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IQ

iQIYI, Inc.

IQ

iQIYI, Inc. • NASDAQ
$2.19 ▲ 1.86% (+0.04)
Market Cap $2.11 B
52w High $2.84
52w Low $1.50
Dividend Yield 0%
P/E 219
Volume 5.48M
Outstanding Shares 963.24M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $6.682B ▲ $1.337B ▼ $-248.932M ▼ -3.725% ▼ $-0.26 ▼ $13.746M ▼
Q2-2025 $6.628B ▼ $1.382B ▼ $-133.708M ▼ -2.017% ▼ $-0.14 ▼ $1.887B ▼
Q1-2025 $7.186B ▲ $1.438B ▲ $182.145M ▲ 2.535% ▲ $0.19 ▲ $2.394B ▲
Q4-2024 $6.613B ▼ $1.334B ▼ $-189.355M ▼ -2.863% ▼ $-0.21 ▼ $286.969M ▼
Q3-2024 $7.246B $1.357B $229.412M 3.166% $0.21 $2.124B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $4.071B ▼ $45.788B ▼ $32.455B ▼ $13.34B ▼
Q2-2025 $4.247B ▼ $46.365B ▼ $32.854B ▼ $13.52B ▼
Q1-2025 $5.266B ▲ $47.119B ▲ $33.482B ▲ $13.645B ▲
Q4-2024 $4.471B ▲ $45.761B ▲ $32.387B ▲ $13.365B ▲
Q3-2024 $4.178B $44.83B $31.551B $13.209B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-248.932M ▼ $-267.581M ▼ $763.706M ▲ $150.809M ▲ $630.86M ▲ $-290.314M ▼
Q2-2025 $-133.708M ▼ $-12.731M ▼ $-114.005M ▼ $-465.256M ▼ $-619.873M ▼ $-34.141M ▼
Q1-2025 $182.145M ▲ $338.95M ▼ $-30.136M ▲ $860.477M ▲ $1.168B ▲ $316.521M ▼
Q4-2024 $-186.988M ▼ $519.015M ▲ $-895.709M ▲ $114.419M ▲ $-201.529M ▲ $473.464M ▲
Q3-2024 $229.412M $242.517M $-1.663B $-2.612B $-4.116B $234.817M

Revenue by Products

Product Q3-2020Q4-2020Q3-2022Q4-2022
Advertising
Advertising
 $4.96Bn ▲$0 ▼$3.78Bn ▲$0 ▼
Content Distribution
Content Distribution
 $1.86Bn ▲$0 ▼$90.00M ▲$100.00M ▲
Membership
Membership
 $12.66Bn ▲$0 ▼$12.97Bn ▲$0 ▼
Service Other
Service Other
 $2.77Bn ▲$0 ▼$2.82Bn ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement Over the last few years iQIYI has shifted from heavy losses to consistent profitability. Revenue has been broadly stable, not soaring, but the quality of that revenue has improved a lot. Content costs and other operating expenses have been brought under better control, so gross profit and operating profit have risen meaningfully despite only modest top-line movement. The company has moved from deep net losses in the early 2020s to solid net income more recently, showing a real earnings turnaround. That said, profit measures still show some volatility, suggesting the business is sensitive to content spending cycles, competition, and broader advertising conditions.

Balance Sheet

Balance Sheet The balance sheet looks healthier than it did a few years ago, but it is not risk-free. Total assets have stayed fairly steady, while reported equity has rebuilt from a thinner base as the company returned to profit. Debt levels, while lower than their peak, are still meaningful relative to equity, which implies that leverage remains an important consideration. Cash on hand is moderate rather than abundant, having come down from very high levels during the earlier pandemic period, but it no longer looks alarmingly tight. Overall, financial strength is improving, yet the capital structure still leans on debt and requires ongoing discipline.

Cash Flow

Cash Flow Cash generation has improved markedly. A few years ago, iQIYI was burning cash from its core operations, but it has since moved to consistently positive operating cash flow. After relatively modest capital spending needs, free cash flow has turned positive as well, which is a key sign that the business model is now funding itself instead of relying heavily on external financing. This shift from cash drain to cash generation is a major structural improvement, though it will need to be sustained through different content and macro cycles to be fully proven.

Competitive Edge

Competitive Edge iQIYI operates in a fiercely competitive Chinese online video and entertainment market, facing large rivals with deep pockets and strong ecosystems. Its edge comes from a strong brand, a large user base, and a heavy focus on high-quality original content that differentiates it from purely licensed-content platforms. The hybrid revenue model, combining subscriptions, advertising, and IP monetization, gives it multiple ways to earn from each show or character. However, competition from other long-form video platforms, short-video apps, and broader social media means user attention is contested every day, and hit-driven content risk remains high. Regulatory and macro factors in China also shape its operating environment in ways that can change quickly.

Innovation and R&D

Innovation and R&D Innovation is a clear focal point for iQIYI. The company has woven artificial intelligence into almost every stage of its business: from deciding what to produce, to making production more efficient, to personalizing the viewing experience for users. Tools that help summarize stories, design characters, and support virtual production can lower costs and speed up content creation. AI-powered recommendation engines and interactive assistants deepen engagement and can improve monetization. Beyond technology, iQIYI is pushing a “long plus short” video strategy, building offline experiences like immersive theaters and theme-park-style attractions, and extending its IP into merchandise. International expansion adds another innovation layer, though it brings execution, localization, and regulatory risks. The opportunity is large, but payback periods for these initiatives may be long and uneven.

Summary

iQIYI today looks very different from the loss-making streamer it was a few years ago. Profitability and cash flow have improved significantly, the balance sheet has been repaired, and the company is now behaving more like a disciplined entertainment platform than a pure growth-at-all-costs player. Its strengths lie in original content, strong brand recognition, deep AI integration, and a diversified monetization model that reaches from online viewing to offline experiences and international markets. On the other hand, it still operates with notable financial leverage, in a highly competitive and regulated market, and in a business where success depends on consistently backing the right content. The recent financial turnaround is encouraging, but maintaining it will depend on careful cost control, continued innovation, and the ability to keep audiences engaged in a rapidly evolving entertainment landscape.

NEWS

November 18, 2025 · 4:00 AM UTC

iQIYI Announces Third Quarter 2025 Financial Results

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October 31, 2025 · 12:27 AM UTC

iQIYI Launches "The Blooming Journey" Season 2, Cementing Its Leadership in Seasonal IPs and Female-Centric Storytelling

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October 21, 2025 · 5:00 AM UTC

iQIYI to Report Third Quarter 2025 Financial Results on November 18, 2025

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