6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of February 2026

Commission File Number: 000-51469

BAIDU, INC.

Baidu Campus

No. 10 Shangdi 10th Street

Haidian District, Beijing 100085

The People’s Republic of China

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒    Form 40-F ☐

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release –– Baidu Announces Fourth Quarter and Fiscal Year 2025 Results

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BAIDU, INC.
By:	/s/ Haijian He
Name:	Haijian He
Title:	Chief Financial Officer

Date: February 26, 2026

EX-99.1

Exhibit 99.1

Baidu Announces Fourth Quarter and Fiscal Year 2025 Results

BEIJING, China, Feb 26, 2026 – Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888 (HKD Counter) and 89888 (RMB Counter)), (“Baidu” or the “Company”), a leading AI company with strong Internet foundation, today announced its unaudited financial results for the quarter and fiscal year ended December 31, 2025.

“2025 marked a pivotal year as AI became the new core of Baidu. AI Cloud Infra gained strong momentum, with our differentiated full-stack end-to-end AI capabilities earning growing enterprise recognition. Our portfolio of AI applications continued to scale, addressing diverse needs across enterprises and individuals. Apollo Go further reinforced its global leadership, operating at industry-leading scales while accelerating international expansion into new markets. Meanwhile, AI-native Marketing Services continued to grow, unlocking new possibilities for the long term,” said Robin Li, Co-founder and CEO of Baidu. “As our AI-first strategy takes clear shape, we’re confident in our ability to create lasting value in the AI era.”

“We delivered several key achievements this quarter. First, revenue from Baidu Core AI-powered Business^1^ exceeded RMB 11 billion in Q4, accounting for 43% of Baidu General Business^2^ revenue. Second, total revenue of Baidu General Business grew 6% sequentially and Non-GAAP operating income of Baidu General Business increased 28% quarter over quarter to RMB 2.8 billion. Third, operating cash flow for Baidu turned positive in the second half of 2025, generating RMB 3.9 billion combined, compared to negative cash flow in the first half. Fourth, the Kunlunxin spin-off and separate listing is progressing, which we believe will unlock significant value for shareholders. Finally, we announced a new share repurchase program with up to US$5 billion authorization and introduced our first-ever dividend policy, with the first payment potentially to be made by year-end 2026.” said Haijian He, CFO of Baidu.

Operational Highlights^1^

The following table sets forth selected revenue highlights for our Baidu Core AI-powered Business for the periods indicated:

^1^	The revenue and operational data presented are derived from the Company’s internal management accounts<br>and records, which have not been audited.
^2^	Starting this quarter, we redefined Baidu Core as Baidu General Business. Baidu General Business includes Baidu<br>Core AI-powered Business, Legacy Business, and Others. Legacy Business mainly consists of traditional advertising services across Search, Feed and other properties. Fourth quarter 2025 revenues from Baidu Core<br>AI-powered Business, Legacy Business, and Others were RMB 11.3 billion, RMB 12.3 billion, and RMB 2.5 billion, respectively, derived from the Company’s internal management accounts and<br>records, which have not been audited.
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1

	Q3			Q4			FY			FY
(In billions)	2025			2025			2024			2025			YoY
	RMB			RMB			RMB			RMB
Baidu Core AI-powered Business	****	9.6	****	****	11.3	****	****	27.0	****	****	40.0	****		48	%
- AI Cloud Infra		4.2			5.8			14.8			19.8			34	%
- AI Applications		2.6			2.7			9.8			10.2			5	%
- AI-native Marketing Services		2.8			2.7			2.4			9.8			301	%
% of Baidu General Business		39	%		43	%		26	%		39	%

Corporate

•	Baidu’s Board of Directors has authorized a new share repurchase program in February 2026, under which the<br>Company may repurchase up to US$5 billion of its shares, effective through December 31, 2028. The Board has also approved, for the first time, the adoption of a dividend policy for the Company’s ordinary shares, which may include<br>regular and/or special distributions of dividends.
•	Baidu announced its proposed spin-off and separate listing of Kunlunxin<br>in January 2026.
---	---
•	Baidu released an updated version of ERNIE 5.0, its native omni-modal foundation model in January 2026.<br>
---	---
•	Baidu earned a position in the global edition of the S&P Global Sustainability Yearbook 2026, demonstrating<br>its further advancement in ESG performance. The selection stems from a comprehensive evaluation of 9,200 companies globally as part of the S&P Global 2025 Corporate Sustainability Assessment, underscoring Baidu’s sustainability practices.<br>
---	---

Baidu Core AI-powered Business

AI Cloud Infra

•	Revenue from AI Cloud Infra was RMB 5.8 billion in the fourth quarter of 2025, with subscription-based<br>revenue from AI accelerator infrastructure increasing by 143% year over year.
•	Revenue from AI Cloud Infra was approximately RMB 20 billion for the full year 2025, up 34% year over year.<br>
---	---

AI Applications

•	Revenue from AI Applications was RMB 2.7 billion in the fourth quarter of 2025, with full year 2025 revenue<br>exceeding RMB 10 billion.
•	Miaoda, Baidu’s vibe coding platform, demonstrates industry-leading performance in platform capabilities<br>and application quality, according to IDC’s 2025 China No-Code Generative AI Application Development Platform Report, issued in November 2025.
---	---

2

•	Baidu established the Personal Super Intelligence Business Group (PSIG), integrating Baidu Wenku and Baidu Drive<br>to accelerate AI application innovation.

Robotaxi

•	In the fourth quarter of 2025, Apollo Go, Baidu’s autonomous ride-hailing service, delivered<br>3.4 million fully driverless operational rides with weekly rides peaking at over 300,000 during the quarter. Total rides increased by over 200% year over year. As of February 2026, cumulative rides provided to the public by Apollo Go exceeded<br>20 million.
•	Apollo Go accelerated its global footprint across multiple markets. In the UK, Apollo Go advanced partnerships<br>with Uber and Lyft to pilot autonomous vehicles in London. In Switzerland, Apollo Go initiated testing in St. Gallen. In the Middle East, Apollo Go officially launched fully autonomous ride-hailing services in Abu Dhabi with AutoGo, secured<br>Dubai’s first fully driverless testing permit, and partnered with Uber to bring Apollo Go to the Uber platform in Dubai. In Asia, Apollo Go entered the South Korean market, starting with the Seoul metropolitan area. Apollo Go also expanded its<br>Hong Kong testing into new districts and initiated cross-district testing.
---	---
•	As of February 2026, Apollo Go’s global footprint reached 26 cities. To date, Apollo Go fleets have<br>accumulated over 300 million autonomous kilometers, including over 190 million fully driverless autonomous kilometers, with an outstanding safety record.
---	---

AI-native Marketing Services

•	Revenue from AI-native marketing services reached RMB 2.7 billion in<br>the fourth quarter of 2025, up 110% year over year.
•	Baidu App’s MAUs reached 679 million in December 2025, remaining flat year over year.<br>
---	---
•	ERNIE Assistant’s MAU reached 202 million in December 2025.
---	---

Fourth Quarter 2025 Financial Results for Baidu^3^^,^^4^^,^^5^

Total revenues were RMB32.7 billion ($4.68 billion), increasing 5% quarter over quarter, primarily due to an increase in Baidu Core AI-powered Business.

^3^	Starting this quarter, we focused on the quarter-over-quarter fluctuation for the quarterly results to present<br>a more meaningful perspective of our financial information.
^4^	Unless otherwise noted, RMB to USD was converted at an exchange rate of RMB6.9931 as of December 31, 2025,<br>as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. Translations are provided solely for the convenience of the reader.
---	---
^5^	Non-GAAP measures are defined in the<br>Non-GAAP Financial Measures section (see also “Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures” for more details).<br>
---	---

3

Cost of revenues was RMB18.3 billion ($2.61 billion), which remained flat quarter over quarter.

Selling, general and administrative expenses were RMB7.4 billion ($1.06 billion), increasing 12% quarter over quarter, primarily due to an increase in expected credit losses.

Research and development expenses were RMB5.6 billion ($800 million), increasing 8% quarter over quarter, primarily due to one-time employee severance costs to improve efficiency.

Operating income was RMB1.5 billion ($212 million) and operating margin was 5%. Non-GAAP operating income was RMB3.0 billion ($424 million) and non-GAAP operatingmargin was 9%.

Total other income, net was RMB1.2 billion ($178 million), compared to RMB1.9 billion last quarter.

Income tax expense was RMB1.0 billion ($147 million), compared to income tax benefit of RMB1.8 billion last quarter.

Net income attributable to Baidu was RMB1.8 billion ($255 million), net margin for Baidu was 5% and diluted earnings per ADS was RMB3.71 ($0.53). Non-GAAP net income attributable to Baidu was RMB3.9 billion ($559 million), non-GAAP net margin for Baidu was 12% and non-GAAP diluted earnings per ADS was RMB10.62 ($1.52).

Adjusted EBITDA was RMB4.7 billion ($676 million) and adjusted EBITDA margin was 14%.

We define total cash and investments as cash, cash equivalents, restricted cash, short-term investments, net, long-term time deposits and held-to-maturity investments, and adjusted long-term investments. As of December 31, 2025, t otal cashand investments were RMB294.1 billion ($42.06 billion). Operating cash flow was RMB2.6 billion ($373 million).

4

Fiscal Year 2025 Results for Baidu^4^^,^^5^

Total revenues were RMB129.1 billion ($18.46 billion), decreasing 3% year over year, primarily due to a decrease in Legacy Business, partially offset by an increase in Baidu Core AI-powered Business.

Cost of revenues was RMB72.4 billion ($10.36 billion), increasing 10% year over year, primarily due to an increase in costs related to Baidu Core AI-powered business.

Selling, general and administrative expenses were RMB25.8 billion ($3.70 billion), increasing 9% year over year, primarily due to an increase in channel spending expenses and expected credit losses.

Research and development expenses were RMB20.4 billion ($2.92 billion), decreasing 8% year over year, primarily due to a decrease in personnel-related expenses.

Impairment of long-lived assets was RMB16.2 billion ($2.32 billion), attributable to an impairment loss of Core asset group.

Operating loss was RMB5.8 billion ($833 million) and operating loss margin was 5%. Excluding impairment of long-lived assets, operating income was RMB10.4 billion ($1.48 billion). Non-GAAP operating income was RMB15.0 billion ($2.14 billion) and operating margin was 12%.

Total other income, net was RMB12.5 billion ($1.79 billion), compared to RMB7.4 billion in the same period last year.

Income tax expense was RMB1.3 billion ($180 million), compared to RMB4.4 billion in the same period last year.

Net income attributable to Baidu was RMB5.6 billion ($799 million), net margin for Baidu was 4% and diluted earnings perADS was RMB11.78 ($1.68). Excluding the impact of impairment of long-lived assets, n et income attributable to Baidu was RMB19.4 billion ($2.77 billion). Non-GAAP net incomeattributable to Baidu was RMB18.9 billion ($2.71 billion), non-GAAP net margin for Baidu was 15% and n on-GAAP diluted earnings per ADS was RMB53.41 ($7.64).

^4^	Unless otherwise noted, RMB to USD was converted at an exchange rate of RMB6.9931 as of December 31, 2025, as<br>set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. Translations are provided solely for the convenience of the reader.
^5^	Non-GAAP measures are defined in the Non-GAAP Financial Measures section (see also “Reconciliations of<br>Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures” for more details).
---	---

5

Adjusted EBITDA was RMB22.9 billion ($3.27 billion) and adjusted EBITDA margin was 18%.

Operating cash flow was negative RMB3.0 billion (negative $431 million), which remained positive for the past two consecutive quarters.

For detailed financial information of Baidu General Business and iQIYI, please see the appended financial tables.

Conference Call Information

Baidu’s management will hold an earnings conference call at 7:30 AM on Feb 26, 2026, U.S. Eastern Time (8:30 PM on Feb 26, 2026, Beijing Time).

Please register in advance of the conference call using the link provided below. It will automatically direct you to the registration page of “Baidu Inc. Q4 2025 Earnings Conference Call”. Please follow the steps to enter your registration details, then click “Register”. Upon registering, you will then be provided with the dial-in number, the passcode, and your unique access PIN. This information will also be emailed to you as a calendar invite.

For pre-registration, please click:

https://s1.c-conf.com/diamondpass/10052617-fv4jhm.html

In the 10 minutes prior to the call start time, you may use the conference access information (including dial-in number(s), the passcode and unique access PIN) provided in the calendar invite that you have received following your pre-registration.

Additionally, a live and archived webcast of this conference call will be available at https://ir.baidu.com.

About Baidu

Founded in 2000, Baidu’s mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong Internet foundation, trading on NASDAQ under “BIDU” and HKEX under “9888”. One Baidu ADS represents eight Class A ordinary shares.

Contacts

Investors Relations, Baidu, Inc.

Tel: +86-10-5992-8888

Email: [email protected]

6

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, Baidu’s and other parties’ strategic and operational plans, contain forward-looking statements. Baidu may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in announcements made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Baidu’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Baidu’s growth strategies; its future business development, including development of new products and services; its ability to attract and retain users and customers; competition in the Chinese Internet search and newsfeed market; competition for online marketing customers; changes in the Company’s revenues and certain cost or expense items as a percentage of its revenues; the outcome of ongoing, or any future, litigation or arbitration, including those relating to intellectual property rights; the expected growth of the Chinese-language Internet search and newsfeed market and the number of Internet and broadband users in China; Chinese governmental policies relating to the Internet and Internet search providers, and general economic conditions in China and elsewhere. Further information regarding these and other risks is included in the Company’s annual report on Form 20-F and other documents filed with the Securities and Exchange Commission, and announcements on the website of the Hong Kong Stock Exchange. Baidu does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of the press release, and Baidu undertakes no duty to update such information, except as required under applicable law.

Non-GAAP Financial Measures

To supplement Baidu’s consolidated financial results presented in accordance with GAAP, Baidu uses the following non-GAAP financial measures: non-GAAP operating income, non-GAAP operating margin, non-GAAP net income attributable to Baidu, non-GAAP net margin, non-GAAP diluted earnings per ADS, adjusted EBITDA, adjusted EBITDA margin, adjusted long-term investments and free cash flow. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

7

Baidu believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding certain items that may not be indicative of its recurring core business operating results, such as operating performance excluding non-cash charges or non-operating in nature. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to Baidu’s historical performance and liquidity. The Company believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using these non-GAAP financial measures is that these non-GAAP measures exclude certain items that have been and will continue to be for the foreseeable future a significant component in the Company’s results of operations. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data.

Non-GAAP operating income represents operating income excluding share-based compensation expenses, amortization and impairment of intangible assets resulting from business combinations, impairment of long-lived assets, and one-time employee severance costs.

Non-GAAP net income attributable to Baidu represents net income attributable to Baidu excluding share-based compensation expenses, amortization and impairment of intangible assets resulting from business combinations, impairment of long-lived assets, one-time employee severance costs, disposal gain or loss, impairment of long-term investments, and fair value gain or loss of long-term investments and exchangeable bonds, adjusted for related income tax effects. Baidu’s share of equity method investments for these non-GAAP reconciling items, amortization and impairment of intangible assets not on the investees’ books, accretion of their redeemable non-controlling interests, and the gain or loss associated with the issuance of shares by the investees at a price higher or lower than the carrying value per share, adjusted for related income tax effects, are also excluded.

8

Non-GAAP diluted earnings per ADS represents diluted earnings per ADS calculated by dividing non-GAAP net income attributable to Baidu, by the weighted average number of ordinary shares expressed in ADS. Adjusted EBITDA represents non-GAAP operating income excluding depreciation of fixed assets, and amortization of intangible assets excluding those resulting from business combinations. Adjusted long-term investments represent long-term investments, net, with publicly listed equity method investments adjusted to fair value based on quoted market prices.

For more information on non-GAAP financial measures, please see the tables captioned “Reconciliations of non-GAAP financial measures to the nearest comparable GAAP measure.”

9

Baidu, Inc.

Condensed Consolidated Statements of Income

(In millions except for per share (or ADS) information, unaudited)

	Three Months Ended											Twelve Months Ended
	December 31,			September 30,			December 31,			December 31,		December 31,			December 31,			December 31,
	2024			2025			2025			2025		2024			2025			2025
	RMB			RMB			RMB			US(2)		RMB			RMB			US(2)
Revenue	****	34,124	****	****	31,174	****	****	32,740	****		****	****	133,125	****	****	129,079	****		****
Costs and expenses:
Cost of revenue^(1)^		18,014			18,315			18,277					66,102			72,436
Selling, general and<br>administrative^(1)^		6,678			6,581			7,389					23,620			25,843
Research and development^(1)^		5,515			5,179			5,591					22,133			20,433
Impairment of long-lived assets		—			16,190			—					—			16,190
Total costs and expenses	****	30,207	****	****	46,265	****	****	31,257	****		****	****	111,855	****	****	134,902	****		****
Operating income (loss)	****	3,917	****	****	(15,091	)	****	1,483	****		****	****	21,270	****	****	(5,823	)		)
Other income:
Interest income		2,001			1,930			2,051					7,962			8,602
Interest expense		(643	)		(631	)		(651	)		)		(2,824	)		(2,784	)		)
Foreign exchange gain (loss), net		1,678			(357	)		(1,054	)		)		1,076			(2,242	)		)
Share of earnings (losses) from equity method investments		(399	)		735			1,193					(691	)		3,196
Others, net		23			269			(296	)		)		1,829			5,767
Total other income, net	****	2,660	****	****	1,946	****	****	1,243	****		****	****	7,352	****	****	12,539	****		****
Income (loss) before income taxes	****	6,577	****	****	(13,145	)	****	2,726	****		****	****	28,622	****	****	6,716	****		****
Income tax expense (benefit)		1,619			(1,828	)		1,029					4,447			1,259
Net income (loss)	****	4,958	****	****	(11,317	)	****	1,697	****		****	****	24,175	****	****	5,457	****		****
Net income (loss) attributable to noncontrolling interests		(234	)		(85	)		(85	)		)		415			(132	)		)
Net income (loss) attributable to Baidu	****	5,192	****	****	(11,232	)	****	1,782	****		****	****	23,760	****	****	5,589	****		****
Earnings (loss) per ADS (1 ADS representing 8 Class A ordinary shares):
-Basic		14.41			(33.88	)		4.48					66.40			13.67
-Diluted		14.26			(33.88	)		3.71					65.91			11.78
Earnings (loss) per share for Class A and Class B ordinary shares:
-Basic		1.80			(4.23	)		0.56					8.31			1.71
-Diluted		1.78			(4.23	)		0.46					8.24			1.47
Weighted average number of Class A and Class B ordinary shares outstanding (in<br>millions):
-Basic		2,775			2,713			2,721					2,790			2,726
-Diluted		2,783			2,713			2,758					2,798			2,744
(1) Includes share-based compensation expenses as follows:
Cost of revenue		103			113			79					461			389
Selling, general and administrative		297			340			252					1,427			1,181
Research and development		685			591			398					2,896			2,035
Total share-based compensation expenses		1,085			1,044			729					4,784			3,605

All values are in US Dollars.

(2)	All translations from RMB to U.S. dollars are made at a rate of RMB6.9931 to US$1.00, the exchange rate in<br>effect as of December 31, 2025 as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System.

10

Baidu, Inc.

Condensed Consolidated Balance Sheets

(In millions, unaudited)

	December 31,		December 31,		December 31,
	2024		2025		2025
	RMB		RMB		US
ASSETS
Current assets:
Cash and cash equivalents		24,832		24,606
Restricted cash		11,697		225
Short-term investments, net		102,608		90,661
Accounts receivable, net		10,104		12,972
Amounts due from related parties		790		761
Other current assets, net		18,818		22,745
Total current assets	****	168,849	****	151,970
Non-current assets:
Fixed assets, net		30,102		26,281
Licensed copyrights, net		6,930		5,963
Produced content, net		14,695		14,575
Intangible assets, net		772		3,891
Goodwill		22,586		36,783
Long-term investments, net		41,721		44,918
Long-term time deposits and<br>held-to-maturity investments		98,535		123,862
Amounts due from related parties		137		167
Deferred tax assets, net		2,193		4,582
Operating lease<br>right-of-use assets		10,898		8,610
Receivables related to the proposed acquisition of YY Live, net		13,547		—
Other non-current assets		16,815		27,555
Total non-current assets	****	258,931	****	297,187
Total assets	****	427,780	****	449,157
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Current liabilities:
Short-term loans		10,669		7,626
Accounts payable and accrued liabilities		41,443		38,891
Customer deposits and deferred revenue		14,624		13,051
Deferred income		684		531
Long-term loans, current portion		168		14,765
Convertible senior notes, current portion		242		1,459
Notes payable, current portion		8,026		4,560
Amounts due to related parties		1,794		1,988
Operating lease liabilities		3,303		3,457
Total current liabilities	****	80,953	****	86,328
Non-current liabilities:
Deferred income		231		198
Deferred revenue		585		723
Amounts due to related parties		56		36
Long-term loans		15,596		3,369
Notes payable		27,996		51,021
Convertible senior notes		8,351		6,712
Deferred tax liabilities		3,870		4,985
Operating lease liabilities		4,973		4,108
Other non-current liabilities		1,557		1,951
Total non-current liabilities	****	63,215	****	73,103
Total liabilities	****	144,168	****	159,431
Redeemable noncontrolling interests	****	9,870	****	13,166
Equity
Total Baidu shareholders’ equity		263,620		266,330
Noncontrolling interests		10,122		10,230
Total equity	****	273,742	****	276,560
Total liabilities, redeemable noncontrolling interests, and equity	****	427,780	****	449,157

All values are in US Dollars.

11

Baidu, Inc.

Selected Information

(In millions, unaudited)

	Three months ended												Three months ended												Three months ended												Three months ended
	December 31, 2024 (RMB)												September 30, 2025 (RMB)												December 31, 2025 (RMB)												December 31, 2025 (US)
	BaiduGeneralBusiness			iQIYI			Elim &<br>adj^(2)^			Baidu,Inc.			BaiduGeneralBusiness			iQIYI			Elim &<br>adj^(2)^			Baidu,Inc.			BaiduGeneralBusiness			iQIYI			Elim &<br>adj^(2)^			Baidu,Inc.			BaiduGeneralBusiness		iQIYI			Elim &<br>adj^(2)^			Baidu,Inc.
Revenue	****	27,698	****	****	6,613	****		(187	)	****	34,124	****	****	24,659	****	****	6,682	****		(167	)	****	31,174	****	****	26,112	****	****	6,794	****		(166	)	****	32,740	****		****	****	972	****		(24	)	****	4,682	****
YOY																										(6	%)		3	%					(4	%)
QOQ																										6	%		2	%					5	%
Costs and expenses:
Cost of revenue^(1)^		13,180			4,995			(161	)		18,014			12,996			5,467			(148	)		18,315			13,042			5,376			(141	)		18,277					769			(20	)		2,614
Selling, general and<br>administrative^(1)^		5,816			882			(20	)		6,678			5,677			925			(21	)		6,581			6,455			946			(12	)		7,389					135			(2	)		1,056
Research and development^(1)^		5,064			451			—			5,515			4,767			412			—			5,179			5,174			417			—			5,591					60			—			800
Impairment of long-lived assets		—			—			—			—			16,190			—			—			16,190			—			—			—			—					—			—			—
Total costs and expenses	****	24,060	****	****	6,328	****		(181	)	****	30,207	****	****	39,630	****	****	6,804	****		(169	)	****	46,265	****	****	24,671	****	****	6,739	****		(153	)	****	31,257	****		****	****	964	****		(22	)	****	4,470	****
YOY
Cost of revenue																										(1	%)		8	%					1	%
Selling, general and administrative																										11	%		7	%					11	%
Research and development																										2	%		(8	%)					1	%
Impairment of long-lived assets																										—			—						—
Costs and expenses																										3	%		6	%					3	%
QOQ
Cost of revenue																										0	%		(2	%)					(0	%)
Selling, general and administrative																										14	%		2	%					12	%
Research and development																										9	%		1	%					8	%
Impairment of long-lived assets																										(100	%)		—						(100	%)
Costs and expenses																										(38	%)		(1	%)					(32	%)
Operating income (loss)	****	3,638	****	****	285	****		(6	)	****	3,917	****	****	(14,971	)	****	(122	)		2		****	(15,091	)	****	1,441	****	****	55	****		(13	)	****	1,483	****		****	****	8	****		(2	)	****	212	****
YOY																										(60	%)		(81	%)					(62	%)
QOQ																										—			—						—
Operating margin		13	%		4	%					11	%		(61	%)		(2	%)					(48	%)		6	%		1	%					5	%
Add: total other income (loss), net		3,125			(465	)		—			2,660			2,031			(85	)		—			1,946			1,270			(27	)		—			1,243					(4	)		—			178
Less: income tax expense (benefit)		1,612			7			—			1,619			(1,868	)		40			—			(1,828	)		993			36			—			1,029					5			—			147
Less: net income (loss) attributable to NCI		(132	)		2			(104	)(3)		(234	)		49			2			(136	)(3)		(85	)		(79	)		(2	)		(4	)(3)		(85	)		)		—			(1	)^(3)^		(12	)
Net income (loss) attributable to Baidu	****	5,283	****	****	(189	)		98		****	5,192	****	****	(11,121	)	****	(249	)		138		****	(11,232	)	****	1,797	****	****	(6	)		(9	)	****	1,782	****		****	****	(1	)		(1	)	****	255	****
YOY																										(66	%)		(97	%)					(66	%)
QOQ																										—			(98	%)					—
Net margin		19	%		(3	%)					15	%		(45	%)		(4	%)					(36	%)		7	%		(0	%)					5	%
Non-GAAP financial measures:
Operating income (loss) (non-GAAP)	****	4,647	****	****	406	****				****	5,047	****	****	2,225	****	****	(22	)				****	2,205	****	****	2,837	****	****	143	****				****	2,967	****		****	****	20	****				****	424	****
YOY																										(39	%)		(65	%)					(41	%)
QOQ																										28	%		—						35	%
Operating margin (non-GAAP)		17	%		6	%					15	%		9	%		(0	%)					7	%		11	%		2	%					9	%
Net income (loss) attributable to Baidu(non-GAAP)	****	6,741	****	****	(59	)				****	6,709	****	****	3,836	****	****	(148	)				****	3,770	****	****	3,869	****	****	109	****				****	3,907	****		****	****	14	****				****	559	****
YOY																										(43	%)		—						(42	%)
QOQ																										1	%		—						4	%
Net margin (non-GAAP)		24	%		(1	%)					20	%		16	%		(2	%)					12	%		15	%		2	%					12	%
Adjusted EBITDA	****	6,516	****	****	444	****				****	6,954	****	****	4,398	****	****	30	****				****	4,429	****	****	4,544	****	****	196	****				****	4,727	****		****	****	28	****				****	676	****
YOY																										(30	%)		(56	%)					(32	%)
QOQ																										3	%		553	%					7	%
Adjusted EBITDA margin		24	%		7	%					20	%		18	%		0	%					14	%		17	%		3	%					14	%
(1) Includes share-based compensation as follows:
Cost of revenue		74			29						103			83			30						113			56			23						79					3						11
Selling, general and administrative		240			57						297			304			36						340			219			33						252					5						36
Research and development		652			33						685			559			32						591			368			30						398					4						58
Total share-based compensation		966			119						1,085			946			98						1,044			643			86						729					12						105

All values are in US Dollars.

(2)	Relates to intersegment eliminations and adjustments
(3)	Relates to the net income attributable to iQIYI noncontrolling interests
---	---

12

Baidu, Inc.

Selected Information

(In millions except for per ADS information, unaudited)

	Twelve months ended												Twelve months ended												Twelve months ended
	December 31, 2024 (RMB)												December 31, 2025 (RMB)												December 31, 2025 (US)
	BaiduGeneralBusiness			iQIYI			Elim &<br>adj^(2)^			Baidu,Inc.			BaiduGeneralBusiness			iQIYI			Elim &<br>adj^(2)^			Baidu,Inc.			BaiduGeneralBusiness		iQIYI			Elim &<br>adj^(2)^			Baidu,Inc.
Revenue	****	104,712	****	****	29,225	****		(812	)	****	133,125	****	****	102,485	****	****	27,290	****		(696	)	****	129,079	****		****	****	3,902	****		(99	)	****	18,458	****
YOY														(2	%)		(7	%)					(3	%)
Costs and expenses:
Cost of revenue^(1)^		44,830			21,954			(682	)		66,102			51,498			21,541			(603	)		72,436					3,080			(86	)		10,358
Selling, general and<br>administrative^(1)^		20,049			3,682			(111	)		23,620			22,071			3,857			(85	)		25,843					552			(12	)		3,696
Research and development^(1)^		20,355			1,778			—			22,133			18,770			1,663			—			20,433					238			—			2,922
Impairment of long-lived assets		—			—			—			—			16,190			—			—			16,190					—			—			2,315
Total costs and expenses	****	85,234	****	****	27,414	****		(793	)	****	111,855	****	****	108,529	****	****	27,061	****		(688	)	****	134,902	****		****	****	3,870	****		(98	)	****	19,291	****
YOY
Cost of revenue														15	%		(2	%)					10	%
Selling, general and administrative														10	%		5	%					9	%
Research and development														(8	%)		(6	%)					(8	%)
Impairment of long-lived assets														—			—						—
Cost and expenses														27	%		(1	%)					21	%
Operating income (loss)	****	19,478	****	****	1,811	****		(19	)	****	21,270	****	****	(6,044	)	****	229	****		(8	)	****	(5,823	)		)	****	32	****		(1	)	****	(833	)
YOY														—			(87	%)					—
Operating margin		19	%		6	%					16	%		(6	%)		1	%					(5	%)
Add: total other income (loss), net		8,311			(959	)		—			7,352			12,828			(289	)		—			12,539					(41	)		—			1,793
Less: income tax expense		4,386			61			—			4,447			1,115			144			—			1,259					21			—			180
Less: net income (loss) attributable to NCI		(28	)		27			416	(3)		415			(22	)		3			(113	)(3)		(132	)		)		—			(16	)(3)		(19	)
Net income (loss) attributable to Baidu	****	23,431	****	****	764	****		(435	)	****	23,760	****	****	5,691	****	****	(207	)		105		****	5,589	****		****	****	(30	)		15		****	799	****
YOY														(76	%)		(127	%)					(76	%)
Net margin		22	%		3	%					18	%		6	%		(1	%)					4	%
Non-GAAP financial measures:
Operating income (non-GAAP)	****	23,890	****	****	2,363	****				****	26,234	****	****	14,319	****	****	639	****				****	14,950	****		****	****	91	****				****	2,138	****
YOY														(40	%)		(73	%)					(43	%)
Operating margin (non-GAAP)		23	%		8	%					20	%		14	%		2	%					12	%
Net income attributable to Baidu(non-GAAP)	****	26,335	****	****	1,512	****				****	27,002	****	****	18,827	****	****	280	****				****	18,941	****		****	****	39	****				****	2,709	****
YOY														(29	%)		(81	%)					(30	%)
Net margin (non-GAAP)		25	%		5	%					20	%		18	%		1	%					15	%
Adjusted EBITDA	****	30,587	****	****	2,510	****				****	33,078	****	****	22,051	****	****	815	****				****	22,857	****		****	****	117	****				****	3,269	****
YOY														(28	%)		(68	%)					(31	%)
Adjusted EBITDA margin		29	%		9	%					25	%		22	%		3	%					18	%
(1) Includes share-based compensation as follows:
Cost of revenue		340			121						461			277			112						389					16						56
Selling, general and administrative		1,153			274						1,427			1,018			163						1,181					23						169
Research and development		2,746			150						2,896			1,908			127						2,035					19						292
Total share-based compensation		4,239			545						4,784			3,203			402						3,605					58						517

All values are in US Dollars.

(2)	Relates to intersegment eliminations and adjustments
(3)	Relates to the net loss attributable to iQIYI noncontrolling interests
---	---

13

Baidu, Inc.

Condensed Consolidated Statements of Cash Flows

(In millions, unaudited)

	Three months ended									Three months ended									Three months ended									Three months ended
	December 31, 2024 (RMB)									September 30, 2025 (RMB)									December 31, 2025(RMB)									December 31, 2025 (US)
	Baiduexcl.iQIYI			iQIYI			Baidu,Inc.			Baiduexcl.iQIYI			iQIYI			Baidu,Inc.			Baiduexcl.iQIYI			iQIYI			Baidu,Inc.			Baiduexcl.iQIYI		iQIYI			Baidu,Inc.
Net cash provided by (used in) operating activities	****	1,836	****	****	520	****	****	2,356	****	****	1,523	****	****	(267	)	****	1,256	****	****	2,562	****	****	47	****	****	2,609	****		****	****	7	****	****	373	****
Net cash provided by (used in) investing activities		(4,741	)		(896	)		(5,637	)		2,233			763			2,996			(17,439	)		(947	)		(18,386	)		)		(135	)		(2,629	)
Net cash provided by (used in) financing activities		(1,784	)		114			(1,670	)		4,532			151			4,683			595			518			1,113					74			159
Effect of exchange rate changes on cash, cash equivalents and restricted cash		582			61			643			(186	)		(16	)		(202	)		(295	)		(10	)		(305	)		)		(1	)		(43	)
Net increase (decrease) in cash, cash equivalents and restricted cash	****	(4,107	)	****	(201	)	****	(4,308	)	****	8,102	****	****	631	****	****	8,733	****	****	(14,577	)	****	(392	)	****	(14,969	)		)	****	(55	)	****	(2,140	)
Cash, cash equivalents and restricted cash
At beginning of period		37,106			3,791			40,897			26,928			4,139			31,067			35,030			4,770			39,800					682			5,691
At end of period		32,999			3,590			36,589			35,030			4,770			39,800			20,453			4,378			24,831					627			3,551
Net cash provided by (used in) operating activities	****	1,836	****	****	520	****	****	2,356	****	****	1,523	****	****	(267	)	****	1,256	****	****	2,562	****	****	47	****	****	2,609	****		****	****	7	****	****	373	****
Less: Capital expenditures		(2,312	)		(21	)		(2,333	)		(3,378	)		(23	)		(3,401	)		(1,952	)		(20	)		(1,972	)		)		(3	)		(282	)
Free cash flow	****	(476	)	****	499	****	****	23	****	****	(1,855	)	****	(290	)	****	(2,145	)	****	610	****	****	27	****	****	637	****		****	****	4	****	****	91	****

All values are in US Dollars.

Note: Baidu excl. iQIYI represents Baidu, Inc. minus iQIYI’s consolidated cash flows.

14

Baidu, Inc.

Condensed Consolidated Statements of Cash Flows

(In millions,unaudited)

	Twelve months ended									Twelve months ended									Twelve months ended
	December 31, 2024 (RMB)									December 31, 2025 (RMB)									December 31, 2025 (US)
	Baiduexcl.iQIYI			iQIYI			Baidu,Inc.			Baiduexcl.iQIYI			iQIYI			Baidu,Inc.			Baiduexcl.iQIYI		iQIYI			Baidu,Inc.
Net cash provided by (used in) operating activities	****	19,126	****	****	2,108	****	****	21,234	****	****	(3,119	)	****	106	****	****	(3,013	)		)	****	15	****	****	(431	)
Net cash used in investing activities		(6,110	)		(2,445	)		(8,555	)		(24,809	)		(327	)		(25,136	)		)		(47	)		(3,594	)
Net cash provided by (used in) financing activities		(12,391	)		(1,368	)		(13,759	)		16,078			1,064			17,142					152			2,451
Effect of exchange rate changes on cash, cash equivalents and restricted cash		81			14			95			(696	)		(55	)		(751	)		)		(6	)		(107	)
Net increase (decrease) in cash, cash equivalents and restricted cash	****	706	****	****	(1,691	)	****	(985	)	****	(12,546	)	****	788	****	****	(11,758	)		)	****	114	****	****	(1,681	)
Cash, cash equivalents and restricted cash
At beginning of period		32,293			5,281			37,574			32,999			3,590			36,589					513			5,232
At end of period		32,999			3,590			36,589			20,453			4,378			24,831					627			3,551
Net cash provided by (used in) operating activities	****	19,126	****	****	2,108	****	****	21,234	****	****	(3,119	)	****	106	****	****	(3,013	)		)	****	15	****	****	(431	)
Less: Capital expenditures		(8,055	)		(79	)		(8,134	)		(11,978	)		(95	)		(12,073	)		)		(14	)		(1,726	)
Free cash flow	****	11,071	****	****	2,029	****	****	13,100	****	****	(15,097	)	****	11	****	****	(15,086	)		)	****	1	****	****	(2,157	)

All values are in US Dollars.

Note: Baidu excl. iQIYI represents Baidu, Inc. minus iQIYI’s consolidated cash flows.

15

Baidu, Inc.

Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures

(In millions except for per ADS information, unaudited)

	Three months ended									Three months ended									Three months ended									Three months ended
	December 31, 2024 (RMB)									September 30, 2025 (RMB)									December 31, 2025 (RMB)									December 31, 2025 (US)
	BaiduGeneralBusiness			iQIYI			Baidu,Inc.			BaiduGeneralBusiness			iQIYI			Baidu,Inc.			BaiduGeneralBusiness			iQIYI			Baidu,Inc.			BaiduGeneralBusiness		iQIYI			Baidu,Inc.
Operating income (loss)	****	3,638	****	****	285	****	****	3,917	****	****	(14,971	)	****	(122	)	****	(15,091	)	****	1,441	****	****	55	****	****	1,483	****		****	****	8	****	****	212	****
Add: Share-based compensation expenses		966			119			1,085			946			98			1,044			643			86			729					12			105
Add: Amortization and impairment of intangible assets resulting from business combinations		43			2			45			60			2			62			45			2			47					—			6
Add: Impairment of long-lived assets		—			—			—			16,190			—			16,190			—			—			—					—			—
Add: One-time employee severance costs		—			—			—			—			—			—			708			—			708					—			101
Operating income (loss) (non-GAAP)	****	4,647	****	****	406	****	****	5,047	****	****	2,225	****	****	(22	)	****	2,205	****	****	2,837	****	****	143	****	****	2,967	****		****	****	20	****	****	424	****
Add: Depreciation of fixed assets and amortization of intangible assets^(1)^		1,869			38			1,907			2,173			52			2,224			1,707			53			1,760					8			252
Adjusted EBITDA	****	6,516	****	****	444	****	****	6,954	****	****	4,398	****	****	30	****	****	4,429	****	****	4,544	****	****	196	****	****	4,727	****		****	****	28	****	****	676	****
Net income (loss) attributable to Baidu	****	5,283	****	****	(189	)	****	5,192	****	****	(11,121	)	****	(249	)	****	(11,232	)	****	1,797	****	****	(6	)	****	1,782	****		****	****	(1	)	****	255	****
Add: Share-based compensation expenses		965			119			1,019			945			98			989			642			86			681					12			98
Add: Amortization and impairment of intangible assets resulting from business combinations		41			2			42			58			2			59			43			2			44					—			6
Add: Impairment of long-lived assets		—			—			—			16,190			—			16,190			—			—			—					—			—
Add: One-time employee severance costs		—			—			—			—			—			—			708			—			708					—			101
Add: Disposal loss (gain)		7			—			7			(101	)		—			(101	)		31			—			31					—			4
Add: Impairment of long-term investments		84			14			90			97			—			97			59			10			64					1			9
Add: Fair value loss (gain) of long-term investments and exchangeable bonds		(288	)		(5	)		(290	)		279			1			279			923			17			931					2			133
Add: Reconciling items on equity method<br>investments^(2)^		679			—			679			15			—			15			(431	)		—			(431	)		)		—			(62	)
Add: Tax effects on non-GAAP adjustments^(3)^		(30	)		—			(30	)		(2,526	)		—			(2,526	)		97			—			97					—			15
Net income (loss) attributable to Baidu(non-GAAP)	****	6,741	****	****	(59	)	****	6,709	****	****	3,836	****	****	(148	)	****	3,770	****	****	3,869	****	****	109	****	****	3,907	****		****	****	14	****	****	559	****
Diluted earnings (loss) per ADS							****	14.26	****							****	(33.88	)							****	3.71	****						****	0.53	****
Add: Accretion of the redeemable noncontrolling interests								0.55									0.75									0.75								0.11
Add: Non-GAAP adjustments to earnings per ADS								4.37									44.25									6.16								0.88
Diluted earnings per ADS (non-GAAP)							****	19.18	****							****	11.12	****							****	10.62	****						****	1.52	****

All values are in US Dollars.

(1)	This represents amortization of intangible assets excluding those resulting from business combinations.<br>
(2)	This represents Baidu’s share of equity method investments for other<br>non-GAAP reconciling items, amortization and impairment of intangible assets not on the investee’s books, accretion of their redeemable noncontrolling interests, and the gain or loss associated with the<br>issuance of shares by the investees at a price higher or lower than the carrying value per share.
---	---
(3)	This represents tax impact of all non-GAAP adjustments.<br>
---	---

16

Baidu, Inc.

Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures

(In millions except for per ADS information, unaudited)

	Twelve months ended									Twelve months ended									Twelve months ended
	December 31, 2024 (RMB)									December 31, 2025 (RMB)									December 31, 2025 (US)
	BaiduGeneralBusiness			iQIYI			Baidu,Inc.			BaiduGeneralBusiness			iQIYI			Baidu,Inc.			BaiduGeneralBusiness		iQIYI			Baidu,Inc.
Operating income (loss)	****	19,478	****	****	1,811	****	****	21,270	****	****	(6,044	)	****	229	****	****	(5,823	)		)	****	32	****	****	(833	)
Add: Share-based compensation expenses		4,239			545			4,784			3,203			402			3,605					58			517
Add: Amortization and impairment of intangible assets resulting from business combinations		173			7			180			262			8			270					1			38
Add: Impairment of long-lived assets		—			—			—			16,190			—			16,190					—			2,315
Add: One-time employee severance costs		—			—			—			708			—			708					—			101
Operating income (non-GAAP)	****	23,890	****	****	2,363	****	****	26,234	****	****	14,319	****	****	639	****	****	14,950	****		****	****	91	****	****	2,138	****
Add: Depreciation of fixed assets and amortization of intangible assets^(1)^		6,697			147			6,844			7,732			176			7,907					26			1,131
Adjusted EBITDA	****	30,587	****	****	2,510	****	****	33,078	****	****	22,051	****	****	815	****	****	22,857	****		****	****	117	****	****	3,269	****
Net income (loss) attributable to Baidu	****	23,431	****	****	764	****	****	23,760	****	****	5,691	****	****	(207	)	****	5,589	****		****	****	(30	)	****	799	****
Add: Share-based compensation expenses		4,235			545			4,482			3,199			402			3,381					57			484
Add: Amortization and impairment of intangible assets resulting from business combinations		165			7			168			254			8			258					1			37
Add: Impairment of long-lived assets		—			—			—			16,190			—			16,190					—			2,315
Add: One-time employee severance costs		—			—			—			708			—			708					—			101
Add: Disposal loss (gain)		(1,982	)		22			(1,972	)		(423	)		—			(428	)		)		—			(61	)
Add: Impairment of long-term investments		172			193			260			257			38			275					5			39
Add: Fair value loss (gain) of long-term investments		(393	)		(19	)		(403	)		(4,004	)		34			(3,989	)		)		5			(570	)
Add: Reconciling items on equity method<br>investments^(2)^		1,050			—			1,050			(603	)		5			(601	)		)		1			(86	)
Add: Tax effects on non-GAAP adjustments^(3)^		(343	)		—			(343	)		(2,442	)		—			(2,442	)		)		—			(349	)
Net income attributable to Baidu(non-GAAP)	****	26,335	****	****	1,512	****	****	27,002	****	****	18,827	****	****	280	****	****	18,941	****		****	****	39	****	****	2,709	****
Diluted earnings per ADS							****	65.91	****							****	11.78	****						****	1.68	****
Add: Accretion of the redeemable noncontrolling interests								1.68									2.71								0.39
Add: Non-GAAP adjustments to earnings per ADS								9.26									38.92								5.57
Diluted earnings per ADS (non-GAAP)							****	76.85	****							****	53.41	****						****	7.64	****

All values are in US Dollars.

(1)	This represents amortization of intangible assets excluding those resulting from business combinations.<br>
(2)	This represents Baidu’s share of equity method investments for other<br>non-GAAP reconciling items, amortization and impairment of intangible assets not on the investee’s books, accretion of their redeemable noncontrolling interests, and the gain or loss associated with the<br>issuance of shares by the investees at a price higher or lower than the carrying value per share.
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(3)	This represents tax impact of all non-GAAP adjustments.<br>
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