← Baidu, Inc.
| Annual Trend | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: | |||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Net Income (Loss) Attributable to Parent | $1.7b | $2.8b | $4.0b | $296.0m | $3.4b | $1.6b | $1.1b | $2.9b | $3.3b | $799.0m | |
| Net Income (Loss) Available to Common Stockholders, Basic | $1.6b | $2.8b | $4.0b | $285.0m | $3.4b | $1.6b | $1.0b | $2.8b | $3.2b | $667.0m | |
| Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $1.7b | $2.8b | $3.3b | ($328.0m) | $2.9b | $1.2b | $1.1b | $3.0b | $3.3b | $780.0m | |
| Net Income (Loss) Attributable to Noncontrolling Interest | ($5.3m) | ($2.0m) | ($726.0m) | ($624.0m) | ($528.0m) | ($414.0m) | ($4.0m) | $175.0m | $57.0m | ($19.0m) | |
| Depreciation, Depletion and Amortization | — | — | — | — | $869.0m | $896.0m | $905.0m | $1.0b | $909.0m | $1.1b | |
| Amortization | $702.3m | $1.2b | $1.8b | $1.9b | $83.0m | $74.0m | — | — | — | — | |
| Amortization of Intangible Assets | $670.6m | $1.2b | — | — | — | — | — | — | — | — | |
| Capitalized Computer Software, Amortization | $971k | $1.0m | — | — | — | — | — | — | — | — | |
| Depreciation | $497.1m | $585.0m | $543.0m | $807.0m | $885.0m | $923.0m | $939.0m | $1.0b | $938.0m | $1.1b | |
| Depreciation of fixed assets and computer parts | $3.5b | $3.8b | $3.7b | $5.6b | $5.8b | $5.9b | $6.5b | $7.4b | $6.8b | $7.7b | |
| Amortization and impairment of intangible assets | — | — | — | — | $544.0m | $471.0m | $467.0m | $430.0m | $295.0m | $555.0m | |
| Amortization of licensed copyrights | — | — | — | — | — | $10.1b | $7.8b | $7.1b | $7.5b | $6.1b | |
| Amortization and impairment of produced content | — | $811.0m | $2.3b | $3.0b | $4.5b | $6.1b | $5.4b | $6.5b | $5.9b | $6.9b | |
| Deferred Income Tax Expense (Benefit) | ($2.0m) | ($116.0m) | ($111.0m) | ($100.0m) | $17.0m | ($70.0m) | ($14.0m) | ($23.0m) | $142.0m | ($182.0m) | |
| Deferred income tax, net | ($13.6m) | ($756.0m) | ($761.0m) | ($696.0m) | $115.0m | ($449.0m) | ($99.0m) | ($163.0m) | $1.0b | ($1.3b) | |
| Share-based Payment Arrangement, Noncash Expense | $253.5m | $499.0m | $681.0m | $808.0m | $1.0b | $1.1b | $984.0m | $894.0m | $655.0m | $517.0m | |
| Share-based Payment Arrangement, Expense | — | — | $681.0m | $808.0m | $1.0b | $1.1b | $984.0m | $894.0m | $655.0m | $517.0m | |
| Equity Method Investment, Other than Temporary Impairment | — | — | — | $1.3b | $46.0m | $9.0m | $82.0m | $9.0m | $4.0m | — | |
| Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount | — | — | — | — | $354.0m | $668.0m | $356.0m | $106.0m | $40.0m | $38.0m | |
| Goodwill, Impairment Loss | — | — | — | — | — | — | $0 | $0 | $0 | — | |
| Impairment of Intangible Assets, Finite-lived | $118k | $81.0m | — | — | — | — | — | — | — | — | |
| Impairment of long-lived assets | — | — | — | — | — | — | — | $0 | $0 | $16.2b | |
| Share-based compensation | $1.8b | $3.2b | $4.7b | $5.6b | $6.7b | $7.1b | $6.8b | $6.3b | $4.8b | $3.6b | |
| Impairment of long-term investments and other assets excluding long-lived assets | — | — | — | — | — | — | — | $910.0m | $630.0m | $488.0m | |
| Financing Interest Expense | — | $288.0m | $232.0m | — | — | — | — | — | — | — | |
| Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | — | — | — | — | — | $14.0m | $8.0m | $5.0m | $6.0m | $2.0m | |
| Gain (Loss) on Disposition of Property Plant Equipment | $12.0m | $5.0m | $7.0m | — | — | — | — | — | — | — | |
| Income (Loss) from Equity Method Investments | ($147.7m) | ($10.0m) | ($11.0m) | ($180.0m) | ($345.0m) | ($146.0m) | ($277.0m) | ($535.0m) | ($95.0m) | $457.0m | |
| Income Tax Expense (Benefit) | $419.6m | $460.0m | $690.0m | $279.0m | $623.0m | $500.0m | $374.0m | $514.0m | $609.0m | $180.0m | |
| Other Nonoperating Income (Expense) | $546.4m | $707.0m | $1.4b | ($1.2b) | $1.4b | ($164.0m) | ($832.0m) | $252.0m | $251.0m | $825.0m | |
| Share of losses (earnings) from equity method investments | $1.0b | $63.0m | $79.0m | $1.3b | $2.2b | $932.0m | $1.9b | $3.8b | $691.0m | ($3.2b) | |
| Purchases of equity investments | ($4.0b) | ($12.5b) | ($9.9b) | ($6.3b) | ($4.5b) | ($3.4b) | ($3.6b) | ($1.5b) | ($795.0m) | ($646.0m) | |
| Proceeds from disposal of equity investments | $303.4m | $19.0m | $2.5b | $7.5b | $6.5b | $9.9b | $2.0b | $6.9b | $6.7b | $3.9b | |
| Return of equity method investments | — | — | — | — | — | — | — | — | $2.5b | $29.0m | |
| Changes in operating assets and liabilities: | |||||||||||
| Noncash investing and financing activities: | |||||||||||
| Additional Financial Items | |||||||||||
| Increase (Decrease) in Accounts Receivable | $34.3m | $111.0m | $234.0m | $256.0m | $254.0m | $336.0m | $343.0m | ($30.0m) | ($45.0m) | $645.0m | |
| Accounts Receivable, Credit Loss Expense (Reversal) | $38.7m | $90.0m | $66.0m | $61.0m | $104.0m | $155.0m | $102.0m | $98.0m | $147.0m | $284.0m | |
| Proceeds from Stock Options Exercised | $25.4m | $70.0m | $98.0m | $3.0m | $35.0m | $53.0m | $29.0m | $15.0m | $6.0m | $13.0m | |
| Purchases of property and equipment, accrued but unpaid | $603.4m | $735.0m | $1.3b | $923.0m | $779.0m | $1.7b | $1.2b | $1.6b | $1.1b | $1.7b | |
| Accretion Expense | — | — | — | — | $77.0m | $97.0m | $21.0m | $47.0m | $43.0m | $37.0m | |
| Deconsolidation, Gain (Loss), Amount | $204.3m | — | — | — | — | — | — | — | — | — | |
| Equity Securities, FV-NI, Gain (Loss) | — | — | $702.0m | $2.0m | $304.0m | ($527.0m) | ($306.0m) | $10.0m | ($31.0m) | — | |
| Equity Securities, FV-NI, Realized Gain (Loss) | — | — | $18.0m | $30.0m | $41.0m | — | $13.0m | $35.0m | $5.0m | — | |
| Equity Securities, FV-NI, Unrealized Gain (Loss) | — | — | $684.0m | ($28.0m) | $263.0m | ($527.0m) | ($319.0m) | ($25.0m) | — | — | |
| Foreign Currency Transaction Gain (Loss), before Tax | $73.2m | ($74.0m) | ($18.0m) | ($5.0m) | ($101.0m) | $16.0m | ($215.0m) | $84.0m | $147.0m | ($321.0m) | |
| Gain (Loss) on Investments | $716.0m | $499.0m | $1.1b | $332.0m | $1.8b | $617.0m | ($581.0m) | $530.0m | $356.0m | $1.1b | |
| Goodwill | $2.2b | $2.4b | $2.7b | $2.6b | $3.4b | $3.5b | $3.3b | $3.2b | $3.1b | $5.3b | |
| Investment Income, Interest | $337.3m | $485.0m | $647.0m | $870.0m | $822.0m | $871.0m | $905.0m | $1.1b | $1.1b | $1.2b | |
| Nonoperating Income (Expense) | $642.4m | $860.0m | $1.7b | ($955.0m) | $1.3b | $40.0m | ($841.0m) | $472.0m | $1.0b | $1.8b | |
| Proceeds from Issuance of Redeemable Preferred Stock | — | — | — | — | $257.0m | $774.0m | $176.0m | $49.0m | $84.0m | $339.0m | |
| Revenue from Contract with Customer, Including Assessed Tax | — | — | — | — | $16.4b | $19.5b | $17.9b | $19.0b | $18.2b | $18.5b | |
| Allowance for credit losses | $268.6m | $585.0m | $451.0m | $429.0m | $679.0m | $989.0m | $701.0m | $693.0m | $1.1b | $2.0b | |
| Investment and interest income | ($5.0b) | ($3.2b) | ($7.6b) | ($2.3b) | ($12.0b) | ($3.9b) | $4.0b | ($3.8b) | ($2.6b) | ($7.5b) | |
| Loss (gain) on disposal of subsidiaries or business | ($1.2b) | ($5.5b) | ($5.5b) | $578.0m | $0 | ($45.0m) | ($868.0m) | ($157.0m) | $22.0m | — | |
| Gain on disposal of fixed assets | ($83.6m) | ($30.0m) | ($51.0m) | ($78.0m) | $71.0m | ($81.0m) | ($58.0m) | ($36.0m) | ($44.0m) | ($11.0m) | |
| Barter transaction revenue | ($382.0m) | ($763.0m) | ($1.1b) | ($683.0m) | ($1.4b) | ($1.2b) | ($876.0m) | ($418.0m) | ($902.0m) | ($450.0m) | |
| Accretion on convertible senior notes and others | — | — | $25.0m | $380.0m | $501.0m | $618.0m | $146.0m | $332.0m | $311.0m | $261.0m | |
| Other non-cash expenses (income) | ($463.4m) | $362.0m | $124.0m | $456.0m | $739.0m | $372.0m | $598.0m | ($864.0m) | ($958.0m) | $2.1b | |
| Accounts receivable | ($238.2m) | ($721.0m) | ($1.6b) | ($1.8b) | ($1.7b) | ($2.1b) | ($2.4b) | $216.0m | $327.0m | ($4.5b) | |
| Amounts due from related parties | $1.6b | $178.0m | $527.0m | ($135.0m) | $125.0m | ($695.0m) | $264.0m | ($196.0m) | ($220.0m) | $6.0m | |
| Licensed copyrights | — | — | $0 | $0 | ($10.5b) | ($9.7b) | ($6.1b) | ($6.4b) | ($6.5b) | ($4.9b) | |
| Produced content | — | — | ($4.5b) | ($3.6b) | ($6.7b) | ($10.5b) | ($7.4b) | ($6.9b) | ($7.2b) | ($6.7b) | |
| Other assets | $236.1m | $1.3b | ($1.3b) | ($4.5b) | ($351.0m) | ($3.6b) | $965.0m | ($691.0m) | ($16.8b) | ($22.4b) | |
| Customer deposits and deferred revenue | — | $966.0m | $912.0m | $1.5b | $1.2b | $622.0m | ($460.0m) | $1.6b | $103.0m | ($1.8b) | |
| Accounts payable and accrued liabilities and other non-current liabilities | — | — | — | — | $208.0m | $7.1b | ($1.4b) | ($858.0m) | $2.3b | ($1.8b) | |
| Deferred income | $16.7m | $47.0m | ($64.0m) | ($37.0m) | ($293.0m) | ($29.0m) | $16.0m | $273.0m | $410.0m | ($99.0m) | |
| Amounts due to related parties | ($327.3m) | ($306.0m) | $756.0m | ($139.0m) | ($157.0m) | $281.0m | ($189.0m) | ($147.0m) | $92.0m | $157.0m | |
| Acquisition of fixed assets | ($4.2b) | ($4.8b) | ($8.8b) | ($6.4b) | ($5.1b) | ($10.9b) | ($8.3b) | ($11.2b) | ($8.1b) | ($12.1b) | |
| Acquisition of intangible assets | ($6.3b) | ($9.1b) | ($13.5b) | ($541.0m) | ($247.0m) | ($344.0m) | ($107.0m) | ($105.0m) | ($125.0m) | ($1.3b) | |
| Loans provided to third parties | — | — | — | $0 | ($5.0m) | ($810.0m) | $0 | ($1.5b) | ($2.4b) | ($813.0m) | |
| Loans provided to related parties | $0 | $0 | ($8.6b) | $0 | $0 | $0 | ($859.0m) | ($1.0m) | ($38.0m) | ($100.0m) | |
| Repayment from loans provided to related parties | $0 | $0 | $12.3b | $24.0m | $917.0m | $0 | $0 | $3.9b | — | — | |
| Proceeds from short-term loans | $3.3b | $751.0m | $3.8b | $2.7b | $3.6b | $4.5b | $6.3b | $15.9b | $22.5b | $12.0b | |
| Repayments of short-term loans | ($1.9b) | ($826.0m) | ($1.1b) | ($3.2b) | ($3.2b) | ($3.4b) | ($5.1b) | ($11.0b) | ($22.0b) | ($15.0b) | |
| Proceeds from long-term loans | $6.6b | $299.0m | $1.2b | $946.0m | $0 | $12.7b | $0 | $130.0m | $1.1b | $3.5b | |
| Repayments of long-term loans | ($1.0b) | ($3.3b) | ($98.0m) | ($168.0m) | ($709.0m) | ($7.3b) | ($11.5b) | ($7.3b) | ($6.2b) | ($547.0m) | |
| Repayment of loans borrowed from related parties | — | — | $0 | $0 | ($356.0m) | $0 | $0 | ($3.5b) | — | — | |
| Proceeds from issuance of long-term notes, net of issuance costs | $0 | $9.9b | $18.1b | ($10.0m) | $13.3b | $6.4b | $0 | — | — | $28.7b | |
| Repayments of long-term notes | — | — | — | — | — | — | — | ($7.3b) | ($6.1b) | ($8.0b) | |
| Proceeds from issuance of convertible senior notes, net of issuance costs | $0 | $8.5b | $5.0b | $7.9b | $5.2b | $633.0m | $3.4b | $4.4b | — | $2.5b | |
| Repayments or redemption of convertible senior notes | — | — | — | — | — | ($4.8b) | $0 | ($11.7b) | ($2.9b) | ($2.8b) | |
| Proceeds from issuance of subsidiaries' shares | $660.8m | $4.0b | $15.7b | $401.0m | $4.7b | $684.0m | $1.2b | $3.5b | $41.0m | — | |
| Repurchase of ordinary shares | $0 | ($1.7b) | ($3.3b) | ($5.0b) | ($13.1b) | ($7.6b) | ($1.9b) | ($4.8b) | ($6.3b) | ($5.5b) | |
| Proceeds from exercise of share options | $176.1m | $453.0m | $676.0m | $18.0m | $228.0m | $335.0m | $200.0m | $103.0m | $47.0m | $93.0m | |
| Acquisition of fixed assets included in accounts payable and accrued liabilities | $903.0m | $1.2b | $1.5b | $1.0b | $984.0m | $1.8b | $1.0b | $1.3b | $1.8b | $1.6b | |
| Net Cash Provided by (Used in) Operating Activities | $22.3b | $32.9b | $5.2b | $4.1b | $3.7b | $3.2b | $3.8b | $5.2b | $2.9b | ($431.0m) | |
| Cash flows from investing activities: | |||||||||||
| Payments to Acquire Property, Plant, and Equipment | $603.4m | $735.0m | $1.3b | $923.0m | $779.0m | $1.7b | $1.2b | $1.6b | $1.1b | $1.7b | |
| Payments to Acquire Businesses, Net of Cash Acquired | $0 | $85.0m | $288.0m | $139.0m | $367.0m | $39.0m | $2.0m | $16.0m | — | $170.0m | |
| Acquisition of businesses, net of cash acquired | $0 | ($553.0m) | ($2.0b) | ($969.0m) | ($2.4b) | ($247.0m) | ($14.0m) | ($115.0m) | — | ($1.2b) | |
| Purchases of time deposits and held-to-maturity investments | — | — | — | ($120.2b) | ($159.2b) | ($171.5b) | ($173.9b) | ($198.7b) | ($225.9b) | ($160.7b) | |
| Purchases of available-for-sale debt investments | — | ($209.6b) | ($284.1b) | ($218.2b) | ($133.0b) | ($25.6b) | ($7.6b) | ($3.3b) | ($79.0b) | ($151.4b) | |
| Purchases of trading investments | ($9.0b) | — | — | — | — | — | — | — | ($15.0m) | ($3.4b) | |
| Maturities of time deposits and held-to-maturity investments | $46.1b | $49.6b | $49.0b | $46.6b | $134.3b | $156.7b | $178.8b | $152.9b | $224.2b | $155.7b | |
| Sales and maturities of available-for-sale debt investments | $173.8b | $198.5b | $239.9b | $291.2b | $135.6b | $25.9b | $9.3b | $2.2b | $74.4b | $146.8b | |
| Payments for (Proceeds from) Other Investing Activities | — | — | — | ($1.0m) | $2.0m | ($11.0m) | ($14.0m) | ($12.0m) | $4.0m | ($15.0m) | |
| Other investing activities | — | $7.0m | $1.0m | $7.0m | ($12.0m) | $71.0m | $98.0m | $89.0m | ($28.0m) | $107.0m | |
| Net Cash Provided by (Used in) Investing Activities | ($35.9b) | ($76.9b) | ($5.0b) | ($2.9b) | ($4.2b) | ($4.9b) | ($572.0m) | ($7.1b) | ($1.2b) | ($3.6b) | |
| Cash flows from financing activities: | |||||||||||
| Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-sale | $25.0b | $30.5b | $34.9b | $41.8b | $20.8b | $4.1b | $1.3b | $304.0m | $10.2b | $21.0b | |
| Proceeds from Issuance of Common Stock | — | — | — | — | — | $3.1b | $0 | — | — | — | |
| Payments for Repurchase of Common Stock | $0 | $265.0m | $482.0m | $712.0m | $2.0b | $1.2b | $279.0m | $671.0m | $866.0m | $792.0m | |
| Proceeds from Noncontrolling Interests | $95.2m | $623.0m | $2.3b | $57.0m | $715.0m | $107.0m | $178.0m | $488.0m | $6.0m | — | |
| Proceeds from issuance of redeemable noncontrolling interests | — | — | $0 | $0 | $1.7b | $4.9b | $1.2b | $351.0m | $615.0m | $2.4b | |
| Acquisition of redeemable noncontrolling interests and noncontrolling interests in subsidiaries | — | — | — | $0 | $0 | ($880.0m) | ($86.0m) | — | ($825.0m) | — | |
| Proceeds from (Payments for) Other Financing Activities | — | — | — | ($15.0m) | ($35.0m) | ($18.0m) | ($30.0m) | ($31.0m) | — | — | |
| Proceeds from other financing activities | — | — | — | — | — | — | $25.0m | — | $339.0m | $243.0m | |
| Repayments of other financing activities | — | — | — | — | — | — | ($230.0m) | ($220.0m) | ($115.0m) | ($321.0m) | |
| Net Cash Provided by (Used in) Financing Activities | — | $44.6b | $2.2b | ($556.0m) | $869.0m | $3.7b | ($926.0m) | ($2.0b) | ($1.9b) | $2.5b | |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | $144.0m | ($316.0m) | $1.9b | $1.0m | ($212.0m) | ($943.0m) | $1.7b | $282.0m | $95.0m | ($751.0m) | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | — | — | $2.7b | $663.0m | $323.0m | $1.7b | $2.5b | ($3.9b) | ($135.0m) | ($1.7b) | |
| Net decrease in cash, cash equivalents and restricted cash | $1.2b | $120.0m | $18.5b | $4.6b | $2.1b | $11.1b | $17.6b | ($27.7b) | ($985.0m) | ($11.8b) | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | — | — | $4.3b | $4.9b | $5.6b | $7.5b | $9.5b | $5.3b | $5.0b | $3.6b | |
| Cash, cash equivalents and restricted cash at the beginning of the year | $11.2b | $11.3b | $4.3b | $34.4b | $36.5b | $47.7b | $65.2b | $37.6b | $36.6b | $24.8b | |
| Cash and cash equivalents | $10.9b | $1.7b | — | $33.4b | $35.8b | $36.9b | $53.2b | $25.2b | $24.8b | $24.6b | |
| Restricted cash | ($221.5m) | $52.0m | — | $996.0m | $758.0m | $10.8b | $11.3b | $11.5b | $11.7b | $225.0m | |
| Long-term restricted cash | — | — | — | — | $0 | $0 | $750.0m | $840.0m | $60.0m | — | |
| Supplemental disclosure of cash flow information: | |||||||||||
| Interest Paid, Excluding Capitalized Interest, Operating Activities | $1.1b | $758.0m | $230.0m | $352.0m | $338.0m | $399.0m | $390.0m | $389.0m | $306.0m | $287.0m | |
| Income Taxes Paid, Net | $346.0m | $507.0m | $801.0m | $589.0m | $553.0m | $510.0m | $511.0m | $516.0m | $505.0m | $465.0m |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.