Earnings Per Share

12 Months Ended

Dec. 31, 2025

22.	EARNINGS PER SHARE

Each ADS represents eight Class A ordinary shares. A reconciliation of net income attributable to Baidu, Inc. in the consolidated statements of comprehensive income to the numerator for the computation of basic and diluted earnings per share for the years ended December 31, 2023, 2024 and 2025 is as follows:


	For the years ended December 31,
	2023			2024			2025			2025
	RMB			RMB			RMB			US$
	(In millions, including number of shares, except for per share data)
Net income attributable to Baidu, Inc.		20,315			23,760			5,589			799
Accretion of the redeemable noncontrolling interests		(717	)		(588	)		(926	)		(132	)

Numerator for basic EPS computation		19,598			23,172			4,663			667
Impact of diluted securities of subsidiaries and equity method investees		(44	)		(105	)		(620	)		(89	)
Numerator for diluted EPS computation		19,554			23,067			4,043			578

The following table sets forth the computation of basic and diluted earnings per Class A and Class B ordinary share and basic and diluted earnings per ADS:


	For the years ended December 31,
	2023				2024				2025				2025
	Class A		Class B		Class A		Class B		Class A		Class A		Class B		Class B
	RMB		RMB		RMB		RMB		RMB		US$		RMB		US$
	(In millions, including number of shares and ADS, except for per share and per ADS data)
Earnings per share—basic:
Numerator
Allocation of net income attributable to Baidu, Inc.		15,905		3,693		18,812		4,360		3,767		539		896		128

Denominator
Weighted average ordinary shares outstanding		2,278		529		2,265		525		2,202		2,202		524		524

Denominator used for basic EPS		2,278		529		2,265		525		2,202		2,202		524		524

Earnings per share—basic		6.98		6.98		8.31		8.31		1.71		0.24		1.71		0.24

Earnings per share—diluted:
Numerator
Allocation of net income attributable to Baidu, Inc. for diluted computation		15,909		3,645		18,741		4,326		3,273		468		770		110
Reallocation of net income attributable to Baidu, Inc. as a result of conversion of Class B to Class A shares		3,645		—		4,326		—		770		110		—		—

Numerator for diluted EPS computation		19,554		3,645		23,067		4,326		4,043		578		770		110

Denominator
Weighted average ordinary shares outstanding		2,278		529		2,265		525		2,202		2,202		524		524
Conversion of Class B to Class A ordinary shares		529		—		525		—		524		524		—		—
Share-based awards		30		—		8		—		18		18		—		—

Denominator used for diluted EPS		2,837		529		2,798		525		2,744		2,744		524		524

Earnings per share—diluted		6.89		6.89		8.24		8.24		1.47		0.21		1.47		0.21

Earnings per ADS (1 ADS equals 8 Class A ordinary shares):
Denominator used for earnings per ADS—basic		285				283				275		275

Denominator used for earnings per ADS—diluted		355				350				343		343

Earnings per ADS—basic		55.83				66.40				13.67		1.95

Earnings per ADS—diluted		55.08				65.91				11.78		1.68

The Company did not include the effect of (i) convertible senior notes issued by iQIYI for the year ended December 31, 2025, (ii) certain share options issued by iQIYI and other subsidiaries for the year ended December 31, 2025, and (iii) certain share options issued by certain subsidiaries for the years ended December 31, 2023 and 2024, in the computation of diluted earnings per share, as their effects would be anti-dilutive.