Baidu, Inc. cash flow statement

In fiscal 2025, Baidu, Inc.'s operations generated −$419m of cash; it spent $1.68bn on capital projects, leaving free cash flow of −$2.10bn. It returned $770m through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Baidu, Inc.: cash flow statement, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	332	694	1,266	1,901	2,244	2,911	3,147	3,387	4,860	5,450	4,121	3,508	3,119	3,897	5,175	2,951	−419
Depreciation and amortisation	45	64	127	203	277	361	459	520	563	561	811	826	884	923	1,003	917	1,030
Stock-based pay	13	14	24	34	84	156	221	265	480	709	815	975	1,094	1,011	897	665	502
Capital spending	58	132	273	366	448	783	833	631	708	1,329	931	737	1,689	1,234	1,581	1,130	1,680
Free cash flow	273	562	993	1,535	1,795	2,128	2,315	2,756	4,153	4,121	3,190	2,771	1,430	2,663	3,593	1,821	−2,099
Free cash flow after stock pay	260	548	969	1,501	1,712	1,972	2,094	2,491	3,672	3,413	2,376	1,796	336	1,652	2,696	1,156	−2,601
Share buybacks	4	0	0	—	0	0	1,015	0	255	502	718	1,892	1,175	287	673	879	770
Shares issued	—	—	—	—	—	—	—	—	—	—	0	0	3,081	0	—	—	—

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Baidu, Inc.'s SEC filings (10-K and 10-Q), retrieved November 2, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Baidu, Inc.