Chinese streaming giant iQIYI closed out 2025 on a high note, reporting a return to year-over-year revenue growth in the fourth quarter, driven by a robust content slate and strong performance in its emerging business units.
In its earnings release on Thursday, the company posted total revenues of 6.79 billion yuan ($971.6 million) for the fourth quarter, a 3 percent increase compared to the same period in 2024. The growth was largely fueled by a 94 percent surge in content distribution revenue, which reached 787.7 million yuan, thanks to an increase in cash transactions.
While membership services revenue remained flat year-over-year at 4.11 billion yuan, the company managed to significantly narrow its net loss. The net loss attributable to iQIYI was 5.8 million yuan for the quarter, a vast improvement from the 189.4 million yuan loss reported in Q4 2024. On a non-GAAP basis, the company returned to profitability, posting a net income of 109.7 million yuan.
For the full fiscal year 2025, total revenues came in at 27.29 billion yuan, a 7 percent decrease from the previous year. The company attributed the annual dip to a lighter content schedule and ongoing macroeconomic pressures affecting advertiser spending. Despite the softer top line for the year, iQIYi ended 2025 with a strengthened balance sheet, holding RMB 4.69 billion in cash and cash equivalents.
Looking ahead, management signaled a clear strategic focus on diversification and technological integration to reignite growth.
"Heading into 2026, we will fortify our domestic core by advancing content excellence... [and] accelerate breakthroughs across our overseas and experience businesses," Gong Yu, founder and CEO of iQIYI, said.
The company highlighted its overseas operations as a bright spot, noting that the segment achieved a "record top-line performance" in the fourth quarter. Additionally, iQIYI is moving beyond the screen with its "experience business", pointing to the recent opening of its first iQIYI LAND, which has garnered positive early feedback.
Interim CFO Zeng Ying emphasized that these ventures are beginning to function as new growth engines. "We look forward to these emerging businesses contributing to long-term value creation," Zeng stated.
The company also plans to harness artificial intelligence, specifically AIGC (AI-Generated Content), to cultivate a more thriving content ecosystem, aiming to leverage technology to streamline production and enhance user engagement as it navigates the competitive landscape of 2026.
