Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income (Loss) Before Income Taxes

Income (loss) before income taxes consists of:


		For the years ended December 31,
		2023				2024				2025				2025
		RMB				RMB				RMB				US$
		(In millions)
Chinese mainland			28,449				24,970				2,618				374
Non-Chinese mainland			(3,251	)			3,652				4,098				586

			25,198				28,622				6,716				960

Components of Income Tax

Income taxes consist of:


		For the years ended December 31,
		2023				2024				2025				2025
		RMB				RMB				RMB				US$
		(In millions)
Current income tax			3,812				3,407				2,530				362
Adjustments of deferred tax assets due to change in tax rates			111				(334	)			229				32
Deferred income tax expense (benefit)			(274	)			1,374				(1,500	)			(214	)

			3,649				4,447				1,259				180

Reconciliation of Effective Income Tax Provision of Tax Computed By Applying Statutory Income Tax Rate to Pre-Tax Income

The reconciliation of the actual income taxes to the amount of tax computed by applying the aforementioned statutory income tax rate

to

pre-tax

income is as follows:


		For the years ended December 31,
		2023				2024
		RMB				RMB
		(In millions)
Expected taxation at PRC statutory tax rate			6,299				7,156
Effect of differing tax rates in different jurisdictions			410				(153	)
Non-taxable income			(456	)			(593	)
Non-deductible expenses			1,928				814
Research and development super-deduction			(3,067	)			(3,048	)
Effect of PRC preferential tax rates and tax holiday			(1,833	)			(1,760	)
Effect of tax rate changes on deferred taxes			111				(334	)
Reversal of prior year’s income taxes			(156	)			(23	)
PRC withholding tax			574				1,762
Change in valuation allowance			(161	)			626

Taxation for the year			3,649				4,447

Effective tax rate			14.5	%			15.5	%


		For the year ended December 31,
		2025
		RMB				US$				Percent
		(In millions)
Income tax expense at PRC statutory rate			1,679				240				25.0	%
Foreign Tax Effects
Cayman Islands
Statutory tax rate difference between PRC and other jurisdictions			678				97				10.1	%
Hong Kong
Statutory tax rate difference between PRC and other jurisdictions			(654	)			(94	)			(9.7	%)
Non-taxable income			(1,655	)			(237	)			(24.6	%)
Non-deductible expenses			361				52				5.4	%
Others			25				4				0.4	%
Other foreign jurisdictions			(12	)			(2	)			(0.2	%)
Effect of changes in tax laws or rates enacted in the current year			—				—				0	%
Effect of cross-border tax laws			—				—				0	%
Change in valuation allowance			810				116				12.1	%
Nontaxable or nondeductible items
Non-taxable income			(69	)			(10	)			(1.0	%)
Non-deductible expenses			876				125				13.0	%
Expected credit losses			228				33				3.4	%
Share-based compensation expenses			351				50				5.2	%
Others			297				42				4.4	%
Changes in unrecognized tax benefits			(256	)			(37	)			(3.8	%)
Other adjustments
Effect of tax holidays inside PRC			406				58				6.0	%
Tax incentives relating to R&D expenditures			(2,727	)			(390	)			(40.6	%)
Effect of tax rate change on deferred tax			229				33				3.4	%
PRC withholding tax			1,503				215				22.4	%
Others			65				10				0.8	%
Income tax expense			1,259				180				18.7	%

Tax Effects of Temporary Differences that Gave Rise to Deferred Tax Assets and Liabilities

The tax effects of temporary differences that gave rise to the deferred tax balances at December 31, 2024 and 2025 are as follows:


		As of December 31,
		2024				2025				2025
		RMB				RMB				US$
		(In millions)
Deferred tax assets:
Allowance for credit losses			905				1,412				202
Accrued expenses, payroll and others, and impairment of long-lived assets			4,067				6,705				959
Fixed assets depreciation and intangible assets amortization			3,511				3,121				446
Operating lease liabilities			1,255				1,159				166
Net operating loss carry – forwards			4,483				5,436				777
Less: valuation allowance			(10,498	)			(11,841	)			(1,693	)

Total			3,723				5,992				857


		As of December 31,
		2024				2025				2025
		RMB				RMB				US$
		(In millions)
Deferred tax liabilities:
Operating lease right-of-use asset			1,255				1,159				166
Withholding tax on PRC subsidiaries’ undistributed earnings			2,966				3,730				533
Tax on capital gains			779				1,005				144
Others			400				501				72

Total			5,400				6,395				915