Detailed financial statements for Baidu, Inc. (BIDU): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Baidu, Inc. is a prominent Chinese technology company that offers various internet-based services, primarily focusing on digital marketing and cloud computing, all delivered through its extensive online platform within the People's Republic of China. The company's operations are segmented into two main divisions: Baidu Core and iQIYI.
Analysis Summary
Baidu, Inc. reported revenue of 129.08B CNY in the most recent fiscal year, growing at a 5-year CAGR of 3.8%. Net income reached 5.59B CNY, with a -24.3% 5-year CAGR.
Trailing-twelve-month margins: gross margin 40.9%, operating margin 6.9%, net margin -2.9%.
At $79.50 (closing price, October 28, 2026), BIDU has negative trailing earnings (P/E not meaningful) and an ROE of -1.38%. Market capitalisation stands at $27.1B, placing it among large-cap names.
Balance sheet quality for BIDU: current ratio of 1.8, net cash position of 18.19B CNY. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -16.43B CNY represents -294% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 70.55B CNY | 84.81B CNY | 102.28B CNY | 107.41B CNY | 107.07B CNY | 124.49B CNY | 123.67B CNY | 134.60B CNY | 133.12B CNY | 129.08B CNY |
| Cost of Revenue | 35.28B CNY | 43.06B CNY | 51.74B CNY | 62.85B CNY | 55.16B CNY | 64.31B CNY | 63.94B CNY | 65.03B CNY | 66.10B CNY | 72.44B CNY |
| Gross Profit | 35.27B CNY | 41.75B CNY | 50.53B CNY | 44.56B CNY | 51.92B CNY | 60.18B CNY | 59.74B CNY | 69.57B CNY | 67.02B CNY | 56.64B CNY |
| Research & Development | 10.15B CNY | 12.93B CNY | 15.77B CNY | 18.35B CNY | 19.51B CNY | 24.94B CNY | 23.32B CNY | 24.19B CNY | 22.13B CNY | 20.43B CNY |
| Selling, General & Admin | 15.07B CNY | 13.13B CNY | 19.23B CNY | 19.91B CNY | 18.06B CNY | 24.72B CNY | 20.51B CNY | 23.52B CNY | 23.62B CNY | 25.84B CNY |
| Operating Expenses | 25.22B CNY | 26.06B CNY | 35.00B CNY | 38.26B CNY | 37.58B CNY | 49.66B CNY | 43.83B CNY | 47.71B CNY | 45.75B CNY | 46.28B CNY |
| Operating Income | 10.05B CNY | 15.69B CNY | 15.53B CNY | 6.31B CNY | 14.34B CNY | 10.52B CNY | 15.91B CNY | 21.86B CNY | 21.27B CNY | 10.37B CNY |
| EBITDA | 23.99B CNY | 34.65B CNY | 45.41B CNY | 24.76B CNY | 48.91B CNY | 36.76B CNY | 33.11B CNY | 49.90B CNY | 51.97B CNY | 30.85B CNY |
| Interest Expense | 1.16B CNY | 1.61B CNY | 1.88B CNY | 2.96B CNY | 3.10B CNY | 3.42B CNY | 2.91B CNY | 3.25B CNY | 2.82B CNY | 2.78B CNY |
| Pre-tax Income | 14.51B CNY | 21.28B CNY | 27.32B CNY | -340.0M CNY | 23.09B CNY | 10.78B CNY | 10.11B CNY | 25.20B CNY | 28.62B CNY | 6.72B CNY |
| Income Tax | 2.91B CNY | 3.00B CNY | 4.74B CNY | 1.95B CNY | 4.06B CNY | 3.19B CNY | 2.58B CNY | 3.65B CNY | 4.45B CNY | 1.26B CNY |
| Net Income | 11.63B CNY | 18.30B CNY | 27.57B CNY | 2.06B CNY | 22.47B CNY | 10.23B CNY | 7.56B CNY | 20.32B CNY | 23.76B CNY | 5.59B CNY |
| EPS | $33.52 | $52.72 | $79.04 | $6.48 | $65.84 | $28.64 | $20.00 | $55.84 | $66.48 | $11.76 |
| EPS (Diluted) | $33.44 | $52.32 | $78.96 | $6.40 | $65.20 | $28.08 | $19.84 | $55.12 | $65.92 | $11.76 |
| Shares Outstanding (Diluted) | 347.6 M | 349.5 M | 349.3 M | 348.8 M | 344.5 M | 351.8 M | 351.1 M | 354.6 M | 349.8 M | 343.0 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 31.17B CNY | 32.74B CNY | 32.08B CNY | 31.24B CNY |
| Gross Profit | 12.86B CNY | 14.46B CNY | 12.49B CNY | 12.19B CNY |
| Operating Income | 1.10B CNY | 1.48B CNY | 3.19B CNY | 3.02B CNY |
| EBITDA | -10.22B CNY | 5.14B CNY | 6.65B CNY | 5.44B CNY |
| Net Income | -11.23B CNY | 1.78B CNY | 3.44B CNY | 2.31B CNY |
| EPS | $-33.12 | $2.48 | $10.08 | $6.80 |
| EPS (Diluted) | $-33.84 | $2.48 | $9.92 | $5.76 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 10.90B CNY | 11.08B CNY | 27.64B CNY | 33.44B CNY | 35.78B CNY | 36.85B CNY | 53.16B CNY | 25.23B CNY | 24.83B CNY | 24.61B CNY |
| Short-term Investments | 78.94B CNY | 107.73B CNY | 111.63B CNY | 112.92B CNY | 126.40B CNY | 143.24B CNY | 120.84B CNY | 168.67B CNY | 102.61B CNY | 90.66B CNY |
| Receivables | 4.87B CNY | 5.05B CNY | 8.78B CNY | 11.13B CNY | 11.59B CNY | 14.83B CNY | 21.14B CNY | 16.62B CNY | 14.28B CNY | 13.73B CNY |
| Inventory | 0 | 0 | 0 | 0 | 618.0M CNY | 1.48B CNY | 1.23B CNY | 1.40B CNY | 5.99B CNY | 0 |
| Total Current Assets | 99.76B CNY | 151.17B CNY | 155.09B CNY | 165.56B CNY | 183.34B CNY | 213.31B CNY | 212.85B CNY | 230.25B CNY | 168.85B CNY | 151.97B CNY |
| Property, Plant & Equipment | 11.29B CNY | 12.47B CNY | 17.90B CNY | 25.64B CNY | 27.31B CNY | 35.09B CNY | 34.34B CNY | 38.81B CNY | 41.00B CNY | 34.89B CNY |
| Goodwill | 15.34B CNY | 15.81B CNY | 18.54B CNY | 18.25B CNY | 22.25B CNY | 22.61B CNY | 22.48B CNY | 22.59B CNY | 22.59B CNY | 36.78B CNY |
| Intangible Assets | 3.87B CNY | 5.47B CNY | 9.18B CNY | 12.24B CNY | 15.01B CNY | 19.90B CNY | 21.10B CNY | 21.23B CNY | 22.40B CNY | 24.43B CNY |
| Total Assets | 182.00B CNY | 251.73B CNY | 297.57B CNY | 301.32B CNY | 332.71B CNY | 380.03B CNY | 390.97B CNY | 406.76B CNY | 427.78B CNY | 449.16B CNY |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-term Debt | 9.79B CNY | 7.75B CNY | 10.00B CNY | 8.57B CNY | 15.20B CNY | 14.68B CNY | 20.55B CNY | 19.09B CNY | 19.11B CNY | 28.41B CNY |
| Total Current Liabilities | 46.10B CNY | 82.06B CNY | 56.85B CNY | 57.38B CNY | 68.39B CNY | 74.49B CNY | 79.63B CNY | 76.45B CNY | 80.95B CNY | 86.33B CNY |
| Long-term Debt | 34.47B CNY | 35.81B CNY | 54.90B CNY | 58.19B CNY | 60.34B CNY | 68.40B CNY | 63.18B CNY | 57.36B CNY | 51.94B CNY | 61.10B CNY |
| Total Liabilities | 84.25B CNY | 121.36B CNY | 121.81B CNY | 128.50B CNY | 140.87B CNY | 156.08B CNY | 153.17B CNY | 144.15B CNY | 144.17B CNY | 159.43B CNY |
| Retained Earnings | 85.73B CNY | 102.33B CNY | 129.25B CNY | 126.27B CNY | 135.28B CNY | 145.16B CNY | 148.34B CNY | 161.24B CNY | 180.07B CNY | 0 |
| Total Equity | 92.27B CNY | 115.35B CNY | 162.90B CNY | 163.60B CNY | 182.70B CNY | 211.46B CNY | 223.48B CNY | 243.63B CNY | 263.62B CNY | 266.33B CNY |
| Total Debt | 44.27B CNY | 43.57B CNY | 64.90B CNY | 73.53B CNY | 82.59B CNY | 91.51B CNY | 91.35B CNY | 84.59B CNY | 79.32B CNY | 97.08B CNY |
| Net Debt | -45.58B CNY | -75.25B CNY | -74.36B CNY | -72.83B CNY | -79.59B CNY | -88.59B CNY | -82.64B CNY | -109.31B CNY | -48.12B CNY | -18.19B CNY |
| Working Capital | 53.66B CNY | 69.11B CNY | 98.24B CNY | 108.18B CNY | 114.96B CNY | 138.83B CNY | 133.22B CNY | 153.80B CNY | 87.90B CNY | 65.64B CNY |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 38.62B CNY | 24.61B CNY | 4.42B CNY | 24.70B CNY |
| Total Assets | 444.07B CNY | 449.16B CNY | 65.08B CNY | 470.10B CNY |
| Total Liabilities | 156.47B CNY | 159.43B CNY | 22.76B CNY | 174.90B CNY |
| Total Equity | 264.53B CNY | 266.33B CNY | 38.92B CNY | 271.85B CNY |
| Total Debt | 97.24B CNY | 97.08B CNY | 13.63B CNY | 112.94B CNY |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 11.60B CNY | 18.29B CNY | 22.58B CNY | -2.29B CNY | 19.03B CNY | 7.59B CNY | 7.53B CNY | 21.55B CNY | 24.18B CNY | 5.59B CNY |
| Depreciation & Amortization | 8.33B CNY | 11.75B CNY | 16.21B CNY | 22.14B CNY | 22.71B CNY | 22.56B CNY | 20.08B CNY | 21.46B CNY | 20.52B CNY | 21.35B CNY |
| Stock-based Compensation | 1.76B CNY | 3.24B CNY | 4.68B CNY | 5.63B CNY | 6.73B CNY | 7.06B CNY | 6.79B CNY | 6.34B CNY | 4.78B CNY | 3.60B CNY |
| Change in Working Capital | 5.64B CNY | 6.58B CNY | 3.28B CNY | -6.69B CNY | -18.21B CNY | -18.69B CNY | -16.76B CNY | -13.07B CNY | -27.51B CNY | -40.90B CNY |
| Operating Cash Flow | 22.26B CNY | 32.88B CNY | 35.97B CNY | 28.46B CNY | 24.20B CNY | 20.12B CNY | 26.17B CNY | 36.62B CNY | 21.23B CNY | -3.01B CNY |
| Capital Expenditure | -10.51B CNY | -13.95B CNY | -22.36B CNY | -19.12B CNY | -5.33B CNY | -11.24B CNY | -8.39B CNY | -11.29B CNY | -8.13B CNY | -13.42B CNY |
| Acquisitions | 274.7M CNY | 892.0M CNY | 3.60B CNY | -1.45B CNY | -2.88B CNY | -12.28B CNY | 256.0M CNY | -115.0M CNY | 8.44B CNY | 1.15B CNY |
| Stock Repurchased | 0 | -1.72B CNY | -3.31B CNY | -4.96B CNY | -13.05B CNY | -7.58B CNY | -1.93B CNY | -4.76B CNY | -6.32B CNY | -5.39B CNY |
| Dividends Paid | 0 | -35.90B CNY | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 11.75B CNY | 18.93B CNY | 13.61B CNY | 9.34B CNY | 18.87B CNY | 8.88B CNY | 17.78B CNY | 25.32B CNY | 13.10B CNY | -16.43B CNY |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 1.26B CNY | 2.61B CNY | 2.67B CNY | 3.44B CNY |
| Capital Expenditure | -3.40B CNY | -2.52B CNY | -5.92B CNY | -11.39B CNY |
| Free Cash Flow | -2.15B CNY | 87.6M CNY | -3.25B CNY | -7.95B CNY |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 1.04B CNY | 729.0M CNY | 563.0M CNY | 709.0M CNY |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +20.2% | +20.6% | +5.0% | -0.3% | +16.3% | -0.7% | +8.8% | -1.1% | -3.0% | |
| Net Income Growth (YoY) | +57.3% | +50.7% | -92.5% | +992.5% | -54.5% | -26.1% | +168.8% | +17.0% | -76.5% | |
| EPS Growth (YoY) | +57.3% | +49.9% | -91.8% | +916.0% | -56.5% | -30.2% | +179.2% | +19.1% | -82.3% | |
| Shares Change (YoY) | +0.6% | -0.0% | -0.1% | -1.2% | +2.1% | -0.2% | +1.0% | -1.4% | -1.9% | |
| FCF Growth (YoY) | +61.1% | -28.1% | -31.4% | +102.1% | -52.9% | +100.1% | +42.4% | -48.3% | -225.4% | |
| Gross Margin | 50.0% | 49.2% | 49.4% | 41.5% | 48.5% | 48.3% | 48.3% | 51.7% | 50.3% | 43.9% |
| Operating Margin | 14.2% | 18.5% | 15.2% | 5.9% | 13.4% | 8.4% | 12.9% | 16.2% | 16.0% | 8.0% |
| EBITDA Margin | 34.0% | 40.9% | 44.4% | 23.0% | 45.7% | 29.5% | 26.8% | 37.1% | 39.0% | 23.9% |
| Net Margin | 16.5% | 21.6% | 27.0% | 1.9% | 21.0% | 8.2% | 6.1% | 15.1% | 17.8% | 4.3% |
| FCF Margin | 16.7% | 22.3% | 13.3% | 8.7% | 17.6% | 7.1% | 14.4% | 18.8% | 9.8% | -12.7% |
| Effective Tax Rate | 20.1% | 14.1% | 17.4% | -572.9% | 17.6% | 29.6% | 25.5% | 14.5% | 15.5% | 18.7% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $33.80 | $54.16 | $38.94 | $26.77 | $54.77 | $25.25 | $50.63 | $71.40 | $37.46 | $-47.90 |
| Dividends Per Share | $0.00 | $102.71 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 346.7 M | 347.3 M | 349.0 M | 348.3 M | 341.5 M | 344.8 M | 347.8 M | 350.9 M | 348.8 M | 343.0 M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | -1.38% |
| Return on Invested Capital | 2.12% |
| Return on Assets | -0.78% |
| Gross Margin | 40.87% |
| Operating Margin | 6.91% |
| Net Margin | -2.90% |
Financial Health
| Debt / Equity | 0.42 |
| Current Ratio | 2.33 |
| Piotroski F-Score | 2 |
| Altman Z-Score | 1.72 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 34.05 | 29.91 | 13.80 | 135.80 | 21.43 | 33.00 | 39.45 | 15.14 | 9.26 | 77.69 |
| P/B | 4.29 | 4.75 | 2.34 | 1.87 | 2.64 | 1.54 | 1.23 | 1.22 | 0.81 | 1.18 |
| P/S | 5.61 | 6.46 | 3.72 | 2.85 | 4.50 | 2.62 | 2.22 | 2.20 | 1.61 | 2.43 |
| Gross Margin | 50.0% | 49.2% | 49.4% | 41.5% | 48.5% | 48.3% | 48.3% | 51.7% | 50.3% | 43.9% |
| Operating Margin | 14.2% | 18.5% | 15.2% | 5.9% | 13.4% | 8.4% | 12.9% | 16.2% | 16.0% | 8.0% |
| Net Margin | 16.5% | 21.6% | 27.0% | 1.9% | 21.0% | 8.2% | 6.1% | 15.1% | 17.8% | 4.3% |
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