iQIYI, Inc. reported total revenues of RMB6.63 billion (US$925.3 million) for the second quarter of 2025, an 11% decrease year over year. Membership services revenue declined by 9% year over year to RMB4.09 billion (US$571.0 million), primarily due to a lighter content slate. Online advertising services revenue also decreased by 13% year over year to RMB1.27 billion (US$177.6 million), as advertisers adjusted strategies amid macro pressures.
The company reported an operating loss of RMB46.2 million (US$6.4 million), compared to an operating income of RMB342.1 million in Q2 2024. Net loss attributable to iQIYI was RMB133.7 million (US$18.7 million), compared to a net income of RMB68.7 million in the same period of 2024. Diluted net loss per ADS was RMB0.14 (US$0.02).
Non-GAAP net income attributable to iQIYI was RMB14.7 million (US$2.0 million), a significant decrease from RMB246.9 million in Q2 2024. The company reported net cash used for operating activities of RMB12.7 million (US$1.8 million) and negative free cash flow of RMB34.1 million (negative US$4.8 million).
Despite the overall financial declines, iQIYI's overseas business achieved record highs in subscriber base and revenue, with membership revenue growing approximately 35% annually. Key international markets like Brazil, Mexico, Indonesia, and Spanish-speaking regions reported over 80% annual growth. The company also repurchased US$85.0 million of its 2028 notes, reducing the outstanding balance to US$208.1 million, and its net interest expense consistently declined for seven consecutive quarters.
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