Baidu filed its 2025 annual report on March 17, 2026. Annual revenue declined to RMB 129.08 billion. The company reported an operating loss of RMB 5.82 billion for the year.
A RMB 16.19 billion long-lived asset impairment drove the operating loss. Cash flow from operations turned negative at RMB 3.01 billion. Net income attributable to Baidu remained positive at RMB 5.59 billion, supported by strong other income.
The filing cited extensive regulatory risks in China regarding data, cybersecurity, and overseas listings. Baidu also highlighted uncertainty in commercializing its heavy investments in artificial intelligence.