Baidu Inc (BIDU) Q2 2026 (CNY): EPS 1.06 (exp. 1.51), revenue USD 4.62bln (Exp. 4.65bln)

Baidu App MAUs reached 644mln in June Total cash and investments were USD 41.72bln Adj. EBITDA was USD 906mln with a 20% margin Operating cash flow USD 506mln UNIT REVENUE: Baidu General Business revenue -4% Y/Y to USD 3.712bln iQIYI revenue -5% Y/Y to USD 927mln Core AI-powered Business revenue +25% Y/Y to RMB 12.5bln, representing 50% of General Business revenue AI Cloud Infra revenue +50% Y/Y to RMB 7.3bln GPU Cloud revenue +283% Y/Y AI Applications revenue +3% Y/Y to RMB 2.5bln AI-native marketing services roughly flat Y/Y at RMB 2.6bln. Online marketing services revenue -19% Y/Y to RMB 13.1bln COMMENTARY: CEO says AI-powered Business is now firmly established as Baidu’s core, while online marketing remains under pressure Says GPU cloud growth accelerating off an already high base CFO says the company remains committed to investing in AI