BIDU financial statements

The full income statement, balance sheet, and cash-flow statement for Baidu Inc. ADS (BIDU), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2008-12 4.3M2009-12 4.3M2010-12 4.4M2020-12 334.9M2021-12 345.5M2022-12 349.6M2023-12 350.6M2024-12 345.4M2025-12 340.3M+7740.5% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	18.5B YoY+1.2%	18.2B YoY-3.8%	19.0B YoY+5.7%	17.9B YoY-8.2%	19.5B YoY+19.0%
Cost of revenue	10.4B YoY+14.4%	9.06B YoY-1.1%	9.16B YoY-1.2%	9.27B YoY-8.2%	10.1B YoY+19.4%
Research & development	2.92B YoY-3.6%	3.03B YoY-11.0%	3.41B YoY+0.8%	3.38B YoY-13.6%	3.91B YoY+30.9%
Selling, general & administrative	3.70B YoY+14.2%	3.24B YoY-2.4%	3.31B YoY+11.4%	2.98B YoY-23.3%	3.88B YoY+40.1%
Provision for credit losses	284M YoY+93.2%	147M YoY+50.0%	98.0M YoY-3.9%	102M YoY-34.2%	155M YoY+49.0%
Operating income	-833M YoY-128.6%	2.91B YoY-5.3%	3.08B YoY+33.4%	2.31B YoY+39.7%	1.65B YoY-24.9%
Interest expense	398M YoY+2.8%	387M YoY-15.3%	457M YoY+8.3%	422M YoY-21.4%	537M YoY+12.8%
Interest & investment income	1.23B YoY+12.7%	1.09B YoY-3.3%	1.13B YoY+24.6%	905M YoY+3.9%	871M YoY+6.0%
Other non-operating income	825M YoY+228.7%	251M YoY-0.4%	252M YoY+130.3%	-832M YoY-407.3%	-164M YoY-111.4%
Equity-method income	457M YoY+581.1%	-95.0M YoY+82.2%	-535M YoY-93.1%	-277M YoY-89.7%	-146M YoY+57.7%
Gain (loss) on equity securities	—	-31.0M YoY-410.0%	10.0M YoY+103.3%	-306M YoY+41.9%	-527M YoY-273.4%
Pre-tax income	960M YoY-75.5%	3.92B YoY+10.5%	3.55B YoY+142.2%	1.47B YoY-13.3%	1.69B YoY-52.2%
Income tax	180M YoY-70.4%	609M YoY+18.5%	514M YoY+37.4%	374M YoY-25.2%	500M YoY-19.7%
	799M YoY-75.5%	3.25B YoY+13.8%	2.86B YoY+161.0%	1.10B YoY-31.7%	1.60B YoY-53.4%
Net income to non-controlling interest	-19.0M YoY-133.3%	57.0M YoY-67.4%	175M YoY+4475.0%	-4.00M YoY+99.0%	-414M YoY+21.6%
Net income to common	667M YoY-79.0%	3.17B YoY+15.0%	2.76B YoY+173.3%	1.01B YoY-34.8%	1.55B YoY-54.8%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	21.7B YoY-6.1%	23.1B YoY-28.7%	32.4B YoY+5.1%	30.9B YoY-7.8%	33.5B YoY+19.1%
Cash & equivalents	3.52B YoY+3.4%	3.40B YoY-4.3%	3.55B YoY-53.9%	7.71B YoY+33.3%	5.78B YoY+5.5%
Short-term investments	13.0B YoY-7.8%	14.1B YoY-40.8%	23.8B YoY+35.6%	17.5B YoY-22.1%	22.5B YoY+16.0%
Accounts receivable	1.85B YoY+34.0%	1.38B YoY-9.4%	1.53B YoY-10.2%	1.70B YoY+8.6%	1.57B YoY+17.9%
Prepaid expenses	—	78.0M YoY-24.3%	103M YoY+22.6%	84.0M YoY-13.4%	97.0M YoY-42.9%
Other current assets	3.25B YoY+26.1%	2.58B YoY+45.6%	1.77B YoY+18.1%	1.50B YoY-13.5%	1.74B YoY+2.8%
	64.2B YoY+9.6%	58.6B YoY+2.3%	57.3B YoY+1.1%	56.7B YoY-4.9%	59.6B YoY+17.0%
Property, plant & equipment	3.76B YoY-8.9%	4.12B YoY+4.7%	3.94B YoY+13.3%	3.48B YoY-3.8%	3.61B YoY+34.7%
Operating lease right-of-use	1.23B YoY-17.5%	1.49B YoY-2.3%	1.53B YoY+1.7%	1.50B YoY-20.6%	1.89B YoY+26.0%
Goodwill	5.26B YoY+70.0%	3.09B YoY-2.7%	3.18B YoY-2.4%	3.26B YoY-8.1%	3.55B YoY+4.0%
Intangible assets	556M YoY+424.5%	106M YoY-14.5%	124M YoY-31.9%	182M YoY-31.3%	265M YoY-14.5%
Long-term investments	6.42B YoY+12.4%	5.72B YoY-15.4%	6.75B YoY-15.7%	8.02B YoY-24.1%	10.6B YoY-9.6%
Deferred tax assets	655M YoY+118.3%	300M YoY+1.4%	296M YoY-4.2%	309M YoY-16.9%	372M YoY+44.7%
Other non-current assets	3.94B YoY+71.1%	2.30B YoY-13.7%	2.67B YoY-3.5%	2.77B YoY+10.7%	2.50B YoY+374.6%
Total non-current assets	42.5B YoY+19.8%	35.5B YoY+42.7%	24.9B YoY-3.7%	25.8B YoY-1.3%	26.2B YoY+14.3%
	12.3B YoY+11.3%	11.1B YoY+3.0%	10.8B YoY-6.7%	11.5B YoY-1.2%	11.7B YoY+11.5%
Accrued liabilities	1.28B YoY+6.9%	1.20B YoY-5.1%	1.26B YoY-1.6%	1.28B YoY-17.2%	1.55B YoY+21.7%
Short-term & current debt	208M YoY+571.0%	31.0M YoY-91.9%	384M YoY-60.8%	980M YoY+49.8%	654M YoY+41.6%
Current lease liability	494M YoY+9.1%	453M YoY+3.4%	438M YoY+7.6%	407M YoY-9.6%	450M YoY+23.6%
	22.8B YoY+15.4%	19.8B YoY-2.7%	20.3B YoY-8.6%	22.2B YoY-9.3%	24.5B YoY+13.4%
Long-term debt	5.91B YoY+19.7%	4.93B YoY-14.6%	5.78B YoY-14.9%	6.79B YoY-19.4%	8.41B YoY+13.4%
Deferred revenue (non-current)	103M YoY+28.7%	80.0M YoY+17.6%	68.0M YoY+41.7%	48.0M YoY+37.1%	35.0M YoY-66.7%
Non-current lease liability	587M YoY-13.8%	681M YoY-4.1%	710M YoY+1.9%	697M YoY-20.3%	874M YoY+21.6%
Operating lease liability (total)	1.08B YoY-4.7%	1.13B YoY-1.2%	1.15B YoY+4.0%	1.10B YoY-16.6%	1.32B YoY+22.3%
Deferred tax liabilities	713M YoY+34.5%	530M YoY+38.0%	384M YoY-8.6%	420M YoY-18.6%	516M YoY+9.8%
Other non-current liabilities	280M YoY+31.5%	213M YoY-17.1%	257M YoY-14.0%	299M YoY+167.0%	112M YoY+1144.4%
Total non-current liabilities	10.5B YoY+20.7%	8.66B YoY-9.2%	9.54B YoY-10.6%	10.7B YoY-16.7%	12.8B YoY+15.3%
	38.1B YoY+5.5%	36.1B YoY+5.3%	34.3B YoY+5.9%	32.4B YoY-2.4%	33.2B YoY+18.5%
Additional paid-in capital	13.6B YoY+8.2%	12.5B YoY+2.3%	12.3B YoY+6.0%	11.6B YoY-0.1%	11.6B YoY+60.2%
Retained earnings	25.4B YoY+3.0%	24.7B YoY+8.6%	22.7B YoY+5.6%	21.5B YoY-5.6%	22.8B YoY+9.9%
Treasury stock	671M YoY-21.4%	854M YoY+58.7%	538M YoY-29.5%	763M YoY-35.9%	1.19B
Accumulated other comprehensive income	-236M YoY+4.5%	-247M YoY-96.0%	-126M YoY-259.5%	79.0M YoY+8000.0%	-1.00M YoY-103.3%
Non-controlling interest	1.46B YoY+5.5%	1.39B YoY+3.5%	1.34B YoY+55.8%	860M YoY+2.5%	839M YoY-9.5%
Total equity incl. non-controlling	39.5B YoY+5.5%	37.5B YoY+5.2%	35.7B YoY+7.2%	33.3B YoY-2.2%	34.0B YoY+17.6%
Total liabilities & equity	64.2B YoY+9.6%	58.6B YoY+2.3%	57.3B YoY+1.1%	56.7B YoY-4.9%	59.6B YoY+17.0%
	340M YoY-1.5%	345M YoY-1.5%	351M YoY+0.3%	350M YoY+1.2%	346M YoY+3.2%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	-431M YoY-114.8%	2.91B YoY-43.6%	5.16B YoY+35.9%	3.79B YoY+20.1%	3.16B YoY-14.9%
Depreciation & amortization	1.10B YoY+21.0%	909M YoY-9.1%	1.00B YoY+10.5%	905M YoY+1.0%	896M YoY+3.1%
Share-based compensation	517M YoY-21.1%	655M YoY-26.7%	894M YoY-9.1%	984M YoY-11.1%	1.11B YoY+7.4%
Deferred income taxes	-182M YoY-228.2%	142M YoY+717.4%	-23.0M YoY-64.3%	-14.0M YoY+80.0%	-70.0M YoY-511.8%
Change in receivables	645M YoY+1533.3%	-45.0M YoY-50.0%	-30.0M YoY-108.7%	343M YoY+2.1%	336M YoY+32.3%
	-3.59B YoY-206.7%	-1.17B YoY+83.5%	-7.10B YoY-1140.9%	-572M YoY+88.4%	-4.93B YoY-16.8%
Capital expenditure	1.73B YoY+54.9%	1.11B YoY-29.3%	1.58B YoY+31.2%	1.20B YoY-29.8%	1.71B YoY+119.5%
Free cash flow	-2.16B YoY-220.2%	1.79B YoY-49.9%	3.58B YoY+38.1%	2.59B YoY+79.1%	1.45B YoY-50.6%
Acquisitions	170M	0.00 YoY-100.0%	16.0M YoY+700.0%	2.00M YoY-94.9%	39.0M YoY-89.4%
Sales/maturities of investments	21.0B YoY+106.0%	10.2B YoY+3251.3%	304M YoY-77.4%	1.35B YoY-66.8%	4.06B YoY-80.5%
Other investing activities	-15.0M YoY-475.0%	4.00M YoY+133.3%	-12.0M YoY+14.3%	-14.0M YoY-27.3%	-11.0M YoY-650.0%
	2.45B YoY+230.0%	-1.89B YoY+5.5%	-2.00B YoY-115.4%	-926M YoY-125.2%	3.67B YoY+322.4%
Long-term debt issued	0.00	0.00	0.00	0.00	0.00
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	0.00	0.00	0.00	0.00 YoY-100.0%	3.12B
Common stock repurchased	792M YoY-8.5%	866M YoY+29.1%	671M YoY+140.5%	279M YoY-76.6%	1.19B YoY-40.5%
Dividends paid	0.00	0.00	0.00	0.00	0.00
Other financing activities	—	—	-31.0M YoY-3.3%	-30.0M YoY-66.7%	-18.0M YoY+48.6%
Net change in cash	-1.68B YoY-1145.2%	-135M YoY+96.5%	-3.90B YoY-253.0%	2.55B YoY+45.8%	1.75B YoY+440.9%
Interest paid	287M YoY-6.2%	306M YoY-21.3%	389M YoY-0.3%	390M YoY-2.3%	399M YoY+18.0%
Income taxes paid	465M YoY-7.9%	505M YoY-2.1%	516M YoY+1.0%	511M YoY+0.2%	510M YoY-7.8%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	44.5B YoY+52.6%	29.1B YoY-30.0%	41.6B YoY+5.3%	39.5B YoY-23.1%	51.4B YoY-29.0%
P/E	55.6× YoY+521.9%	8.9× YoY-76.4%	38.0× YoY+54.3%	24.6× YoY-23.1%	32.0× YoY+52.3%
P/S	2.4× YoY+50.8%	1.6× YoY-31.2%	2.3× YoY+14.8%	2.0× YoY-23.1%	2.6× YoY-40.4%
P/B	1.2× YoY+44.8%	0.8× YoY-37.2%	1.3× YoY+7.9%	1.2× YoY-23.1%	1.5× YoY-40.1%
P/FCF	—	16.2× YoY+1.1%	16.1× YoY-41.2%	27.3× YoY-23.1%	35.5× YoY+43.7%
	1.8% YoY-83.9%	11.2% YoY+324.5%	2.6% YoY-35.2%	4.1% YoY+30.1%	3.1% YoY-34.4%
	—	6.2% YoY-1.1%	6.2% YoY+70.0%	3.7% YoY+30.1%	2.8% YoY-30.4%
Source filing	20-F	20-F	20-F	20-F	20-F

About this data

Source: BIDU's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all BIDU filings on SEC EDGAR → Not investment advice.