BIDUNasdaqServices-Computer Programming, Data Processing, Etc.Fiscal year ends December 31Also trades as BAIDF
Baidu, Inc.
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Mar 17, 2026
$79.78−0.36 (-0.45%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
43.9%−4.6 pts over 5 years
Operating margin
-4.5%−17.9 pts over 5 years
Net margin
4.3%−16.7 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -3.0% | +1.4% | +3.8% | +6.9% | |
| Gross profit | -15.5% | -1.8% | +1.8% | +3.8% | |
| Net income | -76.5% | -9.6% | -24.3% | -16.4% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 13.5% | 13.0% | 2.1% | |
| Return on assets | 7.1% | 7.1% | 1.3% | |
| Current ratio | 2.16 | 2.68 | 1.76 | |
| Interest coverage | 8.7× | 4.6× | -2.1× | |
| Capex to revenue | 5.9% | 4.7% | 9.4% |
Where the cash went
Fiscal 2021 to 2025, five years combined
Baidu generated CN¥107.15B from operations and spent CN¥76.71B on capital expenditure, dividends and share buybacks. 66% of that went back into the business.
Generated
CN¥107.15B
Used
CN¥76.71B
Capital expenditureCN¥50.58B66%DividendsCN¥00%Share buybacksCN¥26.13B34%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin4.3%
×Asset turnover0.29×
×Equity multiplier1.65×
=Return on equity, FY20252.1%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 4.3% | 0.29× | 1.65× | 2.1% |
| FY2024 | 17.8% | 0.32× | 1.65× | 9.4% |
| FY2023 | 15.1% | 0.34× | 1.71× | 8.7% |
| FY2022 | 6.1% | 0.32× | 1.77× | 3.5% |
| FY2021 | 8.2% | 0.35× | 1.81× | 5.2% |
| FY2020 | 21.0% | 0.34× | 1.83× | 13.0% |
| FY2019 | 1.9% | 0.36× | 1.83× | 1.3% |
| FY2018 | 27.0% | 0.37× | 1.97× | 19.8% |
| FY2017 | 21.6% | 0.39× | 2.09× | 17.6% |
| FY2016 | 16.5% | 0.43× | 1.91× | 13.5% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
1of 7 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zeroCN¥5.59B
- Cash generatingOperating cash flow above zero-CN¥3.01B
- Return on assets improvedROA up on the prior year5.8% → 1.3%
- Earnings backed by cashOperating cash flow above net income-CN¥3.01B vs CN¥5.59B
- Less leverageLong-term debt to assets fell– → 3.2%
- Better liquidityCurrent ratio rose2.09 → 1.76
- No dilutionShare count did not rise– → –
- Gross margin improvedGross margin up on the prior year50.35% → 43.88%
- More efficientAsset turnover rose0.33 → 0.30