Baidu, Inc (BIDU) Cash Flow Statement
Where BIDU’s cash came from and went, 2025
December 31, 2025 · Chinese yuan- Cash from operations
- −CN¥3.01B −114.2% vs 2024
- Capital expenditures
- CN¥13.42B 10.4% of revenue
- Free cash flow
- −CN¥16.43B −12.7% margin
- Returned to shareholders
- CN¥5.39B
- Change in cash
- −CN¥11.76B cash at year-end CN¥24.83B
Cash from operations
−CN¥3.01B
Capital expenditures
−CN¥13.42B
Investments (net)
−CN¥13.04B
Acquisitions & other
+CN¥1.32B
Share buybacks (net)
−CN¥5.39B
Net borrowing (repayment)
+CN¥20.29B
Other financing
+CN¥2.23B
Currency & other
−CN¥751.0M
Change in cash
−CN¥11.76B
Drawn to scale: where the cash came from and how it was used. Hover for values.
BIDU operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
BIDU cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | CN¥22.26B2016 | −CN¥3.01B2025 | — | |
| Capital expenditures | CN¥10.51B2016 | CN¥13.42B2025 | +2.8%/yr | |
| Free cash flow | CN¥11.75B2016 | −CN¥16.43B2025 | — | |
| Free cash flow margin | 16.7%2016 | −12.7%2025 | −29.4 pts | |
| Operating cash flow / net income | 1.922016 | −0.542025 | −2.46 | |
| Stock-based compensation | CN¥1.76B2016 | CN¥3.60B2025 | +8.3%/yr | |
| Dividends paid | CN¥02016 | CN¥24.57B2021 | — | |
| Share buybacks (net) | CN¥02016 | CN¥5.39B2025 | — | |
| Capex / revenue | 14.9%2016 | 10.4%2025 | −4.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BIDU cash flow by activity
OperatingInvestingFinancingChange in cash
BIDU net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
BIDU cash flow statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | CN¥5.59B | CN¥24.18B | CN¥21.55B | CN¥7.53B | CN¥7.59B | CN¥19.03B | −CN¥2.29B | CN¥22.58B | CN¥18.29B | CN¥11.60B |
| Depreciation & amortization | CN¥21.35B | CN¥20.52B | CN¥21.46B | CN¥20.08B | CN¥22.56B | CN¥22.71B | CN¥22.14B | CN¥16.21B | CN¥11.75B | CN¥8.33B |
| Stock-based compensation | CN¥3.60B | CN¥4.78B | CN¥6.34B | CN¥6.79B | CN¥7.06B | CN¥6.73B | CN¥5.63B | CN¥4.68B | CN¥3.24B | CN¥1.76B |
| Change in working capital | −CN¥40.90B | −CN¥27.51B | −CN¥13.07B | −CN¥16.76B | −CN¥18.69B | −CN¥18.21B | −CN¥6.69B | CN¥3.28B | CN¥6.58B | CN¥5.64B |
| Other non-cash items | CN¥7.34B | −CN¥734.0M | CN¥331.0M | CN¥8.52B | CN¥1.61B | −CN¥6.06B | CN¥9.67B | −CN¥10.78B | −CN¥6.97B | −CN¥5.06B |
| Cash from operating activities | −CN¥3.01B | CN¥21.23B | CN¥36.62B | CN¥26.17B | CN¥20.12B | CN¥24.20B | CN¥28.46B | CN¥35.97B | CN¥32.88B | CN¥22.26B |
| Investing activities | ||||||||||
| Capital expenditures | −CN¥13.42B | −CN¥8.13B | −CN¥11.29B | −CN¥8.39B | −CN¥10.90B | −CN¥5.08B | −CN¥6.43B | −CN¥22.36B | −CN¥13.95B | −CN¥10.51B |
| Investments (net) | −CN¥13.04B | −CN¥8.55B | −CN¥50.40B | −CN¥3.94B | −CN¥31.44B | −CN¥27.55B | −CN¥19.97B | −CN¥34.46B | −CN¥76.94B | −CN¥35.91B |
| Acquisitions & other investing | CN¥1.32B | CN¥8.13B | CN¥11.29B | CN¥8.39B | CN¥10.90B | CN¥5.08B | CN¥6.43B | CN¥22.36B | CN¥13.95B | CN¥10.51B |
| Cash from investing activities | −CN¥25.14B | −CN¥8.55B | −CN¥50.40B | −CN¥3.94B | −CN¥31.44B | −CN¥27.55B | −CN¥19.97B | −CN¥34.46B | −CN¥76.94B | −CN¥35.91B |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | −CN¥24.57B | −CN¥22.28B | −CN¥11.60B | −CN¥42.83B | −CN¥35.90B | CN¥0 |
| Share repurchases & issuance (net) | −CN¥5.39B | −CN¥6.32B | −CN¥4.76B | −CN¥1.93B | −CN¥7.58B | −CN¥13.05B | −CN¥4.96B | −CN¥3.31B | −CN¥1.72B | CN¥0 |
| Net borrowing (repayment) | CN¥20.29B | −CN¥7.54B | −CN¥13.09B | −CN¥6.81B | CN¥8.84B | CN¥12.39B | CN¥1.35B | CN¥20.73B | CN¥23.59B | CN¥6.85B |
| Shares issued | CN¥0 | CN¥0 | CN¥3.46B | CN¥1.23B | CN¥20.56B | CN¥4.66B | CN¥401.0M | CN¥15.69B | CN¥0 | CN¥0 |
| Other financing | CN¥2.23B | CN¥102.0M | CN¥234.0M | CN¥1.12B | CN¥26.15B | CN¥23.95B | CN¥10.94B | CN¥24.81B | CN¥58.59B | CN¥7.60B |
| Cash from financing activities | CN¥17.14B | −CN¥13.76B | −CN¥14.16B | −CN¥6.39B | CN¥23.40B | CN¥5.67B | −CN¥3.87B | CN¥15.08B | CN¥44.56B | CN¥14.45B |
| Summary | ||||||||||
| Net change in cash | −CN¥11.76B | −CN¥985.0M | −CN¥27.66B | CN¥17.57B | CN¥11.13B | CN¥2.10B | CN¥4.61B | CN¥18.49B | CN¥186.0M | CN¥938.5M |
| Cash at end of period | CN¥24.83B | CN¥36.59B | CN¥37.57B | CN¥65.24B | CN¥47.67B | CN¥36.54B | CN¥34.44B | CN¥29.83B | CN¥11.08B | CN¥10.90B |
| Free cash flow | −CN¥16.43B | CN¥13.10B | CN¥25.32B | CN¥17.78B | CN¥9.23B | CN¥19.12B | CN¥22.03B | CN¥13.61B | CN¥18.93B | CN¥11.75B |
| Free cash flow margin | −12.7% | 9.8% | 18.8% | 14.4% | 7.4% | 17.9% | 20.5% | 13.3% | 22.3% | 16.7% |
| Capex / revenue | 10.4% | 6.1% | 8.4% | 6.8% | 8.8% | 4.7% | 6.0% | 21.9% | 16.4% | 14.9% |
| Operating cash flow / net income | −0.54 | 0.88 | 1.70 | 3.47 | 2.65 | 1.27 | — | 1.59 | 1.80 | 1.92 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | CN¥2.32B | CN¥3.44B | CN¥1.78B | −CN¥11.23B | CN¥7.32B | CN¥7.72B | CN¥5.19B | CN¥1.06B | CN¥5.49B | CN¥5.45B | CN¥2.60B | CN¥6.68B |
| Depreciation & amortization | CN¥2.42B | CN¥2.20B | CN¥1.76B | CN¥2.29B | CN¥2.13B | CN¥1.95B | CN¥9.66B | CN¥1.76B | CN¥1.69B | CN¥1.62B | CN¥9.64B | CN¥1.97B |
| Stock-based compensation | CN¥709.0M | CN¥563.0M | CN¥729.0M | CN¥1.04B | CN¥1.08B | CN¥751.0M | CN¥1.08B | — | CN¥1.51B | CN¥1.14B | CN¥1.64B | CN¥1.27B |
| Change in working capital | — | — | −CN¥38.33B | — | — | — | −CN¥30.32B | — | — | — | −CN¥14.13B | −CN¥14.13B |
| Other non-cash items | −CN¥2.01B | −CN¥3.54B | CN¥36.67B | CN¥9.15B | −CN¥11.41B | −CN¥16.42B | CN¥16.74B | −CN¥2.22B | −CN¥310.1M | −CN¥1.99B | CN¥10.87B | CN¥13.73B |
| Cash from operating activities | CN¥3.44B | CN¥2.67B | CN¥2.61B | CN¥1.26B | −CN¥877.0M | −CN¥6.00B | CN¥2.36B | CN¥610.0M | CN¥8.38B | CN¥6.22B | CN¥10.62B | CN¥9.53B |
| Investing activities | ||||||||||||
| Capital expenditures | −CN¥11.39B | −CN¥5.92B | −CN¥2.52B | −CN¥3.40B | −CN¥3.80B | −CN¥2.90B | −CN¥2.33B | −CN¥1.65B | −CN¥2.12B | −CN¥2.04B | −CN¥3.66B | −CN¥3.53B |
| Investments (net) | — | — | — | CN¥3.00B | −CN¥8.54B | −CN¥1.21B | −CN¥5.64B | −CN¥13.96B | CN¥14.16B | −CN¥3.12B | −CN¥13.24B | −CN¥11.40B |
| Acquisitions & other investing | −CN¥14.85B | CN¥10.86B | −CN¥15.86B | CN¥3.40B | CN¥3.80B | CN¥2.90B | CN¥2.33B | CN¥13.62B | CN¥2.12B | CN¥2.04B | CN¥3.66B | CN¥3.53B |
| Cash from investing activities | −CN¥26.24B | CN¥4.94B | −CN¥18.39B | CN¥3.00B | −CN¥8.54B | −CN¥1.21B | −CN¥5.64B | −CN¥1.99B | CN¥14.16B | −CN¥3.12B | −CN¥13.24B | −CN¥11.40B |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | −CN¥1.39B | — | −CN¥5.38B | — | — | — | −CN¥6.32B | — | — | — | −CN¥4.76B | −CN¥4.76B |
| Shares issued | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Other financing | CN¥18.66B | −CN¥1.64B | CN¥6.49B | CN¥4.68B | −CN¥9.15B | CN¥20.50B | CN¥4.65B | −CN¥769.0M | −CN¥9.08B | CN¥2.39B | −CN¥2.84B | −CN¥220.0M |
| Cash from financing activities | CN¥17.27B | −CN¥1.64B | CN¥1.11B | CN¥4.68B | −CN¥9.15B | CN¥20.50B | −CN¥1.67B | −CN¥769.0M | −CN¥9.08B | CN¥2.39B | −CN¥7.61B | −CN¥4.98B |
| Summary | ||||||||||||
| Net change in cash | −CN¥5.32B | CN¥5.70B | −CN¥14.97B | CN¥8.73B | −CN¥18.81B | CN¥13.29B | −CN¥4.31B | −CN¥2.26B | CN¥13.55B | CN¥5.66B | −CN¥10.62B | −CN¥6.70B |
| Cash at end of period | CN¥24.80B | CN¥30.53B | CN¥24.83B | CN¥39.80B | CN¥31.07B | CN¥49.88B | CN¥36.59B | CN¥5.83B | CN¥56.78B | CN¥43.23B | CN¥37.57B | CN¥48.20B |
| Free cash flow | −CN¥7.95B | −CN¥3.25B | CN¥87.6M | −CN¥2.15B | −CN¥4.68B | −CN¥8.90B | CN¥23.0M | CN¥610.0M | CN¥8.38B | CN¥4.18B | CN¥6.96B | CN¥6.00B |
| Free cash flow margin | −25.5% | −10.1% | 0.3% | −6.9% | −14.3% | −27.4% | 0.1% | 1.8% | 24.7% | 13.3% | 19.9% | 17.4% |
| Capex / revenue | 36.5% | 18.4% | 7.7% | 10.9% | 11.6% | 8.9% | 6.8% | 4.9% | 6.2% | 6.5% | 10.5% | 10.2% |
| Operating cash flow / net income | 1.48 | 0.78 | 1.46 | — | −0.12 | −0.78 | 0.45 | 0.57 | 1.53 | 1.14 | 4.09 | 1.43 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported; data from EODHD.
BIDU cash generation
In fiscal 2025 (ended December 31, 2025), Baidu generated -CN¥3.0 billion of cash from operations (down 114.2%) and spent CN¥13.4 billion on capital expenditures, leaving free cash flow of -CN¥16.4 billion, −12.7% of revenue. It returned CN¥5.4 billion to shareholders through dividends (CN¥0) and net share buybacks (CN¥5.4 billion). Cash and equivalents fell by CN¥11.8 billion over the year.
Related: BIDU income statement, BIDU balance sheet. See the BIDU stock overview for the latest quote and news.
BIDU cash flow FAQ
What is Baidu's free cash flow?
Baidu's free cash flow was -CN¥16.4 billion in fiscal 2025: -CN¥3.0 billion of operating cash flow minus CN¥13.4 billion of capital expenditures It was CN¥13.1 billion a year earlier..
How much cash does Baidu generate from operations?
Baidu generated -CN¥3.0 billion of cash from operating activities in fiscal 2025, −0.54 times its net income of CN¥5.6 billion.
How much does Baidu spend on capital expenditures?
Baidu spent CN¥13.4 billion on capital expenditures in fiscal 2025, 10.4% of revenue, compared with CN¥8.1 billion the year before.
How much stock does Baidu buy back?
Baidu spent CN¥5.4 billion on net share repurchases in fiscal 2025.