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Sep 30, 2025
iQIYI Q3 2025 Earnings Report
iQIYI reported a net loss and a decline in total revenue in Q3 2025, impacted by a lighter content slate and lower advertising and distribution revenue.
Key Takeaways
iQIYI posted a net loss of $35 million for Q3 2025, as total revenues dropped to $938.7 million. Despite challenges in domestic performance and higher operating costs, international expansion showed promising growth.
Total revenue declined to $938.7 million, down from $1.02 billion in Q3 2024.
Net loss of $35 million, reversing a profit of $32.2 million in Q3 2024.
Membership services remained the primary revenue driver at $591.7 million.
Content cost was the largest expense, totaling $567.9 million for the quarter.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
iQIYI expects to strengthen its IP-driven strategy with more overseas expansion and AI-driven content production, but faces risks from rising costs and weaker domestic performance.
Positive Outlook
- Continued international growth momentum
- Top position in China’s drama viewership market
- Increased efficiency in AI-driven content production
- Solid brand advertising growth within ad segment
- Operational gains from offline and IP-based ecosystem expansion
Challenges Ahead
- Overall revenue declined YoY
- Significant drop in net income to a loss
- Content slate was lighter vs prior year
- High content and operating costs
- Weaker performance in performance-based advertising
Historical Earnings Impact
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Avg. Return Before/After Earnings
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