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Baidu
(NASDAQ:BIDU)
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Rating:48Neutral
Price Target:
$92.00
â–¼(-1.53% Downside)
Action:Reiterated
Date:09/23/26
The score is held down primarily by weakened financial performance (TTM net loss and negative free cash flow) and a bearish technical trend (below key moving averages with negative MACD). These negatives are partially offset by a more encouraging earnings-call outlook centered on accelerating AI Cloud/GPU Cloud momentum and margin expansion, but near-term revenue and advertising headwinds keep the overall score below average.
Positive Factors
AI cloud growth and improving mix
Rapid growth in AI Cloud Infrastructure, especially GPU Cloud, indicates Baidu is building a meaningful enterprise technology business beyond search advertising. The mix shift toward proprietary chips, AI platforms and higher-value workloads could support stronger margins and more diversified revenue over the next several quarters.
Negative Factors
Sharp deterioration in profitability
The swing from strong profits in 2023–2024 to a TTM net loss shows that Baidu’s current earnings base is volatile and under pressure. Lower operating profitability reduces internally generated funding for AI expansion and makes future returns more dependent on successful execution of newer businesses.
Read all positive and negative factors
Positive Factors
Negative Factors
AI cloud growth and improving mix
Rapid growth in AI Cloud Infrastructure, especially GPU Cloud, indicates Baidu is building a meaningful enterprise technology business beyond search advertising. The mix shift toward proprietary chips, AI platforms and higher-value workloads could support stronger margins and more diversified revenue over the next several quarters.
Read all positive factors
Baidu Key Performance Indicators (KPIs)
Any
Revenue by Segment
Shows how revenue is distributed across different business units, highlighting which segments drive growth and profitability, and indicating areas of strategic focus or potential vulnerability.
Shows how revenue is distributed across different business units, highlighting which segments drive growth and profitability, and indicating areas of strategic focus or potential vulnerability.
Data provided by:
The Fly
The FlyBaidu (BIDU) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$28.82B
Dividend YieldN/A
Average Volume (3M)3.11M
Price to Earnings (P/E)―
Beta (1Y)1.33
Revenue Growth-1.11%
EPS Growth-116.12%
CountryUS
Employees33,500
SectorCommunication Services
Sector Strength97
IndustryInternet Content & Information
Share Statistics
EPS (TTM)-13.76
Shares Outstanding276,192,660
10 Day Avg. Volume2,330,246
30 Day Avg. Volume3,111,699
Financial Highlights & Ratios
PEG Ratio-0.94
Price to Book (P/B)1.18
Price to Sales (P/S)2.43
P/FCF Ratio-19.07
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$123.63Price Target Upside32.32% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering8
EPS Forecast (FY)38.98
Revenue Forecast (FY)$127.42B
Baidu Business Overview & Revenue Model
Company Description
Baidu, Inc. is a prominent Chinese technology company that offers various internet-based services, primarily focusing on digital marketing and cloud computing, all delivered through its extensive online platform within the People's Republic of Chi...
How the Company Makes Money
Baidu primarily makes money through advertising and marketing services tied to its search and content ecosystem, supplemented by revenue from its AI cloud and other AI-focused businesses.
1) Online marketing (advertising) revenue
- Core mechanism...
Baidu Earnings Call Summary
Earnings Call Date:Aug 18, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 24, 2026
Earnings Call Sentiment Positive
The call highlighted strong, high-growth momentum in Baidu's AI businesses—AI Cloud Infra (50% YoY) and GPU Cloud (283% YoY), rapid adoption of MaaS tokens (>9x YoY), meaningful user engagement gains for ERNIE Assistant (+83% DAU) and product traction across digital humans, Miaoda and agents. Apollo Go delivered notable global milestones and safety performance. These positives contrast with near-term headwinds: total revenue declined 4% YoY, advertising remains under pressure (a deliberate trade-off to prioritize product), a large decline in other investment income, higher tax expense, and temporary operational adjustments affecting ride volumes. On balance, the company presented strong secular AI-led growth and improving cloud margins that outweigh the near-term cyclical and execution risks.Positive Updates
AI Cloud Infrastructure Strong Growth
AI Cloud Infra revenue increased ~50% year-over-year in Q2; GPU Cloud revenue nearly quadrupled, growing 283% year-over-year (accelerated from 184% in Q1). Embedded AI revenue grew ~6x year-over-year. Management highlighted improving margins and profit growth within AI Cloud Infra driven by mix shift toward GPU Cloud and cost advantages from proprietary chips.
Negative Updates
Overall Revenue Decline
Total revenue was RMB 31.3 billion, down 2% quarter-over-quarter and down 4% year-over-year. Baidu General Business revenue was RMB 25.2 billion (down 3% QoQ, down 4% YoY). iQIYI revenue was RMB 6.3 billion (up 1% QoQ, down 5% YoY).
Read all updates
Q2-2026 Updates
Positive
Negative
AI Cloud Infrastructure Strong Growth
AI Cloud Infra revenue increased ~50% year-over-year in Q2; GPU Cloud revenue nearly quadrupled, growing 283% year-over-year (accelerated from 184% in Q1). Embedded AI revenue grew ~6x year-over-year. Management highlighted improving margins and profit growth within AI Cloud Infra driven by mix shift toward GPU Cloud and cost advantages from proprietary chips.
Read all positive updates
Company Guidance
Management guided that AI Cloud Infra — which grew ~50% year‑over‑year in Q2 (with GPU Cloud up 283% YoY, accelerating from 184% in Q1) — should remain in a strong growth phase in H2 with potential further acceleration and expanding margins as GPU Cloud gains share and MaaS token usage (external token calls grew >9x YoY) scales; they reiterated AI‑powered business already accounts for half of Baidu General Business (RMB 12.5B of RMB 25.2B in Q2) and that they will continue to invest across chips, cloud, models and applications while maintaining ROI discipline (total cash & investments RMB 283.1B, operating cash flow RMB 3.4B). For Apollo Go, management expects to scale fleet and ride volumes and bring more cities to unit‑economic breakeven after delivering ~1 million fully driverless rides in Q2 (cumulative >23 million as of June) and maintaining a safety metric of one airbag deployment every 14.4 million km. They also expect the Hong Kong dual‑primary listing conversion to take effect within this year subject to approvals (EGM on Aug 26) and are preparing for potential Stock Connect inclusion.Baidu Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
66
Positive
Cash Flow
38
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 127.23B | 129.08B | 133.13B | 134.60B | 123.67B | 124.49B |
| Gross Profit | 52.00B | 56.64B | 67.02B | 69.57B | 59.74B | 60.18B |
| EBITDA | 10.89B | 23.79B | 46.07B | 43.35B | 27.75B | 30.64B |
| Net Income | -3.69B | 5.59B | 23.76B | 20.32B | 7.56B | 10.23B |
Balance Sheet | ||||||
| Total Assets | 470.10B | 449.16B | 427.78B | 406.76B | 390.97B | 380.03B |
| Cash, Cash Equivalents and Short-Term Investments | 166.48B | 115.27B | 127.44B | 193.90B | 174.00B | 180.09B |
| Total Debt | 112.94B | 97.08B | 79.32B | 84.59B | 91.35B | 91.51B |
| Total Liabilities | 174.90B | 159.43B | 144.17B | 144.15B | 153.17B | 156.08B |
| Stockholders Equity | 271.85B | 266.33B | 263.62B | 243.63B | 223.48B | 211.46B |
Cash Flow | ||||||
| Free Cash Flow | -5.30B | -16.43B | 13.10B | 25.32B | 17.78B | 8.88B |
| Operating Cash Flow | 9.97B | -3.01B | 21.23B | 36.62B | 26.17B | 20.12B |
| Investing Cash Flow | -36.69B | -25.14B | -8.55B | -50.40B | -3.94B | -31.44B |
| Financing Cash Flow | 21.43B | 17.14B | -13.76B | -14.16B | -6.39B | 23.40B |
Baidu Technical Analysis
Negative
93.43
Price Trends
99.13
Negative
111.36
Negative
120.78
Negative
Market Momentum
-2.92
Negative
34.96
Neutral
18.72
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BIDU, the sentiment is Negative. The current price of 93.43 is above the 20-day moving average (MA) of 92.19, below the 50-day MA of 99.13, and below the 200-day MA of 120.78, indicating a bearish trend. The MACD of -2.92 indicates Negative momentum. The RSI at 34.96 is Neutral, neither overbought nor oversold. The STOCH value of 18.72 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BIDU.
Baidu Risk Analysis
Baidu disclosed 108 risk factors in its most recent earnings report. Baidu reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 3 New Risks
1.
We face risks arising from our termination of the share purchase agreement for our proposed acquisition of YY Live. Q4, 2023
2.
We have made significant investments in foundation models and generative AI and may face uncertainties with respect to their commercialization and the evolving laws and regulations applicable to us. Q4, 2023
3.
There are uncertainties regarding the interpretation and enforcement of PRC laws, rules and regulations. Q4, 2023
Baidu Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | $4.19T | 16.94 | 50.84% | 0.25% | 20.23% | 112.71% | |
79 Outperform | $1.91T | 27.93 | 29.73% | 0.28% | 27.65% | -5.02% | |
67 Neutral | $6.22B | 27.30 | 9.84% | ― | 10.34% | 620.66% | |
66 Neutral | $1.59B | 4.84 | 8.15% | 9.40% | 1.59% | -14.96% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
52 Neutral | $237.33M | -2.69 | -7.89% | ― | -13.39% | -331.94% | |
48 Neutral | $28.82B | -42.42 | -1.74% | ― | -1.11% | -116.12% |
* Communication Services Sector Average
BIDU
Baidu
87.33
-47.53
-35.24%
META
Meta Platforms
751.66
10.77
1.45%
GOOGL
Alphabet Class A
343.92
100.50
41.29%
WB
Weibo
6.49
-5.21
-44.55%
BILI
Bilibili
14.90
-12.43
-45.50%
ZH
Zhihu
3.76
-1.42
-27.41%
Baidu Corporate Events
Baidu Steps Up Hong Kong Share Buybacks Under August 2026 Mandate
Sep 23, 2026
Baidu reported, via a Form 6-K filed on September 23, 2026, that its issued share capital of 2,209,541,178 Class A ordinary shares remained unchanged as of September 22, 2026, with no treasury shares outstanding. The filing confirms compliance wit...
Baidu Details September Hong Kong Share Buybacks Under New Mandate
Sep 22, 2026
Baidu, Inc. is a leading Chinese technology company focused on internet services and artificial intelligence, best known for its search engine and a broad ecosystem of online platforms. The company’s Class A ordinary shares are listed on the...
Baidu Details September Share Buybacks and Hong Kong Capital Management
Sep 21, 2026
In a regulatory filing dated September 21, 2026, Baidu reported to the U.S. Securities and Exchange Commission and the Hong Kong Stock Exchange that its total number of issued Class A ordinary shares stood unchanged at 2,209,541,178 as of Septembe...
Baidu Steps Up Hong Kong Share Buybacks Under August 2026 Mandate
Sep 18, 2026
Baidu, Inc. reported in a Form 6-K filed on September 18, 2026 that it had submitted a Next Day Disclosure Return in Hong Kong dated September 17, 2026, detailing recent movements in its Class A ordinary shares. The filing confirms that Baidu̵...
Baidu Files 2026 Interim Report with U.S. SEC on Form 6-K
Sep 17, 2026
Baidu, Inc., a foreign private issuer with shares traded in Hong Kong under stock codes 9888 and 89888, filed a Form 6-K with the U.S. Securities and Exchange Commission for September 2026. The filing, signed by Chief Financial Officer Haijian He ...
Baidu Details September Hong Kong Share Buybacks in Form 6-K Filing
Sep 17, 2026
On September 17, 2026, Baidu, Inc. filed a Form 6-K with the U.S. Securities and Exchange Commission reporting a Next Day Disclosure Return dated September 16, 2026 for its Hong Kong-listed Class A ordinary shares. The filing confirms there were n...
Baidu Steps Up Hong Kong Share Buybacks Under August Repurchase Mandate
Sep 16, 2026
Baidu, Inc. filed a Form 6-K with the U.S. Securities and Exchange Commission on September 16, 2026, reporting a Next Day Disclosure Return to the Hong Kong Stock Exchange for its Class A ordinary shares. The filing confirms Baidu’s status a...
Baidu Details September Hong Kong Share Buybacks Under Repurchase Mandate
Sep 15, 2026
Baidu disclosed that its total issued Class A ordinary shares on the Hong Kong Stock Exchange remained at 2,209,541,178 as of September 14, 2026, with no change in the number of issued or treasury shares during the period covered. The filing, sign...
Baidu Steps Up Hong Kong Share Buybacks Under August Mandate
Sep 14, 2026
On September 14, 2026, Baidu filed a Form 6-K with the U.S. Securities and Exchange Commission, reporting a Next Day Disclosure Return to the Hong Kong Stock Exchange. The filing confirms there were no changes in the total number of issued Class A...
Baidu Details Early-September Hong Kong Share Buybacks in Form 6-K Filing
Sep 11, 2026
Baidu filed a Form 6-K with the U.S. Securities and Exchange Commission on September 11, 2026, reporting a Next Day Disclosure Return submitted to the Hong Kong Stock Exchange on September 10, 2026, covering changes in its Class A ordinary shares....
Baidu Details September Share Buybacks Under Hong Kong Mandate
Sep 10, 2026
Baidu reported in a Form 6-K filed on September 10, 2026 that it had submitted a Next Day Disclosure Return to the Hong Kong Stock Exchange dated September 9, 2026. The filing covers its Hong Kong-listed Class A ordinary shares and confirms that B...
Baidu Steps Up Hong Kong Share Buybacks Under August 2026 Mandate
Sep 9, 2026
Baidu reported in a Form 6-K filed on September 9, 2026, that its issued Class A ordinary shares on the Hong Kong Stock Exchange remained unchanged at 2,209,541,178 as of September 8, 2026, with no treasury shares outstanding. The disclosure confi...
Baidu Shares Added to Shanghai and Shenzhen-Hong Kong Stock Connect Programs
Sep 8, 2026
On September 7, 2026, Baidu’s Class A ordinary shares listed in Hong Kong were formally included in both the Shenzhen-Hong Kong Stock Connect and the Shanghai-Hong Kong Stock Connect programs. This follows an adjustment announced by the Shen...
Baidu Sets August 26 Extraordinary General Meeting and Aligns U.S.-Hong Kong Disclosures
Jul 28, 2026
Baidu announced on July 27, 2026, that it will convene an extraordinary general meeting of shareholders on August 26, 2026, at its Beijing campus, with resolutions to be put to a shareholder vote as detailed in an EGM notice available on its inves...
Baidu Calls August Extraordinary Meeting to Seek New Share Issuance and Buyback Mandates
Jul 27, 2026
On July 27, 2026, Baidu filed a Form 6-K announcing an extraordinary general meeting to be held at its Beijing campus on August 26, 2026. Shareholders will vote on mandates authorizing directors to issue up to 20% new Class A shares and related se...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.