Earnings preview

Baidu, Inc. Baidu, Inc. Q2 2026 Earnings Results vs. Expectations

ReportsAug 18, 2026
SlotBefore Market Open

Results are out

This quarter has reported. The consensus below is what we expected going in.

Read the release →

What the Street expects

EPS · NON-GAAP PER ADS
$1.44
consensus · see the release
QoQ—
YoY—
Revenue
$4.69B
consensus · see the release
QoQ—
YoY—

QoQ and YoY are what the consensus implies against the prior quarter and the prior year.

Also on the card
Non-GAAP EPS per ADS, as reported RMB 7.22 ($1.06)
Street non-GAAP EPS per ADS about RMB 9.84
Miss on the company's own basis 27%
GAAP diluted EPS per ADS we store $0.85
RMB/USD implied by the release 6.8113

Q2 2026 reported results

What to watch

  1. Does gross margin find a floor? 38.9% was the lowest in the tracked window. Another leg down says the cloud mix shift is still front-loaded on cost.
  2. Does free cash flow turn? Five of the last six quarters were negative or near zero.
  3. Apollo Go and the AI cloud disclosures. These are the lines the bull case is built on, and they are the only ones growing.

Read more

Estimate against reported

$4.26−$0.84−$5.942024 Q3 reported $3.082024 Q32024 Q4 reported $1.952024 Q42025 Q1 reported $2.982025 Q12025 Q2 reported $2.842025 Q22025 Q3 reported −$4.762025 Q32025 Q4 reported $0.532025 Q42026 Q1 reported $1.272026 Q12026 Q2 estimate $1.442026 Q2 reported $1.062026 Q2
Our published estimate Reported EPS
QuarterEstimateReportedSurprise
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.

Every quarter

Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024

Read the full preview → Q2 2026 release page View BIDU stock page