Baidu Stock (9888.HK, BIDU): Revenue, Margins 2026
Baidu (HKEX: 9888, Nasdaq: BIDU) closed at HK$78.60 on Nov 11, 2026, down 40.2% this year, a market cap of about HK$214.9 bn. Revenue for Q2 FY2026 was RMB 31.3 bn, 4.2% lower than a year earlier. This is a data page, not a recommendation.
Baidu stock price and key numbers (9888.HK)
Baidu closed at HK$78.60 on Nov 11, 2026, a market cap of about HK$214.9 bn and down 40.2% so far this year. Q2 FY2026 revenue was RMB 31.3 bn (−4.2% year on year) at a 39.0% gross margin.
| What | Figure | As of | Read |
|---|---|---|---|
| Share price (HKD) | HK$78.60 | Nov 11, 2026 close | −1.4% on the day; 51.0% below the 52-week closing high of HK$160.50; the BIDU ADR closed at $79.76 |
| Market cap (HKD) | ≈ HK$214.9 bn | Nov 11, 2026 | P/B 0.69x, P/S 1.47x; trailing P/E not meaningful (negative earnings) |
| Year-to-date move | −40.2% | Nov 11, 2026 close vs Dec 31, 2025 close (HK$131.50) | 1-year move −38.9% |
| Latest quarter revenue (Q2 FY2026) | RMB 31.3 bn | Reported, quarter to Jun 30, 2026 | −4.2% year on year |
| Latest quarter gross margin | 39.0% | Reported | 12.1 points below Q3 FY2024's 51.1% |
Source: Winus (winus.ai) financial data (official data aggregated from global exchanges and trading partners), retrieved Nov 12, 2026 (HKT). Reporting currency RMB; share price HKD. Company filings: HKEXnews and, for the ADR, SEC EDGAR.
The rows share one direction. The shares are 40.2% lower this year and 5.2% above their 52-week closing low, revenue has fallen year on year in seven of the last eight quarters, and the gross margin is at the low end of the table. The dividend yield is not carried for Baidu in the data used for this page.
How much has Baidu stock fallen in 2026?
Baidu stock fell 40.2% from HK$131.50 on Dec 31, 2025 to HK$78.60 on Nov 11, 2026, with the two largest legs down in the first and third quarters (−19.6% and −21.7%).
| Close | HK$ | Change from previous row |
|---|---|---|
| Dec 31, 2025 | 131.50 | |
| Mar 31, 2026 | 105.70 | −19.6% |
| Jun 30, 2026 | 109.60 | +3.7% |
| Sep 30, 2026 | 85.80 | −21.7% |
| Oct 30, 2026 | 75.70 | −11.8% |
| Nov 11, 2026 | 78.60 | +3.8% |
The stock peaked at a closing HK$160.50 on Jan 23, 2026, so the drop from that close to Nov 11 is 51.0%. The largest one-day fall in the past year was −11.0% on Aug 19, 2026; the largest gains were +9.4% on Jan 2, 2026 and +8.9% on Dec 30, 2025. This page does not carry the reasons behind those moves. The closes are unadjusted daily closing prices from the data.
Baidu revenue, gross margin and net profit by quarter
Baidu's revenue was RMB 31.3 bn in Q2 FY2026, down 4.2% year on year, with a 39.0% gross margin and net profit of RMB 2.3 bn, 68.3% below the RMB 7.3 bn of Q2 FY2025.
Baidu's fiscal year is the calendar year, so Q2 FY2026 is April to June 2026. Revenue and net profit are in RMB billions. Net profit is profit attributable to shareholders of the parent.
Show data
| Period | RMB bn | Note |
|---|---|---|
| Q3 FY24 | 33.6 | |
| Q4 FY24 | 34.1 | High: 34.1 |
| Q1 FY25 | 32.5 | |
| Q2 FY25 | 32.7 | |
| Q3 FY25 | 31.2 | −7.1% YoY, steepest fall |
| Q4 FY25 | 32.7 | |
| Q1 FY26 | 32.1 | |
| Q2 FY26 | 31.3 | −4.2% YoY |
Source: Winus (winus.ai) financial data, retrieved 2026-11-12 (HKT); Baidu reported figures
| Quarter | Revenue (RMB bn) | YoY | Gross margin | Net profit (RMB bn) | YoY |
|---|---|---|---|---|---|
| Q3 FY2024 (Jul–Sep 2024) | 33.6 | −2.6% | 51.1% | 7.6 | +14.2% |
| Q4 FY2024 | 34.1 | −2.4% | 47.2% | 5.2 | +99.8% |
| Q1 FY2025 | 32.5 | +3.0% | 46.1% | 7.7 | +41.6% |
| Q2 FY2025 | 32.7 | −3.6% | 43.9% | 7.3 | +33.4% |
| Q3 FY2025 | 31.2 | −7.1% | 41.2% | −11.2 | n/m |
| Q4 FY2025 | 32.7 | −4.1% | 44.2% | 1.8 | −65.7% |
| Q1 FY2026 | 32.1 | −1.2% | 38.9% | 3.4 | −55.4% |
| Q2 FY2026 (Apr–Jun 2026) | 31.3 | −4.2% | 39.0% | 2.3 | −68.3% |
Year-on-year figures are computed from the quarters in this table and the four earlier quarters retrieved for the comparison (Q3 FY2023 to Q2 FY2024). "n/m" means not meaningful: the year-earlier or current quarter is a loss.
Three things the table says on its own:
- Revenue has been flat to lower for two years. It fell year on year in seven of the eight quarters, in a band from RMB 31.2 bn to RMB 34.1 bn. The last four quarters add up to RMB 127.3 bn, 4.2% below the RMB 132.8 bn of the four before.
- The gross margin has lost 12.1 points. It was 51.1% in Q3 FY2024, 41.2% in Q3 FY2025 and 39.0% in Q2 FY2026. Q1 FY2026's 38.9% is the low of the table. Gross profit in Q2 FY2026 was about RMB 12.2 bn, 14.8% below the RMB 14.4 bn of Q2 FY2025 (computed as revenue times gross margin).
- Net profit moved from RMB 7.3 bn to a loss and back to a small profit. Q3 FY2025's loss of RMB 11.2 bn is the only negative quarter. The three quarters since have earned RMB 1.8 bn, RMB 3.4 bn and RMB 2.3 bn, a net margin of 7.4% in Q2 FY2026 against 22.4% in Q2 FY2025.
Over the last four quarters Baidu's net profit was negative RMB 3.7 bn, against positive RMB 27.9 bn in the four quarters before. This page does not carry the split between Baidu's search and feed marketing business, its cloud business and iQIYI, or the cause of the Q3 FY2025 loss; Baidu's results announcements on HKEXnews have both.
Show data
| Period | % | Note |
|---|---|---|
| Q3 FY24 | 51.1 | High: 51.1% |
| Q4 FY24 | 47.2 | |
| Q1 FY25 | 46.1 | |
| Q2 FY25 | 43.9 | |
| Q3 FY25 | 41.2 | |
| Q4 FY25 | 44.2 | |
| Q1 FY26 | 38.9 | Low: 38.9% |
| Q2 FY26 | 39.0 |
Source: Winus (winus.ai) financial data, retrieved 2026-11-12 (HKT); Baidu reported figures
Show data
| Period | RMB bn | Note |
|---|---|---|
| Q3 FY24 | 7.6 | |
| Q4 FY24 | 5.2 | |
| Q1 FY25 | 7.7 | High: 7.7 |
| Q2 FY25 | 7.3 | |
| Q3 FY25 | -11.2 | Loss: −11.2 |
| Q4 FY25 | 1.8 | |
| Q1 FY26 | 3.4 | |
| Q2 FY26 | 2.3 | −68.3% YoY |
Source: Winus (winus.ai) financial data, retrieved 2026-11-12 (HKT); profit attributable to shareholders
Baidu annual revenue and net profit: FY2024 vs FY2025
Baidu's FY2025 revenue was RMB 129.1 bn, down 3.0% from RMB 133.1 bn in FY2024, while net profit fell 76.5% to RMB 5.6 bn and the gross margin lost 6.5 points to 43.9%.
| FY2024 | FY2025 | Change | |
|---|---|---|---|
| Revenue (RMB bn) | 133.1 | 129.1 | −3.0% |
| Gross margin | 50.3% | 43.9% | −6.5 pts |
| Net profit (RMB bn) | 23.8 | 5.6 | −76.5% |
| R&D expense (RMB bn) | 22.1 | 20.4 | −7.7% |
R&D expense fell 7.7%, more than the 3.0% fall in revenue, and was 15.8% of revenue in FY2025 against 16.6% in FY2024. Net profit is the line that moved most: FY2025 includes the RMB 11.2 bn loss of Q3 FY2025, and without that quarter the other three add up to RMB 16.8 bn. This page does not carry operating cash flow for Baidu; see Baidu's filings.
What is the difference between Baidu's HK shares and the BIDU ADR?
Baidu trades in Hong Kong as 9888.HK in Hong Kong dollars (HK$78.60 at the Nov 11, 2026 close) and on Nasdaq as BIDU in US dollars ($79.76), where one ADS represents eight Class A ordinary shares.
| Listing | Ticker | Currency | Note |
|---|---|---|---|
| Hong Kong Main Board | 9888.HK | HKD | Winus data shows a Mar 23, 2021 listing date; closed HK$78.60 on Nov 11, 2026 (−1.4%); 2,733,561,498 shares |
| Nasdaq | BIDU | USD | 1 ADS = 8 Class A shares; closed $79.76 on Nov 11, 2026 |
| Mainland A-share | None | The data used for this page carries no A-share line for Baidu |
Eight Hong Kong shares cost HK$628.80 at the Nov 11 close (8 × HK$78.60). That is a different currency from the $79.76 ADS price, and this page does not convert between them. The Hong Kong line is the one used here for price, market cap and valuation.
How much of Baidu do southbound investors hold?
Mainland investors held 107,890,608 Baidu shares through Stock Connect at the Nov 11, 2026 close, worth about HK$8.5 bn at that day's price and roughly 3.9% of the shares.
| Value | As of | |
|---|---|---|
| Southbound (Stock Connect) holding | 107,890,608 shares | Nov 11, 2026 |
| Holding value (shares × HK$78.60) | ≈ HK$8.5 bn | Nov 11, 2026 |
| Share of company | ≈ 3.9% | On 2,733,561,498 shares, Nov 11, 2026 |
The share of company is the holding divided by the total share count in the same data. The data used for this page does not carry a local analyst consensus or a Wall Street consensus for Baidu, so this page does not compare the two.
What is Baidu's P/E ratio and 52-week range?
Baidu has no meaningful trailing P/E because its four-quarter net profit is negative RMB 3.7 bn; it trades at 0.69 times book and 1.47 times sales, within a 52-week closing range of HK$74.70 to HK$160.50.
| Metric | Value | Note |
|---|---|---|
| Trailing P/E | Not meaningful | Net profit of −RMB 3.7 bn over the four quarters to Q2 FY2026 |
| P/B | 0.69x | Feed field at the Nov 11, 2026 close |
| P/S | 1.47x | Feed field; trailing revenue RMB 127.3 bn |
| 52-week closing high | HK$160.50 | Jan 23, 2026 |
| 52-week closing low | HK$74.70 | Nov 3, 2026 |
| Close vs low | +5.2% | Nov 11, 2026 |
The range is from daily closing prices between Nov 12, 2025 and Nov 11, 2026, unadjusted. The shares are 38.9% lower than a year earlier (HK$128.70 on Nov 11, 2025). Recent sessions show how close the price sits to the low:
| Session | Close (HK$) | Day change |
|---|---|---|
| Nov 3, 2026 | 74.70 | −1.3% |
| Nov 4, 2026 | 76.55 | +2.5% |
| Nov 5, 2026 | 80.65 | +5.4% |
| Nov 6, 2026 | 78.20 | −3.0% |
| Nov 9, 2026 | 78.50 | +0.4% |
| Nov 10, 2026 | 79.70 | +1.5% |
| Nov 11, 2026 | 78.60 | −1.4% |
The P/E will become a number again when Q3 FY2025's RMB 11.2 bn loss drops out of the four-quarter window. The other three quarters in that window add up to RMB 7.5 bn, so a positive Q3 FY2026 would turn the trailing total positive. That is arithmetic, not a forecast.
What to watch in Baidu's Q3 FY2026 results
Three numbers frame the Q3 FY2026 report: revenue against RMB 31.2 bn (Q3 FY2025), gross margin against 39.0% (Q2 FY2026), and net profit against the RMB 11.2 bn loss of Q3 FY2025.
Baidu announces its results date on its own channels and through HKEXnews, so the date is not given here. Q3 FY2026 covers July to September 2026. Q3 FY2025 is the weakest revenue quarter in the table and the only loss, so the year-on-year comparison is unusually low on both lines.
| Check | Benchmark | Why it matters |
|---|---|---|
| Revenue | RMB 31.2 bn (Q3 FY2025); RMB 31.3 bn (Q2 FY2026) | Flat on Q2 would be +0.5% on Q3 FY2025, which fell 7.1% a year earlier |
| Gross margin | 39.0% (Q2 FY2026); 41.2% (Q3 FY2025) | Q1 and Q2 FY2026 were 38.9% and 39.0%; a level above 41.2% would be the first year-on-year rise in the table |
| Net profit | −RMB 11.2 bn (Q3 FY2025); RMB 2.3 bn (Q2 FY2026) | Any profit is a swing of more than RMB 11.2 bn year on year and ends the negative trailing total |
How to check Baidu's numbers yourself in Winus
Open Financial Chat, type #9888.HK, and ask for the same eight-quarter table with the Q3 FY2026 figures added the day they are filed. The Company One-Pager and Global Earnings Review skills can add the business-line split and the earnings write-up that this page does not carry. For the same layout on other Chinese internet names, see Tencent stock and Alibaba stock.
Open 9888.HK in WinusFree tier: 400 credits a day; unused daily credits expire.
Related reading: Xiaomi Stock, Meituan Stock.
About Winus. Winus (winus.ai) is a financial AI agent platform built on professional financial data and research expertise. Answers carry built-in citations, reusable skills run research workflows, and the output can be a report, an Excel model or a deck. To check Baidu's numbers against their sources, or run the same view on another company, a financial AI agent such as Winus can pull them with #9888.HK and keep the result as a report.
Data sourced from Winus (winus.ai) financial data, which aggregates official data from global exchanges and trading partners. Figures as retrieved on Nov 12, 2026 (HKT); Baidu's own filings govern if they differ. This page is for information only and is not investment advice.
FAQ
Is Baidu stock listed in the US?
Yes. Baidu trades on Nasdaq as BIDU, where one ADS represents eight Class A ordinary shares ($79.76 at the Nov 11, 2026 close), and in Hong Kong as 9888.HK (HK$78.60 the same day). This page uses the Hong Kong line for price, market cap and valuation.
When does Baidu report Q3 2026 earnings?
Baidu announces its results date itself, and the date is not in the data used for this page. Q3 FY2026 covers July to September 2026. The latest reported quarter is Q2 FY2026, with revenue of RMB 31.3 bn and net profit of RMB 2.3 bn.
What currency are Baidu's revenue and profit reported in?
Renminbi. Baidu reports in RMB, so the quarterly and annual tables on this page are RMB billions. The 9888.HK share price, market cap and 52-week range are in Hong Kong dollars, and the BIDU ADR is in US dollars.
Why does Baidu have no P/E ratio?
Baidu's net profit over the four quarters to Q2 FY2026 was negative RMB 3.7 bn, because Q3 FY2025 was a loss of RMB 11.2 bn. A trailing P/E on negative earnings is not meaningful, so this page uses P/B and P/S instead.
What is Winus?
Winus is a financial AI agent platform built on professional financial data and research expertise. It combines specialized tools, reusable financial skills and coordinated AI agents so a natural-language request about a company, fund or market can produce research reports, Excel models and presentation decks. Type #9888.HK in Winus to run this page's analysis yourself.