iQIYI (IQ) Company Report

Analyst Coverage

Research analysts who have asked questions during iQIYI earnings calls.

Xueqing Zhang

China International Capital Corporation

4 questions for IQ

Also covers: BILI, MOMO, NTES +4 more

Maggie Ye

CLSA

3 questions for IQ

Also covers: HUYA, TME

Lei Zhang

Bank of America Merrill Lynch

2 questions for IQ

Also covers: BILI, DOYU, HUYA +2 more

Lincoln Kong

Goldman Sachs Group, Inc.

1 question for IQ

Also covers: BIDU, BILI, NTES +3 more

Maggie Lee

CLSA

1 question for IQ

Thomas Chong

Jefferies Financial Group Inc.

1 question for IQ

Also covers: ATHM, BABA, BEKE +22 more

Yifan Ye

CLSA

1 question for IQ

Yi Jing (Vicky) Wei

Citigroup

1 question for IQ

Yi Jing Wei

Citigroup Inc.

1 question for IQ

Also covers: EM, ZH

Zei Zhao

Guangfa Securities

1 question for IQ

Zhiking Zhang

CICC

1 question for IQ

Latest news

Recent press releases and 8-K filings for IQ.

iQIYI Announces Third Quarter 2025 Financial Results

Earnings

Demand Weakening

iQIYI reported total revenues of RMB6.68 billion (US$938.7 million) for the third quarter of 2025, marking an 8% decrease year over year.
The company experienced an operating loss of RMB121.8 million (US$17.1 million), with an operating loss margin of 2% in Q3 2025, compared to an operating income in the same period of 2024.
Net loss attributable to iQIYI was RMB248.9 million (US$35.0 million) for Q3 2025, a shift from net income in the prior year period.
Diluted net loss attributable to iQIYI per ADS was RMB0.26 (US$0.04) for the third quarter of 2025.
As of September 30, 2025, iQIYI held RMB4.88 billion (US$686.0 million) in cash, cash equivalents, restricted cash, short-term investments, and long-term restricted cash.

Nov 18, 2025, 9:04 PM

6-K

iQIYI Reports Q3 2025 Financial Results with Revenue Growth and Strong International Expansion

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

iQIYI (IQ) reported Q3 2025 total revenue of RMB6.7 billion, a 1% sequential increase, with membership services revenue growing 3% sequentially to RMB4.2 billion and content distribution revenue surging 48% sequentially to RMB644.5 million. The company recorded a non-GAAP operating loss of RMB21.9 million, with a 0.3% non-GAAP operating loss margin.
The company achieved strong content performance, with original dramas like "The Thriving Land" and "Corona Stereo Portia Wu" exceeding 10,000 on iQIYI's popularity index, and the original theatrical release "The Shadow Edge" grossing over RMB1.2 billion.
International expansion demonstrated robust growth, with overseas membership revenue increasing over 40% annually and micro drama membership revenue growing 114% sequentially by September, leading to an all-time high for average daily subscribers.
iQIYI is heavily leveraging AI to transform content creation, production, marketing, and monetization, including partnerships for AI short film competitions and an AI theater, and plans to open its intelligent production system to partners.
Revenue from IP-based consumer products more than doubled year-over-year, with revenue from self-operated merchandise growing over 70% sequentially.

Nov 18, 2025, 11:30 AM

Transcript

iQIYI Reports Q4 2024 Financial Results and Outlines 2025 Strategy

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

iQIYI reported Q4 2024 total revenues of CNY 6.6 billion, a 14% annual decrease, with membership services revenue down 15% to CNY 4.1 billion and online advertising revenue down 13% to CNY 1.4 billion.
Despite revenue declines, the company achieved a non-GAAP operating income of CNY 405.9 million (6% margin) and generated CNY 519 million in net cash from operating activities, marking its 11th consecutive positive quarter.
A significant rebound in business performance was observed from late November 2024, driven by a strong comeback of premium content, leading to increased subscribing members and user time spent.
iQIYI expanded its mini-drama portfolio to over 10,000 titles and revamped its app strategy to monetize mini-dramas through both subscription and advertising models, aiming to boost advertising revenue in 2025.
For 2025, the company plans to boost membership revenue by enhancing content quality and expand advertising revenue through mini-drama growth, alongside refining membership offerings and strengthening password sharing enforcement to improve retention and attract new subscribers.