iQIYI delivers Q4 2025 revenue of $971.6M, up 3% YoY

iQIYI (NASDAQ:IQ), the Beijing-based online entertainment service often referred to as China's Netflix, on Thursday reported total revenues of RMB6.79 billion ($971.6 million) for its fourth quarter ended December 31, 2025, an increase of 3% from the prior year.

For the full fiscal year 2025, revenues totaled RMB27.29 billion ($3.90 billion), down 7% year over year, reflecting ongoing challenges in the domestic online video market, including intense competition, regulatory pressures on content spending, and softer advertising demand.

Operating margins stood at 1% for both the fourth quarter and the full year, indicating continued compression from high content acquisition and production costs, though non-GAAP operating results showed modest improvement after adjustments for share-based compensation and other non-cash items.

Net loss attributable to iQIYI narrowed to RMB5.8 million ($0.8 million) in the fourth quarter from a larger loss in the prior-year period.

For the full year 2025, the company reported a net loss of RMB206.3 million ($29.5 million), an improvement over the prior year's wider deficit, driven by cost discipline, higher-margin membership revenue contributions, and reduced losses in certain segments.

As of December 31, 2025, iQIYI held cash and cash equivalents of RMB4.69 billion, providing liquidity to support ongoing content investment, technology development, and potential strategic initiatives.