Financials Baidu, Inc.

Equities

BIDU

US0567521085

Internet Services

Market Closed - Nasdaq Other stock markets 16:00:00 2026-05-20 EDT			Pre-market 07:31:03
135.22 ^USD	-1.79%		129.98	-3.87%

06:49am	Oil, Tech Outlooks Roil Asian Stock Markets	MT
05-20	Nomura Adjusts Baidu Price Target to $190 From $186, Maintains Buy Rating	MT

Projected Income Statement: Baidu, Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	124,493	123,675	134,598	133,125	129,079	132,896	142,604	157,345
Change	-	-0.66%	8.83%	-1.09%	-3.04%	2.96%	7.3%	10.34%
EBITDA ¹	24,914	29,663	35,823	33,078	22,857	25,402	28,138	32,931
Change	-	19.06%	20.77%	-7.66%	-30.9%	11.13%	10.77%	17.03%
EBIT ¹	10,518	15,911	21,856	21,270	-5,823	12,854	15,213	18,134
Change	-	51.27%	37.36%	-2.68%	-127.38%	320.74%	18.35%	19.2%
Interest Paid ¹	-3,421	-2,913	-3,248	-2,824	-2,784	-4,499	-4,222	-4,339
Earnings before Tax (EBT) ¹	10,778	10,112	25,198	28,662	6,716	18,400	21,835	24,525
Change	-	-6.18%	149.19%	13.75%	-76.57%	173.98%	18.67%	12.32%
Net income ¹	10,226	7,559	20,315	23,760	5,589	15,603	18,400	20,926
Change	-	-26.08%	168.75%	16.96%	-76.48%	179.17%	17.93%	13.73%
Announcement Date	3/1/22	2/22/23	2/28/24	2/18/25	2/26/26	-	-	-

¹CNY in Million

Estimates

Fiscal Period: December	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	2027 Q2	2027 Q3	2027 Q4	2028 Q1
Net sales ¹	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	32,713	31,174	32,740	32,075	33,197	32,498	34,655	34,565	36,045	33,183	38,476	39,642
Change	-	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%	0.8%	-4.7%	5.02%	-2.03%	3.5%	-2.11%	6.64%	-0.26%	4.28%	-7.94%	15.95%	3.03%
EBITDA ¹	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	6,492	4,429	4,727	5,954	6,253	5,622	6,877	3,044	6,053	5,181	11,600	3,638
Change	-	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%	-9.95%	-31.78%	6.73%	25.96%	5.03%	-10.09%	22.33%	-55.74%	98.87%	-14.4%	123.87%	-68.64%
EBIT ¹	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	3,277	-15,091	1,483	3,193	3,296	3,210	3,816	4,709	-	-	-	-
Change	-	-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%	-27.31%	-560.51%	109.83%	115.31%	3.22%	-2.6%	18.88%	23.4%	-	-	-	-
Charge d'intérêts ¹	-845	-880	-873	-710	-741	-741	-738	-804	-817	-853	-774	-766	-742	-742	-643	-801	-701	-631	-651	-	-718.5	-718.1	-717.7	-	-	-	-	-
Earnings before Tax (EBT) ¹	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	8,140	-13,145	2,726	3,819	4,363	4,465	5,236	4,811	-	-	-	-
Change	-	-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%	-9.51%	-261.49%	120.74%	40.1%	14.24%	2.34%	17.27%	-8.12%	-	-	-	-
Net income ¹	-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	7,322	-11,232	1,782	3,445	3,688	3,711	4,391	5,229	-	-	-	-
Change	-	-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%	-5.12%	-253.4%	115.87%	93.32%	7.05%	0.64%	18.31%	19.08%	-	-	-	-
Announcement Date	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	2/18/25	5/21/25	8/20/25	11/18/25	2/26/26	5/18/26	-	-	-	-	-	-	-	-

¹CNY in Million

Estimates

Forecast Balance Sheet: Baidu, Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	-97,017	-90,260	-117,454	-68,089	-25,980	-27,394	-30,535	-30,288
Change	-	6.96%	-30.13%	42.03%	61.84%	-5.44%	-11.47%	0.81%
Announcement Date	3/1/22	2/22/23	2/28/24	2/18/25	2/26/26	-	-	-

¹CNY in Million

Estimates

Cash Flow Forecast: Baidu, Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	10,896	8,286	11,190	8,134	12,073	15,432	15,460	16,930
Change	-	-23.95%	35.05%	-27.31%	48.43%	27.82%	0.18%	9.51%
Free Cash Flow (FCF) ¹	9,226	17,884	25,425	13,100	-15,086	8,798	13,391	23,390
Change	-	93.84%	42.17%	-48.48%	-215.16%	158.32%	52.21%	74.67%
Announcement Date	3/1/22	2/22/23	2/28/24	2/18/25	2/26/26	-	-	-

¹CNY in Million

Estimates

Forecast Financial Ratios: Baidu, Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	20.01%	23.98%	26.61%	24.85%	17.71%	19.11%	19.73%	20.93%
EBIT Margin (%)	8.45%	12.87%	16.24%	15.98%	-4.51%	9.67%	10.67%	11.52%
EBT Margin (%)	8.66%	8.18%	18.72%	21.53%	5.2%	13.85%	15.31%	15.59%
Net margin (%)	8.21%	6.11%	15.09%	17.85%	4.33%	11.74%	12.9%	13.3%
FCF margin (%)	7.41%	14.46%	18.89%	9.84%	-11.69%	6.62%	9.39%	14.87%
FCF / Net Income (%)	90.22%	236.59%	125.15%	55.13%	-269.92%	56.38%	72.78%	111.78%
Profitability
ROA	5.28%	1.96%	5.09%	6.47%	4.32%	3.17%	3.86%	4.11%
ROE	9.31%	3.48%	8.7%	9.37%	2.11%	5.64%	6.12%	6.25%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	8.75%	6.7%	8.31%	6.11%	9.35%	11.61%	10.84%	10.76%
CAPEX / EBITDA (%)	43.73%	27.93%	31.24%	24.59%	52.82%	60.75%	54.94%	51.41%
CAPEX / FCF (%)	118.1%	46.33%	44.01%	62.09%	-80.03%	175.41%	115.45%	72.38%
Items per share
Cash flow per share ¹	57.21	75	103.2	60.71	-8.784	80.16	96.25	113.9
Change	-	31.11%	37.67%	-41.2%	-114.47%	1,012.55%	20.08%	18.34%
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	613.4	639.3	694.3	755.9	781.6	859.4	922.4	993.1
Change	-	4.23%	8.61%	8.87%	3.4%	9.95%	7.33%	7.67%
EPS ¹	28.07	19.85	55.08	65.91	11.78	47.02	55.39	67.81
Change	-	-29.28%	177.48%	19.66%	-82.13%	299.15%	17.8%	22.42%
Nbr of stocks (in thousands)	348,059	345,542	349,573	350,597	343,771	340,253	340,253	340,253
Announcement Date	3/1/22	2/22/23	2/28/24	2/18/25	2/26/26	-	-	-