Baidu's total revenue last year was 129.1 billion yuan, with AI business accounting for 40% of the revenue in the fourth quarter.

Baidu’s revenue and net profit both declined in Q4 2025, as the spin-off and independent listing of Kunlun Chip are underway.

On February 26, Baidu (Nasdaq: BIDU, 09888.HK) released its Q4 2025 and full-year financial reports, showing total revenue of 129.1 billion yuan, down 3% year-over-year, mainly due to declines in traditional business, partially offset by growth in Baidu’s core AI new business. AI business revenue accounted for 40 billion yuan of total revenue.

Net profit attributable to Baidu in 2025 was 5.6 billion yuan, down 76% year-over-year; excluding impairment of long-term assets, net profit attributable to Baidu was 19.4 billion yuan, down 18%; non-GAAP net profit attributable to Baidu was 18.9 billion yuan, down 30%; adjusted EBITDA was 22.9 billion yuan, down 31%.

Baidu’s total revenue for Q4 2025 was 32.7 billion yuan, up 5% quarter-over-quarter but down 4% year-over-year, with market estimates at 32.66 billion yuan. The company stated that the quarter-over-quarter increase was driven by growth in Baidu’s core AI new business. In Q4, AI revenue accounted for 43% of Baidu’s general business revenue, exceeding market expectations.

Net profit attributable to the company in Q4 was 1.8 billion yuan, down 65% year-over-year; non-GAAP net profit was 3.9 billion yuan, down 42% year-over-year but up 4% quarter-over-quarter; adjusted EBITDA was 4.7 billion yuan, down 32%.

Baidu founder Robin Li stated that 2025 is a pivotal year for AI becoming Baidu’s new core. As the company’s AI-first strategy takes shape, it is confident in its ability to create lasting value in the AI era.

Baidu’s CFO, He Haijian, summarized in the financial report: “We achieved several key milestones this quarter. First, revenue from Baidu’s core AI new business exceeded 11 billion yuan in Q4, accounting for 43% of Baidu’s general business revenue. Second, total revenue from Baidu’s general business grew 6% quarter-over-quarter, while non-GAAP operating profit increased 28% to 2.8 billion yuan. Third, Baidu’s operating cash flow turned positive in the second half of 2025, totaling 3.9 billion yuan. Fourth, the spin-off and independent listing of Kunlun Chip are progressing, which we believe will unlock significant value for shareholders. Lastly, we announced a new share repurchase plan with a maximum authorization of $5 billion, and for the first time adopted a dividend policy, with the first dividend potentially paid before the end of 2026.”

In January 2026, Baidu disclosed that Kunlun Chip had submitted a listing application to the Hong Kong Stock Exchange in a confidential manner, marking a formal step toward independent listing.

Starting from this quarter, Baidu redefined its core business as Baidu’s general business, which includes Baidu’s core AI new business, traditional business, and others. Traditional business mainly consists of traditional advertising services provided through search, information streams, and other product lines. In Q4 2025, revenue from Baidu’s core AI new business, traditional business, and others was 11.3 billion yuan, 12.3 billion yuan, and 2.5 billion yuan respectively, based on internal management records and unaudited data.

Regarding the specific performance of Baidu’s core AI new business, in Q4 2025, revenue from intelligent cloud infrastructure was 5.8 billion yuan, with subscription revenue from high-performance AI computing infrastructure growing 143% year-over-year. For the full year 2025, revenue from intelligent cloud infrastructure was approximately 20 billion yuan, up 34% year-over-year.

In AI applications, Q4 2025 revenue was 2.7 billion yuan, with annual revenue exceeding 10 billion yuan. According to the November 2025 “China No-Code Generative Application Development Platform Performance Report” by IDC, Baidu’s no-code programming platform, Sekdah, demonstrated industry-leading capabilities in platform performance and application quality. Baidu established the Personal Super Intelligence Group (PSIG), integrating Baidu Wenku and Baidu Netdisk to accelerate AI application innovation.

In AI-native marketing services, revenue in Q4 was 2.7 billion yuan, up 110% year-over-year; full-year revenue was 9.8 billion yuan, up 301%.

By December 2025, Baidu APP’s monthly active users reached 679 million, and Wenxin Assistant’s monthly active users reached 202 million. Since the launch of the Spring Festival red envelope activity, Wenxin Assistant’s monthly active users increased fourfold year-over-year. In 2025, Hui Bo Xing digital human launched with a scale up 202% year-over-year, and revenue increased 228%, serving over 30 industries.

In Rober Kuaipao’s performance, the global autonomous driving trip count in Q4 reached 3.4 million, up over 200% year-over-year, with weekly trip peaks exceeding 300,000. The financial report shows that Rober Kuaipao is accelerating its expansion into multiple global markets. As of February 2026, Rober Kuaipao has provided over 20 million trips worldwide, covering 26 cities globally.

Baidu also announced that the Wenxin 5.0 official version has recently launched. As a native multimodal large model, it has 2.4 trillion parameters, using native multimodal unified modeling technology, supporting input and output of text, images, audio, and video.

As of the press time on February 26, Baidu’s US stock price fell 3% pre-market.

(Source: The Paper)