Baidu (BIDU) investor relations material

Executive summary

• Core AI-powered business contributed 52% of general business revenue in Q1 2026, reaching RMB 13.6 billion, up 49% year-over-year, and has become the main growth driver.

• AI Cloud Infrastructure revenue grew 79% year-over-year to RMB 8.8 billion, with GPU Cloud revenue accelerating 184% year-over-year.

• Apollo Go delivered 3.2 million fully driverless rides in Q1, up over 120% year-over-year, with cumulative rides exceeding 22 million and operations in 27 cities globally.

• AI Applications, including DuMate, Miaoda, and Famou Agent, expanded with new product launches and strong user growth.

• AI has become the primary growth driver, with expanding real-world applications and global reach.

Financial highlights

• Total revenue was RMB 32.1 billion, down 2% quarter-over-quarter; Baidu General Business revenue was RMB 26.0 billion, up 2% year-over-year and flat sequentially.

• AI Cloud revenue reached RMB 11.3 billion in Q1 2026, up 53% year-over-year.

• Operating income was RMB 3.2 billion (10% margin); non-GAAP operating income was RMB 3.8 billion (12% margin); adjusted EBITDA was RMB 6.0 billion (19% margin).

• Net income attributable to Baidu was RMB 3.4 billion (11% margin); non-GAAP net income was RMB 4.3 billion (14% margin).

• Total cash and investments stood at RMB 279.3 billion (over $40B) as of March 31, 2026.

Outlook and guidance

• AI adoption is accelerating, with real-world applications expanding and new demand emerging.

• Management expects AI-powered businesses to continue driving revenue and margin expansion, with a compelling and sustainable margin trajectory.

• Focus remains on high-growth AI businesses, operational efficiency, and unlocking value in both core and non-core segments.

• Continued expansion of AI-powered services and global footprint in robotaxi and digital human platforms.