What were iQIYI’s (NASDAQ:IQ) total revenues for Q1 2026?

iQIYI reported total revenue of RMB6.23 billion for Q1 2026, a 13% decline compared to the same period in 2025. The decrease was primarily driven by a double-digit decline in subscriber growth and content monetization.

How did iQIYI’s profitability metrics perform in Q1 2026?

The company swung to an operating loss of RMB228.4 million and a net loss of RMB294.6 million for the quarter, marking a shift from profitability in the prior year. Despite the net loss, free cash flow remained positive.

How did iQIYI manage its capital during Q1 2026?

Management deployed capital toward balance-sheet and shareholder-return initiatives, including repurchasing US$207.8 million of its 2028 convertible notes and authorizing a new US$100 million share buyback program.

What caused iQIYI’s revenue decline in Q1 2026?

The 13% revenue decline was largely due to slower growth in subscription services, competitive pressure in China’s streaming market, and a reduction in content monetization compared to the previous year.

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iQIYI swings to Q1 loss on 13% revenue decline

Written by Brie CarterPublished May 18, 2026, 9:11 AMLast Updated Jul 6, 2026, 10:11 AM

iQIYI (NASDAQ:IQ) swung to an operating and net loss in the first quarter of 2026, driven by a double-digit decline in its top-line performance.

The Beijing-based video streaming service reported revenue of RMB6.23 billion for the three-month period, representing a 13% decrease compared to the same quarter last year.

The revenue contraction led to an operating loss of RMB228.4 million and a total net loss of RMB294.6 million.

Despite the shift from profitability into a net loss, the company sustained positive free cash flow throughout the quarter.

Management deployed capital into several balance-sheet and shareholder-return initiatives, including the repurchase of US$207.8 million of its 2028 convertible notes and the authorization of a new US$100 million share buyback program.

In tandem with the financial results, iQIYI confirmed it is actively pursuing a proposed dual listing on the Main Board of the Stock Exchange of Hong Kong.