iQIYI (IQ) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue grew 3% year-over-year to RMB 6.79 billion, with sequential growth and strong overseas and experience business performance.

• Fiscal year 2025 revenue declined 7% year-over-year to RMB 27.29 billion, reflecting a lighter content slate and macroeconomic pressures.

• Net loss attributable to shareholders narrowed significantly in Q4 to RMB 5.8 million, with non-GAAP net income turning positive at RMB 109.7 million.

• Long-form dramas led market share, with five titles surpassing 10,000 on the iQIYI Heat Index and strong IP franchise development.

• Overseas business became a sustainable second growth engine, with membership revenue up over 30% year-over-year and subscriber base at an all-time high.

Financial highlights

• Q4 total revenue was RMB 6.8 billion, up 2% sequentially and 3% year-over-year.

• Membership services revenue reached RMB 4.1 billion in Q4, flat year-over-year and down 3% sequentially.

• Online advertising revenue was RMB 1.4 billion in Q4, up 9% sequentially but down 6% year-over-year.

• Content distribution revenue was RMB 787.7 million in Q4, up 22% sequentially and 94% year-over-year.

• Non-GAAP operating income was RMB 143.5 million in Q4 (2% margin), down from RMB 405.9 million (6% margin) year-over-year.

Outlook and guidance

• 2026 strategy focuses on enhancing original content quality, strengthening membership and advertising, and sustaining overseas and experience business growth.

• Plans to leverage AI to revolutionize content production, cut costs, and boost content quality and quantity, with details to be shared at the iQIYI World Conference.

• Management expects emerging businesses to contribute to long-term value creation.