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Baidu, Inc.

BIDU Clue Score23
Cayman Islands Fiscal year ends December CIK 0001329099
$85.33 +1.68% Close, 9 Oct 2026
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Price $85.33 −47.38% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue70.55Operating income10.05Net income11.63Fiscal year 2017Revenue84.81 +20.2%Operating income15.69Net income18.30 +57.3%Fiscal year 2018Revenue102.28 +20.6%Operating income15.53Net income27.57 +50.7%Fiscal year 2019Revenue107.41 +5.0%Operating income6.31Net income2.06 −92.5%Fiscal year 2020Revenue107.07 −0.3%Operating income14.34Net income22.47 +992.5%Fiscal year 2021Revenue124.49 +16.3%Operating income10.52Net income10.23 −54.5%Fiscal year 2022Revenue123.68 −0.7%Operating income15.91Net income7.56 −26.1%Fiscal year 2023Revenue134.60 +8.8%Operating income21.86Net income20.32 +168.8%Fiscal year 2024Revenue133.13 −1.1%Operating income21.27Net income23.76 +17.0%Fiscal year 2025Revenue129.08 −3.0%Operating income−5.82Net income5.59 −76.5%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 70.55 84.81 102.28 107.41 107.07 124.49 123.68 134.60 133.13 129.08
Growth +20.2% +20.6% +5.0% −0.3% +16.3% −0.7% +8.8% −1.1% −3.0%
Operating income 10.05 15.69 15.53 6.31 14.34 10.52 15.91 21.86 21.27 −5.82
Net income 11.63 18.30 27.57 2.06 22.47 10.23 7.56 20.32 23.76 5.59
Growth +57.3% +50.7% −92.5% +992.5% −54.5% −26.1% +168.8% +17.0% −76.5%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin14.2%Net margin16.5%Free cash flow margin25.9%Fiscal year 2017Operating margin18.5%Net margin21.6%Free cash flow margin33.1%Fiscal year 2018Operating margin15.2%Net margin27.0%Free cash flow margin26.6%Fiscal year 2019Operating margin5.9%Net margin1.9%Free cash flow margin20.5%Fiscal year 2020Operating margin13.4%Net margin21.0%Free cash flow margin17.9%Fiscal year 2021Operating margin8.4%Net margin8.2%Free cash flow margin7.4%Fiscal year 2022Operating margin12.9%Net margin6.1%Free cash flow margin14.5%Fiscal year 2023Operating margin16.2%Net margin15.1%Free cash flow margin18.9%Fiscal year 2024Operating margin16.0%Net margin17.8%Free cash flow margin9.8%Fiscal year 2025Operating margin−4.5%Net margin4.3%Free cash flow margin−11.7%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 14.2% 18.5% 15.2% 5.9% 13.4% 8.4% 12.9% 16.2% 16.0% −4.5%
Net margin 16.5% 21.6% 27.0% 1.9% 21.0% 8.2% 6.1% 15.1% 17.8% 4.3%
Free cash flow margin 25.9% 33.1% 26.6% 20.5% 17.9% 7.4% 14.5% 18.9% 9.8% −11.7%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow22.48Capital expenditure−4.19Free cash flow18.29Buybacks0.00Fiscal year 2017Operating cash flow32.83Capital expenditure−4.78Free cash flow28.05 +53.3%Buybacks−1.72Fiscal year 2018Operating cash flow35.97Capital expenditure−8.77Free cash flow27.20 −3.0%Buybacks−3.31Fiscal year 2019Operating cash flow28.46Capital expenditure−6.43Free cash flow22.03 −19.0%Buybacks−4.96Fiscal year 2020Operating cash flow24.20Capital expenditure−5.08Free cash flow19.12 −13.2%Buybacks−13.05Fiscal year 2021Operating cash flow20.12Capital expenditure−10.90Free cash flow9.23 −51.7%Buybacks−7.58Fiscal year 2022Operating cash flow26.17Capital expenditure−8.29Free cash flow17.88 +93.8%Buybacks−1.93Fiscal year 2023Operating cash flow36.62Capital expenditure−11.19Free cash flow25.43 +42.2%Buybacks−4.76Fiscal year 2024Operating cash flow21.23Capital expenditure−8.13Free cash flow13.10 −48.5%Buybacks−6.32Fiscal year 2025Operating cash flow−3.01Capital expenditure−12.07Free cash flow−15.09 −215.2%Buybacks−5.54
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 22.48 32.83 35.97 28.46 24.20 20.12 26.17 36.62 21.23 −3.01
Capital expenditure −4.19 −4.78 −8.77 −6.43 −5.08 −10.90 −8.29 −11.19 −8.13 −12.07
Free cash flow 18.29 28.05 27.20 22.03 19.12 9.23 17.88 25.43 13.10 −15.09
Growth +53.3% −3.0% −19.0% −13.2% −51.7% +93.8% +42.2% −48.5% −215.2%
Buybacks 0.00 −1.72 −3.31 −4.96 −13.05 −7.58 −1.93 −4.76 −6.32 −5.54

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash10.90Total debt32.85Net cash (debt)−21.95Shareholders’ equity92.27Debt to equity0.36Fiscal year 2017Cash11.08Total debt35.61Net cash (debt)−24.53Shareholders’ equity115.35Debt to equity0.31Fiscal year 2018Cash27.64Total debt49.61Net cash (debt)−21.97Shareholders’ equity162.90Debt to equity0.30Fiscal year 2019Cash33.44Total debt43.31Net cash (debt)−9.87Shareholders’ equity163.60Debt to equity0.26Fiscal year 2020Cash35.78Total debt48.41Net cash (debt)−12.63Shareholders’ equity182.70Debt to equity0.26Fiscal year 2021Cash36.85Total debt53.63Net cash (debt)−16.78Shareholders’ equity211.46Debt to equity0.25Fiscal year 2022Cash53.16Total debt53.55Net cash (debt)−0.40Shareholders’ equity223.48Debt to equity0.24Fiscal year 2023Cash25.23Total debt43.75Net cash (debt)−18.52Shareholders’ equity243.63Debt to equity0.18Fiscal year 2024Cash24.83Total debt36.25Net cash (debt)−11.42Shareholders’ equity263.62Debt to equity0.14Fiscal year 2025Cash24.61Total debt42.77Net cash (debt)−18.16Shareholders’ equity266.33Debt to equity0.16
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 10.90 11.08 27.64 33.44 35.78 36.85 53.16 25.23 24.83 24.61
Total debt 32.85 35.61 49.61 43.31 48.41 53.63 53.55 43.75 36.25 42.77
Net cash (debt) −21.95 −24.53 −21.97 −9.87 −12.63 −16.78 −0.40 −18.52 −11.42 −18.16
Shareholders’ equity 92.27 115.35 162.90 163.60 182.70 211.46 223.48 243.63 263.62 266.33
Debt to equity 0.36 0.31 0.30 0.26 0.26 0.25 0.24 0.18 0.14 0.16

In billions of CNY, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In billions of CNY, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
70.55 84.81 102.28 107.41 107.07 124.49 123.68 134.60 133.13 129.08
Growth +20.2% +20.6% +5.0% −0.3% +16.3% −0.7% +8.8% −1.1% −3.0%
35.28 43.06 51.74 62.85 55.16 64.31 63.94 65.03 66.10 72.44
10.15 12.93 15.77 18.35 19.51 24.94 23.32 24.19 22.13 20.43
15.07 13.13 19.23 19.91 18.06 24.72 20.51 23.52 23.62 25.84
10.05 15.69 15.53 6.31 14.34 10.52 15.91 21.86 21.27 −5.82
Growth +56.1% −1.0% −59.4% +127.4% −26.7% +51.3% +37.4% −2.7% −127.4%
14.51 21.28 27.33 −0.34 23.09 10.78 10.11 25.20 28.62 6.72
2.91 3.00 4.74 1.95 4.06 3.19 2.58 3.65 4.45 1.26
11.63 18.30 27.57 2.06 22.47 10.23 7.56 20.32 23.76 5.59
Growth +57.3% +50.7% −92.5% +992.5% −54.5% −26.1% +168.8% +17.0% −76.5%

Shown in CNY as filed; the screener converts to dollars.

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 3.8% a year over five years.
  • Operating margin is down 17.9 points on five years ago, at -4.5%.
  • Profitable in every one of the 10 years on file.