v3.26.1
Share-Based Awards Plan (Tables)
12 Months Ended
Dec. 31, 2025
Baidu  
Total Share-Based Compensation Cost Recognized
The following table summarizes the total share-based compensation cost recognized by the Group:
 
 
  
For the years ended December 31,
 
 
  
2023
 
  
2024
 
  
2025
 
  
2025
 
 
  
RMB
 
  
RMB
 
  
RMB
 
  
US$
 
 
  
(In millions)
 
Cost of revenue
     590        461        389        56  
Selling, general and administrative
     1,678        1,427        1,181        169  
Research and development
     4,077        2,896        2,035        292  
  
 
 
    
 
 
    
 
 
    
 
 
 
Total
     6,345        4,784        3,605        517  
  
 
 
    
 
 
    
 
 
    
 
 
 
Option Activity
The following table summarizes the option activity for the year ended December 31, 2025:

 
 
  
Number of share
options
 
 
Weighted average

exercise price
(US$)
 
 
Weighted
average
remaining
contractual life

(Years)
 
  
Aggregate
intrinsic
value (US$ in
millions)
 
Incentive share options
          
Outstanding, December 31, 2024
     16,363,784               19 *               3.4                —   
Granted
     744,768       11 *       
Exercised
     (1,336,600 )      12 *       
Forfeited/Cancelled
     (5,731,800 )      25 *       
  
 
 
        
Outstanding, December 31, 2025
     10,040,152       16 *       3.7        25  
  
 
 
        
Vested and expected to vest at December 31, 2025
     9,908,816       16 *       3.6        24  
Exercisable at December 31, 2025
     9,263,816       17 *       3.2        21  
 
*
Represents the exercise price per Class A ordinary share, and each ADS represents eight Class A ordinary shares.
Assumptions Used to Estimate Fair Values of Share Options Granted
The following table presents the assumptions used to estimate the fair values of the share options granted in the years presented:
 
 
  
For the years ended
December 31,
 
  
2025
Risk-free interest rate
   3.86~4.35%
Dividend yield
   — 
Expected volatility range
   51.11%~51.64%
Expected life (in years)
   5.19~5.65
Restricted Shares Activity
Restricted Shares activity for the year ended December 31, 2025 was as follow:

 

 
  
Number of shares
 
  
Weighted average grant date
fair value (US$)
 
Restricted Shares
  
  
Unvested, December 31, 2024
     82,321,904                15  
Granted
     55,790,824        11  
Vested
     (29,623,776 )      16  
Forfeited/Cancelled
     (14,428,184 )
 
     13  
  
 
 
    
 
 
 
Unvested, December 31, 2025
     94,060,768        12  
  
 
 
    
 
 
 
iQIYI  
Option Activity
The following table sets forth the summary of employee option activity for the year ended December 31, 2025:

 

 
  
Number of
share options
 
  
Weighted
average
exercise price

(US$)
 
  
Weighted
average
remaining
contractual life

(Years)
 
  
Aggregate
Intrinsic
value (US$ in
millions)
 
Outstanding, December 31, 2024
     578,455,922            0.28            6.5            73  
Granted
     76,706,000        0.01                
Forfeited/Expired
     (26,876,122 )      0.24                
Exercised
     (14,490,399 )       0.00                
  
 
 
          
Outstanding, December 31, 2025
     613,795,401        0.25        6.0        82  
  
 
 
          
Vested and expected to vest at December 31, 2025
     597,060,358        0.26        5.9        78  
Exercisable at December 31, 2025
     419,870,276        0.36        4.8        31