Baidu files 6-K: foreign-issuer report (6-K)
Baidu Announces Second Quarter 2026 Results
BEIJING, China, August 18, 2026 – Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888 (HKD Counter) and 89888 (RMB Counter)), (“Baidu” or the “Company”), a leading AI company with strong Internet foundation, today announced its unaudited financial results for the second quarter ended June 30, 2026.
“With AI-powered Business now firmly established as the core of Baidu, we are strengthening the foundations for our next phase of AI-driven growth. AI Cloud Infra sustained strong momentum this quarter, with GPU Cloud growth accelerating further off an already high base. Our AI Applications portfolio also continued to flourish, with stronger capabilities and increasingly diverse use cases. Apollo Go made steady progress with its global expansion, while further strengthening its safety and operational capabilities and enhancing the rider experience,” said Robin Li, Co-founder and CEO of Baidu. “While our online marketing business remains under pressure, the growing momentum in our core AI-powered Business reaffirms Baidu’s transition from an internet-centric company to an AI-first company, and strengthens our confidence in our long-term growth potential.”
“The quarter was marked by several highlights. First, revenue from Baidu Core AI-powered
Business reached RMB 12.5 billion and continued to account for half of Baidu General Business revenue. Second, operating cash flow for Baidu remained positive for the fourth consecutive quarter, reaching RMB 3.4 billion in the second quarter. Third, we are moving forward with our conversion to a dual-primary listing in Hong Kong and expect it to become effective within this year.” said Haijian He, CFO of Baidu.
“Going forward, we remain firmly committed to investing in AI as the core driver of Baidu’s long-term growth.”
Operational Highlights Corporate
• In July 2026, following the Board’s approval of a motion to pursue a voluntary conversion to a dual-primary listing (the “Primary Conversion”), Baidu submitted its application for the Primary Conversion and received the Hong Kong Stock Exchange’s acknowledgement of the application. The Company will convene an extraordinary general meeting of shareholders on August 26, 2026 prior to the Primary Conversion to seek shareholder approval for related matters. The Primary Conversion is expected to become effective within this year, subject to the shareholder approval and the approval of the Hong Kong Stock Exchange.
Revenue from GPU Cloud was previously referred to as subscription-based revenue from AI accelerator infrastructure. The growth in GPU Cloud Revenue reflected mounting demand for public cloud-based AI computing.
The revenue and operational data presented are derived from the Company’s internal management accounts and records, which have not been audited.
• At the 2026 AI for Good Global Summit, three Baidu AI use cases—Apollo Go, Miaoda & MeDo, and PaddlePaddle—were recognized as winning cases and featured in the Innovate for Impact Report.
• According to MSCI’s March 2026 ESG rating update, Baidu maintained its “AA” rating and continued to demonstrate industry-leading ESG performance.
• Baidu has returned US$259 million to shareholders since the beginning of Q1 2026 through repurchases of its shares under the current share repurchase program.
Baidu Core AI-powered Business
AI Cloud Infra
• Revenue from AI Cloud Infra was RMB 7.3 billion in the second quarter of 2026, up 50% year over year.
• Within AI Cloud Infra, revenue from GPU Cloud increased by 283% year over year in the second quarter of 2026, further accelerating from 184% growth in the previous quarter.
AI Applications
• Revenue from AI Applications was RMB 2.5 billion in the second quarter of 2026, up 3% year over year.
• Baidu launched an enterprise edition of DuMate, its general-purpose agent for everyday productivity, in June 2026.
• Baidu Wenku and Baidu Drive continued to strengthen their AI-powered features, expanding new capabilities and enhancing existing ones, including through upgrades to GenFlow. In June 2026, AI DAU penetration across Baidu Wenku and Baidu Drive increased by 27.4% year over year, reflecting broader adoption of their AI-powered features.
Robotaxi
• Apollo Go continued to advance its global expansion. In L ondon , Apollo Go began open-road testing in partnership with Uber and Lyft. In Dubai , Apollo Go launched fully driverless commercial operations, with rides also available through the Uber app, in addition to its own app. In Hong Kong, Apollo Go received the city’s first permits for fully driverless testing and commenced testing on Airport Island, becoming the first autonomous ride-hailing service provider globally to conduct fully driverless testing in a right-hand-drive, left-hand traffic robotaxi market. In Switzerland , Apollo Go conducted open-road testing in partnership with PostBus. Apollo Go also signed a Memorandum of Understanding with Kazakhstan’s Turlov Private Holding Ltd. to jointly explore autonomous ride-hailing services in the country.
• To date, Apollo Go’s global footprint has reached 28 cities, and its fleets have accumulated over 350 million autonomous kilometers, including over 240 million fully driverless autonomous kilometers, with an outstanding safety record.
AI-native Marketing Services
• Revenue from AI-native marketing services reached RMB 2.6 billion in the second quarter of 2026, approximately flat year over year.
• Baidu App’s MAUs reached 644 million in June 2026.
The following table sets forth selected revenue highlights for our Baidu Core AI-powered Business for the periods indicated:
Second Quarter 2026 Financial Results for Baidu
Financial highlights The following table sets forth revenue highlights for Baidu General Business:
Non-GAAP measures are defined in the Non-GAAP Financial Measures section (see also “Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures” for more details).
Unless otherwise noted, RMB to USD was converted at an exchange rate of RMB6.7851 as of June 30, 2026, as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. Translations are provided solely for the convenience of the reader.
Revenue was RMB31.3 billion ($4.62 billion), decreasing 2% quarter over quarter and 4% year over year. Revenue from Baidu General Business was RMB25.2 billion ($3.71 billion), decreasing 3% quarter over quarter and 4% year over year. Revenue from iQIYI was RMB6.3 billion ($927 million), increasing 1% quarter over quarter and decreasing
5% year over year.
Cost of revenue was RMB19.1 billion ($2.82 billion), decreasing 3% quarter over quarter, primarily due to a decrease in costs related to AI Cloud business, partially offset by an increase in traffic acquisition costs, and increasing 4% year over year, primarily due to increases in costs related to AI Cloud business.
Selling, general and administrative expenses were RMB4.6 billion ($677 million), decreasing 6% quarter over quarter and 23% year over year. The year over year decrease was primarily due to decreases in expected credit losses and channel spending expenses.
Research and development expenses were RMB4.6 billion ($679 million), increasing 5% quarter over quarter and decreasing 10% year over year, both of which were primarily due to fluctuations in personnel-related expenses.
Operating income was RMB3.0 billion ($446 million) and operating margin was 10%. Non-GAAP operating income was RMB3.8 billion ($558 million) and non-GAAP operating margin was 12%.
Total other income, net was RMB184 million ($27 million), compared to RMB626 million last quarter and RMB4.9 billion for the same period last year. The year over year decrease was primarily due to a decrease in fair value gain from long-term investments and an increase in net foreign exchange loss arising from exchange rate fluctuation between Renminbi and U.S. dollar.
Income tax expense was RMB1.0 billion ($147 million), compared to RMB528 million last quarter and RMB881 million for the same period last year.
Net income attributable to Baidu was RMB2.3 billion ($342 million), net margin for Baidu was 7% and diluted earnings per ADS was RMB5.74 ($0.85). Non-GAAP net income attributable to Baidu was RMB2.6 billion ($379 million), non-GAAP net margin for Baidu was 8% and non-GAAP diluted earnings per ADS was RMB7.22 ($1.06).
Adjusted EBITDA was RMB6.2 billion ($906 million) and adjusted EBITDA margin was 20%.
We define total cash and investments as cash, cash equivalents, restricted cash, short-term investments, net, long-term time deposits and held-to-maturity investments, and adjusted long-term investments. As of June 30, 2026, t otal cash and investments were RMB283.1 billion ($41.72 billion). Operating cash flow was RMB3.4 billion ($506 million).
For detailed financial information of Baidu General Business and iQIYI, please see the appended financial tables.