Q2 26 EPS Adjusted
$1.07
MISS 89.14%
Est. $9.84
Q2 26 Revenue
$4.64B
MISS 85.49%
Est. $31.95B
Market Reaction
Did BAIDF Beat Earnings? Q2 2026 Results
Baidu delivered a sharp disappointment in its second-quarter 2026 results, with adjusted EPS of $1.07 missing the $9.84 consensus estimate by 89.14% and revenue of $4.64 billion falling 85.49% short of the $31.95 billion analysts had expected, while … Read more Baidu delivered a sharp disappointment in its second-quarter 2026 results, with adjusted EPS of $1.07 missing the $9.84 consensus estimate by 89.14% and revenue of $4.64 billion falling 85.49% short of the $31.95 billion analysts had expected, while declining 4.2% year over year. The primary drag on earnings came from a dramatic collapse in other income, which fell to just $27.23 million from $719.71 million a year ago due to reduced fair value gains on long-term investments and mounting foreign exchange losses, pulling GAAP net income down to $343.21 million from $1.08 billion in Q2 2025. Beneath the headline misses, Baidu's AI pivot showed tangible momentum, with AI Cloud Infrastructure revenue reaching $1.08 billion, up 50% year over year, and GPU Cloud revenue accelerating to 283% growth. Capital expenditures surged to $1.69 billion from $562.39 million a year earlier as the company doubled down on AI infrastructure, resulting in free cash flow of negative $1.18 billion. Management signaled continued commitment to AI investment and expressed confidence in its long-term growth trajectory, with a planned dual-primary listing on the Hong Kong Stock Exchange expected to take effect within 2026.
Key Takeaways
- • AI Cloud Infra revenue grew 50% YoY driven by surging demand for GPU Cloud computing
- • GPU Cloud revenue grew 283% YoY, accelerating from 184% growth in Q1
- • SG&A expenses decreased 23% YoY due to lower expected credit losses and channel spending
- • R&D expenses decreased 10% YoY primarily from personnel-related expense fluctuations
- • Online Marketing Services revenue declined 19% YoY, continuing pressure on legacy business
BAIDF Forward Guidance & Outlook
Baidu remains firmly committed to investing in AI as the core driver of long-term growth. The company expects the dual-primary listing conversion in Hong Kong to become effective within 2026, subject to shareholder and Hong Kong Stock Exchange approval. While online marketing business remains under pressure, management expressed confidence in long-term growth potential driven by momentum in AI-powered businesses.
BAIDF YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
BAIDF Revenue by Segment
With YoY comparisons, source: SEC Filings
“With AI-powered Business now firmly established as the core of Baidu, we are strengthening the foundations for our next phase of AI-driven growth. AI Cloud Infra sustained strong momentum this quarter, with GPU Cloud growth accelerating further off an already high base. Our AI Applications portfolio also continued to flourish, with stronger capabilities and increasingly diverse use cases. Apollo Go made steady progress with its global expansion, while further strengthening its safety and operational capabilities and enhancing the rider experience.”
— Robin Li, Q2 2026 Earnings Press Release
BAIDF Earnings Trends
BAIDF vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
BAIDF EPS Trend
Earnings per share: estimate vs actual
BAIDF Revenue Trend
Quarterly revenue: estimate vs actual
BAIDF Quarterly Results
7 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 MISS | $9.84 | $1.07 | -89.14% | $4.64B | -85.49% |
| Q1 26 MISS | $11.43 | $1.75 | -84.69% | $4.65B | -85.25% |
| Q4 25 MISS FY | $9.65 | $1.52 | -84.24% | $32.74B | +0.29% |
| FY Full Year | $53.48 | $7.64 | -85.71% | $129.08B | -0.02% |
| Q3 25 MISS | $8.37 | $1.56 | -81.35% | $4.38B | -85.82% |
| Q2 25 MISS | $13.33 | $1.90 | -85.75% | $32.71B | -0.62% |
| Q1 25 MISS | $13.84 | $2.55 | -81.57% | $4.47B | -85.58% |
| Q3 24 MISS | $17.90 | $2.37 | -86.76% | $4.78B | -85.78% |