Baidu Group announced its financial results for the fourth quarter and full year of 2025. Total revenues for Q4 reached RMB32.7 billion (US$4.68 billion), representing a 5% increase quarter-over-quarter, primarily driven by growth in Baidu Core's AI-driven businesses. Operating profit was RMB1.5 billion (US$212 million), with an operating margin of 5%. On a non-GAAP basis, operating profit amounted to RMB3.0 billion (US$424 million), yielding a non-GAAP operating margin of 9%. Net income attributable to Baidu was RMB1.8 billion (US$255 million), with a net profit margin of 5% and diluted earnings per ADS of RMB3.71 (US$0.53). On a non-GAAP basis, net income attributable to Baidu stood at RMB3.9 billion (US$559 million), with a non-GAAP net profit margin of 12% and non-GAAP diluted earnings per ADS of RMB10.62 (US$1.52).

For the full 2025 fiscal year, total revenues were RMB129.1 billion (US$18.46 billion). Excluding impairment of long-lived assets, operating profit was RMB10.4 billion (US$1.48 billion). Non-GAAP operating profit reached RMB15.0 billion (US$2.14 billion), with an operating margin of 12%. Net income attributable to Baidu was RMB5.6 billion (US$799 million), with a net profit margin of 4% and diluted earnings per ADS of RMB11.78 (US$1.68). Excluding the impact of the long-lived asset impairment, net income attributable to Baidu was RMB19.4 billion (US$2.77 billion). On a non-GAAP basis, net income attributable to Baidu totaled RMB18.9 billion (US$2.71 billion), with a non-GAAP net profit margin of 15% and non-GAAP diluted earnings per ADS of RMB53.41 (US$7.64).

In the fourth quarter of 2025, Intelligent Cloud Infrastructure revenue was RMB5.8 billion, while revenue from AI high-performance computing facility subscriptions grew 143% year-over-year. For the full year 2025, Intelligent Cloud Infrastructure revenue was approximately RMB20.0 billion, up 34% compared to the prior year.

During Q4 2025, Baidu's autonomous ride-hailing service, Apollo Go, provided 3.4 million fully driverless rides, with a peak weekly order volume exceeding 300,000 rides within the quarter. Total order volume increased by more than 200% year-over-year. As of February 2026, Apollo Go had cumulatively fulfilled over 20 million autonomous ride-hailing orders for the public. Apollo Go is accelerating its global expansion across multiple markets. In the UK, the service is advancing collaborations with Uber and Lyft to conduct autonomous vehicle pilots in London. In Switzerland, testing has commenced in the canton of St. Gallen. In the Middle East, Apollo Go, in partnership with AutoGo, officially launched a fully driverless service in Abu Dhabi, obtained the first fully driverless testing license in Dubai, and partnered with Uber to integrate Apollo Go into the Uber platform in Dubai. In Asia, Apollo Go entered the South Korean market, starting in the Seoul metropolitan area. The service has also expanded testing in Hong Kong to new districts and initiated cross-region testing.

AI-native marketing services revenue reached RMB2.7 billion in Q4 2025, a 110% increase year-over-year. In December 2025, Baidu App's monthly active users reached 679 million, remaining flat compared to the previous year. Monthly active users of Ernie Assistant reached 202 million.

"2025 was a pivotal year where AI became Baidu's new core growth engine. Our Intelligent Cloud Infrastructure demonstrated strong momentum, and our differentiated, full-stack, end-to-end AI capabilities are gaining increasing recognition from enterprises. Our portfolio of AI applications continues to expand, meeting the diverse needs of both corporate and individual users. Apollo Go further solidified its global leadership position, operating at an industry-leading scale while accelerating expansion into new overseas markets. Simultaneously, our AI-native marketing services continue to grow, unlocking new potential for long-term development," said Robin Li, Co-founder and CEO of Baidu. "As our AI-first strategy becomes increasingly clear, we are confident in creating lasting value in the AI era."

"The Group achieved several key milestones this quarter. First, revenue from Baidu Core's AI-driven businesses exceeded RMB11.0 billion in the fourth quarter, accounting for 43% of Baidu Core revenue. Second, total Baidu Core revenue grew 6% quarter-over-quarter, while non-GAAP operating profit for Baidu Core increased 28% sequentially to RMB2.8 billion. Third, the Group's operating cash flow turned positive in the second half of 2025, generating a total of RMB3.9 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. Finally, the Group recently announced a new share repurchase program authorized up to US$5.0 billion and, for the first time, adopted a dividend policy, with the first dividend potentially paid before the end of 2026," stated Haijian He, Chief Financial Officer of Baidu.