Baidu, Inc. · 2026 Q2
ReportedAug 18, 2026
Period endedJun 30, 2026
Rule of 40-24
Consensus vs reported
EPS · NON-GAAP PER ADS
MISS -27%
$1.06
vs $1.44 expected
QoQ—
YoY—
Revenue
MISS -2%
$4.62B
vs $4.69B expected
QoQ-0.7%
YoY+1.1%
QoQ and YoY are measured on the same basis as each panel's own consensus, so no panel compares two different measures.
Reported this quarter
Revenue
$4.62B
QoQ -0.7%
YoY +1.1%
EPS
$0.85
QoQ -33.1%
YoY -70.1%
Free Cash Flow
-$1.17B
QoQ -149.6%
YoY -79.6%
Gross Margin
39.0%
QoQ +0.1 pp
YoY -4.9 pp
FCF Margin
-25.4%
QoQ -15.3 pp
YoY -11.1 pp
Each tile opens the full quarterly series. Download the numbers as CSV or JSON.
What we learned
- The score fell 18.2 points and 15 of them were capex. Free cash flow of −RMB 7,954M is the deepest hole in the tracked window, on capital expenditure of RMB 11,390M — 3.0x the prior-year quarter and 93% above last quarter alone .
- The transformation completed and the top line cannot show it. Core AI-powered business reached RMB 12.5B, +25% — exactly half of Baidu General Business against 38% a year ago, while the legacy half fell 23% .
- Baidu borrowed for the build rather than funding it. Short-term loans went from RMB 7,626M to RMB 26,311M in six months and lease right-of-use assets doubled to RMB 18,574M, with financing contributing +RMB 17.4B against a RMB 9.2B outflow a year earlier.
- Our own growth number is a currency artefact and we are saying so. The renminbi moved from RMB 7.163 to RMB 6.785 per dollar between the two June quarters, so the same quarter reads +1.09% in dollars and −4.2% in renminbi . Take five points off the score for the renminbi view.
- Thirteen points of gross margin is the price of the mix, and it is mostly paid. From 52.5% three years ago to 39.0% now, because RMB 7.3B of cloud infrastructure carries a cost of revenue that the same renminbi of search advertising did not.
Read the full analysis: Baidu Tripled Its Capital Spending and the Rule of 40 Fell 18 Points →
Coverage around this release
R40
Alibaba Is Selling 710 Million New Shares to Fund AI. Is Baidu Next?
News · Aug 23, 2026
R40
Beijing Let 20,000 H200s In. NVIDIA's Outlook Assumes Zero China Revenue, and 20,000 Chips Is Smaller Than the Rounding on One Quarter's Guide.
News · Aug 19, 2026
R40
Baidu Tripled Its Capital Spending and the Rule of 40 Fell 18 Points
News · Aug 18, 2026
R40
Baidu Reports Tuesday With 13 Points of Gross Margin Gone
News · Aug 17, 2026
Estimate against reported
Our published estimate
Reported EPS
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| 2024 Q3 | — | $3.08 | — |
| 2024 Q4 | — | $1.95 | — |
| 2025 Q1 | — | $2.98 | — |
| 2025 Q2 | — | $2.84 | — |
| 2025 Q3 | — | -$4.76 | — |
| 2025 Q4 | — | $0.53 | — |
| 2026 Q1 | — | $1.27 | — |
| 2026 Q2 | $1.44 | $1.06 | -27% |
Estimates are the consensus we published on our own preview for that quarter; quarters we did not preview carry the reported figure only. Where a consensus was set on a non-GAAP basis, the reported column shows that same measure.
Sources & downloads
Company
Published by the company on the day of the release.
HTML
Earnings press release
Investor relations announcement
SEC filings
Filed with the SEC under CIK 1329099.
JSON
Company facts (XBRL)
Every figure BIDU has reported to the SEC
R40 data
The numbers shown on this page, as we hold them.
CSV
This quarter (CSV)
Reported metrics for 2026 Q2, spreadsheet-ready
JSON
This quarter (JSON)
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