Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10.2B | $13.0B | $14.9B | $15.4B | $16.4B | $19.5B | $17.9B | $19.0B | $18.2B | $18.5B |
| Revenue growth | — | 28.3% | 14.1% | 3.7% | 6.4% | 19.0% | -8.2% | 5.7% | -3.8% | 1.2% |
| Operating income | $1.45B | $2.41B | $2.26B | $906M | $2.20B | $1.65B | $2.31B | $3.08B | $2.91B | -$833M |
| Operating margin | 14.2% | 18.5% | 15.2% | 5.9% | 13.4% | 8.5% | 12.9% | 16.2% | 16.0% | -4.5% |
| Net income | $1.68B | $2.81B | $4.01B | $296M | $3.44B | $1.60B | $1.10B | $2.86B | $3.25B | $799M |
| Net margin | 16.5% | 21.6% | 27.0% | 1.9% | 21.0% | 8.2% | 6.1% | 15.1% | 17.8% | 4.3% |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.21B | $5.05B | $5.23B | $4.09B | $3.71B | $3.16B | $3.79B | $5.16B | $2.91B | -$431M |
| Capital expenditures | $603M | $735M | $1.28B | $923M | $779M | $1.71B | $1.20B | $1.58B | $1.11B | $1.73B |
| Free cash flow | $2.60B | $4.32B | $3.96B | $3.17B | $2.93B | $1.45B | $2.59B | $3.58B | $1.79B | -$2.16B |
| Share buybacks | $0.00 | $265M | $482M | $712M | $2.00B | $1.19B | $279M | $671M | $866M | $792M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $1.68B | $1.70B | $4.02B | $4.80B | $5.48B | $5.78B | $7.71B | $3.55B | $3.40B | $3.52B |
| Total assets | $26.2B | $38.7B | $43.3B | $43.3B | $51.0B | $59.6B | $56.7B | $57.3B | $58.6B | $64.2B |
| Total liabilities | $12.1B | $18.7B | $17.7B | $18.5B | $21.6B | $24.5B | $22.2B | $20.3B | $19.8B | $22.8B |
| Long-term debt | $4.73B | $5.47B | $7.21B | $6.22B | $7.42B | $8.41B | $6.79B | $5.78B | $4.93B | $5.91B |
| Shareholders' equity | $13.3B | $17.7B | $23.7B | $23.5B | $28.0B | $33.2B | $32.4B | $34.3B | $36.1B | $38.1B |
| Retained earnings | $12.3B | $15.7B | $18.8B | $18.1B | $20.7B | $22.8B | $21.5B | $22.7B | $24.7B | $25.4B |
Every figure is extracted from Baidu, Inc.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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