BIDU
Baidu, Inc.
Quarterly revenue, EPS, free cash flow, valuation, and Rule of 40 scores for Baidu, Inc.
Baidu, Inc. is a technology company that provides internet search, AI cloud, and intelligent-driving products primarily in China. Its Baidu Core business includes search and feed advertising, AI cloud infrastructure and applications, and Apollo autonomous-driving and intelligent-cockpit solutions. iQIYI is a long-form online video platform. The company also develops foundation models and AI applications for enterprises and consumers.
Coverage
Alibaba Is Selling 710 Million New Shares to Fund AI. Is Baidu Next?
Alibaba's 710M-share Hong Kong placement raises about $10.2B for AI — enough for 102% of one quarter's capex. Baidu runs the same race at a sixth of the scale.
China Admitted 20,000 H200s. NVIDIA's Outlook Assumes Zero Revenue From Them.
The FT reports ByteDance and Tencent each received about 10,000 H200s — $0.5-0.8B at any plausible price, inside the ±2% tolerance on Nvidia's own $91.0B guide.
Baidu Tripled Its Capital Spending and the Rule of 40 Fell 18 Points
Baidu's Q2: revenue up 1%, EPS well under consensus, capex tripled to RMB11.4B, free cash flow −$1.17B. The score is −24.3 and the stock fell 9.5% on the print.
Baidu Reports Tuesday With 13 Points of Gross Margin Gone
Baidu's gross margin fell from 52.5% to 38.9% in twelve quarters on flat revenue; trailing free cash flow is −$1.3B. August 18 tests whether there is a floor.
Where the revenue goes next
Latest: $4.62B (2026Q2)
| Period | Value |
|---|---|
| 2023Q2 | $4.70B |
| 2023Q3 | $4.72B |
| 2023Q4 | $4.92B |
| 2024Q1 | $4.37B |
| 2024Q2 | $4.67B |
| 2024Q3 | $4.78B |
| 2024Q4 | $4.67B |
| 2025Q1 | $4.47B |
| 2025Q2 | $4.57B |
| 2025Q3 | $4.38B |
| 2025Q4 | $4.68B |
| 2026Q1 | $4.65B |
| 2026Q2 | $4.62B |
Latest: $0.85 (2026Q2)
| Period | Value |
|---|---|
| 2023Q2 | $1.95 |
| 2023Q3 | $2.50 |
| 2023Q4 | $0.95 |
| 2024Q1 | $2.07 |
| 2024Q2 | $2.07 |
| 2024Q3 | $3.08 |
| 2024Q4 | $1.95 |
| 2025Q1 | $2.98 |
| 2025Q2 | $2.84 |
| 2025Q3 | −$4.76 |
| 2025Q4 | $0.53 |
| 2026Q1 | $1.27 |
| 2026Q2 | $0.85 |
Latest: n/m (2026Q2)
| Period | Value |
|---|---|
| 2024Q1 | 14.1 |
| 2024Q2 | 11.4 |
| 2024Q3 | 12.9 |
| 2024Q4 | 9.2 |
| 2025Q1 | 9.1 |
| 2025Q2 | 7.9 |
| 2025Q3 | 43.8 |
| 2025Q4 | 82.2 |
| 2026Q1 | n/m |
| 2026Q2 | n/m |
Latest: −$1.17B (2026Q2)
| Period | Value |
|---|---|
| 2023Q2 | $1.09B |
| 2023Q3 | $822M |
| 2023Q4 | $980M |
| 2024Q1 | $579M |
| 2024Q2 | $862M |
| 2024Q3 | $376M |
| 2024Q4 | $3M |
| 2025Q1 | −$1.23B |
| 2025Q2 | −$653M |
| 2025Q3 | −$302M |
| 2025Q4 | $91M |
| 2026Q1 | −$470M |
| 2026Q2 | −$1.17B |
Latest: 344M (2026Q2)
| Period | Value |
|---|---|
| 2023Q2 | 354M |
| 2023Q3 | 356M |
| 2023Q4 | 354M |
| 2024Q1 | 352M |
| 2024Q2 | 350M |
| 2024Q3 | 349M |
| 2024Q4 | 348M |
| 2025Q1 | 345M |
| 2025Q2 | 341M |
| 2025Q3 | 339M |
| 2025Q4 | 345M |
| 2026Q1 | 346M |
| 2026Q2 | 344M |
Latest: $982M (2026Q2)
| Period | Value |
|---|---|
| 2023Q2 | $1.09B |
| 2023Q3 | $1.92B |
| 2023Q4 | $2.90B |
| 2024Q1 | $3.47B |
| 2024Q2 | $4.34B |
| 2024Q3 | $4.71B |
| 2024Q4 | $4.71B |
| 2025Q1 | $3.49B |
| 2025Q2 | $2.84B |
| 2025Q3 | $2.53B |
| 2025Q4 | $2.62B |
| 2026Q1 | $2.15B |
| 2026Q2 | $982M |
Latest earnings
Company History
Robin Li and Eric Xu found Baidu, building the search engine that becomes China's default.
Lists at $27 per ADS and closes its first day up more than 350%, one of the largest first-day gains in NASDAQ history.
Opens its self-driving stack as the Apollo platform, the foundation of the later Apollo Go robotaxi service.
Adds a Hong Kong listing, giving mainland-adjacent investors direct access.
Releases the Ernie large language model to the public, the first major Chinese ChatGPT competitor.
AI cloud infrastructure and GPU cloud revenue accelerate while online marketing declines, reshaping the margin structure; a RMB16.2 billion impairment lands in the September quarter.
Key Players
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Funds we follow holding BIDU
By latest reported 13F position value. Market value at quarter-end, not cost basis.
