iQIYI (IQ) Q4 2025 earnings summary

Executive summary

• Achieved solid year-end performance in 2025, with Q4 total revenue returning to growth both annually and sequentially, driven by core business strength and emerging business advancements.

• Fourth quarter revenues grew 3% year-over-year to RMB 6.79 billion, with improved sequential performance.

• Fiscal year 2025 revenues declined 7% year-over-year to RMB 27.29 billion, reflecting a lighter content slate and macroeconomic pressures.

• Overseas and experience businesses became sustainable growth engines, with overseas membership revenue up over 30% year-over-year and record top-line performance.

• Net loss attributable to shareholders narrowed significantly in Q4 to RMB 5.8 million, and for the full year was RMB 206.3 million; non-GAAP net income turned positive in Q4 at RMB 109.7 million.

Financial highlights

• Q4 total revenue was RMB 6.8 billion, up 2% sequentially and 3% year-over-year.

• Membership services revenue reached RMB 4.1 billion, down 3% sequentially and flat year-over-year.

• Online advertising revenue was RMB 1.4 billion, up 9% sequentially but down 6% year-over-year.

• Content distribution revenue was RMB 787.7 million, up 22% sequentially and 94% year-over-year.

• Non-GAAP operating income was RMB 143.5 million (2% margin), down from RMB 405.9 million (6% margin) year-over-year.

• Cash and equivalents at quarter end totaled RMB 4.7 billion.

Outlook and guidance

• 2026 strategy focuses on enhancing original content quality, strengthening membership and advertising, and scaling experience and overseas businesses.

• Plans to leverage AI to revolutionize content production, reduce costs, and build a dynamic AIGC ecosystem.

• Management expects emerging businesses to contribute to long-term value creation.

• Upcoming iQIYI World Conference in April will detail further initiatives.