Baidu
ConvictionWeak
Two-engine: (1) Baidu Core — search + AI-native marketing ads, AI Cloud (IaaS/PaaS + Ernie MaaS), and Apollo Go robotaxi; (2) iQIYI — subscription video streaming (majority-owned). Monetization = ad auction + cloud consumption/subscription + per-ride mobility + video subs.
Revenue
RMB 129.1B~US$18B) FY2025, -3% YoY; Q1 FY26 total RMB 32.1B (~US$4.5BRev growth
-3% YoY FY2025legacy ad decline); AI-powered revenue +49% YoY in Q1 FY26 (52% of general business) and ~40% of core FY2025Gross margin
~50%approx, historical/FY2025 blendedOp margin
Non-GAAP operating margin ~12%Q1 FY26, RMB 3.8B); GAAP low-teens, compressed by AI investmentCapex intensity
Rising — AI Cloud GPU/accelerator clustersin-house Kunlunxin chips, data centers, and Apollo Go RT6 fleet (<US$30k/vehicleMarket cap
~$38.5BNasdaq: BIDU ADR, ~Jul 2, 2026; also dual-listed HKEX: 9888The read
Where our coverage leans
Coverage leans bullish
Sign in free to read the bull & bear take — Pro unlocks the full dossier.
Members only
Full financial intelligence for Baidu
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence