BIDU Baidu, Inc.

Overview and Growth

Baidu, Inc. generated $18.46B of revenue in fiscal 2025, with net income of $799.00M and an operating cash outflow of $431.00M. At $18.46B, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Compared with $18.24B in fiscal 2024, revenue recorded a 1.2% year-over-year increase. Total assets stood at $64.23B, showing the scale of resources supporting revenue, earnings, liquidity, and financing. Revenue equaled 0.29x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

After reported cost of revenue, the company retained $8.10B as gross profit before recognizing operating expenses and other items. Gross profit represented 43.9% of revenue, showing how much of the top line remained after direct costs. The company recorded an operating loss of $833.00M after the reported operating expense base. An operating margin of -4.5% reflected costs exceeding revenue-level gross profit by 4.5% of sales. Net income came to $799.00M, completing the progression from revenue through gross and operating profitability to the final reported result. Net margin was 4.3%, meaning that this portion of revenue remained as net income after all recognized expenses. Pretax income was $960.00M, isolating the reported earnings outcome before the income-tax provision recognized for the fiscal year. The pretax margin was 5.2%, relating income before taxes directly to revenue. The reported income-tax provision was $180.00M, the amount recognized between pretax income and the final net-income result. The income-tax provision equaled 18.8% of pretax income, showing the tax burden absorbed by the year’s earnings. Return on period-end equity was 2.0%, relating annual net income to the equity capital on the balance sheet. Net income represented 1.2% of period-end assets, placing the company’s bottom-line result against the total resource base employed.

Liquidity and Capital Structure

At period end, the $64.23B asset base was financed through $22.80B of liabilities and $39.55B of equity. Current assets were $21.73B against $12.34B of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. Current assets covered current liabilities by 1.76x, leaving a positive buffer for near-term obligations. Reported cash and equivalents were $3.52B, separating immediately recognizable cash resources from the rest of the current-asset base. The cash balance equaled 28.5% of current liabilities, showing how much near-term coverage came from cash alone. Borrowings totaled $6.12B, adding a fixed financing obligation alongside the company’s equity capital. Against book equity, debt measured 0.15x, placing the company’s financial leverage in clear balance-sheet terms. Debt represented 9.5% of total assets, placing borrowing in the context of the company’s full resource base. The liabilities-to-assets relationship was 35.5%, placing reported obligations against the full positive asset balance. Cash and equivalents equaled 5.5% of total assets, showing the liquid cash component within the company’s broader resource base. Total assets were 9.6% higher than fiscal 2024 assets of $58.61B, measuring the company’s own balance-sheet change. Reported equity changed 5.5% from $37.50B in fiscal 2024, placing the current capital base higher year over year.

Cash Flow and Earnings Quality

Cash flow from operations was an outflow of $431.00M, showing that operations absorbed cash during the period. Capital expenditures used $1.73B in addition to the operating cash outflow, increasing the total cash consumed by operations and investment during the period. The company recorded a $2.16B cash deficit after capital spending for the period. The free-cash-flow deficit equaled 11.7% of revenue, showing the post-investment cash shortfall relative to sales. The cash deficit after capital spending represented 3.4% of the period-end asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.