Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Fair Value Disclosure and Measurement on Recurring Basis

Assets and liabilities measured on a recurring basis or disclosed at fair value are summarized below:


			Fair value measurement or disclosure at December 31, 2024 using
	Total fair value at December 31, 2024		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
	RMB		RMB		RMB		RMB
	(In millions)
Fair value disclosure (i)

Cash equivalents:
Time deposits		4,538				4,538

Short-term investments:
Held-to-maturity debt investments		96,912				96,912

Long-term investments:
Long-term time deposits and held-to-maturity investments		99,069				99,069

Notes payable, current portion		7,982				7,982

Convertible senior notes, current portion		225				17		208

Notes payable, non-current portion		26,276				26,276

Convertible senior notes, non-current portion		7,697				3,932		3,765

Fair value measurements on a recurring basis

Short-term investments:
Available-for-sale debt investments		5,954				5,954
Trading debt investments		15		15

Other current assets:
Derivative instruments		7				7

Long-term investments:
Equity investments at fair value with readily determinable fair value		8,586		8,586
Equity investments without readily determinable fair value using NAV practical expedient (ii)		727
Investments accounted for at fair value		4,381		34				4,347
Available-for-sale debt investments		6,360				850		5,510

Other non-current assets:
Derivative instruments		607				607

Total assets measured at fair value		26,637		8,635		7,418		9,857


Amounts due to related parties, current:
Financial liability		389				389

Total liabilities measured at fair value		389				389


					Fair value measurement or disclosure at December 31, 2025 using
	Total fair value at December 31, 2025				Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
	RMB		US $		RMB		RMB		RMB
	(In millions)
Fair value disclosure (i)

Cash equivalents:
Time deposits		5,286		756				5,286

Short-term investments:
Held-to-maturity debt investments		59,570		8,518				59,570

Long-term investments:
Long-term time deposits and held-to-maturity investments		125,048		17,882				125,048

Notes payable, current portion		4,517		646				4,517

Convertible senior notes, current portion		1,458		208				1,458

Notes payable, non-current portion:

Notes payable other than 2032 Exchangeable Bonds		36,175		5,173				36,175

Convertible senior notes, non-current portion		6,313		903				2,398		3,915

Fair value measurements on a recurring basis

Short-term investments:
Available-for-sale debt investments		27,050		3,868				27,050
Trading debt investments		4,081		584		4,081

Other current assets:
Derivative instruments		180		26				180
Long-term investments:
Equity investments at fair value with readily determinable fair value		10,774		1,541		10,774
Equity investments without readily determinable fair value using NAV practical expedient (ii)		618		88
Investments accounted for at fair value		4,593		657		19				4,574
Available-for-sale debt investments		3,220		460				336		2,885

Total assets measured at fair value		50,516		7,224		14,874		27,566		7,459


Amounts due to related parties, current:
Financial liability		374		53				374
Accounts payable and accrued liabilities:
Derivative instruments		34		5				34
Notes payable, non-current portion:
2032 Exchangeable Bonds		14,271		2,041				14,271

Total liabilities measured at fair value		14,679		2,099				14,679

(i)	Fair value disclosure shows financial instruments which are not measured at fair value in the consolidated balance sheets, but for which the fair value is estimated for disclosure purposes.

(ii)

Investments are measured at fair value using NAV as a practical expedient. These investments have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.

Schedule of rolling forward of Investments accounted for at fair value categorized within Level 3 under the fair value hierarchy

Investments accounted for at fair value:


	Amounts
	RMB
	(In millions)
Balance at December 31, 2023		4,775
Additions		159
Disposals		(248	)
Net unrealized fair value decrease recognized in earnings		(376	)
Foreign currency translation adjustments		37

Balance at December 31, 2024		4,347

Additions		398
Disposals		(171	)
Net unrealized fair value increase recognized in earnings		49
Foreign currency translation adjustments		(49	)

Balance at December 31, 2025		4,574

Balance at December 31, 2025, in US$		654

Schedule of rolling forward of available-for-sale debt investments categorized within Level 3 under the fair value hierarchy

Available-for-sale

debt investments:


	Amounts
	RMB
	(In millions)
Balance at December 31, 2023		3,259
Disposals		(85	)
Conversion		2,061
Net unrealized fair value change recognized in other comprehensive income (loss)		174
Accrued interest		74
Foreign currency translation adjustments		27

Balance at December 31, 2024		5,510

Additions		107
Disposals		(1,051	)
Conversion		(1,610	)
Net unrealized fair value change		(114	)
Accrued interest		70
Foreign currency translation adjustments		(27	)

Balance at December 31, 2025		2,885

Balance at December 31, 2025, in US$		413

Summary of Assets Measured at Fair Value on a Non-Recurring Basis

The following table summarizes the Group’s non-financial assets held as of December 31, 2024 and 2025 for which a

non-recurring

fair value measurement was recorded during the years ended December 31, 2024 and 2025:


	Total fair value				Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)		Total gains (losses)
	RMB		US$		RMB	RMB	RMB		RMB			US$
	(In millions)
Fair value measurements on a non-recurring basis
As of December 31, 2024
Long-term investments (i)		1,242						1,242		261
Produced content monetized on its own		74						74		(95	)

As of December 31, 2025
Long-term investments (i)		530		76				530		31			5
Produced content monetized on its own		47		7				47		(86	)		(12	)
Core asset group as of September 30, 2025 ( Note 2 )		44,748		6,399				44,748		(16,190	)		(2,315	)

(i)

Due to declined financial performances and changes in business circumstances of certain investees, the Group recognized impairment charges of long-term investments in the consolidated statements of comprehensive income during the years ended December 31, 2024 and 2025. For equity investments without readily determinable fair value using the measurement alternative, when there are observable price changes in orderly transactions for identical or similar investments of the same issuer, the investments are

re-measured

to fair value.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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