v3.26.1
Consolidated Statements of Cash Flows
¥ in Millions, $ in Millions
12 Months Ended
Dec. 31, 2025
CNY (¥)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
CNY (¥)
Dec. 31, 2023
CNY (¥)
Cash flows from operating activities:        
Net income ¥ 5,457 $ 780 ¥ 24,175 ¥ 21,549
Adjustments to reconcile net income to net cash provided by/ (used in) operating activities:        
Depreciation of fixed assets and computer parts 7,746 1,108 6,844 7,390
Amortization and impairment of intangible assets 555 79 295 430
Impairment of long-lived assets 16,190 2,315 0 0
Deferred income tax, net (1,271) (182) 1,040 (163)
Share-based compensation 3,605 517 4,784 6,345
Allowance for credit losses 1,984 284 1,074 693
Investment and interest income (7,455) (1,067) (2,598) (3,765)
Amortization of licensed copyrights 6,137 878 7,489 7,088
Amortization and impairment of produced content 6,913 989 5,893 6,549
Impairment of long-term investments and other assets excluding long-lived assets 488 70 630 910
Share of losses (earnings) from equity method investments (3,196) (457) 691 3,799
Loss (gain) on disposal of subsidiaries or business     22 (157)
Gain on disposal of fixed assets (11) (2) (44) (36)
Barter transaction revenue (450) (64) (902) (418)
Accretion on convertible senior notes and others 261 37 311 332
Other non-cash expenses (income) 2,082 298 (958) (864)
Changes in operating assets and liabilities, net of effects of acquisitions and disposals:        
Accounts receivable (4,509) (645) 327 216
Amounts due from related parties 6 1 (220) (196)
Licensed copyrights (4,858) (695) (6,530) (6,381)
Produced content (6,749) (965) (7,210) (6,928)
Other assets (22,377) (3,200) (16,782) (691)
Customer deposits and deferred revenue (1,775) (254) 103 1,645
Accounts payable and accrued liabilities and other non-current liabilities (1,844) (264) 2,298 (858)
Deferred income (99) (14) 410 273
Amounts due to related parties 157 22 92 (147)
Net cash provided by/ (used in) operating activities (3,013) (431) 21,234 36,615
Cash flows from investing activities:        
Acquisition of fixed assets (12,073) (1,726) (8,134) (11,190)
Acquisition of businesses, net of cash acquired (1,188) (170)   (115)
Acquisition of intangible assets (1,344) (192) (125) (105)
Purchases of time deposits and held-to-maturity investments (160,679) (22,977) (225,885) (198,658)
Maturities of time deposits and held-to-maturity investments 155,700 22,265 224,188 152,877
Purchases of available-for-sale debt investments (151,448) (21,657) (79,022) (3,335)
Sales and maturities of available-for-sale debt investments 146,788 20,990 74,366 2,155
Purchases of trading investments (3,405) (487) (15)  
Purchases of equity investments (646) (92) (795) (1,487)
Proceeds from disposal of equity investments 3,936 563 6,697 6,884
Loans provided to third parties (813) (116) (2,427) (1,472)
Loans provided to related parties (100) (14) (38) (1)
Repayment from loans provided to third parties     112  
Repayment from loans provided to related parties       3,946
Return of equity method investments 29 4 2,536  
Other investing activities 107 15 (13) 104
Net cash used in investing activities (25,136) (3,594) (8,555) (50,397)
Cash flows from financing activities:        
Proceeds from short-term loans 11,996 1,715 22,454 15,928
Repayments of short-term loans (15,035) (2,150) (22,039) (11,026)
Proceeds from long-term loans 3,450 493 1,120 130
Repayments of long-term loans (547) (78) (16) (31)
Repayment of loans borrowed from related parties       (3,477)
Proceeds from issuance of long-term notes, net of issuance costs 28,708 4,105    
Repayments of long-term notes (7,955) (1,138) (6,142) (7,296)
Proceeds from issuance of convertible senior notes, net of issuance costs 2,490 356   4,415
Repayments or redemption of convertible senior notes (2,814) (402) (2,914) (11,736)
Proceeds from issuance of subsidiaries' shares     41 3,461
Repurchase of ordinary shares (5,536) (792) (6,324) (4,764)
Proceeds from exercise of share options 93 13 47 103
Proceeds from issuance of redeemable noncontrolling interests 2,370 339 615 351
Acquisition of redeemable noncontrolling interests and noncontrolling interests in subsidiaries     (825)  
Proceeds from other financing activities 243 36 339  
Repayments of other financing activities (321) (46) (115) (220)
Net cash provided by/ (used in) financing activities 17,142 2,451 (13,759) (14,162)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (751) (107) 95 282
Net decrease in cash, cash equivalents and restricted cash (11,758) (1,681) (985) (27,662)
Cash, cash equivalents and restricted cash at the beginning of the year 36,589 5,232 37,574 65,236
Cash, cash equivalents and restricted cash at the end of the year 24,831 3,551 36,589 37,574
Supplemental disclosures:        
Interest paid 2,007 287 2,237 2,764
Income taxes paid [1] 3,254 465 3,684 3,666
Non-cash investing and financing activities:        
Acquisition of fixed assets included in accounts payable and accrued liabilities 1,638 234 1,819 1,310
Reconciliation of cash, cash equivalents and restricted cash:        
Cash and cash equivalents 24,606 3,519 24,832 25,231
Restricted cash 225 32 11,697 11,503
Long-term restricted cash     60 840
Cash, cash equivalents and restricted cash at the end of the year ¥ 24,831 $ 3,551 ¥ 36,589 ¥ 37,574
[1] For the year ended December 31, 2025, income taxes paid amounted to RMB3.2 billion (US$461 million) in Chinese mainland, and RMB27 million (US$4 million) in jurisdictions outside Chinese mainland.