IQNasdaqServices-Video Tape RentalUS GAAP · USD

iQIYI, Inc.

iQIYI, Inc. is a China-focused online entertainment company that produces, aggregates, and distributes video content through its streaming platform. Its business combines professionally produced dramas, films, variety programming, and other video formats with technology-enabled distribution and monetization.

Ask about the company
Revenue27.3bn USD
−6.6 %y/y
Operating profit (EBIT)229m USD
−87.3 %y/y
EBIT margin0.8%
−5.4 ppy/y
Net income-206m USD
−127.0 %y/y
Free cash flow10.0m USD
−99.5 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-10010203040bn USD2020: 29.7 bn USD2020: EBIT -6.0 bn USD20202021: 30.6 bn USD2021: EBIT -4.5 bn USD20212022: 29.0 bn USD2022: EBIT 1.3 bn USD20222023: 31.9 bn USD2023: EBIT 3.0 bn USD20232024: 29.2 bn USD2024: EBIT 1.8 bn USD20242025: 27.3 bn USD2025: EBIT 0.23 bn USD202527.30.23
RevenueOperating profit (EBIT)

Business

Share of revenue
Membership services45 %

Paid access to iQIYI's streaming library and premium entertainment content.

Online advertising services25 %

Advertising sold against video content and platform inventory.

Content distribution15 %

Licensing and distribution of video content to other platforms and partners.

Other monetization15 %

Includes online games, talent agency, and experience-related services.

Products

Reported · share of revenue
61.6%19.0%10.2%9.2%FY2025100 %
  • Membership61.6 %
  • Advertising19.0 %
  • Services and other10.2 %
  • Content Distribution9.2 %

Source: 20-F FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

iQIYI sells primarily to Chinese consumers who pay for entertainment access and to advertisers seeking video audience reach. It also monetizes content and related services through distributors, partners, and other commercial counterparties across its ecosystem.

Paid streaming members

Consumers who subscribe for premium, ad-light access to iQIYI video content.

Advertisers

Brands and agencies buying video ad inventory to reach Chinese online audiences.

Content distribution partners

Platforms and counterparties licensing content and related rights from iQIYI.

Gaming and interactive users

Users engaging with games and adjacent entertainment offerings on the platform.

Talent and experience customers

Commercial partners buying talent agency and experience-related services.

Strategy

iQIYI's strategy is to combine original and licensed content with a technology-driven streaming platform to attract and retain users. It also broadens monetization beyond subscriptions by pairing membership services with advertising, distribution, games, and other ecosystem services.

Content creation and aggregationShort term

Premium content attracts users and supports retention across the platform.

Technology-enabled personalizationMedium term

AI and analytics help improve discovery, engagement, and monetization efficiency.

Diversified monetizationMedium term

Multiple revenue streams reduce reliance on any single customer channel.

Geography

iQIYI's business is centered in China, where it serves users, advertisers, and content partners on its streaming platform. The company is incorporated in the United States but its operating footprint, content market, and customer base are primarily Chinese, so performance is tied to China’s consumer and digital advertising environment.

Risks

iQIYI depends on content spending, audience engagement, and advertiser demand, so shifts in viewer preferences or competition can quickly affect monetization. As a China-focused digital media platform, it is also exposed to regulatory oversight, copyright and content compliance, and broader macro conditions in the Chinese internet market.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Content acquisition and production risk1Competitive intensity2China regulatory risk3Advertising cyclicality4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Content acquisition and production riskImpact: HighLikelihood: High

    Streaming platforms must continually secure popular content to retain users and advertisers.

    Exposure: Membership and advertising monetization

  2. Competitive intensityImpact: HighLikelihood: High

    Chinese streaming and short-video competition can pressure user time and monetization.

    Exposure: User acquisition and retention

  3. China regulatory riskImpact: HighLikelihood: Medium

    Online video platforms operate under evolving content, licensing, and internet rules.

    Exposure: Platform operations and content distribution

  4. Advertising cyclicalityImpact: MediumLikelihood: High

    Ad revenue depends on brands' willingness to spend through the economic cycle.

    Exposure: Online advertising services

Accounting

Judgemental items
Revenue recognition by stream

Subscriptions, advertising, and licensing may recognize revenue at different points in time.

Impact: Affects quarterly comparability and reported mix

Content asset capitalization and amortization

Capitalized content costs are expensed over useful lives based on viewing patterns and estimates.

Impact: Can materially shift earnings timing

Share-based compensation

The company excludes this from some non-GAAP measures but it remains a real dilution cost.

Impact: Affects profitability and per-share analysis

Intangible asset amortization

Amortization from business combinations is excluded in non-GAAP measures.

Impact: Impacts reported operating results and adjusted earnings

Similar listed companies

Publicly listed companies with a comparable business focus.

Bilibili Inc.

BILI · Services-Computer Processing & Data Preparation

DouYu International Holdings Ltd

DOYU · Services-Computer Programming, Data Processing, Etc.

HUYA Inc.

HUYA · Services-Computer Programming, Data Processing, Etc.

Zhihu Inc.

ZH · Services-Business Services, NEC

JOYY Inc.

JOYY · Services-Computer Processing & Data Preparation

Xunlei Ltd

XNET · Services-Prepackaged Software

Last updated: 28/09/2026