iQIYI Inc · Q2 2025 earnings

Briefing

iQIYI Q2 2025: RMB6.63B revenue down 11% YoY, GAAP net loss RMB134M as lighter content slate weighs on membership

iQIYI reported second quarter 2025 results showing total revenues of RMB6.63 billion (US$925.3 million), down 11% year over year, as membership services fell 9% on a lighter content slate versus the prior-year period. The company posted a GAAP operating loss of RMB46.2 million and a net loss attributable to iQIYI of RMB133.7 million (US$18.7 million), compared with net income of RMB68.7 million in Q2 2024. Non-GAAP net income attributable to iQIYI was RMB14.7 million (US$2.0 million), with non-GAAP diluted EPS of RMB0.02 per ADS. Membership services revenue was RMB4.09 billion, online advertising RMB1.27 billion, content distribution RMB436.6 million, and other revenues RMB829.3 million. Management highlighted top drama market share per Enlightent data and continued investment in AI, micro dramas, and international expansion while net interest expense declined for a seventh consecutive quarter.

• Total revenue of RMB6.63B (-11% YoY) missed the prior year's RMB7.44B as membership (-9%) and advertising (-13%) both declined on macro pressure and a lighter content slate
• GAAP net loss attributable to iQIYI was RMB133.7M versus RMB68.7M profit a year ago; non-GAAP net income was RMB14.7M with non-GAAP operating income of RMB58.7M
• Free cash flow turned negative at RMB34.1M versus positive RMB382.5M in Q2 2024; the company repurchased US$85M of 2028 Notes during the quarter
• Cash, equivalents, restricted cash, short-term investments and long-term restricted cash totaled RMB5.06B (US$705.7M) at June 30, 2025
• CEO Yu Gong cited blockbuster content driving top drama viewership share while CFO Jun Wang emphasized seven straight quarters of declining net interest expense

Headline financials

Revenue & EPS history