Baidu's 2025 Revenue Reaches 129.1 Billion Yuan, with AI Business Accounting for 43% of Q4 Revenue

On February 26, Baidu Inc. (hereinafter referred to as “Baidu”) released its Q4 and full-year 2025 financial reports. In 2025, Baidu’s total revenue reached 129.1 billion yuan, with AI business revenue hitting 40 billion yuan; in the fourth quarter, total revenue was 32.7 billion yuan, with AI business accounting for 43% of Baidu’s general business revenue.

Baidu founder Robin Li stated, “2025 is a pivotal year for AI becoming Baidu’s new core. The AI cloud is gaining strong momentum, and Baidu is winning increasing recognition from enterprises with its differentiated full-stack end-to-end AI capabilities. Baidu’s AI application portfolio continues to expand, meeting diverse needs of businesses and individuals. Radish Run has further solidified its global leadership, operating at industry-leading scale while accelerating international expansion into new markets. Meanwhile, AI-native marketing services continue to grow, opening new possibilities for long-term development.”

AI Reshapes Baidu’s Growth Model

Bringing High-Quality Revenue

Looking at specific businesses, Baidu AI Cloud’s full-year revenue in 2025 grew by 34% year-over-year. Notably, subscription revenue from AI high-performance computing facilities in Q4 increased by 143% YoY, further accelerating from 128% in Q3. Data on intelligent hyperparameters shows that Baidu Intelligent Cloud, with 109 winning projects and 900 million yuan in contract value, has been the cloud vendor with the most winning projects and highest contract value for two consecutive years.

In terms of AI-native marketing services, full-year revenue in 2025 grew by 301% YoY. In Q4, revenue from AI-native marketing services reached 2.7 billion yuan, up 110% YoY. As of December 2025, Baidu App’s monthly active users reached 679 million, and Wenxin Assistant’s monthly active users reached 202 million. Since the launch of the Spring Festival red envelope activity, Wenxin Assistant’s monthly active users have increased fourfold YoY. In 2025, Hui Bo Xing digital human broadcasting scale grew by 202%, with revenue increasing by 228%, enabling over 30 industries.

In AI applications, Baidu’s AI application revenue in 2025 surpassed 10 billion yuan. During Q4, Baidu’s self-evolving super-intelligent agent, Baidu Famoso, received over 2,000 enterprise trial applications and launched the “Tongzhou Ecosystem Partner Program.” Recently, Baidu Wenku and Baidu Cloud have been integrated into the Personal Super-Intelligent Business Group (PSIG), further accelerating AI application innovation. Additionally, Wenxin 5.0 was officially launched recently. As a native multimodal large model, it has 2.4 trillion parameters, supporting input and output of text, images, audio, and video through native multimodal unified modeling technology.

In Robotaxi, Radish Run’s global autonomous driving trips in Q4 reached 3.4 million, up over 200% YoY, with weekly trip peaks exceeding 300,000. The financial report shows Radish Run is accelerating its expansion into multiple global markets. As of February 2026, Radish Run has provided over 20 million trips worldwide, covering 26 cities. Currently, Radish Run’s total autonomous driving mileage exceeds 300 million kilometers, with over 190 million kilometers of fully autonomous driving.

Zhang Yi, CEO of Guangzhou Aimei Data Gathering Information Consulting Co., Ltd., told Securities Daily, “In 2025, Baidu continued to lead in AI large models and intelligent cloud, with Wenxin Yiyan ecosystem accelerating deployment, driving comprehensive upgrades in search, marketing, and enterprise services. Radish Run’s scaled operations steadily advance, demonstrating its leading advantage in autonomous driving commercialization. With a solid technological foundation and clear AI strategy, the company is efficiently realizing the benefits of ‘AI-native’ transformation, showing strong innovation momentum and long-term growth potential.”

Accelerating Capital Operations

Notably, after entering 2026, Baidu’s capital operations have become more active.

On January 2, 2026, Baidu announced that its AI chip subsidiary, Kunlun Chip (Beijing) Technology Co., Ltd. (hereinafter “Kunlun Chip”), had submitted a confidential listing application to the Hong Kong Stock Exchange through its joint sponsors on January 1, 2026.

On February 5, 2026, Baidu announced that the board of directors had authorized a new share repurchase plan, allowing the company to buy back up to $5 billion worth of shares, valid until December 31, 2028. Additionally, to further enhance shareholder returns, Baidu’s board expects to announce its first dividend in 2026.

“With a $5 billion share repurchase and the first dividend in 2026, Baidu significantly enhances shareholder returns, demonstrating strong cash flow and governance confidence; at the same time, the spin-off of Kunlun Chip for Hong Kong listing not only unlocks the value of its AI chip business but also strengthens the ‘AI + hard technology’ dual-drive narrative. These two capital initiatives work together to optimize the company’s valuation structure and open financing channels for long-term technological investments, reflecting the strategic focus and capital operation capabilities of a mature tech company,” Zhang Yi said.

“Looking ahead, Baidu is expected to leverage its large model technology advantages and rich application scenarios to further integrate AI in search, cloud services, and autonomous driving. As generative AI becomes deeply embedded in its product matrix, its commercialization capabilities will continue to be unleashed, and ecosystem barriers will be further reinforced,” an industry analyst who wished to remain anonymous told Securities Daily. Under the policy environment supporting high-quality AI development, Baidu, as a leading domestic AI enterprise, is expected to occupy a more advantageous position in global technological competition, creating long-term value for shareholders and users.