Jun 2026 (Q2 FY26) — Aug 18, 2026
Baidu, Inc. Q2 FY26 — AI Cloud Infra Acceleration and Global Robotaxi Expansion
Read the full callBaidu (BIDU) earnings
- Jun 2026 (Q2 FY26)
- Dec 2025
Baidu earnings: last reported Tue, 18 Aug 2026, for the quarter ended Jun 2026.
Guidance
What management said, and what became of it
8 of 13 judged targets kept · 9 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Apollo Go London pilot | testing to begin | Dec 2025 | In July, Apollo Go began open road testing there in partnership with Uber and Lyft. | Missed |
| Advertising business performance | to remain under pressure | Jun 2026 | Given these dynamics are likely to persist, we expect our advertising business to remain under pressure in the second half. | New |
5 of Baidu, Inc.'s 22 targets were missed. See which ones, and which are quietly gone. The 2 above are the free sample; 20 more targets are in the full ledger.
Claimed
- AI Cloud Infra revenue surged 50% year-over-year, driven by GPU Cloud revenue accelerating 283% year-over-year
- External customer token usage revenue on Qianfan MaaS platform expanded over ninefold year-over-year
- Apollo Go cumulative operational rides exceeded 23 million, completing approximately 1 million fully driverless rides in Q2 FY26
- Total cash and investments stood at a solid RMB 283.1 billion with operating cash flow of RMB 3.4 billion
Qualified
- Total revenue declined 4% year-over-year and 2% quarter-over-quarter to RMB 31.3 billion, with online marketing remaining under pressure
- Operating income fell to RMB 3.0 billion (10% margin), down from RMB 3.8 billion non-GAAP operating income
- Apollo Go quarterly ride volume was temporarily impacted by regulatory-driven operational adjustments in select domestic cities
Price
$79.78 −0.45% · −$0.36
Performance −33.5% 1Y
1Y: $120.01 on 17 Oct 2025 → $79.78. High $162.52 (22 Jan 2026), low $79.78 (19 Oct 2026).
- Previous close
- $80.14
- 52-week range
- $79.78 – $162.52
- One year
- −34.67%
Overview
- Symbol
- BIDU
- Sector
- Information Technology
- Industry
- Services-Computer Programming, Data Processing, Etc.
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
8 of 13 judged targets kept · 9 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Apollo Go London pilot | testing to begin | Dec 2025 | In July, Apollo Go began open road testing there in partnership with Uber and Lyft. | Missed |
| Advertising business performance | to remain under pressure | Jun 2026 | Given these dynamics are likely to persist, we expect our advertising business to remain under pressure in the second half. | New |
Claimed
- AI Cloud Infra revenue surged 50% year-over-year, driven by GPU Cloud revenue accelerating 283% year-over-year
- External customer token usage revenue on Qianfan MaaS platform expanded over ninefold year-over-year
- Apollo Go cumulative operational rides exceeded 23 million, completing approximately 1 million fully driverless rides in Q2 FY26
- Total cash and investments stood at a solid RMB 283.1 billion with operating cash flow of RMB 3.4 billion
Qualified
- Total revenue declined 4% year-over-year and 2% quarter-over-quarter to RMB 31.3 billion, with online marketing remaining under pressure
- Operating income fell to RMB 3.0 billion (10% margin), down from RMB 3.8 billion non-GAAP operating income
- Apollo Go quarterly ride volume was temporarily impacted by regulatory-driven operational adjustments in select domestic cities
The full ledger
Open Baidu, Inc.’s full ledger
A free account opens 5 company ledgers a month. All 22 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 18, 2026
Baidu Q1 FY26 — AI-powered business crosses half of revenue as GPU cloud accelerates
Read the full callDec 2025 (Q4 FY25) — Feb 26, 2026
Baidu Q4 FY25 — AI-Powered Business Drives Growth and Strategic Spin-off
Read the full callEvery analysed call
Baidu earnings calls (BIDU)
Financials
What the filings say
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Reserves | 18,798 | 18,137 | 20,733 | 22,779 | 21,507 | 22,710 | 24,670 | 25,410 |
| Total liabilities | 17,716 | 18,458 | 21,589 | 24,492 | 22,208 | 20,304 | 19,751 | 22,798 |
| Fixed assets | 2,604 | 2,630 | 2,683 | 3,613 | 3,476 | 3,938 | 4,124 | 3,758 |
| Investments | 16,235 | 16,221 | 19,372 | 22,478 | 17,520 | 23,757 | 14,057 | 12,964 |
| Total assets | 43,279 | 43,280 | 50,990 | 59,636 | 56,686 | 57,291 | 58,606 | 64,229 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 5,231 | 4,088 | 3,709 | 3,158 | 3,794 | 5,157 | 2,909 | -431 |
| Cash from investing | -5,012 | -2,869 | -4,223 | -4,934 | -572 | -7,098 | -1,172 | -3,594 |
| Cash from financing | 2,194 | -556 | 869 | 3,671 | -926 | -1,995 | -1,885 | 2,451 |
| Net cash flow | 2,689 | 663 | 323 | 1,747 | 2,547 | -3,896 | -135 | -1,681 |
| Capital expenditure | -1,276 | -923 | -779 | -1,710 | -1,201 | -1,576 | -1,114 | -1,726 |
| Free cash flow | 3,955 | 3,165 | 2,930 | 1,448 | 2,593 | 3,581 | 1,795 | -2,157 |
BIDU operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Employees Baidu Core | ~31KBaidu Core had approximately 31,000 employees as of December 31, 2024.Source: earnings call transcript | ~31KBaidu Core had approximately 31,000 employees as of June 30, 2025.Source: earnings call transcript | ~31KBaidu Core had approximately 31,000 employees as of September 30, 2025.Source: earnings call transcript | — | — | — | — |
| Monthly active users (MAU) Baidu App | — | 735MIn June, Baidu App's MAU reached 735 million representing a 5% year-over-year growth.Source: earnings call transcript | 708MIn September, Baidu App MAU reached 708 million, up 1% year-over-year.Source: earnings call transcript | ~700MDuring the Chinese New Year, we moved quickly to embrace the latest AI agent innovation by integrating OpenClaw, a recently popular open source agent framework directly into Baidu app with one-click access, enabling our users to immediately benefit from cutting-edge agentic AI capabilities with an MAU of around 700 million.Source: earnings call transcript | — | — | — |
| Employees Baidu General Business | — | — | — | ~29KBaidu General business had approximately 29,000 employees as of December 31, 2025.Source: earnings call transcript | ~28KBaidu General business had approximately 28,000 employees as of March 31, 2026.Source: earnings call transcript | ~27KBaidu General Business had approximately 27,000 employees as of June 30, 2026.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
5 filings between May 21, 2026 and Aug 9, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$2.00M
1 sale by 1 insider
Compensation
not trading decisions- 4
- Option exercise — converted options into shares
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Foo Jixun | — | $2.00M | May 21, 2026 |
Latest filings (5)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 9, 2026 | Li Yanhong Robin See Remarks | Option exercise | 342,096 | $0 |
| Aug 8, 2026 | Li Yanhong Robin See Remarks | Option exercise | 510,808 | $0 |
| Aug 7, 2026 | He Haijian Chief Financial Officer | Option exercise | 151,536 | $0 |
| Aug 7, 2026 | Li Yanhong Robin See Remarks | Option exercise | 527,200 | $0 |
| May 21, 2026 | Foo Jixun Director | Sale | 122,584 | $2.00M |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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