Free cash flow has effectively evaporated to zero in 2025Q4, while the OCF/NI ratio of -55.99 highlights a severe disconnect between reported accounting figures and actual cash generation.
| Cash from Operations | 102.92M | 2.11B | 3.35B | -70.57M | -5.95B | -5.41B | 3.91B | 2.88B | 4.01B | 2.61B | 1.07B |
| Operating CF Margin % | 0.38% | 7.22% | 10.52% | -0.24% | -19.48% | -18.21% | 13.47% | 11.54% | 23.09% | 23.24% | 20.13% |
| Operating CF Growth % | -95.12% | -37.04% | 4849.39% | 98.81% | -9.99% | -238.52% | 35.44% | -28.11% | 53.58% | 143.95% | - |
| Net Income | -200.69M | 790.59M | 1.95B | -117.78M | -6.11B | -7.01B | -10.28B | -9.06B | -3.74B | -3.07B | -2.58B |
| Depreciation & Amortization | 12.82B | 13.63B | 14.09B | 13.66B | 16.77B | 17.2B | 17.17B | 14.98B | 8.77B | 5.02B | 2.92B |
| Stock-Based Compensation | 0 | 544.39M | 636.73M | 811.44M | 1.22B | 1.37B | 1.08B | 556.21M | 233.42M | 62.39M | 44.19M |
| Deferred Taxes | 2.69M | 0 | -1.01M | 30.06M | 18.54M | -41.98M | -77.31M | -45.09M | -12.21M | 478K | 5.2M |
| Other Non-Cash Items | 179.11M | -490.94M | -116.44M | 43.91M | -260.77M | -314.3M | 212.92M | 28.56M | -502.34M | 47.84M | -243.82M |
| Working Capital Changes | -12.7B | -12.36B | -13.21B | -14.49B | -17.59B | -16.61B | -4.21B | -3.57B | -735.34M | 556.04M | 919.99M |
| Change in Receivables | -314.7M | -7.52M | 193.31M | 362.21M | 644.92M | 8.84M | -810.77M | -543.99M | -512.06M | -322.76M | -295.01M |
| Change in Inventory | 0 | 0 | 0 | 0 | -9.25B | -9.72B | -215.67M | 362.89M | -154.27M | 219.73M | 288.33M |
| Change in Payables | 313.42M | 703.96M | -288.13M | -2.91B | 1.44B | -605.39M | -654.99M | 583.1M | 1.05B | 1.08B | 1.04B |
| Cash from Investing | -318.51M | -2.44B | -1.74B | 265.98M | 1.26B | 159.3M | -11.75B | -20.95B | -10.66B | -6.66B | -3.13B |
| Capital Expenditures | -121.24M | -79.32M | -104.91M | -174.26M | -400.74M | -385.73M | -12.83B | -14.04B | -10.22B | -5.73B | -2.91B |
| CapEx % of Revenue | 0.44% | 0.27% | 0.33% | 0.6% | 1.31% | 1.3% | 44.23% | 56.19% | 58.81% | 51.02% | 54.75% |
| Acquisitions | 0 | 0 | -67.94M | 0 | -139.2M | -5.8M | -2.8M | -1.02B | -9.2B | 5.33B | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -888.38M | -2.37B | -1.38B | -43.13M | 194.95M | 106.5M | -19.5M | -125.37M | 9.31B | -5.33B | -2.84B |
| Cash from Financing | 1.04B | -1.37B | -4.29B | 4.47B | -2.96B | 9.37B | 7.88B | 23.47B | 6.56B | 3.41B | -131.71M |
| Debt Issued (Net) | 1.25B | -1.61B | -7.68B | 2.65B | -3.87B | 4.77B | 8.26B | 8.79B | -4.21B | 3.41B | 0 |
| Equity Issued (Net) | 337.54K | 0 | 3.39B | 1.81B | 500.38M | 4.46B | 0 | 14.9B | 45.5M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | -64.24M | -27.83M | -62.42M | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -214.57M | 237.78M | 1.32M | 71.76M | 441.93M | 206.21M | -378.44M | -208.22M | 10.73B | 0 | -131.71M |
| Net Change in Cash | 998.79M | -1.69B | -2.58B | 4.79B | -7.87B | 4.03B | 149.23M | 6.03B | -231.2M | -624.53M | -2.12B |
| Free Cash Flow | 9.72M | 1.94B | 3.25B | -340.34M | -6.35B | -5.8B | -8.92B | -11.16B | -6.21B | -3.12B | -1.84B |
| FCF Margin % | 0.04% | 6.63% | 10.19% | -1.17% | -20.79% | -19.51% | -30.76% | -44.65% | -35.72% | -27.77% | -34.62% |
| FCF Growth % | -99.5% | -40.34% | 1053.96% | 94.64% | -9.59% | 35.01% | 20.06% | -79.72% | -98.94% | -69.48% | - |
| FCF per Share | 0.01 | 1.99 | 3.33 | -0.40 | -7.98 | -7.84 | -12.23 | -20.19 | -8.55 | -4.30 | -2.53 |
| FCF Conversion (FCF/Net Income) | -0.50x | 2.76x | 1.74x | 0.52x | 0.96x | 0.77x | -0.38x | -0.32x | -1.07x | -0.85x | -0.42x |
| Interest Paid | 0 | 678.07M | 784.24M | 524.48M | 670.92M | 502.99M | 436.65M | 46.39M | 282.05M | 66.65M | 0 |
| Taxes Paid | 0 | 78.49M | 34.72M | 56.15M | 108.44M | 97.86M | 171.26M | 20.05M | 22.47M | 413K | 0 |
Content monetization and regulatory
According to the latest quarterly data, iQIYI's OCF/NI ratio reached -55.99 in 2025Q4, signaling a profound disconnect between accounting profitability and actual cash generation that warrants significant caution regarding the sustainability of the company's reported bottom-line figures during periods of intense operational volatility.
The extreme variance in the OCF/NI ratio suggests that net income is currently a poor proxy for the company's underlying cash-generative capacity. Investors should monitor whether this divergence stems from aggressive content amortization schedules or timing differences in working capital, as the current trend indicates a weakening ability to convert earnings into tangible liquidity.
As reported in recent financial statements, iQIYI's free cash flow plummeted to zero in 2025Q4, marking a sharp reversal from the positive cash flow trends observed in early 2024 and highlighting the fragility of the company's current business model in a contracting revenue environment.
The rapid erosion of free cash flow suggests that the company's pivot toward ARM optimization has not yet yielded the necessary operational efficiencies to offset declining top-line performance. This trajectory implies that the company may struggle to self-fund its content production pipeline without recurring to external financing or further cost-cutting measures.
Based on the provided financial data, iQIYI's CapEx/Rev ratio rose to 4.8% in 2025Q4, suggesting that the company is forced to maintain elevated capital spending levels despite a shrinking revenue base, which may indicate an inability to scale back production costs in line with demand.
The rising capital intensity relative to revenue is concerning, as it suggests that the company's industrialized content model requires persistent investment regardless of market conditions. This trend may indicate that the company is struggling to achieve the desired economies of scale, potentially trapping capital in content assets that fail to generate commensurate returns.
As indicated by the historical data, iQIYI's cash flow statement is heavily influenced by massive non-cash adjustments, including billions in depreciation and amortization and significant stock-based compensation, which often mask the true cash cost of maintaining the company's extensive original content library.
The reliance on large non-cash charges to reconcile net income to operating cash flow suggests that the company's reported profitability is highly sensitive to accounting assumptions. Analysts should look through these adjustments to assess the true cash burn associated with content production, as the current reporting structure may obscure the underlying economic reality of the business.
Quick answers to the most common questions about buying IQ stock.
iQIYI, Inc. (IQ) generated $102.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
iQIYI, Inc. (IQ) generated $9.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
iQIYI, Inc. (IQ) spent $121.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.