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iQIYI (IQ) investor relations material

iQIYI Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary20 Aug, 2025

Executive summary

  • Total revenues for Q2 2025 were RMB6.63 billion (US$925.3 million), down 11% year-over-year, with leadership in drama viewership for four consecutive quarters.

  • Operating loss was RMB46.2 million, reversing from operating income of RMB342.1 million in Q2 2024.

  • Net loss attributable to shareholders was RMB133.7 million, compared to net income of RMB68.7 million a year ago.

  • Non-GAAP net income was RMB14.7 million, down sharply from RMB246.9 million in Q2 2024.

  • Management focused on innovation in AI, micro dramas, global expansion, and IP-based consumer products.

Financial highlights

  • Membership services revenue was RMB4.09 billion, down 9% year-over-year due to a lighter content slate.

  • Online advertising revenue was RMB1.27 billion, down 13% year-over-year, impacted by macroeconomic pressures.

  • Content distribution revenue fell 37% year-over-year to RMB436.6 million, mainly due to fewer barter transactions.

  • Other revenues increased by 6% year-over-year to RMB829.3 million.

  • Cost of revenues decreased 7% year-over-year to RMB5.29 billion, with content costs down 8%.

Outlook and guidance

  • Management is prioritizing sustainable, long-term growth through innovation, AI, micro dramas, and global expansion.

  • Plans to expand bundled membership initiatives and enhance perceived membership value.

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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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