shares Outstanding	339.5M	475.26M	348.75M	350.88M	347.75M	344.75M	341.5M	348.35M	348.99M	347.25M	346.65M	345.94M	351.03M	350.24M	349.66M	349.13M	348.3M	346.57M	342.58M	337.62M	335.01M	284.76M	108.34M	111.95M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	196.16%	-	38.3%	2.56%	-	-	-	-	-	-	-	-	-	-	-

Key Metrics

Growth RegimeDecelerating

ProfitabilityStrained

Balance SheetHealthy

Cash FlowMixed

Top Statement Risk

AI Monetization Delay

Sustained Core Revenue Contraction

According to recent SEC filings, Baidu's revenue has declined for five consecutive quarters on a year-over-year basis, culminating in a -4.5% drop for 2026Q2, indicating the traditional search advertising business faces persistent structural and macroeconomic headwinds.

The sequential decline from $34.1B in 2024Q4 to $31.2B in 2026Q2 underscores a clear deceleration trend, not merely cyclical softness. This contraction likely reflects a combination of a weak Chinese advertising market and user migration to platforms like Douyin, challenging the durability of Baidu's core monetization engine.

Structural Erosion of Gross Profitability

Based on Baidu's reported figures, the gross margin has contracted by nearly 1,300 basis points from a peak of 51.7% in 2024Q2 to 39.0% in 2026Q2, suggesting a fundamental shift in revenue mix toward lower-margin segments or intensified cost pressures.

This persistent compression appears driven by the growing revenue contribution from lower-margin Cloud services and potentially higher content costs for iQIYI, obscuring the still-profitable nature of the core search business. The margin trajectory warrants monitoring to assess if this represents a permanent step-down in the company's profitability profile.

R&D Intensity Amidst Revenue Pressure

As reported in financial statements, Baidu's research and development expenses have remained elevated at $4.6B in 2026Q2, representing a significant 14.7% of revenue, indicating management's commitment to AI investment despite top-line contraction.

The sustained high R&D spend, coupled with rising SG&A, has squeezed operating leverage. This spending discipline suggests a strategic prioritization of long-term AI capabilities over near-term profitability, but it raises questions about the efficiency of capital deployment as core revenue shrinks.

The 2025Q3 Loss and Strategic Reset

The massive $11.2B net loss in 2025Q3, as documented in financial disclosures, marks the most critical inflection point, likely driven by non-cash impairments that forced a subsequent re-evaluation of cost structures and investment priorities.

This quarter's result, following a $7.3B net profit, starkly reveals the volatility and potential for significant write-downs. The following quarters show a distinct pattern of cost control, with operating margins stabilizing near 10%, suggesting the loss may have triggered a more disciplined financial stance.

Unsustainable AI Spend vs. Core Decay

The most potent bearish argument is that Baidu is funding an increasingly speculative AI and autonomous driving pivot with cash flows from a core advertising business that is demonstrably shrinking, creating a dangerous negative feedback loop.

While the $24.6B cash cushion provides a runway, the continued absence of formal guidance and the revenue decline pattern challenge the narrative of a smooth transition. Investors should scrutinize whether the aggressive R&D spend is generating commensurate returns or merely accelerating the depletion of a legacy profit center without a clear path to replacement revenue.

BIDU — Frequently Asked Questions

Quick answers to the most common questions about buying BIDU stock.

What was Baidu, Inc.'s (BIDU) revenue in 2025?

For fiscal year 2025, Baidu, Inc. (BIDU) reported total revenue of $129.08B. This represents a 40336.4% increase compared to $319.2M in 2003.

Is Baidu, Inc. (BIDU) profitable?

Baidu, Inc. (BIDU) is profitable, generating $5.59B in net income for the fiscal year ending 2025 with a net profit margin of 4.3%.

What is Baidu, Inc.'s operating profit margin?

Baidu, Inc. (BIDU) reported an operating income of $10.37B, resulting in an operating profit margin of 8.0%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Baidu, Inc.'s gross profit and gross margin?

Baidu, Inc. (BIDU) generated $56.64B in gross profit for the year, representing a gross profit margin of 43.9%. This demonstrates the company's core pricing power and production efficiency.