Company profile
SEC EDGAR ↗- Industry
- Services-Computer Programming, Data Processing, Etc.
- Listed
- Nasdaq: BIDU
- Incorporated
- Cayman Islands
- Headquarters
- Beijing
- Fiscal year end
- Dec 31
Financials
FY2025- Revenue
- $18.5B
- Net income
- $799.0M
- Total assets
- $64.2B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2025 | $18.5B | $799.0M | $64.2B |
| FY2024 | $18.2B | $3.25B | $58.6B |
| FY2023 | $19.0B | $2.86B | $57.3B |
| FY2022 | $17.9B | $1.10B | $56.7B |
| FY2021 | $19.5B | $1.60B | $59.6B |
| FY2020 | $16.4B | $3.44B | $51.0B |
Reported fiscal years from SEC filings (20-F) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
Decisions on record
2 verified Decision Records on Baidu, and the casebook each one belongs to.
| Fork date | Decision type | What Baidu chose | Where it stood | The story | Casebook |
|---|---|---|---|---|---|
| 2013 | Adjacency Expansion | Expand into AI adjacencies | eclipsed by rivals from Alibaba and ByteDance and startups such as DeepSeek (2025-02) | Read the story → | Adjacency Expansion Casebook → |
| 2023 | The Fall | Pivot to AI businesses | 3.1 million fully driverless rides, up 212% year over year (2025) | Read the story → | The Fall Casebook → |
Videos on Baidu
Run one of these yourself
The decisions Baidu faced, as kits you can run.
Each pack takes one of these decisions and gives you the framework, a deck for the room, a model that resolves to one number, and the sourced cases behind it. $499, one-time.
The analyses
The Adjacency Expansion · Growth & Portfolio
Baidu Is Racing Out of a Burning Building. The Question Is Whether It Built the New One First.
Baidu's old engine is dying: Core online marketing revenue fell 7% in Q4 2024. Its new ones are real but precarious - AI Cloud grew 26%, Apollo Go does 1.1 million rides a quarter, and the chatbot it launched first has since been eclipsed by better-resourced rivals.
8 min
The Counterfactual · Decision Forks
Baidu Still Owns China's Search. It Lost the Thing Search Was Worth.
Baidu held ~52-60% of China's search through 2024 and 703 million mobile users. So why is the lead gone? Because the queries that pay - local services, commerce, lifestyle - migrated inside apps Baidu can't index, and its core ad revenue fell to RMB73bn.
8 min
The Trust Crisis · Crisis & Reinvention
Baidu Sold the Top of the Page to a Hospital. A Dying Student Found It There.
In 2016 a 21-year-old cancer patient died after a paid Baidu result led him to an unproven therapy that cost his family over 200,000 yuan. The regulators acted in days - and what they produced was an ad-labeling rule, not accountability.
8 min
The Fall · Crisis & Reinvention
Baidu's Revenue Slid About 3.8%, Then 3% — the Quiet Derating of a Monopoly
The story says ByteDance and ChatGPT killed China's Google. The numbers say otherwise: revenue fell ~3.8% in 2024 and fell a further ~3% in 2025 — both now reported figures. This isn't a collapse. It's a monopoly being quietly derated while everyone watches the wrong threat.
8 min