Financials Baidu, Inc.

Equities

BIDU

US0567521085

Internet Services

Market Closed - Nasdaq Other stock markets 21:00:00 15/07/2025 BST			Pre-market 00:53:47
93.30 ^USD	+8.65%		92.64	-0.70%

07-15	Asian Equities Traded in the US as American Depositary Receipts Climb Higher in Tuesday Trading	MT
07-15	Uber: multi-year strategic partnership with Baidu

Projected Income Statement: Baidu, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	107,074	124,493	123,675	134,598	133,125	135,366	142,913	152,742
Change	-	16.27%	-0.66%	8.83%	-1.09%	1.68%	5.58%	6.88%
EBITDA ¹	27,503	24,914	29,663	35,823	33,078	28,394	31,808	35,329
Change	-	-9.41%	19.06%	20.77%	-7.66%	-14.16%	12.02%	11.07%
EBIT ¹	21,732	10,518	15,911	21,856	21,270	17,935	21,559	24,182
Change	-	-51.6%	51.27%	37.36%	-2.68%	-15.68%	20.21%	12.17%
Interest Paid ¹	-3,103	-3,421	-2,913	-3,248	-2,824	-3,792	-4,127	-4,197
Earnings before Tax (EBT) ¹	23,090	10,778	10,112	25,198	28,662	24,907	26,380	29,431
Change	-	-53.32%	-6.18%	149.19%	13.75%	-13.1%	5.91%	11.56%
Net income ¹	22,472	10,226	7,559	20,315	23,760	20,428	21,063	24,074
Change	-	-54.49%	-26.08%	168.75%	16.96%	-14.03%	3.11%	14.29%
Announcement Date	17/02/21	01/03/22	22/02/23	28/02/24	18/02/25	-	-	-

¹CNY in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1
Net sales ¹	26,034	28,232	30,263	28,134	31,350	31,921	33,088	28,411	29,647	32,540	33,077	31,144	34,056	34,447	34,951	31,513	33,931	33,557	34,124	32,452	33,636	33,689	35,453	33,658	35,907	35,667	39,125	34,989
Change	-	8.44%	7.19%	-7.03%	11.43%	1.82%	3.66%	-14.14%	4.35%	9.76%	1.65%	-5.84%	9.35%	1.15%	1.46%	-9.84%	7.67%	-1.1%	1.69%	-4.9%	3.65%	0.16%	5.23%	-5.06%	6.68%	-0.67%	9.69%	-10.57%
EBITDA ¹	7,015	9,073	8,564	5,900	5,900	5,962	5,757	5,499	7,054	8,879	8,231	8,145	9,116	9,505	9,057	8,244	9,147	8,733	6,954	7,209	7,002	7,381	7,634	7,662	8,957	9,386	10,939	7,811
Change	-	29.34%	-5.61%	-31.11%	0%	1.05%	-3.44%	-4.48%	28.28%	25.87%	-7.3%	-1.04%	11.92%	4.27%	-4.71%	-8.98%	10.95%	-4.53%	-20.37%	3.67%	-2.87%	5.41%	3.43%	0.36%	16.9%	4.79%	16.55%	-28.6%
EBIT ¹	3,644	6,156	7,055	2,789	4,619	2,308	1,958	2,601	3,400	5,317	4,593	4,980	5,210	6,274	5,392	5,484	5,944	5,925	3,917	4,508	3,914	4,130	4,488	5,025	5,565	6,209	6,575	4,941
Change	-	68.94%	14.6%	-60.47%	65.61%	-50.03%	-15.16%	32.84%	30.72%	56.38%	-13.62%	8.43%	4.62%	20.42%	-14.06%	1.71%	8.39%	-0.32%	-33.89%	15.09%	-13.17%	5.51%	8.67%	11.97%	10.75%	11.57%	5.9%	-24.86%
Charge d'intérêts ¹	-820	-755	-777	-823	-845	-880	-873	-710	-741	-741	-738	-804	-817	-853	-774	-766	-742	-742	-643	-801	-755	-751.7	-748.5	-	-	-	-	-
Earnings before Tax (EBT) ¹	4,010	15,050	5,510	26,566	1,033	-19,186	2,365	-360	3,551	547	6,374	7,575	6,579	8,179	2,865	6,730	6,715	8,600	6,577	8,995	4,569	4,967	5,503	5,961	-	-	-	-
Change	-	275.31%	-63.39%	382.14%	-96.11%	-1,957.31%	112.33%	-115.22%	1,086.39%	-84.6%	1,065.27%	18.84%	-13.15%	24.32%	-64.97%	134.9%	-0.22%	28.07%	-23.52%	36.76%	-49.2%	8.7%	10.79%	8.32%	-	-	-	-
Net income ¹	3,579	13,678	5,174	25,653	-583	-16,559	1,715	-885	3,637	-146	4,953	5,825	5,210	6,681	2,599	5,448	5,488	7,632	5,192	7,717	3,691	3,994	4,405	4,754	-	-	-	-
Change	-	282.17%	-62.17%	395.81%	-102.27%	-2,740.31%	110.36%	-151.6%	510.96%	-104.01%	3,492.47%	17.61%	-10.56%	28.23%	-61.1%	109.62%	0.73%	39.07%	-31.97%	48.63%	-52.17%	8.22%	10.27%	7.93%	-	-	-	-
Announcement Date	13/08/20	16/11/20	17/02/21	18/05/21	12/08/21	17/11/21	01/03/22	26/05/22	30/08/22	22/11/22	22/02/23	16/05/23	22/08/23	21/11/23	28/02/24	16/05/24	22/08/24	21/11/24	18/02/25	21/05/25	-	-	-	-	-	-	-	-

¹CNY in Million

Estimates

Forecast Balance Sheet: Baidu, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-87,412	-97,017	-90,260	-117,454	-68,089	-93,101	-114,156	-138,451
Change	-	-10.99%	6.96%	-30.13%	42.03%	-36.73%	-22.62%	-21.28%
Announcement Date	17/02/21	01/03/22	22/02/23	28/02/24	18/02/25	-	-	-

¹CNY in Million

Estimates

Cash Flow Forecast: Baidu, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	5,084	10,896	8,286	11,190	8,134	10,123	10,438	10,960
Change	-	114.32%	-23.95%	35.05%	-27.31%	24.46%	3.11%	5%
Free Cash Flow (FCF) ¹	19,116	9,226	17,884	25,425	13,100	25,103	22,804	25,971
Change	-	-51.74%	93.84%	42.17%	-48.48%	91.63%	-9.16%	13.89%
Announcement Date	17/02/21	01/03/22	22/02/23	28/02/24	18/02/25	-	-	-

¹CNY in Million

Estimates

Forecast Financial Ratios: Baidu, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	25.69%	20.01%	23.98%	26.61%	24.85%	20.98%	22.26%	23.13%
EBIT Margin (%)	20.3%	8.45%	12.87%	16.24%	15.98%	13.25%	15.09%	15.83%
EBT Margin (%)	21.56%	8.66%	8.18%	18.72%	21.53%	18.4%	18.46%	19.27%
Net margin (%)	20.99%	8.21%	6.11%	15.09%	17.85%	15.09%	14.74%	15.76%
FCF margin (%)	17.85%	7.41%	14.46%	18.89%	9.84%	18.54%	15.96%	17%
FCF / Net Income (%)	85.07%	90.22%	236.59%	125.15%	55.13%	122.89%	108.26%	107.88%
Profitability
ROA	6.95%	5.28%	1.96%	5.09%	6.47%	4.84%	5.07%	5.02%
ROE	12.72%	9.31%	3.48%	8.7%	9.37%	7.73%	7.4%	7.49%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	4.75%	8.75%	6.7%	8.31%	6.11%	7.48%	7.3%	7.18%
CAPEX / EBITDA (%)	18.49%	43.73%	27.93%	31.24%	24.59%	35.65%	32.81%	31.02%
CAPEX / FCF (%)	26.6%	118.1%	46.33%	44.01%	62.09%	40.33%	45.77%	42.2%
Items per share
Cash flow per share ¹	70.25	57.21	75	103.2	60.71	92.77	94.6	105.3
Change	-	-18.57%	31.11%	37.67%	-41.2%	52.81%	1.97%	11.35%
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	530.4	613.4	639.3	694.3	755.9	845	901	982.9
Change	-	15.65%	4.23%	8.61%	8.87%	11.79%	6.63%	9.09%
EPS ¹	64.98	28.07	19.85	55.08	65.91	58.99	61.97	70.06
Change	-	-56.8%	-29.28%	177.48%	19.66%	-10.5%	5.05%	13.06%
Nbr of stocks (in thousands)	341,076	348,059	345,542	349,573	350,652	343,771	343,771	343,771
Announcement Date	17/02/21	01/03/22	22/02/23	28/02/24	18/02/25	-	-	-