iQIYI (IQ) Q3 2025 earnings summary

Executive summary

• Achieved strong audience engagement with original dramas and innovative content formats, driving both online and offline impact.

• Expanded global presence, with significant membership revenue growth in Brazil, Spanish-speaking regions, Mexico, and Indonesia, and record-high daily subscribers.

• Leveraged AI for content creation, marketing, and operational efficiency, including partnerships for AI-driven storytelling and production.

• Total revenues for Q3 2025 were RMB6.68 billion (US$938.7 million), down 8% year-over-year.

• Management highlighted robust overseas growth and maintained domestic leadership in drama viewership.

Financial highlights

• Total Q3 revenue reached RMB6.7 billion, up 1% sequentially but down 8% year-over-year.

• Membership services revenue was RMB4.21 billion, up 3% sequentially but down 4% year-over-year.

• Online advertising revenue was RMB1.24 billion, down 2% sequentially and 7% year-over-year.

• Content distribution revenue was RMB644.5 million, up 48% sequentially but down 21% year-over-year.

• Non-GAAP operating loss was RMB21.9 million, with a margin of 0.3%.

• Cash and equivalents totaled RMB4.9 billion at quarter end.

Outlook and guidance

• Confident in sustainable membership growth, supported by high-quality content and enhanced member benefits.

• Plans to further leverage AI for content production, marketing, and monetization, expecting dramatic industry changes within five years.

• Focus on expanding performance advertising, education, e-commerce, and international markets.

• Ongoing investment in IP-centric ecosystem and scaling both domestic and international operations.