iQIYI Inc · Q1 2025 earnings

Briefing

iQIYI Q1 2025: RMB7.19B revenue down 9% YoY; GAAP net income RMB182M rebounds sequentially

iQIYI reported first quarter 2025 results on May 21 with total revenues of RMB7.19 billion (US$990.3 million), down 9% year over year, as membership services fell 8% on a lighter content slate and online advertising declined 10%. The company posted GAAP operating income of RMB341.9 million and net income attributable to iQIYI of RMB182.1 million, compared with RMB655.3 million net income in Q1 2024. Non-GAAP net income attributable to iQIYI was RMB304.4 million with non-GAAP diluted EPS of RMB0.31 per ADS. Management highlighted sequential revenue and operating income growth of 9% and 20%, top drama viewership share per Enlightent, and a seventh consecutive quarter of declining net interest expense. Free cash flow was RMB307.7 million and total liquidity including cash, restricted cash, short-term investments and long-term restricted cash was RMB5.70 billion.

• Total revenue of RMB7.19B (-9% YoY) as membership (-8%) and advertising (-10%) both declined on macro pressure and a lighter content slate.
• GAAP net income attributable to iQIYI was RMB182.1M versus RMB655.3M a year ago; non-GAAP net income was RMB304.4M with non-GAAP EPS of RMB0.31.
• Operating income was RMB341.9M with a 5% margin; non-GAAP operating income was RMB458.5M with a 6% margin.
• Free cash flow was RMB307.7M; cash, restricted cash, short-term investments and long-term restricted cash totaled RMB5.70B.
• CEO Yu Gong cited top drama viewership share while CFO Jun Wang noted six straight quarters of declining net interest expense.

Headline financials

Revenue & EPS history