15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
| FY | Revenue | Net income | Gross M | Op M | ROE | ROA | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|---|
| 2025 | $18.5B | $799M | 43.9% | -4.5% | 2.1% | 1.2% | -$2.2B | $7.0B | $3.5B |
| 2024 | $18.2B | $3.3B | 50.3% | 16.0% | 9.0% | 5.6% | $1.8B | $6.4B | $3.4B |
| 2023 | $19.0B | $2.9B | 51.7% | 16.2% | 8.3% | 5.0% | $3.6B | $7.2B | $3.6B |
| 2022 | $17.9B | $1.1B | 48.3% | 12.9% | 3.4% | 1.9% | $2.6B | $7.6B | $7.7B |
| 2021 | $19.5B | $1.6B | 48.3% | 8.5% | 4.8% | 2.7% | $1.4B | $9.1B | $5.8B |
| 2020 | $16.4B | $3.4B | 48.5% | 13.4% | 12.3% | 6.8% | $2.9B | $7.9B | $5.5B |
| 2019 | $15.4B | $296M | 41.5% | 5.9% | 1.3% | 0.7% | $3.2B | $6.6B | $4.8B |
| 2018 | $14.9B | $4.0B | 49.4% | 15.2% | 16.9% | 9.3% | $4.0B | $7.7B | $4.0B |
| 2017 | — | $2.8B | — | — | 15.9% | 7.3% | — | $5.7B | $1.7B |
| 2016 | — | $1.7B | — | — | 12.6% | 6.4% | — | $4.9B | $1.7B |
| 2015 | — | $5.2B | — | — | 41.9% | 22.8% | — | — | $1.4B |
| 2014 | — | $2.1B | — | — | 25.6% | 13.2% | — | — | $2.1B |
| 2013 | — | $1.7B | — | — | 27.4% | 14.8% | $1.8B | — | $1.6B |
| 2012 | — | $1.7B | — | — | 40.1% | 22.9% | $1.6B | — | $2.0B |
| 2010 | — | $534M | — | — | 41.9% | 31.9% | $577M | — | $1.2B |
| Quarter | Revenue | Net income | Gross M | Op M | ROE | ROA | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|---|
| Dec '18 | $3.9B | $299M | 42.6% | 4.1% | 1.3% | 0.7% | $849M | $7.7B | $4.0B |
| Sep '18 | $4.1B | $1.8B | 49.6% | 15.7% | 7.8% | 4.5% | $1.3B | $6.1B | $2.3B |
| Dec '12 | — | $459M | — | — | 11.0% | 6.3% | $335M | — | $2.0B |
How the market has priced BIDU against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
Over the past 5 years, Baidu's revenue has grown 2.4% per year, and net income declined 25.3% per year. These are computed facts, not advice.
As of FY2025, Baidu reported $7.0B of total debt against $3.5B of cash.
In FY2025, gross margin was 43.9%, operating margin -4.5%, and net margin 4.3%.
As of Sep '26, Baidu traded at a price-to-earnings ratio of about 4.2× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S have moved with the share price. These are computed facts, not advice.
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.