Baidu Group-SW releases Q4 earnings report with total revenue of 32.7 billion yuan, up 5% quarter-over-quarter. Baidu Apollo Go total orders increased over 200% year-over-year.

Baidu Group-SW (09888) released its Q4 and full-year 2025 earnings, with total revenue of RMB 32.7 billion (USD 4.68 billion) in Q4, up 5% quarter-over-quarter, mainly driven by growth in Baidu’s core AI new business. Operating profit was RMB 1.5 billion (USD 212 million), with an operating profit margin of 5%. Non-GAAP operating profit was RMB 3.0 billion (USD 424 million), with a non-GAAP operating profit margin of 9%. Net profit attributable to Baidu was RMB 1.8 billion (USD 255 million), with a net profit margin of 5%, and diluted earnings per American Depositary Share (ADS) of RMB 3.71 (USD 0.53). Non-GAAP net profit attributable to Baidu was RMB 3.9 billion (USD 559 million), with a non-GAAP net profit margin of 12%, and diluted earnings per ADS of RMB 10.62 (USD 1.52).

For the fiscal year 2025, total revenue was RMB 129.1 billion (USD 18.46 billion). Excluding long-term asset impairments, operating profit was RMB 10.4 billion (USD 1.48 billion). Non-GAAP operating profit was RMB 15.0 billion (USD 2.14 billion), with an operating profit margin of 12%. Net profit attributable to Baidu was RMB 5.6 billion (USD 799 million), with a net profit margin of 4%, and diluted earnings per ADS of RMB 11.78 (USD 1.68). Excluding long-term asset impairments, net profit attributable to Baidu was RMB 19.4 billion (USD 2.77 billion). Non-GAAP net profit attributable to Baidu was RMB 18.9 billion (USD 2.71 billion), with a non-GAAP net profit margin of 15%, and diluted earnings per ADS of RMB 53.41 (USD 7.64).

In Q4 2025, revenue from AI-native marketing services reached RMB 2.7 billion (USD 386 million), a 110% year-over-year increase. In December 2025, Baidu APP’s monthly active users (MAUs) reached 679 million, flat year-over-year. Wenxin Assistant’s MAUs reached 202 million.

“2025 is a pivotal year for AI becoming Baidu’s new core. The growth momentum of our intelligent cloud infrastructure remains strong, and our differentiated end-to-end AI capabilities are increasingly recognized by more enterprises. Our AI application portfolio continues to expand, meeting diverse needs of businesses and individual users. Baidu’s Robo-Run further consolidates its global leadership, operating at industry-leading scale while accelerating expansion into new overseas markets. Meanwhile, AI-native marketing services continue to grow, unlocking new potential for long-term development,” said Robin Li, Baidu’s Co-Founder and CEO. “As our AI-first strategy becomes clearer, we are confident in creating lasting value in the AI era.”

“Our group achieved several key milestones this quarter. First, revenue from Baidu’s core AI new business exceeded RMB 11 billion in Q4, accounting for 43% of Baidu’s general business revenue. Second, total revenue from Baidu’s general business grew 6% quarter-over-quarter, while non-GAAP operating profit increased 28% quarter-over-quarter to RMB 2.8 billion. Third, Baidu’s operating cash flow turned positive in the second half of 2025, totaling RMB 3.9 billion, compared to a negative figure in the first half. Fourth, the spin-off and independent listing of Kunlun Chip are progressing, which we believe will unlock significant value for shareholders. Lastly, the group recently announced a new share repurchase plan with a maximum authorization of USD 5 billion, and for the first time adopted a dividend policy, with the first dividend expected to be paid before the end of 2026,” said Herman H. H. H. H. H. H. H., Baidu’s CFO.