Financials Baidu, Inc.

Equities

BIDU

US0567521085

Internet Services

Market Closed - Nasdaq Other stock markets 04:00:00 2025-02-07 pm EST			After market 07:00:05 pm
89.32 ^USD	+0.57%		90.44	+1.25%

Feb. 05	Asian Equities Traded in the US as American Depositary Receipts Rise in Wednesday Trading	MT
Feb. 03	Baidu Smart Cloud Qianfan Offers DeepSeek Models	MT

Projected Income Statement: Baidu, Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	107,413	107,074	124,493	123,675	134,598	132,511	137,484	145,638
Change	-	-0.32%	16.27%	-0.66%	8.83%	-1.55%	3.75%	5.93%
EBITDA ¹	18,416	27,503	24,914	29,663	35,823	31,666	31,556	34,758
Change	-	49.34%	-9.41%	19.06%	20.77%	-11.61%	-0.35%	10.15%
EBIT ¹	6,307	21,732	10,518	15,911	21,856	21,793	21,870	23,901
Change	-	244.57%	-51.6%	51.27%	37.36%	-0.29%	0.35%	9.29%
Interest Paid ¹	-2,960	-3,103	-3,421	-2,913	-3,248	-4,030	-3,447	-4,187
Earnings before Tax (EBT) ¹	-340	23,090	10,778	10,112	25,198	26,149	25,041	27,578
Change	-	-	-53.32%	-6.18%	149.19%	3.77%	-4.24%	10.13%
Net income ¹	2,057	22,472	10,226	7,559	20,315	21,919	20,597	22,546
Change	-	992.46%	-54.49%	-26.08%	168.75%	7.89%	-6.03%	9.46%
Announcement Date	2/27/20	2/17/21	3/1/22	2/22/23	2/28/24	-	-	-

¹CNY in Million

Estimates

Fiscal Period: December	2019 Q4	2020 Q1	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
Net sales ¹	28,884	22,545	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	33,459	31,297	34,430	35,164	35,979	32,588	34,689	34,719
Change	-	-21.95%	15.48%	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%	-0.29%	-6.46%	10.01%	2.13%	2.32%	-9.42%	6.45%	0.09%
EBITDA ¹	8,175	2,852	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	7,301	7,110	8,061	8,170	9,822	8,661	9,441	9,925
Change	-	-65.11%	145.97%	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%	-16.4%	-2.62%	13.39%	1.35%	20.22%	-11.83%	9.01%	5.13%
EBIT ¹	4,655	-437	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	4,463	4,518	5,310	5,720	5,661	5,135	5,692	6,173
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%	-24.68%	1.23%	17.53%	7.73%	-1.04%	-9.28%	10.84%	8.45%
Charge d'intérêts ¹	-674	-751	-820	-755	-777	-823	-845	-880	-873	-710	-741	-741	-738	-804	-817	-853	-774	-766	-742	-742	-683.1	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	5,354	-1,480	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	4,384	4,334	6,472	6,821	6,624	-	-	-
Change	-	-	-	275.31%	-63.39%	382.14%	-96.11%	-	-	-	-	-84.6%	1,065.27%	18.84%	-13.15%	24.32%	-64.97%	134.9%	-0.22%	28.07%	-49.03%	-1.14%	49.33%	5.39%	-2.89%	-100%	-	-
Net income ¹	6,345	41	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	3,478	4,030	5,257	5,649	5,134	-	-	-
Change	-	-99.35%	8,629.27%	282.17%	-62.17%	395.81%	-	2,740.31%	-	-	-	-	-	17.61%	-10.56%	28.23%	-61.1%	109.62%	0.73%	39.07%	-54.43%	15.89%	30.44%	7.46%	-9.11%	-100%	-	-
Announcement Date	2/27/20	5/18/20	8/13/20	11/16/20	2/17/21	5/18/21	8/12/21	11/17/21	3/1/22	5/26/22	8/30/22	11/22/22	2/22/23	5/16/23	8/22/23	11/21/23	2/28/24	5/16/24	8/22/24	11/21/24	-	-	-	-	-	-	-	-

¹CNY in Million

Estimates

Forecast Balance Sheet: Baidu, Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-79,602	-87,412	-97,017	-90,260	-117,454	-143,227	-159,953	-180,975
Change	-	-209.81%	-210.99%	-193.04%	-230.13%	-221.94%	-211.68%	-213.14%
Announcement Date	2/27/20	2/17/21	3/1/22	2/22/23	2/28/24	-	-	-

¹CNY in Million

Estimates

Cash Flow Forecast: Baidu, Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	6,428	5,084	10,896	8,286	11,190	10,535	10,752	11,404
Change	-	-20.91%	114.32%	-23.95%	35.05%	-5.86%	2.07%	6.06%
Free Cash Flow (FCF) ¹	22,030	19,116	9,226	17,884	25,425	20,181	23,959	23,150
Change	-	-13.23%	-51.74%	93.84%	42.17%	-20.63%	18.72%	-3.38%
Announcement Date	2/27/20	2/17/21	3/1/22	2/22/23	2/28/24	-	-	-

¹CNY in Million

Estimates

Forecast Financial Ratios: Baidu, Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	17.15%	25.69%	20.01%	23.98%	26.61%	23.9%	22.95%	23.87%
EBIT Margin (%)	5.87%	20.3%	8.45%	12.87%	16.24%	16.45%	15.91%	16.41%
EBT Margin (%)	-0.32%	21.56%	8.66%	8.18%	18.72%	19.73%	18.21%	18.94%
Net margin (%)	1.92%	20.99%	8.21%	6.11%	15.09%	16.54%	14.98%	15.48%
FCF margin (%)	20.51%	17.85%	7.41%	14.46%	18.89%	15.23%	17.43%	15.9%
FCF / Net Income (%)	1,070.98%	85.07%	90.22%	236.59%	125.15%	92.07%	116.32%	102.68%
Profitability
ROA	6.07%	6.95%	5.28%	1.96%	5.09%	5.46%	4.87%	4.9%
ROE	11.14%	12.72%	9.31%	3.48%	8.7%	8.44%	7.41%	7.3%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	5.98%	4.75%	8.75%	6.7%	8.31%	7.95%	7.82%	7.83%
CAPEX / EBITDA (%)	34.9%	18.49%	43.73%	27.93%	31.24%	33.27%	34.07%	32.81%
CAPEX / FCF (%)	29.18%	26.6%	118.1%	46.33%	44.01%	52.2%	44.88%	49.26%
Items per share
Cash flow per share ¹	81.58	70.25	57.21	75	103.2	89.81	88.13	97.97
Change	-	-13.88%	-18.57%	31.11%	37.67%	-13.01%	-1.87%	11.17%
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	472.1	530.4	613.4	639.3	694.3	786.3	856.3	935.4
Change	-	12.33%	15.65%	4.23%	8.61%	13.24%	8.91%	9.24%
EPS ¹	5.6	64.98	28.07	19.85	55.08	63.79	60.09	66.19
Change	-	1,060.36%	-56.8%	-29.28%	177.48%	15.82%	-5.81%	10.15%
Nbr of stocks (in thousands)	346,499	341,076	348,059	345,542	349,573	350,652	350,652	350,652
Announcement Date	2/27/20	2/17/21	3/1/22	2/22/23	2/28/24	-	-	-