iQiyi Reports Q1 Revenue of $902.5M
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 18 2026
0mins
Reports Q1 revenue $902.5M vs. $990.3M last year. "We are reinforcing our core strengths, unlocking new growth drivers, and building for the long term. In the first quarter, our hit drama lineup drove sequential membership revenue growth and cemented our leadership in domestic viewership market share, according to Enlightent. Meanwhile, our overseas business sustained its robust growth momentum, achieving record membership revenue this quarter," commented Yu Gong, founder, director, and CEO of iQiyi. "Looking ahead, we are leveraging AI to reduce content production costs, accelerate production cycles, and expand our content ecosystem."
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Analyst Views on IQ
Wall Street analysts forecast IQ stock price to rise
3 Analyst Rating
1 Buy
2 Hold
0 Sell
Moderate Buy
Current: 1.130
Low
2.10
Averages
2.38
High
2.65
Current: 1.130
Low
2.10
Averages
2.38
High
2.65
About IQ
iQIYI, Inc. is a China-based company principally engaged in the provision of online entertainment services. The Company mainly provides genuine video content such as movies, television dramas, variety shows and anime through its application platform. Through the platform, the Company mainly provides The Lost Tomb, The Mystic Nine, Burning Ice, Qipa Talk, The Rap of China and other programs for its customers. The Company has built an entertainment-based social media platform, iQIYI Paopao, for fans to follow and interact with celebrities and the entertainment community.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
iQIYI Q1 2026 Earnings Call Insights
- Membership Revenue Growth: iQIYI reported Q1 membership services revenue of RMB 4.2 billion, reflecting a 2% sequential increase, indicating stability and sustainability in membership growth under supportive domestic regulations, thereby enhancing the company's competitive position in a challenging market.
- International Market Expansion: CEO Tim Yu highlighted that overseas membership revenue surged over 40% year-on-year, particularly in Southeast Asia, demonstrating significant progress in the company's internationalization strategy, which helps mitigate risks in the domestic market.
- Cost Control on Content: CFO Ying Zeng stated that content costs were RMB 3.7 billion, down 2% sequentially, while total operating expenses decreased by 10%, indicating effective cost management that enhances overall profitability.
- Technological Innovation and Product Development: iQIYI plans to launch over 100 short-form dramas in 2026, with the CEO emphasizing that this expansion will efficiently capture new opportunities without increasing overall content costs, showcasing the company's strategic foresight in content innovation and market adaptability.
See More
iQIYI Reports Q1 Revenue Decline Amidst Growth in Overseas Business
- Membership Revenue Decline: iQIYI's Q1 membership services revenue reached RMB4.20 billion ($608.8 million), reflecting a 5% year-over-year decline primarily due to a lighter content slate, indicating pressure in the domestic market.
- Overall Revenue Drop: The company reported total Q1 revenue of RMB6.23 billion ($902.5 million), down 13% from the previous year, with online advertising revenue also declining by 7%, highlighting the impact of macroeconomic pressures on advertising spending.
- Overseas Business Growth: Despite the overall revenue decline, iQIYI's overseas business achieved robust growth, reaching record revenue for the quarter, suggesting that the company's international expansion strategy is yielding positive results.
- Content Cost Management: Q1 content costs were RMB3.74 billion ($542.8 million), down just 1%, as the company plans to leverage AI to reduce production costs and accelerate production cycles to address future market challenges.
See More
iQIYI Reports Q1 2026 Financial Results with Significant Losses
- Revenue Decline: In Q1 2026, total revenues reached RMB 6.23 billion (approximately $902.5 million), a 13% year-over-year decrease, indicating market pressure due to insufficient content supply, which may hinder future user growth and market share.
- Widening Operating Loss: The operating loss was RMB 228.4 million ($33.1 million) with a 4% operating loss margin, contrasting with an operating income of RMB 341.9 million in Q1 2025, highlighting intensified challenges in cost control and profitability that could affect investor confidence.
- Significant Net Loss: The net loss attributable to iQIYI was RMB 294.6 million ($42.7 million), compared to a net income of RMB 182.1 million in the same period of 2025, reflecting pressures in market competition and content production that may raise shareholder concerns about the company's future.
- Share Repurchase Program: The company initiated a share repurchase program of up to $100 million in March 2026, having repurchased approximately 6.5 million ADS for $8 million, demonstrating management's commitment to enhancing shareholder value despite current financial challenges.
See More
iQIYI Reports Q1 Earnings with Declining Revenue
- Financial Performance Decline: iQIYI reported a non-GAAP EPS of -$0.04 for Q1, with revenue of $902.5 million, a 13% year-over-year decrease, indicating increased pressure in market competition that could affect investor confidence moving forward.
- Membership Revenue Drop: Membership services revenue was RMB 4.20 billion (approximately $608.8 million), down 5% year-over-year, reflecting a slowdown in user growth and market saturation, which may pose challenges in user acquisition and retention for the company.
- Advertising Revenue Continues to Fall: Online advertising services revenue reached RMB 1.24 billion (approximately $179.9 million), a 7% year-over-year decline, suggesting intensified competition in the advertising market that could impact overall profitability.
- Cash Flow Situation Worsens: Net cash provided by operating activities was RMB 186.4 million (approximately $27.0 million), significantly down from RMB 339.0 million in the same period last year, indicating pressure on cash flow management that may limit future expansion plans.
See More
iQIYI to Announce Q1 Earnings on May 18
- Earnings Announcement: iQIYI is set to release its Q1 2023 earnings report on May 18 before the market opens, with consensus EPS estimate at -$0.03 and revenue estimate at $920.47 million, indicating cautious market sentiment regarding its financial performance.
- Historical Performance Review: Over the past two years, iQIYI has beaten EPS estimates 50% of the time and revenue estimates 63% of the time, reflecting a degree of volatility in its financial forecasts and performance.
- Strategic Transformation: iQIYI is undergoing a major overhaul by heavily investing in AI content to enhance its competitive edge in the fiercely competitive Chinese streaming market, where the introduction of AI content could provide new growth opportunities.
- Future Development Plans: The company also plans to open a theme park in Wuhan by 2027, a strategic move that not only aids in brand expansion but may also enhance long-term profitability through diversified revenue streams.
See More
iQIYI International Showcases AI Storytelling at LVL UP EXPO
- AI Storytelling Experience: iQIYI International debuts the Peter Pau × iQIYI AI Theater at the Las Vegas expo, showcasing three AI-generated short films that utilize iQIYI's proprietary AI technology in collaboration with human creators, enhancing user experience and attracting a broader audience.
- Global User Base: Since its launch in 2019, iQIYI International has served over 100 million users across 190+ territories, offering a user interface and subtitles in 13 languages, demonstrating its strong influence and adaptability in the global market.
- Content Pipeline Expansion: iQIYI's 2026 original lineup will feature over 400 new titles, including the highly anticipated fantasy romance 'Fate Chooses You' and the romantic drama 'Overdose', further solidifying its content supply capabilities in international markets and driving long-term growth.
- Partnership Strategy: The collaboration with Canadian immersive brand Blacklyte at the expo not only provides VIP giveaways and free merchandise but also attracts more attendees through a unique immersive experience, showcasing iQIYI's strategic focus on innovative content and user engagement.
See More
iQIYI Q1 2026 Earnings Call Insights
- Membership Revenue Growth: iQIYI reported Q1 membership services revenue of RMB 4.2 billion, reflecting a 2% sequential increase, indicating stability and sustainability in membership growth under supportive domestic regulations, thereby enhancing the company's competitive position in a challenging market.
- International Market Expansion: CEO Tim Yu highlighted that overseas membership revenue surged over 40% year-on-year, particularly in Southeast Asia, demonstrating significant progress in the company's internationalization strategy, which helps mitigate risks in the domestic market.
- Cost Control on Content: CFO Ying Zeng stated that content costs were RMB 3.7 billion, down 2% sequentially, while total operating expenses decreased by 10%, indicating effective cost management that enhances overall profitability.
- Technological Innovation and Product Development: iQIYI plans to launch over 100 short-form dramas in 2026, with the CEO emphasizing that this expansion will efficiently capture new opportunities without increasing overall content costs, showcasing the company's strategic foresight in content innovation and market adaptability.
See More
iQIYI Reports Q1 Revenue Decline Amidst Growth in Overseas Business
- Membership Revenue Decline: iQIYI's Q1 membership services revenue reached RMB4.20 billion ($608.8 million), reflecting a 5% year-over-year decline primarily due to a lighter content slate, indicating pressure in the domestic market.
- Overall Revenue Drop: The company reported total Q1 revenue of RMB6.23 billion ($902.5 million), down 13% from the previous year, with online advertising revenue also declining by 7%, highlighting the impact of macroeconomic pressures on advertising spending.
- Overseas Business Growth: Despite the overall revenue decline, iQIYI's overseas business achieved robust growth, reaching record revenue for the quarter, suggesting that the company's international expansion strategy is yielding positive results.
- Content Cost Management: Q1 content costs were RMB3.74 billion ($542.8 million), down just 1%, as the company plans to leverage AI to reduce production costs and accelerate production cycles to address future market challenges.
See More
iQIYI Reports Q1 2026 Financial Results with Significant Losses
- Revenue Decline: In Q1 2026, total revenues reached RMB 6.23 billion (approximately $902.5 million), a 13% year-over-year decrease, indicating market pressure due to insufficient content supply, which may hinder future user growth and market share.
- Widening Operating Loss: The operating loss was RMB 228.4 million ($33.1 million) with a 4% operating loss margin, contrasting with an operating income of RMB 341.9 million in Q1 2025, highlighting intensified challenges in cost control and profitability that could affect investor confidence.
- Significant Net Loss: The net loss attributable to iQIYI was RMB 294.6 million ($42.7 million), compared to a net income of RMB 182.1 million in the same period of 2025, reflecting pressures in market competition and content production that may raise shareholder concerns about the company's future.
- Share Repurchase Program: The company initiated a share repurchase program of up to $100 million in March 2026, having repurchased approximately 6.5 million ADS for $8 million, demonstrating management's commitment to enhancing shareholder value despite current financial challenges.
See More
iQIYI Reports Q1 Earnings with Declining Revenue
- Financial Performance Decline: iQIYI reported a non-GAAP EPS of -$0.04 for Q1, with revenue of $902.5 million, a 13% year-over-year decrease, indicating increased pressure in market competition that could affect investor confidence moving forward.
- Membership Revenue Drop: Membership services revenue was RMB 4.20 billion (approximately $608.8 million), down 5% year-over-year, reflecting a slowdown in user growth and market saturation, which may pose challenges in user acquisition and retention for the company.
- Advertising Revenue Continues to Fall: Online advertising services revenue reached RMB 1.24 billion (approximately $179.9 million), a 7% year-over-year decline, suggesting intensified competition in the advertising market that could impact overall profitability.
- Cash Flow Situation Worsens: Net cash provided by operating activities was RMB 186.4 million (approximately $27.0 million), significantly down from RMB 339.0 million in the same period last year, indicating pressure on cash flow management that may limit future expansion plans.
See More
iQIYI to Announce Q1 Earnings on May 18
- Earnings Announcement: iQIYI is set to release its Q1 2023 earnings report on May 18 before the market opens, with consensus EPS estimate at -$0.03 and revenue estimate at $920.47 million, indicating cautious market sentiment regarding its financial performance.
- Historical Performance Review: Over the past two years, iQIYI has beaten EPS estimates 50% of the time and revenue estimates 63% of the time, reflecting a degree of volatility in its financial forecasts and performance.
- Strategic Transformation: iQIYI is undergoing a major overhaul by heavily investing in AI content to enhance its competitive edge in the fiercely competitive Chinese streaming market, where the introduction of AI content could provide new growth opportunities.
- Future Development Plans: The company also plans to open a theme park in Wuhan by 2027, a strategic move that not only aids in brand expansion but may also enhance long-term profitability through diversified revenue streams.
See More
iQIYI International Showcases AI Storytelling at LVL UP EXPO
- AI Storytelling Experience: iQIYI International debuts the Peter Pau × iQIYI AI Theater at the Las Vegas expo, showcasing three AI-generated short films that utilize iQIYI's proprietary AI technology in collaboration with human creators, enhancing user experience and attracting a broader audience.
- Global User Base: Since its launch in 2019, iQIYI International has served over 100 million users across 190+ territories, offering a user interface and subtitles in 13 languages, demonstrating its strong influence and adaptability in the global market.
- Content Pipeline Expansion: iQIYI's 2026 original lineup will feature over 400 new titles, including the highly anticipated fantasy romance 'Fate Chooses You' and the romantic drama 'Overdose', further solidifying its content supply capabilities in international markets and driving long-term growth.
- Partnership Strategy: The collaboration with Canadian immersive brand Blacklyte at the expo not only provides VIP giveaways and free merchandise but also attracts more attendees through a unique immersive experience, showcasing iQIYI's strategic focus on innovative content and user engagement.
See More
