Baidu Announces Third Quarter 2025 Results

BEIJING, Nov. 18, 2025 /PRNewswire/ -- 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 third quarter ended September 30, 2025.

"In the third quarter, we demonstrated AI's transformative value across our portfolio. AI Cloud maintained solid growth momentum, driven by broadening enterprise adoption of our AI products and solutions. Apollo Go significantly accelerated the scaling of its fully driverless operations and kept advancing global expansion, including entry into Switzerland, all while maintaining industry-leading safety standards. In our Mobile Ecosystem, AI-native monetization products such as agents and digital humans delivered rapid revenue growth, showing strong long-term potential," said Robin Li, Co-founder and CEO of Baidu. "We will continue pioneering AI innovations that create substantial value for users, enterprises, and society, cementing our leadership in the AI era."

"AI Cloud achieved healthy expansion in the third quarter, cushioning the impact from softness in our online marketing business," said Haijian He, CFO of Baidu. "Our strategic AI investments are yielding strong returns. Revenue from AI-powered businesses grew over 50% year-over-year to roughly RMB 10 billion in the third quarter of 2025, laying a solid foundation for sustainable long-term growth."

Third Quarter 2025 Financial Highlights [1]

Baidu, Inc.

(In millions except per ADS, unaudited)

2024

2025

YOY

QOQ

RMB

US$

Total revenues

33,557

32,713

31,174

4,379

(7 %)

(5 %)

Operating income (loss)

5,925

3,277

(15,091)

(2,120)

Operating income (non-GAAP) [2]

7,014

4,445

2,205

310

(69 %)

(50 %)

Net income (loss) to Baidu

7,632

7,322

(11,232)

(1,578)

Net income to Baidu (non-GAAP) [2]

5,886

4,795

3,770

530

(36 %)

(21 %)

Diluted earnings (loss) per ADS

21.60

20.35

(33.88)

(4.76)

Diluted earnings per ADS (non-GAAP) [2]

16.60

13.58

11.12

1.56

(33 %)

(18 %)

Adjusted EBITDA [2]

8,733

6,492

4,429

622

(49 %)

(32 %)

Adjusted EBITDA margin

26 %

20 %

14 %

Baidu Core

(In millions, unaudited)

2024

2025

YOY

QOQ

RMB

US$

Total revenues

26,524

26,251

24,659

3,464

(7 %)

(6 %)

Operating income (loss)

5,694

3,322

(14,971)

(2,103)

Operating income (non-GAAP) [2]

6,652

4,385

2,225

313

(67 %)

(49 %)

Net income (loss) to Baidu Core

7,536

7,382

(11,121)

(1,562)

Net income to Baidu Core (non-GAAP) [2]

5,676

4,792

3,836

539

(32 %)

(20 %)

Adjusted EBITDA [2]

8,336

6,397

4,398

618

(47 %)

(31 %)

Adjusted EBITDA margin

31 %

24 %

18 %

[1] Unless otherwise noted, RMB to USD was converted at an exchange rate of RMB7.1190 as of September 30, 2025, 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.

[2] Non-GAAP measures are defined in the Non-GAAP Financial Measures section (see also "Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures" for more details).

Operational Highlights

Corporate

AI Cloud

Intelligent Driving

Mobile Ecosystem

AI-powered Businesses (A new AI-native view to provide investors greater visibility into Baidu's AI portfolio)

Based on investor feedback, Baidu is introducing a new AI-native view this quarter that cuts across traditional business groups to better reflect valuation drivers within Baidu's current product portfolio. This view organizes Baidu's business according to the nature of its products and services, revealing a rich array of AI-powered assets company-wide. Going forward, Baidu will provide business updates through this AI-native view on an ongoing basis, while continuing to disclose results under the existing reporting methods.

In the third quarter of 2025, Baidu is disclosing three categories that demonstrated significant revenue contribution:

Third Quarter 2025 Financial Results

Total revenues were RMB31.2 billion ($4.38 billion), decreasing 7% year over year.

Cost of revenues was RMB18.3 billion ($2.57 billion), increasing 12% year over year, primarily due to an increase in costs related to AI Cloud business and content costs.

Selling, general and administrative expenses were RMB6.6 billion ($924 million), increasing 12% year over year, primarily due to an increase in expected credit losses and channel spending expenses.

Research and development expenses were RMB5.2 billion ($728 million), decreasing 3% year over year.

Impairment of long-lived assets was RMB16.2 billion ($2.27 billion), attributable to an impairment loss of Core asset group.

Operating loss was RMB15.1 billion ($2.12 billion). Baidu Core operating loss was RMB15.0 billion ($2.10 billion), and Baidu Core operating loss margin was 61%. Excluding impairment of long-lived assets, operating income was RMB1.1 billion ($154 million), and Baidu Core operating income was RMB1.2 billion ($171 million). Non-GAAP operating income was RMB2.2 billion ($310 million). Non-GAAP Baidu Core operating income was RMB2.2 billion ($313 million), and non-GAAP Baidu Core operating margin was 9%.

Total other income, net was RMB1.9 billion ($273 million), compared to RMB2.7 billion in the same period last year.

Income tax benefit was RMB1.8 billion ($257 million), compared to income tax expense of RMB814 million in the same period last year.

Net loss attributable to Baidu was RMB11.2 billion ($1.58 billion), and diluted loss per ADS was RMB33.88 ($4.76). Net loss attributable to Baidu Core was RMB11.1 billion ($1.56 billion), and net loss margin for Baidu Core was 45%. Excluding the impact of impairment of long-lived assets, net income attributable to Baidu was RMB2.6 billion ($359 million), and net income attributable to Baidu Core was RMB2.7 billion ($375 million). Non-GAAP net income attributable to Baidu was RMB3.8 billion ($530 million). Non-GAAP diluted earnings per ADS was RMB11.12 ($1.56). Non-GAAP net income attributable to Baidu Core was RMB3.8 billion ($539 million), and non-GAAP net margin for Baidu Core was 16%.

Adjusted EBITDA was RMB4.4 billion ($622 million) and adjusted EBITDA margin was 14%. Adjusted EBITDA for Baidu Core was RMB4.4 billion ($618 million) and adjusted EBITDA margin for Baidu Core was 18%.

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 September 30, 2025, total cash and investments were RMB296.4 billion ($41.64 billion), and total cash and investments excluding iQIYI were RMB290.4 billion ($40.79 billion). Operating cash flow was RMB1.3 billion ($176 million), and operating cash flow excluding iQIYI was RMB1.5 billion ($214 million).

Conference Call Information

Baidu's management will hold an earnings conference call at 7:30 AM on Nov 18, 2025, U.S. Eastern Time (8:30 PM on Nov 18, 2025, 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. Q3 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/10050558-g87y6t.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.

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.

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, and impairment of long-lived assets.

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, 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.

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."

Baidu, Inc.

Condensed Consolidated Statements of Income

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

Three Months Ended

September 30,

June 30,

September 30,

2024

2025

RMB

US$ (2)

Revenues:

Online marketing services

20,108

17,485

16,566

2,327

Others

13,449

15,228

14,608

2,052

Total revenues

33,557

32,713

31,174

4,379

Costs and expenses:

Cost of revenues (1)

16,399

18,357

18,315

2,573

Selling, general and administrative (1)

5,867

5,960

6,581

924

Research and development (1)

5,366

5,119

5,179

728

Impairment of long-lived assets

16,190

2,274

Total costs and expenses

27,632

29,436

46,265

6,499

Operating income (loss)

5,925

3,277

(15,091)

(2,120)

Other income:

Interest income

1,877

1,957

1,930

271

Interest expense

(673)

(701)

(631)

(89)

Foreign exchange loss, net

(1,096)

(621)

(357)

(50)

Share of earnings from equity method investments

694

735

103

Others, net

2,535

3,534

269

Total other income, net

2,675

4,863

1,946

273

Income (loss) before income taxes

8,600

8,140

(13,145)

(1,847)

Income tax expense (benefit)

814

881

(1,828)

(257)

Net income (loss)

7,786

7,259

(11,317)

(1,590)

Net income (loss) attributable to noncontrolling interests

154

(63)

(85)

(12)

Net income (loss) attributable to Baidu

7,632

7,322

(11,232)

(1,578)

Earnings (loss) per ADS (1 ADS representing 8 Class A ordinary shares):

-Basic

21.93

20.90

(33.88)

(4.76)

-Diluted

21.60

20.35

(33.88)

(4.76)

Earnings (loss) per share for Class A and Class B ordinary shares:

-Basic

2.74

2.61

(4.23)

(0.59)

-Diluted

2.70

2.54

(4.23)

(0.59)

Weighted average number of Class A and Class B ordinary shares outstanding (in millions):

-Basic

2,785

2,720

2,713

-Diluted

2,789

2,730

2,713

(1) Includes share-based compensation expenses as follows:

Cost of revenues

104

120

113

Selling, general and administrative

328

276

340

Research and development

612

685

591

Total share-based compensation expenses

1,044

1,081

1,044

147

(2) All translations from RMB to U.S. dollars are made at a rate of RMB7.1190 to US$1.00, the exchange rate in effect as of September

30, 2025 as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System.

Baidu, Inc.

Condensed Consolidated Balance Sheets

(In millions, unaudited)

December 31,

September 30,

2024

2025

RMB

US$

ASSETS

Current assets:

Cash and cash equivalents

24,832

38,620

5,425

Restricted cash

11,697

369

Short-term investments, net

102,608

86,195

12,108

Accounts receivable, net

10,104

11,784

1,655

Amounts due from related parties

790

738

104

Other current assets, net

18,818

20,588

2,892

Total current assets

168,849

158,294

22,236

Non-current assets:

Fixed assets, net

30,102

25,474

3,578

Licensed copyrights, net

6,930

6,287

883

Produced content, net

14,695

14,298

2,008

Intangible assets, net

772

3,261

458

Goodwill

22,586

37,637

5,287

Long-term investments, net

41,721

46,596

6,545

Long-term time deposits and held-to-maturity investments

98,535

111,857

15,712

Amounts due from related parties

137

126

Deferred tax assets, net

2,193

5,260

739

Operating lease right-of-use assets

10,898

8,348

1,173

Receivables related to the proposed acquisition of YY Live, net

13,547

Other non-current assets

16,815

26,634

3,741

Total non-current assets

258,931

285,778

40,142

Total assets

427,780

444,072

62,378

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

Current liabilities:

Short-term loans

10,669

6,695

940

Accounts payable and accrued liabilities

41,443

36,662

5,150

Customer deposits and deferred revenue

14,624

13,218

1,857

Deferred income

684

508

Long-term loans, current portion

168

14,847

2,086

Convertible senior notes, current portion

242

1,477

207

Notes payable, current portion

8,026

4,626

650

Amounts due to related parties

1,794

1,653

232

Operating lease liabilities

3,303

3,326

467

Total current liabilities

80,953

83,012

11,660

Non-current liabilities:

Deferred income

231

199

Deferred revenue

585

658

Amounts due to related parties

Long-term loans

15,596

3,224

453

Notes payable

27,996

52,134

7,323

Convertible senior notes

8,351

6,755

949

Deferred tax liabilities

3,870

4,071

572

Operating lease liabilities

4,973

4,153

583

Other non-current liabilities

1,557

2,226

313

Total non-current liabilities

63,215

73,461

10,319

Total liabilities

144,168

156,473

21,979

Redeemable noncontrolling interests

9,870

12,908

1,813

Equity

Total Baidu shareholders' equity

263,620

264,528

37,158

Noncontrolling interests

10,122

10,163

1,428

Total equity

273,742

274,691

38,586

Total liabilities, redeemable noncontrolling interests, and

equity

427,780

444,072

62,378

Baidu, Inc.

Selected Information

(In millions, unaudited)

Three months ended

September 30, 2024 (RMB)

June 30, 2025 (RMB)

September 30, 2025 (RMB)

September 30, 2025 (US$)

Baidu

Core

iQIYI

Elim &

adj (2)

Baidu,

Inc.

Baidu

Core

iQIYI

Elim &

adj (2)

Baidu,

Inc.

Baidu

Core

iQIYI

Elim &

adj (2)

Baidu,

Inc.

Baidu

Core

iQIYI

Elim &

adj (2)

Baidu,

Inc.

Total revenues

26,524

7,246

(213)

33,557

26,251

6,628

(166)

32,713

24,659

6,682

(167)

31,174

3,464

939

(24)

4,379

YOY

(7 %)

(8 %)

(7 %)

QOQ

(6 %)

1 %

(5 %)

Costs and expenses:

Cost of revenues (1)

10,923

5,650

(174)

16,399

13,214

5,292

(149)

18,357

12,996

5,467

(148)

18,315

1,826

768

(21)

2,573

Selling, general and administrative (1)

4,990

908

(31)

5,867

5,018

960

(18)

5,960

5,677

925

(21)

6,581

797

130

(3)

924

Research and development (1)

4,917

449

5,366

4,697

422

5,119

4,767

412

5,179

670

728

Impairment of long-lived assets

16,190

2,274

Total costs and expenses

20,830

7,007

(205)

27,632

22,929

6,674

(167)

29,436

39,630

6,804

(169)

46,265

5,567

956

(24)

6,499

YOY

Cost of revenues

19 %

(3 %)

12 %

Selling, general and administrative

14 %

2 %

12 %

Research and development

(3 %)

(8 %)

(3 %)

Impairment of long-lived assets

Costs and expenses

90 %

(3 %)

67 %

Operating income (loss)

5,694

239

(8)

5,925

3,322

(46)

3,277

(14,971)

(122)

(15,091)

(2,103)

(17)

(2,120)

YOY

QOQ

165 %

Operating margin

21 %

3 %

18 %

13 %

(1 %)

10 %

(61 %)

(2 %)

(48 %)

Add: total other income (loss), net

2,667

2,675

4,925

(62)

4,863

2,031

(85)

1,946

285

(12)

273

Less: income tax expense (benefit)

803

814

854

881

(1,868)

(1,828)

(263)

(257)

Less: net income (loss) attributable to NCI

125 (3)

154

(1)

(73) (3)

(63)

(136) (3)

(85)

(19) (3)

(12)

Net income (loss) attributable to Baidu

7,536

229

(133)

7,632

7,382

(134)

7,322

(11,121)

(249)

138

(11,232)

(1,562)

(35)

(1,578)

YOY

QOQ

86 %

Net margin

28 %

3 %

23 %

28 %

(2 %)

22 %

(45 %)

(4 %)

(36 %)

Non-GAAP financial measures:

Operating income (loss) (non-GAAP)

6,652

370

7,014

4,385

4,445

2,225

(22)

2,205

313

(3)

310

YOY

(67 %)

(69 %)

QOQ

(49 %)

(50 %)

Operating margin (non-GAAP)

25 %

5 %

21 %

17 %

1 %

14 %

9 %

(0 %)

7 %

Net income (loss) attributable to Baidu (non-GAAP)

5,676

480

5,886

4,792

4,795

3,836

(148)

3,770

539

(21)

530

YOY

(32 %)

(36 %)

QOQ

(20 %)

(21 %)

Net margin (non-GAAP)

21 %

7 %

18 %

0 %

15 %

16 %

(2 %)

12 %

Adjusted EBITDA

8,336

405

8,733

6,397

6,492

4,398

4,429

618

622

YOY

(47 %)

(93 %)

(49 %)

QOQ

(31 %)

(68 %)

(32 %)

Adjusted EBITDA margin

31 %

6 %

26 %

24 %

1 %

20 %

18 %

0 %

14 %

(1) Includes share-based compensation as follows:

Cost of revenues

104

120

113

Selling, general and administrative

268

328

238

276

304

340

Research and development

574

612

652

685

559

591

Total share-based compensation

915

129

1,044

978

103

1,081

946

1,044

133

147

(2) Relates to intersegment eliminations and adjustments

(3) Relates to the net income attributable to iQIYI noncontrolling interests

Baidu, Inc.

Condensed Consolidated Statements of Cash Flows

(In millions,unaudited)

Three months ended

September 30, 2024 (RMB)

June 30, 2025 (RMB)

September 30, 2025 (RMB)

September 30, 2025 (US$)

Baidu

excl.

iQIYI

Baidu,

Inc.

Baidu

excl.

iQIYI

Baidu,

Inc.

Baidu

excl.

iQIYI

Baidu,

Inc.

Baidu

excl.

iQIYI

Baidu,

Inc.

Net cash provided by (used in) operating

activities

4,036

243

4,279

(864)

(13)

(877)

1,523

(267)

1,256

214

(38)

176

Net cash (used in) provided by investing activities

(12,300)

(1,663)

(13,963)

(8,428)

(113)

(8,541)

2,233

763

2,996

314

107

421

Net cash (used in) provided by financing activities

(2,787)

(2,612)

(5,399)

(8,688)

(465)

(9,153)

4,532

151

4,683

637

658

Effect of exchange rate changes on cash, cash

equivalents and restricted cash

(721)

(84)

(805)

(210)

(28)

(238)

(186)

(16)

(202)

(26)

(2)

(28)

Net (decrease) increase in cash, cash

equivalents and restricted cash

(11,772)

(4,116)

(15,888)

(18,190)

(619)

(18,809)

8,102

631

8,733

1,139

1,227

Cash, cash equivalents and restricted cash

At beginning of period

48,878

7,907

56,785

45,118

4,758

49,876

26,928

4,139

31,067

3,783

581

4,364

At end of period

37,106

3,791

40,897

26,928

4,139

31,067

35,030

4,770

39,800

4,922

669

5,591

Net cash provided by (used in) operating activities

4,036

243

4,279

(864)

(13)

(877)

1,523

(267)

1,256

214

(38)

176

Less: Capital expenditures

(1,637)

(8)

(1,645)

(3,779)

(21)

(3,800)

(3,378)

(23)

(3,401)

(475)

(3)

(478)

Free cash flow

2,399

235

2,634

(4,643)

(34)

(4,677)

(1,855)

(290)

(2,145)

(261)

(41)

(302)

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

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

September 30, 2024 (RMB)

June 30, 2025 (RMB)

September 30, 2025 (RMB)

September 30, 2025 (US$)

Baidu

Core

iQIYI

Baidu,

Inc.

Baidu

Core

iQIYI

Baidu,

Inc.

Baidu

Core

iQIYI

Baidu,

Inc.

Baidu

Core

iQIYI

Baidu,

Inc.

Operating income (loss)

5,694

239

5,925

3,322

(46)

3,277

(14,971)

(122)

(15,091)

(2,103)

(17)

(2,120)

Add: Share-based compensation expenses

915

129

1,044

978

103

1,081

946

1,044

133

147

Add: Amortization and impairment of intangible assets resulting from business combinations

Add: Impairment of long-lived assets

16,190

2,274

Operating income (loss) (non-GAAP)

6,652

370

7,014

4,385

4,445

2,225

(22)

2,205

313

(3)

310

Add: Depreciation of fixed assets and amortization of intangible assets (1)

1,684

1,719

2,012

2,047

2,173

2,224

305

312

Adjusted EBITDA

8,336

405

8,733

6,397

6,492

4,398

4,429

618

622

Net income (loss) attributable to Baidu

7,536

229

7,632

7,382

(134)

7,322

(11,121)

(249)

(11,232)

(1,562)

(35)

(1,578)

Add: Share-based compensation expenses

914

129

972

977

103

1,024

945

989

133

140

Add: Amortization and impairment of intangible assets resulting from business combinations

Add: Impairment of long-lived assets

16,190

2,274

Add: Disposal (gain) loss

(1,501)

(1,491)

(262)

(267)

(101)

(14)

Add: Impairment of long-term investments

101

113

Add: Fair value (gain) loss of long-term investments and exchangeable bonds

(1,361)

(1,358)

(3,317)

(3,309)

279

Add: Reconciling items on equity method investments (2)

(121)

Add: Tax effects on non-GAAP adjustments (3)

(51)

(2,526)

(355)

Net income (loss) attributable to Baidu (non-GAAP)

5,676

480

5,886

4,792

4,795

3,836

(148)

3,770

539

(21)

530

Diluted earnings (loss) per ADS

21.60

20.35

(33.88)

(4.76)

Add: Accretion of the redeemable noncontrolling interests

0.01

0.64

0.75

0.11

Add: Non-GAAP adjustments to earnings per ADS

(5.01)

(7.41)

44.25

6.21

Diluted earnings per ADS (non-GAAP)

16.60

13.58

11.12

1.56

(1) This represents amortization of intangible assets excluding those resulting from business combinations.

(2) This represents Baidu's share of equity method investments for other 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 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.

SOURCE Baidu, Inc.