iQIYI, Inc (IQ) Income Statement
IQ 2025 at a glance
Fiscal year ended December 31, 2025 · Chinese yuanIQ revenue and net income
Where IQ's revenue goes
2025Each bar shows an amount and its share of revenue. IQ kept −0.8% of revenue as net income.
IQ profit margins
IQ growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −6.6% | −2.0% | −1.7% | +17.8% |
| Gross profit | −20.9% | −4.9% | +25.8% | — |
| Operating income | −87.3% | −44.1% | — | — |
| Net income | −127.0% | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
IQ income statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥27.29B | CN¥29.23B | CN¥31.87B | CN¥29.00B | CN¥30.55B | CN¥29.71B | CN¥28.99B | CN¥24.99B | CN¥17.38B | CN¥11.24B |
| Cost of revenue | CN¥21.54B | CN¥21.95B | CN¥23.10B | CN¥22.32B | CN¥27.51B | CN¥27.88B | CN¥30.35B | CN¥27.13B | CN¥17.39B | CN¥11.44B |
| Gross profit | CN¥5.75B | CN¥7.27B | CN¥8.77B | CN¥6.68B | CN¥3.04B | CN¥1.82B | −CN¥1.35B | −CN¥2.14B | −CN¥8.2M | −CN¥199.2M |
| Research & development | CN¥1.66B | CN¥1.78B | CN¥1.77B | CN¥1.90B | CN¥2.79B | CN¥2.68B | CN¥2.67B | CN¥1.99B | CN¥1.27B | CN¥824.5M |
| Sales, general & admin | CN¥3.86B | CN¥3.68B | CN¥4.01B | CN¥3.47B | CN¥4.73B | CN¥5.19B | CN¥5.24B | CN¥4.17B | CN¥2.67B | CN¥1.77B |
| Total operating expenses | CN¥5.52B | CN¥5.46B | CN¥5.78B | CN¥5.37B | CN¥7.52B | CN¥7.86B | CN¥7.90B | CN¥6.16B | CN¥3.94B | CN¥2.59B |
| Operating income | CN¥229.3M | CN¥1.81B | CN¥2.99B | CN¥1.31B | −CN¥4.48B | −CN¥6.04B | −CN¥9.26B | −CN¥8.31B | −CN¥3.95B | −CN¥2.79B |
| Interest income | CN¥334.4M | CN¥271.8M | CN¥257.5M | CN¥69.6M | CN¥118.6M | CN¥157.5M | CN¥402.1M | CN¥214.0M | CN¥83.1M | CN¥17.0M |
| Interest expense | CN¥909.6M | CN¥1.06B | CN¥1.13B | CN¥715.1M | CN¥1.35B | CN¥1.07B | CN¥914.4M | CN¥94.7M | CN¥277.6M | CN¥110.5M |
| Income before taxes | −CN¥59.5M | CN¥851.7M | CN¥2.03B | −CN¥33.8M | −CN¥6.01B | −CN¥6.98B | −CN¥10.22B | −CN¥8.98B | −CN¥3.74B | −CN¥3.06B |
| Income taxes | CN¥144.5M | CN¥61.1M | CN¥80.0M | CN¥84.0M | CN¥96.5M | CN¥23.3M | CN¥51.9M | CN¥78.8M | −CN¥7.6M | CN¥13.1M |
| Net income | −CN¥206.3M | CN¥764.1M | CN¥1.93B | −CN¥136.2M | −CN¥6.19B | −CN¥7.01B | −CN¥10.28B | −CN¥9.11B | −CN¥3.74B | −CN¥3.07B |
| EBITDA | CN¥14.11B | CN¥15.54B | CN¥17.25B | CN¥14.34B | CN¥12.10B | CN¥11.28B | CN¥7.86B | CN¥6.27B | CN¥4.90B | CN¥2.31B |
| Gross margin | 21.1% | 24.9% | 27.5% | 23.0% | 10.0% | 6.1% | −4.7% | −8.6% | −0.0% | −1.8% |
| Operating margin | 0.8% | 6.2% | 9.4% | 4.5% | −14.7% | −20.3% | −31.9% | −33.2% | −22.7% | −24.8% |
| Net margin | −0.8% | 2.6% | 6.0% | −0.5% | −20.3% | −23.6% | −35.4% | −36.5% | −21.5% | −27.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥6.27B | CN¥6.23B | CN¥6.79B | CN¥6.68B | CN¥6.63B | CN¥7.19B | CN¥6.61B | CN¥7.25B | CN¥7.44B | CN¥7.93B | CN¥7.71B | CN¥8.02B |
| Cost of revenue | CN¥5.23B | CN¥5.23B | CN¥5.38B | CN¥5.47B | CN¥5.29B | CN¥5.41B | CN¥4.99B | CN¥5.65B | CN¥5.68B | CN¥5.63B | CN¥5.53B | CN¥5.84B |
| Gross profit | CN¥1.04B | CN¥992.3M | CN¥1.42B | CN¥1.22B | CN¥1.34B | CN¥1.78B | CN¥1.62B | CN¥1.60B | CN¥1.76B | CN¥2.30B | CN¥2.17B | CN¥2.18B |
| Research & development | CN¥396.9M | CN¥404.2M | CN¥416.5M | CN¥412.1M | CN¥421.9M | CN¥412.5M | CN¥451.4M | CN¥449.0M | CN¥448.7M | CN¥429.3M | CN¥451.9M | CN¥447.4M |
| Sales, general & admin | CN¥744.2M | CN¥816.5M | CN¥946.2M | CN¥925.0M | CN¥959.6M | CN¥1.03B | CN¥1.54B | CN¥907.9M | CN¥969.7M | CN¥922.0M | CN¥1.68B | CN¥1.68B |
| Total operating expenses | CN¥1.14B | CN¥1.22B | CN¥1.36B | CN¥1.34B | CN¥1.38B | CN¥1.44B | CN¥1.33B | CN¥1.36B | CN¥1.42B | CN¥1.35B | CN¥1.40B | CN¥1.43B |
| Operating income | −CN¥104.5M | −CN¥228.4M | CN¥55.4M | −CN¥121.8M | −CN¥46.2M | CN¥341.9M | CN¥285.4M | CN¥238.9M | CN¥342.1M | CN¥944.8M | CN¥773.7M | CN¥746.7M |
| Interest income | CN¥73.0M | CN¥80.5M | CN¥84.5M | CN¥83.3M | CN¥87.8M | CN¥78.8M | CN¥75.4M | CN¥69.0M | CN¥68.7M | CN¥58.7M | CN¥55.1M | CN¥45.2M |
| Interest expense | CN¥186.9M | CN¥214.0M | CN¥220.3M | CN¥220.6M | CN¥235.3M | CN¥233.4M | CN¥235.3M | CN¥256.4M | CN¥288.2M | CN¥282.1M | CN¥284.3M | CN¥236.3M |
| Income before taxes | −CN¥109.9M | −CN¥256.4M | CN¥28.2M | −CN¥206.9M | −CN¥108.1M | CN¥227.2M | −CN¥180.8M | CN¥247.3M | CN¥101.7M | CN¥683.5M | CN¥513.9M | CN¥492.5M |
| Income taxes | CN¥219.2M | CN¥37.2M | CN¥35.8M | CN¥40.0M | CN¥27.2M | CN¥41.6M | CN¥6.2M | CN¥11.5M | CN¥25.7M | CN¥17.6M | CN¥38.5M | CN¥9.0M |
| Net income | −CN¥286.7M | −CN¥294.6M | −CN¥5.8M | −CN¥248.9M | −CN¥133.7M | CN¥182.1M | −CN¥189.4M | CN¥229.4M | CN¥68.7M | CN¥655.3M | CN¥466.2M | CN¥475.9M |
| EBITDA | −CN¥104.5M | −CN¥42.4M | CN¥319.6M | CN¥13.7M | CN¥127.2M | CN¥460.6M | CN¥2.95B | CN¥503.8M | CN¥389.8M | CN¥967.1M | CN¥14.45B | CN¥749.2M |
| Gross margin | 16.5% | 15.9% | 20.9% | 18.2% | 20.1% | 24.8% | 24.5% | 22.0% | 23.7% | 29.0% | 28.2% | 27.1% |
| Operating margin | −1.7% | −3.7% | 0.8% | −1.8% | −0.7% | 4.8% | 4.3% | 3.3% | 4.6% | 11.9% | 10.0% | 9.3% |
| Net margin | −4.6% | −4.7% | −0.1% | −3.7% | −2.0% | 2.5% | −2.9% | 3.2% | 0.9% | 8.3% | 6.0% | 5.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported in IQ's financial statements (latest annual report filed March 16, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
IQ financial results
In fiscal year 2025 (ended December 31, 2025), iQIYI reported revenue of CN¥27.3 billion, down 6.6% from the year before. It had a net loss of CN¥206.3 million, a net profit margin of −0.8%. Over five years revenue grew at an average rate of −1.7% a year. Figures are in Chinese yuan, the currency of its financial statements.
See the IQ stock overview for the latest quote and news, or the IQ chart for price history and technical indicators.
IQ income statement FAQ
What is iQIYI's annual revenue?
iQIYI reported total revenue of CN¥27.3 billion for fiscal year 2025, which ended on December 31, 2025. That was down 6.6% from CN¥29.2 billion the previous year.
Is iQIYI profitable?
No. iQIYI reported a net loss of CN¥206.3 million in fiscal 2025, a net profit margin of −0.8%; its operating margin was 0.8%.
What is iQIYI's gross margin?
iQIYI's gross margin was 21.1% in fiscal 2025: for every $100 of revenue, iQIYI kept $21 after the direct cost of its products and services.
How much does iQIYI spend on research and development?
iQIYI spent CN¥1.7 billion on research and development in fiscal 2025, 6.1% of revenue.
How fast is iQIYI growing?
Revenue grew −1.7% a year on average over the last five fiscal years, from CN¥29.7 billion to CN¥27.3 billion.
When will iQIYI report its next earnings?
iQIYI is expected to report results for the quarter ending September 30, 2026 on November 17, 2026.
When does iQIYI's fiscal year end?
iQIYI's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 16, 2026.