iQIYI (IQ) Q3 2025 earnings summary

Executive summary

• Achieved strong content-driven growth in Q3 2025, with original dramas and movies driving engagement and revenue, while total revenues were RMB 6.68 billion (US$938.7 million), down 8% year-over-year.

• Expanded global presence, with overseas membership revenue more than doubling year-over-year in key markets and robust overseas growth highlighted by management.

• Leveraged AI for content creation, marketing, and operational efficiency, launching new AI-driven initiatives and partnerships.

• Benefited from supportive regulatory changes, accelerating content production and innovation.

• Operating loss was RMB 121.8 million, reversing from operating income of RMB 238.9 million in Q3 2024.

Financial highlights

• Total Q3 revenue reached RMB 6.7 billion, up 1% sequentially but down 8% year-over-year.

• Membership services revenue was RMB 4.21 billion, up 3% sequentially but down 4% year-over-year.

• Online advertising revenue was RMB 1.24 billion, down 2% sequentially and 7% year-over-year.

• Content distribution revenue was RMB 644.5 million, up 48% sequentially but down 21% year-over-year.

• Non-GAAP operating loss was RMB 21.9 million, with a margin of 0.3%.

Outlook and guidance

• Plans to further leverage AI for content production, marketing, and monetization, and ongoing investment in IP-centric ecosystem.

• Focus on expanding original content, especially in micro-dramas, animation, and overseas markets.

• Anticipates continued growth in membership and advertising, supported by premium content and new business models.

• Continued focus on scaling both domestic and international operations.