BIDU Q2 2026 Earnings

Call Details

• Call Title: Baidu, Inc. Q2 2026 Earnings Call
• Date: August 18, 2026 at 12:00 PM UTC
• Management Team:
  • Robin Li (Chief Executive Officer)
  • Julius Rong Luo (EVP, Baidu Mobile Ecosystem Group (MEG))
  • Dou Shen (EVP, Baidu AI Cloud Group (ACG))
  • Haijian He (Chief Financial Officer)
  • Juan Lin (Director of Investor Relations)

Call Summary

Financial Performance

• Total revenue was RMB 31.3B, decreasing 2% quarter-over-quarter and 4% year-over-year.
• Baidu General Business revenue was RMB 25.2B, decreasing 3% quarter-over-quarter and 4% year-over-year.
• iQiyi revenue was RMB 6.3B, increasing 1% quarter-over-quarter and decreasing 5% year-over-year.
• AI Cloud Infra revenue increased 50% year-over-year and GPU cloud revenue grew 283% year-over-year.
• Operating income was RMB 3.0B and operating margin was 10%, while non-GAAP operating income was RMB 3.8B and non-GAAP operating margin was 12%.
• Net income attributable to Baidu was RMB 2.3B and net margin was 7%, with non-GAAP net income of RMB 2.6B and non-GAAP net margin of 8%.
• Total cash and investments were RMB 283.1B as of June 30, 2026, and operating cash flow was RMB 3.4B for the quarter.
• Headcount for Baidu General Business was approximately 27,000 employees as of June 30, 2026.

Guidance

• AI Cloud Infra is expected to maintain strong growth in the second half of 2026 with potential for further acceleration.
• GPU cloud's faster growth and higher margin profile are expected to continue to support AI Cloud Infra margin expansion over time.
• Advertising revenue is expected to remain under pressure in the second half as monetization of AI search has been deliberately deferred.
• ApolloGo ride volumes are expected to regain momentum over coming quarters as operations resume and expansion continues.
• The company expects conversion to dual primary listing to become effective within this year, subject to shareholder and Hong Kong Stock Exchange approvals.
• Potential inclusion in Southbound Stock Connect is being prepared for after conversion and remains subject to eligibility and review.