iQIYI, Inc. income statement IQ

Annual Quarterly

In fiscal 2025, which ended Dec 31, 2025, iQIYI, Inc. reported revenue of $3.9 billion, down 2.5% from the year before. It recorded a net loss of $29.5 million. Operating income came to $32.8 million, an operating margin of 0.8%. Across the 8 fiscal years shown, revenue grew from $3.6 billion in fiscal 2018 to $3.9 billion in fiscal 2025, about 1.0% a year.

USD in millions, except per-share amounts and margins. The percent under a figure is the change from the year before.

Line	FY 2025 Dec 31, 2025	FY 2024 Dec 31, 2024	FY 2023 Dec 31, 2023	FY 2022 Dec 31, 2022	FY 2021 Dec 31, 2021	FY 2020 Dec 31, 2020	FY 2019 Dec 31, 2019	FY 2018 Dec 31, 2018
Revenue	3,903 -2.5%	4,004 -10.8%	4,489 +6.8%	4,204 -12.3%	4,795 +5.3%	4,553 +9.3%	4,165 +14.6%	3,635
Cost of revenue	3,081 +2.4%	3,008 -7.6%	3,254 +0.6%	3,236 -25.0%	4,317 +1.0%	4,273 -2.0%	4,359 +10.5%	3,946
Gross profit	822 -17.5%	996 -19.4%	1,235 +27.6%	968 +102.9%	477 +70.8%	279 +243.6%	-195 +37.6%	-312
Research and development	238 -2.4%	244 -2.1%	249 -9.6%	275 -37.2%	439 +7.0%	410 +7.0%	383 +32.1%	290
Selling, general and administrative	551 +9.3%	504 -10.8%	565 +12.5%	503 -32.2%	741 -6.7%	795 +5.7%	752 +24.1%	606
Operating expenses	789 +5.5%	748 -8.1%	814 +4.7%	778 -34.1%	1,180 -2.1%	1,205 +6.2%	1,135 +26.7%	896
Operating income	33 -86.8%	248 -41.1%	421 +121.3%	190 +127.1%	-703 +24.1%	-926 +30.4%	-1,330 -10.1%	-1,208
Interest income	48 +28.4%	37 +2.7%	36 +259.5%	10 -45.8%	19 -22.9%	24 -58.2%	58 +85.6%	31
Interest expense	130 -10.6%	145	—	—	—	—	—	—
Foreign currency gain (loss)	35 +364.3%	-13 +10.3%	-15 +39.0%	-24 -384.3%	9 +29.1%	7 +124.3%	-27 +80.6%	-141
Other non-operating income (expense)	6 +151.8%	-12 -220.4%	10 +122.1%	-46 -428.2%	14 -37.2%	22 +242.9%	-16 -156.3%	28
Equity in earnings of affiliates	-1 -125.7%	2 +133.8%	-7 +76.7%	-31 +55.8%	-70 -103.6%	-34 -54.5%	-22 -802.9%	-2
Pretax income	-9 -107.3%	117 -59.2%	286 +5946.2%	-5 +99.5%	-943 +11.9%	-1,070 +27.1%	-1,469 -12.4%	-1,306
Income tax	21 +147.0%	8 -25.8%	11 -7.4%	12 -19.6%	15 +324.7%	4 -52.1%	7 -35.0%	11
Net income	-30 -128.2%	105 -61.4%	271 +1473.2%	-20 +98.0%	-968 +10.2%	-1,079 +27.3%	-1,483 -11.9%	-1,325
Other measures
Depreciation and amortization	20 -2.4%	20 -47.7%	39 -20.8%	49 -22.1%	63 -14.7%	74 +7.7%	68 +50.6%	45
EBITDA	53 -80.4%	268 -41.6%	460 +92.2%	239 +137.4%	-640 +24.9%	-852 +32.4%	-1,261 -8.5%	-1,163
Interest coverage	0.25x	1.71x	—	—	—	—	—	—
Margins
Gross margin	21.07%	24.88%	27.52%	23.03%	9.95%	6.14%	-4.67%	-8.58%
Operating margin	0.84%	6.20%	9.38%	4.53%	-14.66%	-20.33%	-31.93%	-33.24%
Pretax margin	-0.22%	2.91%	6.38%	-0.12%	-19.68%	-23.51%	-35.27%	-35.95%
Profit margin	-0.76%	2.61%	6.04%	-0.47%	-20.19%	-23.69%	-35.61%	-36.45%
EBITDA margin	1.35%	6.70%	10.24%	5.69%	-13.35%	-18.72%	-30.29%	-31.99%
Effective tax rate	—	7.17%	3.94%	—	—	—	—	—

How these figures are calculated

Annual columns are full-year amounts from the annual report (Form 10-K, 20-F, or 40-F). If a company restates a year, the latest filed number is shown. USD in millions, except per-share amounts and margins. Weighted average shares are in millions. Interest expense and finance costs are positive costs. A negative amount on a gain (loss) or income (expense) line is a loss or an expense. EBITDA is operating income plus depreciation and amortization. Interest coverage is operating income divided by interest expense. More on our methodology.

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Company profile

Industry: Services-Video Tape Rental (SIC 7841)
Listed as: IQ (Nasdaq)
Fiscal year ends: December 31
Incorporated in: Cayman Islands
Headquarters: Chaoyang District Beijing
SEC filer status: Large accelerated filer
SEC CIK: 1722608

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Source: SEC EDGAR filings. This is company-reported data, not investment advice.