# EDGAR Filing Document

**Accession Number:** 0001329099
**File Stem:** 0001193125-26-076505
**Filing Date:** 2026-2
**Character Count:** 65197
**Document Hash:** a8c6b3964e9a1674d2852d6af8be5127
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-076505.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0001193125-26-076505

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260226

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Baidu, Inc.
- **CENTRAL INDEX KEY:** 0001329099
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-51469
- **FILM NUMBER:** 26687639

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** BAIDU CAMPUS, NO. 10 SHANGDI 10TH STREET
- **STREET 2:** HAIDIAN DISTRICT
- **CITY:** BEIJING
- **NON US STATE TERRITORY:** CHINA
- **PROVINCE COUNTRY:** F4
- **ZIP:** 100085
- **BUSINESS PHONE:** (86-10)59928888

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** BAIDU CAMPUS, NO. 10 SHANGDI 10TH STREET
- **STREET 2:** HAIDIAN DISTRICT
- **CITY:** BEIJING
- **NON US STATE TERRITORY:** CHINA
- **PROVINCE COUNTRY:** F4
- **ZIP:** 100085

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Baidu.com, Inc.
- **DATE OF NAME CHANGE:** 20050602

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

**FORM 6-K** 

**REPORT OF FOREIGN PRIVATE ISSUER** 

**PURSUANT TO RULE 13a-16 OR 15d-16** 

**UNDER THE SECURITIES EXCHANGE ACT OF 1934** 

**For the month of February 2026** 

**Commission File Number: 000-51469** 

## BAIDU, INC.
**Baidu Campus** 

**No. 10 Shangdi 10th Street** 

**Haidian District, Beijing 100085** 

**The People's Republic of China** 

**(Address of principal executive offices)** 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

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**EXHIBIT INDEX** 

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | Press Release –– Baidu Announces Fourth Quarter and Fiscal Year 2025 Results |

---

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| BAIDU, INC. | BAIDU, INC. |
| By: | /s/ Haijian He |
| Name: | Haijian He |
| Title: | Chief Financial Officer |

---

Date: February 26, 2026

## Exhibit 99.1

**Exhibit 99.1** 

**Baidu Announces Fourth Quarter and Fiscal Year 2025 Results** 

BEIJING, China, Feb 26, 2026 – Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888 (HKD Counter) and 89888 (RMB Counter)), ("Baidu" or the "Company"), a leading AI company with strong Internet foundation, today announced its unaudited financial results for the quarter and fiscal year ended December 31, 2025.

"2025 marked a pivotal year as AI became the new core of Baidu. AI Cloud Infra gained strong momentum, with our differentiated full-stack end-to-end AI capabilities earning growing enterprise recognition. Our portfolio of AI applications continued to scale, addressing diverse needs across enterprises and individuals. Apollo Go further reinforced its global leadership, operating at industry-leading scales while accelerating international expansion into new markets. Meanwhile, AI-native Marketing Services continued to grow, unlocking new possibilities for the long term," said Robin Li, Co-founder and CEO of Baidu. "As our AI-first strategy takes clear shape, we're confident in our ability to create lasting value in the AI era."

"We delivered several key achievements this quarter. First, revenue from Baidu Core AI-powered Business<sup>1</sup> exceeded RMB 11 billion in Q4, accounting for 43% of Baidu General Business<sup>2</sup> revenue. Second, total revenue of Baidu General Business grew 6% sequentially and Non-GAAP operating income of Baidu General Business increased 28% quarter over quarter to RMB 2.8 billion. Third, operating cash flow for Baidu turned positive in the second half of 2025, generating RMB 3.9 billion combined, compared to negative cash flow in the first half. Fourth, the Kunlunxin spin-off and separate listing is progressing, which we believe will unlock significant value for shareholders. Finally, we announced a new share repurchase program with up to US$5 billion authorization and introduced our first-ever dividend policy, with the first payment potentially to be made by year-end 2026." said Haijian He, CFO of Baidu.

**Operational Highlights<sup>1</sup>** 

The following table sets forth selected revenue highlights for our Baidu Core AI-powered Business for the periods indicated:

<sup>1</sup> The revenue and operational data presented are derived from the Company's internal management accounts and records, which have not been audited.

<sup>2</sup> Starting this quarter, we redefined Baidu Core as Baidu General Business. Baidu General Business includes Baidu Core AI-powered Business, Legacy Business, and Others. Legacy Business mainly consists of traditional advertising services across Search, Feed and other properties. Fourth quarter 2025 revenues from Baidu Core AI-powered Business, Legacy Business, and Others were RMB 11.3 billion, RMB 12.3 billion, and RMB 2.5 billion, respectively, derived from the Company's internal management accounts and records, which have not been audited. 

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Q3** | **Q4** | **FY** | **FY** | **FY** | **FY** | | |
| (In billions) | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | *YoY* | *YoY* |
|  | **RMB** | **RMB** | **RMB** | **RMB** | **RMB** | **RMB** |  |  |
|  **Baidu Core AI-powered Business** | **9.6** | **11.3** |  | **27.0** |  | **40.0** | | *48 %* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **- AI Cloud Infra** | 4.2 | 5.8 |  | 14.8 |  | 19.8 | | *34 %* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **- AI Applications** | 2.6 | 2.7 |  | 9.8 |  | 10.2 | | *5 %* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **- AI-native Marketing Services** | 2.8 | 2.7 |  | 2.4 |  | 9.8 | | *301 %* |
|  **% of Baidu General Business** | 39% | 43% | | *26 %* | | *39 %* |  |  |

---

*Corporate* 

• Baidu's Board of Directors has authorized a new share repurchase program in February 2026, under which the
Company may repurchase up to US$5 billion of its shares, effective through December 31, 2028. The Board has also approved, for the first time, the adoption of a dividend policy for the Company's ordinary shares, which may include
regular and/or special distributions of dividends.

• Baidu announced its proposed spin-off and separate listing of Kunlunxin
in January 2026.

• Baidu released an updated version of ERNIE 5.0, its native omni-modal foundation model in January 2026.

• Baidu earned a position in the global edition of the S&P Global Sustainability Yearbook 2026, demonstrating
its further advancement in ESG performance. The selection stems from a comprehensive evaluation of 9,200 companies globally as part of the S&P Global 2025 Corporate Sustainability Assessment, underscoring Baidu's sustainability practices.

*Baidu Core AI-powered Business* 

*AI Cloud Infra* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue from AI Cloud Infra was RMB 5.8 billion in the fourth quarter of 2025, with subscription-based
revenue from AI accelerator infrastructure increasing by 143% year over year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue from AI Cloud Infra was approximately RMB 20 billion for the full year 2025, up 34% year over year.

*AI Applications* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue from AI Applications was RMB 2.7 billion in the fourth quarter of 2025, with full year 2025 revenue
exceeding RMB 10 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Miaoda, Baidu's vibe coding platform, demonstrates industry-leading performance in platform capabilities
and application quality, according to IDC's 2025 China No-Code Generative AI Application Development Platform Report, issued in November 2025.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Baidu established the Personal Super Intelligence Business Group (PSIG), integrating Baidu Wenku and Baidu Drive
to accelerate AI application innovation.

*Robotaxi* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the fourth quarter of 2025, Apollo Go, Baidu's autonomous ride-hailing service, delivered
3.4 million fully driverless operational rides with weekly rides peaking at over 300,000 during the quarter. Total rides increased by over 200% year over year. As of February 2026, cumulative rides provided to the public by Apollo Go exceeded
20 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Apollo Go accelerated its global footprint across multiple markets. In the UK, Apollo Go advanced partnerships
with Uber and Lyft to pilot autonomous vehicles in London. In Switzerland, Apollo Go initiated testing in St. Gallen. In the Middle East, Apollo Go officially launched fully autonomous ride-hailing services in Abu Dhabi with AutoGo, secured
Dubai's first fully driverless testing permit, and partnered with Uber to bring Apollo Go to the Uber platform in Dubai. In Asia, Apollo Go entered the South Korean market, starting with the Seoul metropolitan area. Apollo Go also expanded its
Hong Kong testing into new districts and initiated cross-district testing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of February 2026, Apollo Go's global footprint reached 26 cities. To date, Apollo Go fleets have
accumulated over 300 million autonomous kilometers, including over 190 million fully driverless autonomous kilometers, with an outstanding safety record.

*AI-native Marketing Services* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue from AI-native marketing services reached RMB 2.7 billion in
the fourth quarter of 2025, up 110% year over year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Baidu App's MAUs reached 679 million in December 2025, remaining flat year over year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ERNIE Assistant's MAU reached 202 million in December 2025.

**Fourth Quarter 2025 Financial Results for Baidu<sup>3</sup><sup>,</sup><sup>4</sup><sup>,</sup><sup>5</sup>** 

**Total revenues** were RMB32.7 billion ($4.68 billion), increasing 5% quarter over quarter, primarily due to an increase in Baidu Core AI-powered Business.

<sup>3</sup> Starting this quarter, we focused on the quarter-over-quarter fluctuation for the quarterly results to present a more meaningful perspective of our financial information.

<sup>4</sup> Unless otherwise noted, RMB to USD was converted at an exchange rate of RMB6.9931 as of December 31, 2025, as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. Translations are provided solely for the convenience of the reader.

<sup>5</sup> Non-GAAP measures are defined in the Non-GAAP Financial Measures section (see also "Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures" for more details).

------

**Cost of revenues** was RMB18.3 billion ($2.61 billion), which remained flat quarter over quarter.

**Selling, general and administrative expenses** were RMB7.4 billion ($1.06 billion), increasing 12% quarter over quarter, primarily due to an increase in expected credit losses.

**Research and development expenses** were RMB5.6 billion ($800 million), increasing 8% quarter over quarter, primarily due to one-time employee severance costs to improve efficiency.

**Operating income** was RMB1.5 billion ($212 million) and **operating margin** was 5%. **Non-GAAP operating income** was RMB3.0 billion ($424 million) and **non-GAAP operating margin** was 9%.

**Total other income, net** was RMB1.2 billion ($178 million), compared to RMB1.9 billion last quarter.

**Income tax expense** was RMB1.0 billion ($147 million), compared to income tax benefit of RMB1.8 billion last quarter.

**Net income attributable to Baidu** was RMB1.8 billion ($255 million), **net margin for Baidu** was 5% and **diluted earnings per ADS** was RMB3.71 ($0.53). **Non-GAAP net income attributable to Baidu** was RMB3.9 billion ($559 million), **non-GAAP net margin for Baidu** was 12% and **non-GAAP diluted earnings per ADS** was RMB10.62 ($1.52).

**Adjusted EBITDA** was RMB4.7 billion ($676 million) and **adjusted EBITDA margin** was 14%.

We define total cash and investments as cash, cash equivalents, restricted cash, short-term investments, net, long-term time deposits and held-to-maturity investments, and adjusted long-term investments. As of December 31, 2025, **total cash and investments** were RMB294.1 billion ($42.06 billion). **Operating cash flow** was RMB2.6 billion ($373 million).

------

**Fiscal Year 2025 Results for Baidu<sup>4</sup><sup>,</sup><sup>5</sup>** 

**Total revenues** were RMB129.1 billion ($18.46 billion), decreasing 3% year over year, primarily due to a decrease in Legacy Business, partially offset by an increase in Baidu Core AI-powered Business.

**Cost of revenues** was RMB72.4 billion ($10.36 billion), increasing 10% year over year, primarily due to an increase in costs related to Baidu Core AI-powered business.

**Selling, general and administrative expenses** were RMB25.8 billion ($3.70 billion), increasing 9% year over year, primarily due to an increase in channel spending expenses and expected credit losses.

**Research and development expenses** were RMB20.4 billion ($2.92 billion), decreasing 8% year over year, primarily due to a decrease in personnel-related expenses.

**Impairment of long-lived assets** was RMB16.2 billion ($2.32 billion), attributable to an impairment loss of Core asset group.

**Operating loss** was RMB5.8 billion ($833 million) and operating loss margin was 5%. Excluding impairment of long-lived assets, **operating income** was RMB10.4 billion ($1.48 billion). **Non-GAAP operating income** was RMB15.0 billion ($2.14 billion) and operating margin was 12%.

**Total other income, net** was RMB12.5 billion ($1.79 billion), compared to RMB7.4 billion in the same period last year.

**Income tax expense** was RMB1.3 billion ($180 million), compared to RMB4.4 billion in the same period last year.

**Net income attributable to Baidu** was RMB5.6 billion ($799 million), **net margin for Baidu** was 4% and **diluted earnings per ADS** was RMB11.78 ($1.68). Excluding the impact of impairment of long-lived assets, **net income attributable to Baidu** was RMB19.4 billion ($2.77 billion). **Non-GAAP net income attributable to Baidu** was RMB18.9 billion ($2.71 billion), **non-GAAP net margin for Baidu** was 15% and **non-GAAP diluted earnings per ADS** was RMB53.41 ($7.64).

<sup>4</sup> Unless otherwise noted, RMB to USD was converted at an exchange rate of RMB6.9931 as of December 31, 2025, as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. Translations are provided solely for the convenience of the reader.

<sup>5</sup> Non-GAAP measures are defined in the Non-GAAP Financial Measures section (see also "Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures" for more details).

------

**Adjusted EBITDA** was RMB22.9 billion ($3.27 billion) and **adjusted EBITDA margin** was 18%.

**Operating cash flow** was negative RMB3.0 billion (negative $431 million), which remained positive for the past two consecutive quarters.

For detailed financial information of Baidu General Business and iQIYI, please see the appended financial tables.

**Conference Call Information** 

Baidu's management will hold an earnings conference call at 7:30 AM on Feb 26, 2026, U.S. Eastern Time (8:30 PM on Feb 26, 2026, Beijing Time).

Please register in advance of the conference call using the link provided below. It will automatically direct you to the registration page of "Baidu Inc. Q4 2025 Earnings Conference Call". Please follow the steps to enter your registration details, then click "Register". Upon registering, you will then be provided with the dial-in number, the passcode, and your unique access PIN. This information will also be emailed to you as a calendar invite.

For pre-registration, please click:

**<u>https://s1.c-conf.com/diamondpass/10052617-fv4jhm.html</u>**

In the 10 minutes prior to the call start time, you may use the conference access information (including dial-in number(s), the passcode and unique access PIN) provided in the calendar invite that you have received following your pre-registration.

Additionally, a live and archived webcast of this conference call will be available at <u>https://ir.baidu.com</u>.

**About Baidu** 

Founded in 2000, Baidu's mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong Internet foundation, trading on NASDAQ under "BIDU" and HKEX under "9888". One Baidu ADS represents eight Class A ordinary shares.

**Contacts** 

Investors Relations, Baidu, Inc.

Tel: +86-10-5992-8888

Email: ir@baidu.com

------

**Safe Harbor Statement** 

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Among other things, Baidu's and other parties' strategic and operational plans, contain forward-looking statements. Baidu may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in announcements made on the website of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Baidu's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Baidu's growth strategies; its future business development, including development of new products and services; its ability to attract and retain users and customers; competition in the Chinese Internet search and newsfeed market; competition for online marketing customers; changes in the Company's revenues and certain cost or expense items as a percentage of its revenues; the outcome of ongoing, or any future, litigation or arbitration, including those relating to intellectual property rights; the expected growth of the Chinese-language Internet search and newsfeed market and the number of Internet and broadband users in China; Chinese governmental policies relating to the Internet and Internet search providers, and general economic conditions in China and elsewhere. Further information regarding these and other risks is included in the Company's annual report on Form 20-F and other documents filed with the Securities and Exchange Commission, and announcements on the website of the Hong Kong Stock Exchange. Baidu does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of the press release, and Baidu undertakes no duty to update such information, except as required under applicable law.

**Non-GAAP Financial Measures** 

To supplement Baidu's consolidated financial results presented in accordance with GAAP, Baidu uses the following non-GAAP financial measures: non-GAAP operating income, non-GAAP operating margin, non-GAAP net income attributable to Baidu, non-GAAP net margin, non-GAAP diluted earnings per ADS, adjusted EBITDA, adjusted EBITDA margin, adjusted long-term investments and free cash flow. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

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Baidu believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding certain items that may not be indicative of its recurring core business operating results, such as operating performance excluding non-cash charges or non-operating in nature. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management's internal comparisons to Baidu's historical performance and liquidity. The Company believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using these non-GAAP financial measures is that these non-GAAP measures exclude certain items that have been and will continue to be for the foreseeable future a significant component in the Company's results of operations. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company's data.

Non-GAAP operating income represents operating income excluding share-based compensation expenses, amortization and impairment of intangible assets resulting from business combinations, impairment of long-lived assets, and one-time employee severance costs.

Non-GAAP net income attributable to Baidu represents net income attributable to Baidu excluding share-based compensation expenses, amortization and impairment of intangible assets resulting from business combinations, impairment of long-lived assets, one-time employee severance costs, disposal gain or loss, impairment of long-term investments, and fair value gain or loss of long-term investments and exchangeable bonds, adjusted for related income tax effects. Baidu's share of equity method investments for these non-GAAP reconciling items, amortization and impairment of intangible assets not on the investees' books, accretion of their redeemable non-controlling interests, and the gain or loss associated with the issuance of shares by the investees at a price higher or lower than the carrying value per share, adjusted for related income tax effects, are also excluded.

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Non-GAAP diluted earnings per ADS represents diluted earnings per ADS calculated by dividing non-GAAP net income attributable to Baidu, by the weighted average number of ordinary shares expressed in ADS. Adjusted EBITDA represents non-GAAP operating income excluding depreciation of fixed assets, and amortization of intangible assets excluding those resulting from business combinations. Adjusted long-term investments represent long-term investments, net, with publicly listed equity method investments adjusted to fair value based on quoted market prices.

For more information on non-GAAP financial measures, please see the tables captioned "Reconciliations of non-GAAP financial measures to the nearest comparable GAAP measure."

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**Baidu, Inc.** 

**Condensed Consolidated Statements of Income** 

(In millions except for per share (or ADS) information, unaudited)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **December 31,**<br>**2024** | **September 30,**<br>**2025** | **December 31,**<br>**2025** | **December 31,**<br>**2025** | **December 31,**<br>**2024** | **December 31,**<br>**2025** | **December 31,**<br>**2025** |
|  | **RMB** | **RMB** | **RMB** | **US$<sup>(2)</sup>** | **RMB** | **RMB** | **US$<sup>(2)</sup>** |
|  **Revenue** | **34124** | **31174** | **32740** | **4682** | **133125** | **129079** | **18458** |
|  **Costs and expenses:** |  |  |  |  |  |  |  |
|  Cost of revenue<sup>(1)</sup> | 18014 | 18315 | 18277 | 2614 | 66102 | 72436 | 10358 |
|  Selling, general and administrative<sup>(1)</sup> | 6678 | 6581 | 7389 | 1056 | 23620 | 25843 | 3696 |
|  Research and development<sup>(1)</sup> | 5515 | 5179 | 5591 | 800 | 22133 | 20433 | 2922 |
|  Impairment of long-lived assets |  | 16190 |  |  |  | 16190 | 2315 |
|  **Total costs and expenses** | **30207** | **46265** | **31257** | **4470** | **111855** | **134902** | **19291** |
|  **Operating income (loss)** | **3917** | **(15091)** | **1483** | **212** | **21270** | **(5823)** | **(833)** |
|  **Other income:** |  |  |  |  |  |  |  |
|  Interest income | 2001 | 1930 | 2051 | 293 | 7962 | 8602 | 1230 |
|  Interest expense | (643) | (631) | (651) | (93) | (2824) | (2784) | (398) |
|  Foreign exchange gain (loss), net | 1678 | (357) | (1054) | (151) | 1076 | (2242) | (321) |
|  Share of earnings (losses) from equity method investments | (399) | 735 | 1193 | 171 | (691) | 3196 | 457 |
|  Others, net | 23 | 269 | (296) | (42) | 1829 | 5767 | 825 |
|  **Total other income, net** | **2660** | **1946** | **1243** | **178** | **7352** | **12539** | **1793** |
|  **Income (loss) before income taxes** | **6577** | **(13145)** | **2726** | **390** | **28622** | **6716** | **960** |
|  Income tax expense (benefit) | 1619 | (1828) | 1029 | 147 | 4447 | 1259 | 180 |
|  **Net income (loss)** | **4958** | **(11317)** | **1697** | **243** | **24175** | **5457** | **780** |
|  Net income (loss) attributable to noncontrolling interests | (234) | (85) | (85) | (12) | 415 | (132) | (19) |
|  **Net income (loss) attributable to Baidu** | **5192** | **(11232)** | **1782** | **255** | **23760** | **5589** | **799** |
|  Earnings (loss) per ADS (1 ADS representing 8 Class A ordinary shares): |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Basic | 14.41 | (33.88) | 4.48 | 0.64 | 66.40 | 13.67 | 1.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Diluted | 14.26 | (33.88) | 3.71 | 0.53 | 65.91 | 11.78 | 1.68 |
|  Earnings (loss) per share for Class A and Class B ordinary shares: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Basic | 1.80 | (4.23) | 0.56 | 0.08 | 8.31 | 1.71 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Diluted | 1.78 | (4.23) | 0.46 | 0.07 | 8.24 | 1.47 | 0.21 |
|  Weighted average number of Class A and Class B ordinary shares outstanding (in millions): |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Basic | 2775 | 2713 | 2721 | 2721 | 2790 | 2726 | 2726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Diluted | 2783 | 2713 | 2758 | 2758 | 2798 | 2744 | 2744 |
| (1) Includes share-based compensation expenses as follows: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of revenue | 103 | 113 | 79 | 11 | 461 | 389 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, general and administrative | 297 | 340 | 252 | 36 | 1427 | 1181 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research and development | 685 | 591 | 398 | 58 | 2896 | 2035 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total share-based compensation expenses | 1085 | 1044 | 729 | 105 | 4784 | 3605 | 517 |

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(2) All translations from RMB to U.S. dollars are made at a rate of RMB6.9931 to US$1.00, the exchange rate in
effect as of December 31, 2025 as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System.

------

**Baidu, Inc.** 

**Condensed Consolidated Balance Sheets** 

(In millions, unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,**<br>**2024** | **December 31,**<br>**2025** | **December 31,**<br>**2025** |
|  | **RMB** | **RMB** | **US$** |
|  **ASSETS** |  |  |  |
|  **Current assets:** |  |  |  |
|  Cash and cash equivalents | 24832 | 24606 | 3519 |
|  Restricted cash | 11697 | 225 | 32 |
|  Short-term investments, net | 102608 | 90661 | 12964 |
|  Accounts receivable, net | 10104 | 12972 | 1855 |
|  Amounts due from related parties | 790 | 761 | 109 |
|  Other current assets, net | 18818 | 22745 | 3253 |
|  **Total current assets** | **168849** | **151970** | **21732** |
|  **Non-current assets:** |  |  |  |
|  Fixed assets, net | 30102 | 26281 | 3758 |
|  Licensed copyrights, net | 6930 | 5963 | 853 |
|  Produced content, net | 14695 | 14575 | 2084 |
|  Intangible assets, net | 772 | 3891 | 556 |
|  Goodwill | 22586 | 36783 | 5260 |
|  Long-term investments, net | 41721 | 44918 | 6423 |
|  Long-term time deposits and held-to-maturity investments | 98535 | 123862 | 17712 |
|  Amounts due from related parties | 137 | 167 | 24 |
|  Deferred tax assets, net | 2193 | 4582 | 655 |
|  Operating lease right-of-use assets | 10898 | 8610 | 1231 |
|  Receivables related to the proposed acquisition of YY Live, net | 13547 |  |  |
|  Other non-current assets | 16815 | 27555 | 3941 |
|  **Total non-current assets** | **258931** | **297187** | **42497** |
|  **Total assets** | **427780** | **449157** | **64229** |
|  **LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY** | **LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY** |  |  |
|  **Current liabilities:** |  |  |  |
|  Short-term loans | 10669 | 7626 | 1091 |
|  Accounts payable and accrued liabilities | 41443 | 38891 | 5561 |
|  Customer deposits and deferred revenue | 14624 | 13051 | 1866 |
|  Deferred income | 684 | 531 | 76 |
|  Long-term loans, current portion | 168 | 14765 | 2111 |
|  Convertible senior notes, current portion | 242 | 1459 | 209 |
|  Notes payable, current portion | 8026 | 4560 | 652 |
|  Amounts due to related parties | 1794 | 1988 | 284 |
|  Operating lease liabilities | 3303 | 3457 | 494 |
|  **Total current liabilities** | **80953** | **86328** | **12344** |
|  **Non-current liabilities:** |  |  |  |
|  Deferred income | 231 | 198 | 28 |
|  Deferred revenue | 585 | 723 | 103 |
|  Amounts due to related parties | 56 | 36 | 5 |
|  Long-term loans | 15596 | 3369 | 482 |
|  Notes payable | 27996 | 51021 | 7296 |
|  Convertible senior notes | 8351 | 6712 | 960 |
|  Deferred tax liabilities | 3870 | 4985 | 713 |
|  Operating lease liabilities | 4973 | 4108 | 587 |
|  Other non-current liabilities | 1557 | 1951 | 280 |
|  **Total non-current liabilities** | **63215** | **73103** | **10454** |
|  **Total liabilities** | **144168** | **159431** | **22798** |
|  **Redeemable noncontrolling interests** | **9870** | **13166** | **1883** |
|  **Equity** |  |  |  |
|  Total Baidu shareholders' equity | 263620 | 266330 | 38085 |
|  Noncontrolling interests | 10122 | 10230 | 1463 |
|  **Total equity** | **273742** | **276560** | **39548** |
|  **Total liabilities, redeemable noncontrolling interests, and equity** | **427780** | **449157** | **64229** |

---

------

**Baidu, Inc.** 

**Selected Information** 

(In millions, unaudited)

---

| | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** |
|  | **December 31, 2024 (RMB)** | **December 31, 2024 (RMB)** | **December 31, 2024 (RMB)** | **December 31, 2024 (RMB)** | **December 31, 2024 (RMB)** | **December 31, 2024 (RMB)** | **December 31, 2024 (RMB)** | **September 30, 2025 (RMB)** | **September 30, 2025 (RMB)** | **September 30, 2025 (RMB)** | **September 30, 2025 (RMB)** | **September 30, 2025 (RMB)** | **September 30, 2025 (RMB)** | **September 30, 2025 (RMB)** | **December 31, 2025 (RMB)** | **December 31, 2025 (RMB)** | **December 31, 2025 (RMB)** | **December 31, 2025 (RMB)** | **December 31, 2025 (RMB)** | **December 31, 2025 (RMB)** | **December 31, 2025 (RMB)** | **December 31, 2025 (US$)** | **December 31, 2025 (US$)** | **December 31, 2025 (US$)** | **December 31, 2025 (US$)** |
|  | **Baidu<br>General<br>Business** | **Baidu<br>General<br>Business** | **iQIYI** | **iQIYI** | Elim &<br>adj<sup>(2)</sup> | **Baidu,<br>Inc.** | **Baidu,<br>Inc.** | **Baidu<br>General<br>Business** | **Baidu<br>General<br>Business** | **iQIYI** | **iQIYI** | Elim &<br>adj<sup>(2)</sup> | **Baidu,<br>Inc.** | **Baidu,<br>Inc.** | **Baidu<br>General<br>Business** | **Baidu<br>General<br>Business** | **iQIYI** | **iQIYI** | Elim &<br>adj<sup>(2)</sup> | **Baidu,<br>Inc.** | **Baidu,<br>Inc.** | **Baidu<br>General<br>Business** | **iQIYI** | Elim &<br>adj<sup>(2)</sup> | **Baidu,<br>Inc.** |
|  **Revenue** |  | **27698** |  | **6613** | (187) |  | **34124** |  | **24659** |  | **6682** | (167) |  | **31174** |  | **26112** |  | **6794** | (166) |  | **32740** | **3734** | **972** | (24) | **4682** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *YOY* |  |  |  |  |  |  |  |  |  |  |  |  |  |  | | *(6* | | *3* |  | | *(4* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *QOQ* |  |  |  |  |  |  |  |  |  |  |  |  |  |  | | *6* | | *2* |  | | *5* |  |  |  |  |
|  **Costs and expenses:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of revenue<sup>(1)</sup> |  | 13180 |  | 4995 | (161) |  | 18014 |  | 12996 |  | 5467 | (148) |  | 18315 |  | 13042 |  | 5376 | (141) |  | 18277 | 1865 | 769 | (20) | 2614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, general and administrative<sup>(1)</sup> |  | 5816 |  | 882 | (20) |  | 6678 |  | 5677 |  | 925 | (21) |  | 6581 |  | 6455 |  | 946 | (12) |  | 7389 | 923 | 135 | (2) | 1056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research and development<sup>(1)</sup> |  | 5064 |  | 451 |  |  | 5515 |  | 4767 |  | 412 |  |  | 5179 |  | 5174 |  | 417 |  |  | 5591 | 740 | 60 |  | 800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment of long-lived assets |  |  |  |  |  |  |  |  | 16190 |  |  |  |  | 16190 |  |  |  |  |  |  |  |  |  |  |  |
|  **Total costs and expenses** |  | **24060** |  | **6328** | (181) |  | **30207** |  | **39630** |  | **6804** | (169) |  | **46265** |  | **24671** |  | **6739** | (153) |  | **31257** | **3528** | **964** | (22) | **4470** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *YOY* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Cost of revenue* |  |  |  |  |  |  |  |  |  |  |  |  |  |  | | *(1* | | *8* |  | | *1* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Selling, general and administrative* |  |  |  |  |  |  |  |  |  |  |  |  |  |  | | *11* | | *7* |  | | *11* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Research and development* |  |  |  |  |  |  |  |  |  |  |  |  |  |  | | *2* | | *(8* |  | | *1* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Impairment of long-lived assets* |  |  |  |  |  |  |  |  |  |  |  |  |  |  | | *—* | | *—* |  | | *—* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Costs and expenses* |  |  |  |  |  |  |  |  |  |  |  |  |  |  | | *3* | | *6* |  | | *3* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *QOQ* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Cost of revenue* |  |  |  |  |  |  |  |  |  |  |  |  |  |  | | *0* | | *(2* |  | | *(0* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Selling, general and administrative* |  |  |  |  |  |  |  |  |  |  |  |  |  |  | | *14* | | *2* |  | | *12* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Research and development* |  |  |  |  |  |  |  |  |  |  |  |  |  |  | | *9* | | *1* |  | | *8* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Impairment of long-lived assets* |  |  |  |  |  |  |  |  |  |  |  |  |  |  | | *(100* | | *—* |  | | *(100* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Costs and expenses* |  |  |  |  |  |  |  |  |  |  |  |  |  |  | | *(38* | | *(1* |  | | *(32* |  |  |  |  |
|  **Operating income (loss)** |  | **3638** |  | **285** | (6) |  | **3917** |  | **(14971)** |  | **(122)** | 2 |  | **(15091)** |  | **1441** |  | **55** | (13) |  | **1483** | **206** | **8** | (2) | **212** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *YOY* |  |  |  |  |  |  |  |  |  |  |  |  |  |  | | *(60* | | *(81* |  | | *(62* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *QOQ* |  |  |  |  |  |  |  |  |  |  |  |  |  |  | | *—* | | *—* |  | | *—* |  |  |  |  |
|  *Operating margin* | | *13 %* | | *4 %* |  | | *11 %* | | *(61 %)* | | *(2 %)* |  | | *(48 %)* | | *6* | | *1* |  | | *5* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Add: total other income (loss), net |  | 3125 |  | (465) |  |  | 2660 |  | 2031 |  | (85) |  |  | 1946 |  | 1270 |  | (27) |  |  | 1243 | 182 | (4) |  | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: income tax expense (benefit) |  | 1612 |  | 7 |  |  | 1619 |  | (1868) |  | 40 |  |  | (1828) |  | 993 |  | 36 |  |  | 1029 | 142 | 5 |  | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: net income (loss) attributable to NCI |  | (132) |  | 2 | (104) |  | (234) |  | 49 |  | 2 | (136) |  | (85) |  | (79) |  | (2) | (4) |  | (85) | (11) |  | (1)<sup>(3)</sup> | (12) |
|  **Net income (loss) attributable to Baidu** |  | **5283** |  | **(189)** | 98 |  | **5192** |  | **(11121)** |  | **(249)** | 138 |  | **(11232)** |  | **1797** |  | **(6** | (9) |  | **1782** | **257** | **(1)** | (1) | **255** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *YOY* |  |  |  |  |  |  |  |  |  |  |  |  |  |  | | *(66* | | *(97* |  | | *(66* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *QOQ* |  |  |  |  |  |  |  |  |  |  |  |  |  |  | | *—* | | *(98* |  | | *—* |  |  |  |  |
|  *Net margin* | | *19 %* | | *(3 %)* |  | | *15 %* | | *(45 %)* | | *(4 %)* |  | | *(36 %)* | | *7* | | *(0* |  | | *5* |  |  |  |  |
|  *Non-GAAP financial measures:* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  **Operating income (loss) (non-GAAP)** |  | **4647** |  | **406** |  |  | **5047** |  | **2225** |  | **(22)** |  |  | **2205** |  | **2837** |  | **143** |  |  | **2967** | **406** | **20** |  | **424** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *YOY* |  |  |  |  |  |  |  |  |  |  |  |  |  |  | | *(39* | | *(65* |  | | *(41* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *QOQ* |  |  |  |  |  |  |  |  |  |  |  |  |  |  | | *28* | | *—* |  | | *35* |  |  |  |  |
|  *Operating margin (non-GAAP)* | | *17 %* | | *6 %* |  | | *15 %* | | *9 %* | | *(0 %)* |  | | *7 %* | | *11* | | *2* |  | | *9* |  |  |  |  |
|  **Net income (loss) attributable to Baidu (non-GAAP)** |  | **6741** |  | **(59)** |  |  | **6709** |  | **3836** |  | **(148)** |  |  | **3770** |  | **3869** |  | **109** |  |  | **3907** | **553** | **14** |  | **559** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *YOY* |  |  |  |  |  |  |  |  |  |  |  |  |  |  | | *(43* | | *—* |  | | *(42* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *QOQ* |  |  |  |  |  |  |  |  |  |  |  |  |  |  | | *1* | | *—* |  | | *4* |  |  |  |  |
|  *Net margin (non-GAAP)* | | *24 %* | | *(1 %)* |  | | *20 %* | | *16 %* | | *(2 %)* |  | | *12 %* | | *15* | | *2* |  | | *12* |  |  |  |  |
|  **Adjusted EBITDA** |  | **6516** |  | **444** |  |  | **6954** |  | **4398** |  | **30** |  |  | **4429** |  | **4544** |  | **196** |  |  | **4727** | **650** | **28** |  | **676** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *YOY* |  |  |  |  |  |  |  |  |  |  |  |  |  |  | | *(30* | | *(56* |  | | *(32* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *QOQ* |  |  |  |  |  |  |  |  |  |  |  |  |  |  | | *3* | | *553* |  | | *7* |  |  |  |  |
|  *Adjusted EBITDA margin* | | *24 %* | | *7 %* |  | | *20 %* | | *18 %* | | *0 %* |  | | *14 %* | | *17* | | *3* |  | | *14* |  |  |  |  |
| (1) Includes share-based compensation as follows: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of revenue |  | 74 |  | 29 |  |  | 103 |  | 83 |  | 30 |  |  | 113 |  | 56 |  | 23 |  |  | 79 | 8 | 3 |  | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, general and administrative |  | 240 |  | 57 |  |  | 297 |  | 304 |  | 36 |  |  | 340 |  | 219 |  | 33 |  |  | 252 | 31 | 5 |  | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research and development |  | 652 |  | 33 |  |  | 685 |  | 559 |  | 32 |  |  | 591 |  | 368 |  | 30 |  |  | 398 | 54 | 4 |  | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total share-based compensation |  | 966 |  | 119 |  |  | 1085 |  | 946 |  | 98 |  |  | 1044 |  | 643 |  | 86 |  |  | 729 | 93 | 12 |  | 105 |

---

(2) Relates to intersegment eliminations and adjustments

(3) Relates to the net income attributable to iQIYI noncontrolling interests

------

**Baidu, Inc.** 

**Selected Information** 

(In millions except for per ADS information, unaudited)

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Twelve months ended** | **Twelve months ended** | **Twelve months ended** | **Twelve months ended** | **Twelve months ended** | **Twelve months ended** | **Twelve months ended** | **Twelve months ended** | **Twelve months ended** | **Twelve months ended** | **Twelve months ended** | **Twelve months ended** | **Twelve months ended** | **Twelve months ended** | **Twelve months ended** | **Twelve months ended** | **Twelve months ended** | **Twelve months ended** |
|  | **December 31, 2024 (RMB)** | **December 31, 2024 (RMB)** | **December 31, 2024 (RMB)** | **December 31, 2024 (RMB)** | **December 31, 2024 (RMB)** | **December 31, 2024 (RMB)** | **December 31, 2024 (RMB)** | **December 31, 2025 (RMB)** | **December 31, 2025 (RMB)** | **December 31, 2025 (RMB)** | **December 31, 2025 (RMB)** | **December 31, 2025 (RMB)** | **December 31, 2025 (RMB)** | **December 31, 2025 (RMB)** | **December 31, 2025 (US$)** | **December 31, 2025 (US$)** | **December 31, 2025 (US$)** | **December 31, 2025 (US$)** |
|  | **Baidu<br>General<br>Business** | **Baidu<br>General<br>Business** | **iQIYI** | **iQIYI** | Elim &<br>adj<sup>(2)</sup> | **Baidu,<br>Inc.** | **Baidu,<br>Inc.** | **Baidu<br>General<br>Business** | **Baidu<br>General<br>Business** | **iQIYI** | **iQIYI** | Elim &<br>adj<sup>(2)</sup> | **Baidu,<br>Inc.** | **Baidu,<br>Inc.** | **Baidu<br>General<br>Business** | **iQIYI** | Elim &<br>adj<sup>(2)</sup> | **Baidu,<br>Inc.** |
|  **Revenue** |  | **104712** |  | **29225** | (812) |  | **133125** |  | **102485** |  | **27290** | (696) |  | **129079** | **14655** | **3902** | (99) | **18458** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *YOY* |  |  |  |  |  |  |  | | *(2* | | *(7* |  | | *(3* |  |  |  |  |
|  Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of revenue<sup>(1)</sup> |  | 44830 |  | 21954 | (682) |  | 66102 |  | 51498 |  | 21541 | (603) |  | 72436 | 7364 | 3080 | (86) | 10358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, general and administrative<sup>(1)</sup> |  | 20049 |  | 3682 | (111) |  | 23620 |  | 22071 |  | 3857 | (85) |  | 25843 | 3156 | 552 | (12) | 3696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research and development<sup>(1)</sup> |  | 20355 |  | 1778 |  |  | 22133 |  | 18770 |  | 1663 |  |  | 20433 | 2684 | 238 |  | 2922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment of long-lived assets |  |  |  |  |  |  |  |  | 16190 |  |  |  |  | 16190 | 2315 |  |  | 2315 |
|  **Total costs and expenses** |  | **85234** |  | **27414** | (793) |  | **111855** |  | **108529** |  | **27061** | (688) |  | **134902** | **15519** | **3870** | (98) | **19291** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *YOY* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Cost of revenue* |  |  |  |  |  |  |  | | *15* | | *(2* |  | | *10* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Selling, general and administrative* |  |  |  |  |  |  |  | | *10* | | *5* |  | | *9* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Research and development* |  |  |  |  |  |  |  | | *(8* | | *(6* |  | | *(8* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Impairment of long-lived assets* |  |  |  |  |  |  |  | | *—* | | *—* |  | | *—* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Cost and expenses* |  |  |  |  |  |  |  | | *27* | | *(1* |  | | *21* |  |  |  |  |
|  **Operating income (loss)** |  | **19478** |  | **1811** | (19) |  | **21270** |  | **(6044** |  | **229** | (8) |  | **(5823** | **(864)** | **32** | (1) | **(833)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *YOY* |  |  |  |  |  |  |  | | *—* | | *(87* |  | | *—* |  |  |  |  |
|  *Operating margin* | | *19 %* | | *6 %* |  | | *16 %* | | *(6* | | *1* |  | | *(5* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Add: total other income (loss), net |  | 8311 |  | (959) |  |  | 7352 |  | 12828 |  | (289) |  |  | 12539 | 1834 | (41) |  | 1793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: income tax expense |  | 4386 |  | 61 |  |  | 4447 |  | 1115 |  | 144 |  |  | 1259 | 159 | 21 |  | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: net income (loss) attributable to NCI |  | (28) |  | 27 | 416 |  | 415 |  | (22) |  | 3 | (113) |  | (132) | (3) |  | (16) | (19) |
|  **Net income (loss) attributable to Baidu** |  | **23431** |  | **764** | (435) |  | **23760** |  | **5691** |  | **(207** | 105 |  | **5589** | **814** | **(30)** | 15 | **799** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *YOY* |  |  |  |  |  |  |  | | *(76* | | *(127* |  | | *(76* |  |  |  |  |
|  *Net margin* | | *22 %* | | *3 %* |  | | *18 %* | | *6* | | *(1* |  | | *4* |  |  |  |  |
|  *Non-GAAP financial measures:* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  **Operating income (non-GAAP)** |  | **23890** |  | **2363** |  |  | **26234** |  | **14319** |  | **639** |  |  | **14950** | **2048** | **91** |  | **2138** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *YOY* |  |  |  |  |  |  |  | | *(40* | | *(73* |  | | *(43* |  |  |  |  |
|  *Operating margin (non-GAAP)* | | *23 %* | | *8 %* |  | | *20 %* | | *14* | | *2* |  | | *12* |  |  |  |  |
|  **Net income attributable to Baidu (non-GAAP)** |  | **26335** |  | **1512** |  |  | **27002** |  | **18827** |  | **280** |  |  | **18941** | **2692** | **39** |  | **2709** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *YOY* |  |  |  |  |  |  |  | | *(29* | | *(81* |  | | *(30* |  |  |  |  |
|  *Net margin (non-GAAP)* | | *25 %* | | *5 %* |  | | *20 %* | | *18* | | *1* |  | | *15* |  |  |  |  |
|  **Adjusted EBITDA** |  | **30587** |  | **2510** |  |  | **33078** |  | **22051** |  | **815** |  |  | **22857** | **3153** | **117** |  | **3269** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *YOY* |  |  |  |  |  |  |  | | *(28* | | *(68* |  | | *(31* |  |  |  |  |
|  *Adjusted EBITDA margin* | | *29 %* | | *9 %* |  | | *25 %* | | *22* | | *3* |  | | *18* |  |  |  |  |
| (1) Includes share-based compensation as follows: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of revenue |  | 340 |  | 121 |  |  | 461 |  | 277 |  | 112 |  |  | 389 | 40 | 16 |  | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, general and administrative |  | 1153 |  | 274 |  |  | 1427 |  | 1018 |  | 163 |  |  | 1181 | 146 | 23 |  | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research and development |  | 2746 |  | 150 |  |  | 2896 |  | 1908 |  | 127 |  |  | 2035 | 273 | 19 |  | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total share-based compensation |  | 4239 |  | 545 |  |  | 4784 |  | 3203 |  | 402 |  |  | 3605 | 459 | 58 |  | 517 |

---

(2) Relates to intersegment eliminations and adjustments

(3) Relates to the net loss attributable to iQIYI noncontrolling interests

------

**Baidu, Inc.** 

**Condensed Consolidated Statements of Cash Flows** 

(In millions, unaudited)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** |
|  | **December 31, 2024 (RMB)** | **December 31, 2024 (RMB)** | **December 31, 2024 (RMB)** | **September 30, 2025 (RMB)** | **September 30, 2025 (RMB)** | **September 30, 2025 (RMB)** | **December 31, 2025<br>(RMB)** | **December 31, 2025<br>(RMB)** | **December 31, 2025<br>(RMB)** | **December 31, 2025 (US$)** | **December 31, 2025 (US$)** | **December 31, 2025 (US$)** |
|  | **Baidu<br>excl.<br>iQIYI** | **iQIYI** | **Baidu,<br>Inc.** | **Baidu<br>excl.<br>iQIYI** | **iQIYI** | **Baidu,<br>Inc.** | **Baidu<br>excl.<br>iQIYI** | **iQIYI** | **Baidu,<br>Inc.** | **Baidu<br>excl.<br>iQIYI** | **iQIYI** | **Baidu,<br>Inc.** |
|  **Net cash provided by (used in) operating activities** | **1836** | **520** | **2356** | **1523** | **(267)** | **1256** | **2562** | **47** | **2609** | **366** | **7** | **373** |
|  Net cash provided by (used in) investing activities | (4741) | (896) | (5637) | 2233 | 763 | 2996 | (17439) | (947) | (18386) | (2494) | (135) | (2629) |
|  Net cash provided by (used in) financing activities | (1784) | 114 | (1670) | 4532 | 151 | 4683 | 595 | 518 | 1113 | 85 | 74 | 159 |
|  Effect of exchange rate changes on cash, cash equivalents and restricted cash | 582 | 61 | 643 | (186) | (16) | (202) | (295) | (10) | (305) | (42) | (1) | (43) |
|  **Net increase (decrease) in cash, cash equivalents and restricted cash** | **(4107)** | **(201)** | **(4308)** | **8102** | **631** | **8733** | **(14577)** | **(392)** | **(14969)** | **(2085)** | **(55)** | **(2140)** |
|  Cash, cash equivalents and restricted cash |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At beginning of period | 37106 | 3791 | 40897 | 26928 | 4139 | 31067 | 35030 | 4770 | 39800 | 5009 | 682 | 5691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At end of period | 32999 | 3590 | 36589 | 35030 | 4770 | 39800 | 20453 | 4378 | 24831 | 2924 | 627 | 3551 |
|  **Net cash provided by (used in) operating activities** | **1836** | **520** | **2356** | **1523** | **(267)** | **1256** | **2562** | **47** | **2609** | **366** | **7** | **373** |
|  Less: Capital expenditures | (2312) | (21) | (2333) | (3378) | (23) | (3401) | (1952) | (20) | (1972) | (279) | (3) | (282) |
|  **Free cash flow** | **(476)** | **499** | **23** | **(1855)** | **(290)** | **(2145)** | **610** | **27** | **637** | **87** | **4** | **91** |

---

Note: Baidu excl. iQIYI represents Baidu, Inc. minus iQIYI's consolidated cash flows.

------

**Baidu, Inc.** 

**Condensed Consolidated Statements of Cash Flows** 

(In millions,unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Twelve months ended** | **Twelve months ended** | **Twelve months ended** | **Twelve months ended** | **Twelve months ended** | **Twelve months ended** | **Twelve months ended** | **Twelve months ended** | **Twelve months ended** |
|  | **December 31, 2024 (RMB)** | **December 31, 2024 (RMB)** | **December 31, 2024 (RMB)** | **December 31, 2025 (RMB)** | **December 31, 2025 (RMB)** | **December 31, 2025 (RMB)** | **December 31, 2025 (US$)** | **December 31, 2025 (US$)** | **December 31, 2025 (US$)** |
|  | **Baidu<br>excl.<br>iQIYI** | **iQIYI** | **Baidu,<br>Inc.** | **Baidu<br>excl.<br>iQIYI** | **iQIYI** | **Baidu,<br>Inc.** | **Baidu<br>excl.<br>iQIYI** | **iQIYI** | **Baidu,<br>Inc.** |
|  **Net cash provided by (used in) operating activities** | **19126** | **2108** | **21234** | **(3119)** | **106** | **(3013)** | **(446)** | **15** | **(431)** |
|  Net cash used in investing activities | (6110) | (2445) | (8555) | (24809) | (327) | (25136) | (3547) | (47) | (3594) |
|  Net cash provided by (used in) financing activities | (12391) | (1368) | (13759) | 16078 | 1064 | 17142 | 2299 | 152 | 2451 |
|  Effect of exchange rate changes on cash, cash equivalents and restricted cash | 81 | 14 | 95 | (696) | (55) | (751) | (101) | (6) | (107) |
|  **Net increase (decrease) in cash, cash equivalents and restricted cash** | **706** | **(1691)** | **(985)** | **(12546)** | **788** | **(11758)** | **(1795)** | **114** | **(1681)** |
|  Cash, cash equivalents and restricted cash |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At beginning of period | 32293 | 5281 | 37574 | 32999 | 3590 | 36589 | 4719 | 513 | 5232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At end of period | 32999 | 3590 | 36589 | 20453 | 4378 | 24831 | 2924 | 627 | 3551 |
|  **Net cash provided by (used in) operating activities** | **19126** | **2108** | **21234** | **(3119)** | **106** | **(3013)** | **(446)** | **15** | **(431)** |
|  Less: Capital expenditures | (8055) | (79) | (8134) | (11978) | (95) | (12073) | (1712) | (14) | (1726) |
|  **Free cash flow** | **11071** | **2029** | **13100** | **(15097)** | **11** | **(15086)** | **(2158)** | **1** | **(2157)** |

---

Note: Baidu excl. iQIYI represents Baidu, Inc. minus iQIYI's consolidated cash flows.

------

**Baidu, Inc.** 

**Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures** 

(In millions except for per ADS information, unaudited)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** |
|  | **December 31, 2024 (RMB)** | **December 31, 2024 (RMB)** | **December 31, 2024 (RMB)** | **September 30, 2025 (RMB)** | **September 30, 2025 (RMB)** | **September 30, 2025 (RMB)** | **December 31, 2025 (RMB)** | **December 31, 2025 (RMB)** | **December 31, 2025 (RMB)** | **December 31, 2025 (US$)** | **December 31, 2025 (US$)** | **December 31, 2025 (US$)** |
|  | **Baidu<br>General<br>Business** | **iQIYI** | **Baidu,<br>Inc.** | **Baidu<br>General<br>Business** | **iQIYI** | **Baidu,<br>Inc.** | **Baidu<br>General<br>Business** | **iQIYI** | **Baidu,<br>Inc.** | **Baidu<br>General<br>Business** | **iQIYI** | **Baidu,<br>Inc.** |
|  **Operating income (loss)** | **3638** | **285** | **3917** | **(14971)** | **(122)** | **(15091)** | **1441** | **55** | **1483** | **206** | **8** | **212** |
|  Add: Share-based compensation expenses | 966 | 119 | 1085 | 946 | 98 | 1044 | 643 | 86 | 729 | 93 | 12 | 105 |
|  Add: Amortization and impairment of intangible assets resulting from business combinations | 43 | 2 | 45 | 60 | 2 | 62 | 45 | 2 | 47 | 6 |  | 6 |
|  Add: Impairment of long-lived assets |  |  |  | 16190 |  | 16190 |  |  |  |  |  |  |
|  Add: One-time employee severance costs |  |  |  |  |  |  | 708 |  | 708 | 101 |  | 101 |
|  **Operating income (loss) (non-GAAP)** | **4647** | **406** | **5047** | **2225** | **(22)** | **2205** | **2837** | **143** | **2967** | **406** | **20** | **424** |
|  Add: Depreciation of fixed assets and amortization of intangible assets<sup>(1)</sup> | 1869 | 38 | 1907 | 2173 | 52 | 2224 | 1707 | 53 | 1760 | 244 | 8 | 252 |
|  **Adjusted EBITDA** | **6516** | **444** | **6954** | **4398** | **30** | **4429** | **4544** | **196** | **4727** | **650** | **28** | **676** |
|  **Net income (loss) attributable to Baidu** | **5283** | **(189)** | **5192** | **(11121)** | **(249)** | **(11232)** | **1797** | **(6)** | **1782** | **257** | **(1)** | **255** |
|  Add: Share-based compensation expenses | 965 | 119 | 1019 | 945 | 98 | 989 | 642 | 86 | 681 | 92 | 12 | 98 |
|  Add: Amortization and impairment of intangible assets resulting from business combinations | 41 | 2 | 42 | 58 | 2 | 59 | 43 | 2 | 44 | 6 |  | 6 |
|  Add: Impairment of long-lived assets |  |  |  | 16190 |  | 16190 |  |  |  |  |  |  |
|  Add: One-time employee severance costs |  |  |  |  |  |  | 708 |  | 708 | 101 |  | 101 |
|  Add: Disposal loss (gain) | 7 |  | 7 | (101) |  | (101) | 31 |  | 31 | 4 |  | 4 |
|  Add: Impairment of long-term investments | 84 | 14 | 90 | 97 |  | 97 | 59 | 10 | 64 | 8 | 1 | 9 |
|  Add: Fair value loss (gain) of long-term investments and exchangeable bonds | (288) | (5) | (290) | 279 | 1 | 279 | 923 | 17 | 931 | 132 | 2 | 133 |
|  Add: Reconciling items on equity method investments<sup>(2)</sup> | 679 |  | 679 | 15 |  | 15 | (431) |  | (431) | (62) |  | (62) |
|  Add: Tax effects on non-GAAP adjustments<sup>(3)</sup> | (30) |  | (30) | (2526) |  | (2526) | 97 |  | 97 | 15 |  | 15 |
|  **Net income (loss) attributable to Baidu (non-GAAP)** | **6741** | **(59)** | **6709** | **3836** | **(148)** | **3770** | **3869** | **109** | **3907** | **553** | **14** | **559** |
|  **Diluted earnings (loss) per ADS** |  |  | **14.26** |  |  | **(33.88)** |  |  | **3.71** |  |  | **0.53** |
|  Add: Accretion of the redeemable noncontrolling interests |  |  | 0.55 |  |  | 0.75 |  |  | 0.75 |  |  | 0.11 |
|  Add: Non-GAAP adjustments to earnings per ADS |  |  | 4.37 |  |  | 44.25 |  |  | 6.16 |  |  | 0.88 |
|  **Diluted earnings per ADS (non-GAAP)** |  |  | **19.18** |  |  | **11.12** |  |  | **10.62** |  |  | **1.52** |

---

(1) This represents amortization of intangible assets excluding those resulting from business combinations.

(2) This represents Baidu's share of equity method investments for other non-GAAP reconciling items, amortization and impairment of intangible assets not on the investee's books, accretion of their redeemable noncontrolling interests, and the gain or loss associated with the
issuance of shares by the investees at a price higher or lower than the carrying value per share.

(3) This represents tax impact of all non-GAAP adjustments.

------

**Baidu, Inc.** 

**Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures** 

(In millions except for per ADS information, unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Twelve months ended** | **Twelve months ended** | **Twelve months ended** | **Twelve months ended** | **Twelve months ended** | **Twelve months ended** | **Twelve months ended** | **Twelve months ended** | **Twelve months ended** |
|  | **December 31, 2024 (RMB)** | **December 31, 2024 (RMB)** | **December 31, 2024 (RMB)** | **December 31, 2025 (RMB)** | **December 31, 2025 (RMB)** | **December 31, 2025 (RMB)** | **December 31, 2025 (US$)** | **December 31, 2025 (US$)** | **December 31, 2025 (US$)** |
|  | **Baidu<br>General<br>Business** | **iQIYI** | **Baidu,<br>Inc.** | **Baidu<br>General<br>Business** | **iQIYI** | **Baidu,<br>Inc.** | **Baidu<br>General<br>Business** | **iQIYI** | **Baidu,<br>Inc.** |
|  **Operating income (loss)** | **19478** | **1811** | **21270** | **(6044)** | **229** | **(5823)** | **(864)** | **32** | **(833)** |
|  Add: Share-based compensation expenses | 4239 | 545 | 4784 | 3203 | 402 | 3605 | 459 | 58 | 517 |
|  Add: Amortization and impairment of intangible assets resulting from business combinations | 173 | 7 | 180 | 262 | 8 | 270 | 37 | 1 | 38 |
|  Add: Impairment of long-lived assets |  |  |  | 16190 |  | 16190 | 2315 |  | 2315 |
|  Add: One-time employee severance costs |  |  |  | 708 |  | 708 | 101 |  | 101 |
|  **Operating income (non-GAAP)** | **23890** | **2363** | **26234** | **14319** | **639** | **14950** | **2048** | **91** | **2138** |
|  Add: Depreciation of fixed assets and amortization of intangible assets<sup>(1)</sup> | 6697 | 147 | 6844 | 7732 | 176 | 7907 | 1105 | 26 | 1131 |
|  **Adjusted EBITDA** | **30587** | **2510** | **33078** | **22051** | **815** | **22857** | **3153** | **117** | **3269** |
|  **Net income (loss) attributable to Baidu** | **23431** | **764** | **23760** | **5691** | **(207)** | **5589** | **814** | **(30)** | **799** |
|  Add: Share-based compensation expenses | 4235 | 545 | 4482 | 3199 | 402 | 3381 | 457 | 57 | 484 |
|  Add: Amortization and impairment of intangible assets resulting from business combinations | 165 | 7 | 168 | 254 | 8 | 258 | 36 | 1 | 37 |
|  Add: Impairment of long-lived assets |  |  |  | 16190 |  | 16190 | 2315 |  | 2315 |
|  Add: One-time employee severance costs |  |  |  | 708 |  | 708 | 101 |  | 101 |
|  Add: Disposal loss (gain) | (1982) | 22 | (1972) | (423) |  | (428) | (60) |  | (61) |
|  Add: Impairment of long-term investments | 172 | 193 | 260 | 257 | 38 | 275 | 37 | 5 | 39 |
|  Add: Fair value loss (gain) of long-term investments | (393) | (19) | (403) | (4004) | 34 | (3989) | (573) | 5 | (570) |
|  Add: Reconciling items on equity method investments<sup>(2)</sup> | 1050 |  | 1050 | (603) | 5 | (601) | (86) | 1 | (86) |
|  Add: Tax effects on non-GAAP adjustments<sup>(3)</sup> | (343) |  | (343) | (2442) |  | (2442) | (349) |  | (349) |
|  **Net income attributable to Baidu (non-GAAP)** | **26335** | **1512** | **27002** | **18827** | **280** | **18941** | **2692** | **39** | **2709** |
|  **Diluted earnings per ADS** |  |  | **65.91** |  |  | **11.78** |  |  | **1.68** |
|  Add: Accretion of the redeemable noncontrolling interests |  |  | 1.68 |  |  | 2.71 |  |  | 0.39 |
|  Add: Non-GAAP adjustments to earnings per ADS |  |  | 9.26 |  |  | 38.92 |  |  | 5.57 |
|  **Diluted earnings per ADS (non-GAAP)** |  |  | **76.85** |  |  | **53.41** |  |  | **7.64** |

---

(1) This represents amortization of intangible assets excluding those resulting from business combinations.

(2) This represents Baidu's share of equity method investments for other non-GAAP reconciling items, amortization and impairment of intangible assets not on the investee's books, accretion of their redeemable noncontrolling interests, and the gain or loss associated with the
issuance of shares by the investees at a price higher or lower than the carrying value per share.

(3) This represents tax impact of all non-GAAP adjustments.