iQIYI, Inc.
- Open
- 0.95
- Day high
- 0.97
- Day low
- 0.93
- Prev close
- 0.92
- Volume
- 10.1M
- Mkt cap
- $901M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 0.5
- P/S
- 0.2
- Yield
- —
- Per share
- —
iQIYI, Inc. (IQ) is a Communication Services company listed on NASDAQ. The stock is down 65% over the past year. Drillr has 1 published research article covering IQ.
iQIYI, Inc. (IQ) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
IQ earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 18, 2026 | $-0.03 | $-0.02 | +33.3% | $925M | -0.6% |
| May 18, 2026 | $-0.04 | $-0.03 | +25.0% | $902M | -0.2% |
| Feb 26, 2026 | $-0.01 | $0.02 | +257.3% | $971M | -0.0% |
| Nov 18, 2025 | $-0.02 | $-0.02 | +0.0% | $939M | -1.1% |
| Aug 20, 2025 | $-0.02 | $-0.01 | +50.0% | $924M | +0.6% |
| May 21, 2025 | $0.05 | $0.04 | -23.1% | $987M | -1.5% |
| Feb 26, 2025 | $0.03 | $0.08 | +166.7% | $906M | — |
| Nov 21, 2024 | $0.01 | $0.07 | +600.0% | $1.0B | +8.5% |
| Aug 22, 2024 | $0.06 | $0.04 | -33.3% | $1.0B | +616.0% |
| May 16, 2024 | $0.08 | $0.12 | +50.0% | $1.1B | +667.9% |
| Feb 28, 2024 | $0.10 | $0.10 | +0.0% | $1.1B | +633.1% |
| Nov 21, 2023 | $0.07 | $0.07 | +0.0% | $1.1B | +608.8% |
IQ insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 13, 2026 | Yang Xianghuaofficer: Senior Vice President | Grant | 4,812,117 | $0.51 |
| May 13, 2026 | Yang Xianghuaofficer: Senior Vice President | Grant | 5,600,000 | $0.51 |
| May 13, 2026 | Duan Youqiaoofficer: Senior Vice President | Grant | 982,927 | $0.51 |
| May 13, 2026 | Duan Youqiaoofficer: Senior Vice President | Grant | 375,056 | $0.51 |
| May 13, 2026 | Duan Youqiaoofficer: Senior Vice President | Grant | 3,200,000 | $0.51 |
| May 13, 2026 | Wang Xiaohuiofficer: Chief Content Officer | Grant | 1,531,250 | $0.51 |
| May 13, 2026 | Wang Xiaohuiofficer: Chief Content Officer | Grant | 7,500,000 | $0.51 |
| May 13, 2026 | Zeng Ying Ms.officer: Interim CFO | Grant | 480,056 | $0.51 |
| May 13, 2026 | Zeng Ying Ms.officer: Interim CFO | Grant | 700,000 | $0.51 |
Source: IQ SEC Form 4 filings, latest May 13, 2026. For informational purposes only — not investment advice.
See the full IQ insider & 13F page →iQIYI, Inc. company profile
Overview
iQIYI, Inc. (NASDAQ:IQ) is a leading Chinese online entertainment platform founded in 2009 and headquartered in Beijing. Originally known as Qiyi.com, the company rebranded to iQIYI in 2017 and went public on NASDAQ in March 2018. As a subsidiary of Baidu Holdings Limited, iQIYI has established itself as one of China's premier streaming video platforms, often referred to as the "Netflix of China." The company operates primarily in the Chinese market while expanding internationally, offering a comprehensive ecosystem of digital entertainment services centered around premium video content.
Business
iQIYI operates in China's online entertainment industry, which encompasses streaming video, digital content distribution, and related services. The company's core business revolves around long-form premium video content, including professionally produced dramas, movies, variety shows, and documentaries that are either licensed from third-party producers or created in-house as original content. The platform functions similarly to Netflix or Disney+, where users pay monthly or annual subscriptions to access a library of high-quality video content. iQIYI has positioned itself as a leader in Chinese drama series, maintaining the largest market share in drama viewership for multiple consecutive quarters. The company produces over 65% of its key drama content in-house through its original content studios. Beyond traditional long-form content, iQIYI has expanded into several complementary business segments: 1. Membership Services (approximately 60% of revenue): Subscription-based access to premium video content, representing the company's primary revenue driver. 2. Online Advertising (approximately 20% of revenue): Brand advertising and performance-based advertising displayed across the platform, leveraging iQIYI's large user base. 3. Content Distribution (approximately 10% of revenue): Licensing iQIYI's original content to other platforms and distributors, both domestically and internationally. 4. Other Services (approximately 10% of revenue): Including online games, live broadcasting, e-commerce, digital merchandise, and emerging formats like mini-dramas (short-form vertical videos lasting 1-5 minutes). The company has also ventured into newer content formats, including mini-dramas and short dramas, which cater to mobile-first consumption patterns and offer additional advertising inventory opportunities.
Revenue model
iQIYI generates revenue through multiple complementary business models that leverage its content library and user base. The primary revenue stream comes from subscription fees paid by members who access premium content through monthly or annual membership plans. The company offers both individual and family account options, with pricing strategies designed to combat unauthorized password sharing while maximizing household penetration. The second major revenue source is advertising revenue, where brands pay to display advertisements to iQIYI's user base. This includes both traditional brand advertising and performance-based advertising, with the company leveraging AI-powered tools to improve ad targeting and effectiveness. The advertising business benefits from iQIYI's large, engaged user base and detailed viewing data. Content licensing represents another significant revenue stream, where iQIYI monetizes its original content by distributing it to other platforms, both domestically and internationally. This model allows the company to extract additional value from its content investments beyond direct subscription revenue. The company's paying customers are primarily Chinese consumers who subscribe to access premium content, along with advertisers seeking to reach iQIYI's audience. International expansion has added subscribers from markets like Hong Kong, Southeast Asia, and other regions where Chinese-language content has appeal. Several factors influence iQIYI's margins and profitability. Content costs represent the largest expense, as the company must continually invest in new original productions and licensed content to maintain subscriber engagement. Competition from other streaming platforms can drive up content acquisition costs and pressure pricing power. Regulatory changes in China's entertainment industry can impact content approval processes and advertising spending. Economic conditions affect both consumer willingness to pay for subscriptions and advertiser spending budgets. Technology investments in AI and production capabilities can improve operational efficiency and reduce per-unit content costs over time. The company's ability to expand internationally provides opportunities to amortize content costs across larger audiences, potentially improving margins.
Competitive moat
iQIYI's competitive moat is moderately strong but faces ongoing challenges in China's highly competitive streaming market. The company's primary moat stems from its content library and original production capabilities. With over 65% of key dramas being original content, iQIYI has built substantial intellectual property that cannot be easily replicated by competitors. The company's in-house production studios and sophisticated content management systems provide operational advantages in creating high-quality content efficiently. Scale advantages represent another defensive element, as iQIYI's large subscriber base allows it to amortize content costs across more users than smaller competitors. The platform's data on user viewing preferences enables better content investment decisions and personalized recommendations, creating a feedback loop that improves user engagement and retention. The company's technology infrastructure and AI capabilities provide some differentiation, particularly in content production efficiency, advertising targeting, and user experience optimization. iQIYI's relationship with parent company Baidu offers access to advanced AI technologies and search capabilities that enhance content discovery. However, the moat faces significant challenges. Competition from well-funded rivals like Tencent Video and Youku, as well as short-form video platforms like Douyin (TikTok) and Kuaishou, creates pressure on both user attention and content costs. The streaming industry's high content investment requirements mean that financial resources often determine competitive positioning, making it difficult to maintain sustainable advantages. Regulatory risks in China's entertainment sector add uncertainty, as government policies can impact content approval, advertising regulations, and platform operations. The company's dependence on the Chinese market, while providing scale, also creates concentration risk. International expansion efforts face competition from established global platforms like Netflix and local competitors in each market. Overall, iQIYI possesses meaningful competitive advantages but operates in an industry where sustained investment and execution are required to maintain market position, making the moat solid but not impregnable.
Risks & safety
iQIYI presents a mixed margin of safety profile with both strengths and concerns in its financial position. Liquidity and Solvency: - Cash and short-term investments: RMB 3.5 billion ($486 million) - Current ratio: 0.44, indicating potential short-term liquidity pressure - Current liabilities exceed current assets by approximately RMB 1.6 billion - Debt-to-equity ratio: 1.06, showing moderate leverage - Positive operating cash flow of RMB 2.1 billion ($290 million) for 2024 - Free cash flow positive at RMB 1.9 billion ($267 million) Valuation Metrics: - EV/EBITDA: 62x (elevated but improved from previous quarters) - Price-to-book ratio: 1.09 (reasonable relative to book value) - Price-to-earnings ratio: 19x (moderate for a growth company) - Graham net-net: Negative, indicating assets don't provide liquidation value protection Other Considerations: - Revenue declining trend (down 14% in Q4 2024) creates uncertainty - Achieved full-year profitability in 2024 with positive net income - Strong market position in core Chinese drama content provides some stability - Parent company Baidu relationship offers potential support but also creates dependency risk
Recent development
Over the past few years, iQIYI has undergone significant strategic evolution focused on profitability and operational efficiency. The company implemented a "Calm Growth" strategy beginning in 2022, prioritizing profit generation over pure revenue growth and eliminating cash burn operations. This strategic shift proved successful, with iQIYI achieving its first full-year positive free cash flow in 2023 and maintaining profitability through 2024. Content strategy transformation has been central to recent developments. The company significantly increased its focus on original content production, with over 65% of key dramas now being iQIYI originals. This shift provides better content cost control and intellectual property ownership. The company has also diversified into new content formats, launching mini-dramas (1-5 minute vertical videos) and short dramas (5-20 minutes) to capture mobile-first viewing behaviors and create additional advertising inventory. Technology integration has accelerated, with extensive deployment of AI across content production, marketing, and operations. iQIYI developed its proprietary Content Production Management System and implemented generative AI tools for content creation, translation, and advertising optimization. These technological advances have improved production efficiency and reduced costs. International expansion has gained momentum, with the overseas business achieving its first full-year operating profit in 2023. The company has focused on markets with Chinese diaspora populations and is expanding into new regions including the Middle East and Latin America, emphasizing local content partnerships and telecom operator collaborations. Membership strategy refinement includes introducing family account options to combat password sharing while improving user experience, and implementing measures to enhance subscriber retention and average revenue per user. The company has also explored new monetization avenues including IP licensing, merchandise, and offline experiences.
IQ company profile · for informational purposes only — not investment advice.
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