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Baidu (BIDU) investor relations material

Baidu Q2 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2026 earnings summary18 Aug, 2026

Executive summary

  • AI-powered business accounted for 50% of general business revenue in Q2 2026, with AI Cloud Infra and GPU Cloud showing strong growth and contributing CNY 12.5 billion.

  • Total revenue for Q2 2026 was CNY 31.3 billion (RMB 31.3 billion/$4.62 billion), down 2% sequentially and 4% year-over-year.

  • The company is advancing a dual primary listing in Hong Kong to broaden its investor base and enhance share liquidity, expected to be completed within the year.

  • Operating cash flow remained positive for the fourth consecutive quarter, reaching CNY 3.4 billion (RMB 3.4 billion/$506 million).

  • Apollo Go expanded to 28 cities globally, accumulating over 23 million cumulative rides and 350 million autonomous kilometers.

Financial highlights

  • Baidu General Business revenue was CNY 25.2 billion (RMB 25.2 billion/$3.71 billion), down 3% sequentially and 4% year-over-year.

  • iQIYI revenue was CNY 6.3 billion (RMB 6.3 billion/$927 million), up 1% sequentially but down 5% year-over-year.

  • Operating income was CNY 3.0 billion (RMB 3.0 billion/$446 million), with a 10% margin; non-GAAP operating income was CNY 3.8 billion (RMB 3.8 billion/$558 million), with a 12% margin.

  • Net income attributable was CNY 2.3 billion (RMB 2.3 billion/$342 million), with a 7% margin; non-GAAP net income was CNY 2.6 billion (RMB 2.6 billion/$379 million), with an 8% margin.

  • Total cash and investments stood at CNY 283.1 billion (RMB 283.1 billion/$41.72 billion) as of June 30, 2026.

Outlook and guidance

  • AI Cloud Infra revenue growth is expected to remain strong in the second half, with potential for further acceleration and continued margin expansion driven by GPU cloud and self-developed chips.

  • The company expects the dual-primary listing in Hong Kong to be completed within the year, pending approvals.

  • Advertising business is expected to remain under pressure due to industry competition and deliberate monetization restraint.

  • Apollo Go ride volume is expected to regain momentum as operations resume and expand globally.

  • Management reaffirmed commitment to AI as the core driver of long-term growth.

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Frequently asked questions

Baidu, Inc. provides Internet search services in China and internationally. Its services include Baidu Web, Baidu Image, Baidu Video, Baidu News, Baidu Knows, Baidu Map and Haokan, as well as international products, such as Baidu Search and Baidu Browser. The company's solutions include Baidu Union program, which links its online search engine with various independent third-party Websites; and affiliate marketing solutions that are designed for small-and medium-sized enterprises to reach targeted audiences. Baidu, Inc. was incorporated in 2000 and is headquartered in Beijing, China.