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Dec 31, 2025
iQIYI Q4 2025 Earnings Report
iQIYI reported slightly higher revenue year over year in Q4 2025 while posting a near break-even net loss and low operating margin.
Key Takeaways
iQIYI generated USD971600000 of revenue in Q4 2025 (+3% YoY). Operating income was USD7900000 (1% margin). Net loss attributable to iQIYI was USD800000, while non-GAAP net income attributable to iQIYI was USD15700000. Free cash flow was USD3800000.
Total revenue was USD971600000, up 3% year over year.
Operating income was USD7900000 with a 1% operating margin.
Net loss attributable to iQIYI narrowed to USD800000, while non-GAAP net income attributable to iQIYI was USD15700000.
Content distribution revenue rose 94% year over year to USD112600000; free cash flow was USD3800000.
Revenue by Segment
Forward Guidance
Management discussed 2026 priorities focused on strengthening domestic content and monetization, accelerating overseas and experience businesses, and applying AI to enhance the content ecosystem, without issuing quantitative guidance.
Positive Outlook
- Planned to advance content excellence to reinforce the domestic core business.
- Intended to strengthen membership and advertising businesses.
- Overseas business maintained strong growth momentum and delivered record top-line performance in Q4.
- Experience business milestone achieved with the opening of the first iQIYI LAND.
- Planned to harness AI to cultivate a content ecosystem enriched by AIGC.
Challenges Ahead
- Online advertising revenue declined year over year as advertisers adjusted spending amid macro pressures.
- Operating income margin was 1%, down from 4% in the prior-year quarter.
- Cost of revenues increased year over year, including higher content costs.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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