On February 26th, Baidu released its financial report for the fourth quarter and full year of 2025. Data shows that in 2025, Baidu achieved a revenue of 129.1 billion yuan, with a fourth quarter operating revenue of 32.7 billion yuan. Among them, the revenue from intelligent cloud infrastructure was RMB 5.8 billion, and the subscription revenue from AI high-performance computing infrastructure increased by 143% year-on-year.
In this financial report, Baidu further disclosed key developments in its AI business. According to the financial report, Baidu's AI business revenue will reach 40 billion yuan in 2025, and the proportion of 25Q4 AI business revenue to Baidu's general business revenue will reach 43%, exceeding market expectations.
According to the financial report, the net profit attributable to Baidu in 2025 was 5.6 billion yuan, a year-on-year decrease of 76%; If the impact of long-term asset impairment is excluded, the net profit attributable to Baidu is 19.4 billion yuan, a year-on-year decrease of 18%; The net profit attributable to Baidu under non GAAP accounting standards was 18.9 billion yuan, a year-on-year decrease of 30%; Adjusted EBITDA was 22.9 billion yuan, a year-on-year decrease of 31%.
Baidu's total revenue for the fourth quarter of 2025 was 32.7 billion yuan, a month on month increase of 5% and a year-on-year decrease of 4%. The market estimated revenue is 32.66 billion yuan. Baidu stated in its financial report that the quarter on quarter increase in revenue was due to the growth of its core AI new business. In the fourth quarter, AI business revenue accounted for 43% of Baidu's general business revenue, exceeding market expectations.
The net profit attributable to the company in the fourth quarter was 1.8 billion yuan, a year-on-year decrease of 65%; The net profit attributable to Baidu under non GAAP accounting standards was 3.9 billion yuan, a year-on-year decrease of 42% and a month on month increase of 4%; Adjusted EBITDA was 4.7 billion yuan, a year-on-year decrease of 32%.
Robin Lee, the founder of Baidu, said that 2025 is the key year for AI to become the new core of Baidu. With the clear formation of the company's AI first strategy, the company is confident in its ability to create lasting value in the AI era.
In addition to the performance of its AI business, Baidu has recently launched an unconventional combination of "$5 billion repurchase+initial dividend+Kunlun chip spin off and listing" at the capital level: firstly, it has been approved to launch a new round of share repurchase plan with a maximum of $5 billion, valid until the end of 2028; The second is to adopt a dividend policy for the first time, and the first dividend may be paid before the end of 2026. In addition, the company is promoting the spin off and independent listing of Kunlun Chip, which is expected to release greater value for shareholders.
