Baidu, Inc.
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $799.0M | $3.26B | $2.86B | $1.10B | $1.61B | $3.44B | $296.0M | $4.01B |
| Depreciation & Amortization | $1.10B | $909.0M | $1.00B | $905.0M | $896.0M | $869.0M | — | — |
| Depreciation | $1.11B | $938.0M | $1.04B | $939.0M | $923.0M | $885.0M | $807.0M | $543.0M |
| Amortization | — | — | — | — | — | — | — | — |
| Stock-Based Compensation | $517.0M | $655.0M | $894.0M | $984.0M | $1.11B | $1.03B | $808.0M | $681.0M |
| Net Cash from Operating Activities | $-431.0M | $2.91B | $5.16B | $3.79B | $3.16B | $3.71B | $4.09B | $5.23B |
| Investing Activities | ||||||||
| Capital Expenditures | $1.73B | $1.11B | $1.58B | $1.20B | $1.71B | $779.0M | $923.0M | $1.28B |
| Business Acquisitions | $170.0M | — | $16.0M | $2.0M | $39.0M | $367.0M | $139.0M | $288.0M |
| Net Cash from Investing Activities | $-3.59B | $-1.17B | $-7.10B | $-572.0M | $-4.93B | $-4.22B | $-2.87B | $-5.01B |
| Financing Activities | ||||||||
| Dividends Paid | — | — | — | — | — | — | — | — |
| Stock Repurchases | $792.0M | $866.0M | $671.0M | $279.0M | $1.19B | $2.00B | $712.0M | $482.0M |
| Net Cash from Financing Activities | $2.45B | $-1.89B | $-2.00B | $-926.0M | $3.67B | $869.0M | $-556.0M | $2.19B |
| Net Change in Cash | $-1.68B | $-135.0M | $-3.90B | $2.55B | $1.75B | $323.0M | $663.0M | $2.69B |
| Free Cash Flow | $-2.16B | $1.80B | $3.58B | $2.59B | $1.45B | $2.93B | $3.17B | $3.96B |