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iQIYI (IQ) investor relations material
iQIYI Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary18 Nov, 2025
Executive summary
Achieved strong audience engagement with original dramas and innovative content formats, driving both online and offline impact.
Expanded global presence, with significant membership revenue growth in Brazil, Spanish-speaking regions, Mexico, and Indonesia, and record-high daily subscribers.
Leveraged AI for content creation, marketing, and operational efficiency, including partnerships for AI-driven storytelling and production.
Total revenues for Q3 2025 were RMB6.68 billion (US$938.7 million), down 8% year-over-year.
Management highlighted robust overseas growth and maintained domestic leadership in drama viewership.
Financial highlights
Total Q3 revenue reached RMB6.7 billion, up 1% sequentially but down 8% year-over-year.
Membership services revenue was RMB4.21 billion, up 3% sequentially but down 4% year-over-year.
Online advertising revenue was RMB1.24 billion, down 2% sequentially and 7% year-over-year.
Content distribution revenue was RMB644.5 million, up 48% sequentially but down 21% year-over-year.
Non-GAAP operating loss was RMB21.9 million, with a margin of 0.3%.
Cash and equivalents totaled RMB4.9 billion at quarter end.
Outlook and guidance
Confident in sustainable membership growth, supported by high-quality content and enhanced member benefits.
Plans to further leverage AI for content production, marketing, and monetization, expecting dramatic industry changes within five years.
Focus on expanding performance advertising, education, e-commerce, and international markets.
Ongoing investment in IP-centric ecosystem and scaling both domestic and international operations.
Reconcile content slate impact vs. IP success
What is the status of the PAG loan?
Quantify overseas operations' robust growth
AI production system: partner access and impact?
Overseas local content strategy and market focus?
New content formats under policy: revenue model?
AI's impact on long-form content production
Overseas local content strategy beyond C-dramas
Experience business monetization model details
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Frequently asked questions
iQIYI, Inc. operates as an online entertainment service in the People's Republic of China. The company provides subscription-based services, including original and licensed content, user generated content, pay-per-view channels, and other video services; and advertising services, such as banner ads, video ads and pop-up ads, branded programs, commercials, advertorials, promotional events, sponsorships or product placements, among others. The company also offers IQIYI Mall to customers for purchasing consumer products and merchandise related to TV shows that are featured on the iQiYi platform through the website iqiyi.com; and live stream sponsorship opportunities for brand advertisers who want to reach online audiences through sponsoring live streaming sessions hosted by third party internet celebrity.
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