Market Signal Briefing

Vitalik Buterin may be done with selling ETH for the purposes of financing through the Ethereum Foundation. Most of the sales happened in the price range of around $2,000 per ETH. 

Vitalik Buterin may be almost done with selling a portion of his ETH holdings. The funds are earmarked for the Ethereum Foundation, which will move forward with more careful financing for new projects. 

As Cryptopolitan reported, the Ethereum Foundation was supposed to enter a period of austerity, setting aside funds for staking, as well as an additional 16,420 ETH from Vitalik Buterin. 

Buterin has been selling ETH for the past month, raising more questions about the founder’s duty to hold the token. Over the years, Buterin was generous with ETH donations and sales, shrinking his allocation from 700K ETH down to 224K. 

Buterin extends WETH sales, charity transfers On-chain data shows Buterin sold 16,420 ETH for the Foundation’s needs, a little higher than the intended 16,384 ETH. 

Vitalik (@VitalikButerin) has now sold 16,420 $ETH for $32.84M at $2,000, exceeding the originally planned 16,384 $ETH.

The move aligns with the Ethereum Foundation’s “mild austerity” strategy – redirecting funds toward security, privacy, core R&D, and long-term ecosystem… https://t.co/Xqa3KIv1FH pic.twitter.com/8pVroM76ZZ

— Onchain Lens (@OnchainLens) February 26, 2026

Along with the establishment of funds for the Foundation, Buterin also sold ETH on multiple occasions in February. Other sources claim Buterin already sold 17,196 ETH. One of the known wallets of Buterin keeps sending WETH through Cow Protocol, exchanging for various stablecoins, including USDTB, GHO, PYUSD, and EUROC.

The wallet now accrues reserves in those various stablecoins, while also holding wrapped ETH in DeFi protocols like Aave. Buterin also uses several wallets, with some specifically created for charity. 

Buterin’s own decisions are not constrained by the Foundation, and can lead to more unpredictable selling. 

The Ethereum Foundation is also sitting on around 172K ETH, while still providing smaller grants to its affiliated projects. 

ETH has recovered to $2,059.05, as the crypto market regained its optimism in the past days. The selling from Buterin’s wallets is not enough to sway the market, but it remains closely watched for the future of the ecosystem. 

Ethereum Foundation releases new roadmap The Ethereum Foundation announced the creation of a new, detailed roadmap targeting developers and in-depth experts in the Ethereum ecosystem. Strawmap, as the project is called, contains a detailed list of upcoming protocol changes. 

The roadmap is technically dense, but features five main points. The first objective is a faster L1 with finality in seconds. The Gigagas feature aims for 10K transactions per second through Zk EVMs and real-time proving. The teragas feature will allow for 10M transactions via data availability sampling. 

Ethereum will also focus on quantum-proofing the L1 and offering shielded ETH transfers through privacy. Ethereum may evolve far beyond its early days to compete with faster networks like Solana. 

The Strawman roadmap originated in January 2026, motivated by a plan to make Ethereum leaner and accelerate adoption of a potentially faster network. Most of the features are still in the discussion stage, but may fit the general plan of the Ethereum Foundation for a faster L1.

The short squeeze came against a backdrop of a wider market recovery, with traders who had bet against crypto prices since the 30-day fall. Among the wider top 10 coins by market cap, Ethereum and Solana posted the biggest percentage gains.  Bitcoin has rebounded toward $69,000 on February 25 for the first time in more than a week, trading after going as high as $69,869 after going as low as $63,000 on February 24. The rebound shows a gain of over 7% on the day; however, Bitcoin remains down more than 21% over the past 30 days. 

The price recovery acted as a threshold to the wave of liquidations over the derivatives market. Over $400 million in short positions were drained in the 24-hour period, accounting for the majority of the $463 million in total liquidations listed in that span, according to CoinGlass data. 

Liquidations initiated by Bitcoin with around $200 million in shorts forced out, after which  Ethereum stood at $153 million. Solana was placed third with around $22 million in short liquidations. Ethereum surged around 12% on the day to a latest price of $2,075, while Solana plunged around 14% to just below $89. 

Among the wider top 10 coins by market cap, Ethereum and Solana posted the biggest percentage gains. 

The Double-Digit Gains  Other double-digit movers over the 24-hour period comprised Polkadot (DOT), Filecoin (FIL), Uniswap (UNI), Aptos (APT), Avalanche (AVAX) and Chainlink (LINK), with the total crypto market gaining around 6.6% in 24 hours. 

Crypto-associated equities also increased on Feb 25 as risk appetite got better. USDC stablecoin issuer Circle rose 29% to $79 per share after an earnings report. Blockchain lender Figure accumulated 15% to $34 per share, and Ethereum treasury company BitMine Immersion Technologies surged around 14% to $22. 

Coinbase progressed 13% to $183 per share, and Bitcoin treasury company Strategy generated around 9% to above $135 per share. Bitcoin miner MARA Holdings generated 7% to $8.66. 

The short squeeze came against a backdrop of a wider market recovery, with traders who had bet against crypto prices since the 30-day fall facing forced exits as prices moved against their positions. 

Highlighted Crypto News Today: 

Nimiq Unveils SynapTrack AML Framework to Combat Cross-Chain Crypto Laundering

A passionate journalist with a strong foundation in content writing and an experience in the crypto industry. With a commitment to self-growth, Sharmistha aims to make a meaningful impact in the media and communications landscape.

SBI Japan Bank Offers Shareholders XRP Dividends, Driving Crypto AdoptionSBI Shinsei Bank, a subsidiary of SBI Holdings, is now allowing shareholders to receive dividends in XRP, signaling a major step toward mainstream adoption of digital assets in Japan’s financial sector. 

Well, this move underscores SBI Holdings’ commitment to bridging traditional finance with the evolving crypto landscape.

Shareholders on record as of March 31, 2026, can choose to receive their dividends in cash or XRP, marking a pioneering step in integrating traditional finance with cryptocurrency. 

By offering dividends in XRP, SBI Shinsei Bank is giving investors flexibility and direct exposure to digital assets, reflecting a growing trend of financial institutions embracing blockchain solutions. 

This development comes as Japan’s SBI Holdings prepares to issue a ¥10 billion ($64.5 million) blockchain-based bond with XRP rewards, underscoring the group’s commitment to bridging conventional finance and the crypto ecosystem.

Therefore, SBI Holdings’ decision reflects a strategic push to expand XRP adoption across its ecosystem. By integrating XRP into cross-border remittances and digital payments, the firm strengthens its role in Japan’s crypto landscape. 

Offering XRP as a dividend both encourages shareholder engagement with digital assets and signals confidence in XRP’s long-term value and utility.

SBI Shinsei Bank Pioneers XRP Dividends, Ushering in a New Era of Crypto Integration in JapanMarket analysts see this development as a potential catalyst for broader cryptocurrency adoption among Japanese corporations. XRP-based dividend payouts allow shareholders to diversify holdings with relatively low risk while engaging in the digital asset ecosystem. 

This innovation also demonstrates that digital currencies can integrate with traditional financial and reward systems, paving the way for similar initiatives.

Earlier this month, SBI Holdings CEO Yoshitaka Kitao clarified recent reports claiming the company holds $10 billion in XRP. He confirmed that SBI’s investment is in Ripple Labs, the company behind the XRP ledger, not in XRP tokens themselves.

For investors, the option to receive dividends in XRP offers both flexibility and opportunity. Shareholders can hold it as a speculative asset, spend it within SBI’s expanding ecosystem, or convert it to fiat, showcasing the practical advantages of integrating digital assets into traditional banking.

With this initiative, SBI Shinsei Bank reinforces SBI Holdings’ mission to accelerate global XRP adoption. 

By blending conventional shareholder practices with cryptocurrency, the bank is not just innovating, it is shaping the future of finance in Japan and beyond. Unverified reports also suggest SBI may integrate XRP with R3 Corda, signaling a broader blockchain push.

ConclusionSBI Shinsei Bank’s XRP dividend program marks a milestone in bridging traditional finance and digital assets. 

By letting shareholders receive payouts in cryptocurrency, the bank boosts investor flexibility and underscores SBI Holdings’ drive to mainstream XRP. 

This initiative sets a blueprint for how banks can integrate blockchain into conventional finance, giving investors a direct stake in the evolution of digital money.

Nearly everyone should have exposure to Bitcoin.

If you're considering buying cryptocurrency, start with Bitcoin (BTC +4.62%). Even compared to traditional assets like gold, Bitcoin has lucrative long-term upside potential.

But how much Bitcoin should the average investor hold? The answer might surprise you.

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Most investors should own Bitcoin The question of crypto asset allocation is a common one. There's no doubt that since Bitcoin was introduced, it has proven a terrific investment. Cumulative growth has exceeded 20,000,000% since 2011.

Bitcoin's future growth likely won't be as massive. But there are still several reasonable ways to gauge its long-term potential. Some compare Bitcoin to gold, even calling it "digital gold." Right now, the value of all gold globally is roughly $36 trillion. Bitcoin, meanwhile, has a market cap of just $1.3 trillion. If you believe those figures should be closer together, Bitcoin still has plenty of room left to rise.

Of course, compared to gold -- which has been valued by humans for thousands of years -- Bitcoin remains a relatively speculative asset. It has existed for less than two decades. But the upside potential, and Bitcoin's insurmountable position as the first crypto asset, makes it a reasonable addition to nearly every portfolio. But how much exactly should you bet on this popular cryptocurrency? There's one popular piece of advice worth following.

Image source: Getty Images.

Most investors should own Bitcoin According to Ray Dalio -- a billionaire investor who founded Bridgewater Associates, one of the most successful hedge funds in history -- the optimal allocation to Bitcoin is around 1%. The reasoning here is simple: A 1% allocation generates minimal risk while still exposing your portfolio to the massive long-term upside potential of Bitcoin.

Dalio has put his money where his mouth is, putting 1% of his own portfolio into Bitcoin. "I have a small percentage of Bitcoin," he revealed last year. "I've had it forever, like 1% of my portfolios." While there remains credible long-term uncertainty, Dalio says that Bitcoin has "proven itself. It hasn't been hacked, it's stood the test of time."

The most compelling thing about Bitcoin versus other cryptocurrencies is that it doesn't rely on the flourishing of a global crypto-based economy to succeed. Even if every other crypto asset disappeared, Bitcoin would still have a notable value as a store-of-value asset like gold.

Younger, more technically savvy, or simply more aggressive investors can consider a higher allocation percentage. But if Dalio -- an incredibly successful long-term investor approaching 77 years of age -- is recommending a 1% allocation, that should be the goalpost for most investors.

Strategy Inc. (NASDAQ:MSTR) Executive Chair Michael Saylor shared his vision Wednesday for the future of “digital credit,” emphasizing its potential beyond Bitcoin (CRYPTO: BTC) on networks like Solana (CRYPTO: SOL). Future Of ‘Digital Credit' In a keynote address at the Strategy World 2026 Conference, Saylor discussed the concept of “digital credit,” which involves issuing Bitcoin-collateralized, yield-bearing financial instruments, such as its Perpetual Stretch Preferred Stock (NASDAQ:STRC).

The major horizontal resistance at $69K has become a wall that Bitcoin must break in order to pull out of its nose dive into a bear market. After a solid rejection of this level on Wednesday, what's next for the $BTC price?

Cardano (ADA) has jumped back into the top 10 cryptocurrencies by market cap after a strong 16% rally today. The token climbed from a low of $0.25 to nearly $0.312, pushing its total market value to around $10.6 billion.

Here’s what is actually driving the Cardano ADA price up today?

Crypto Market Recovery Helps Cardano Price BounceOne of the main reasons behind this rally is the overall recovery in the crypto market. The total market cap has climbed to $2.34 trillion, up 4.4%. This strong move lifted major coins like Bitcoin, Ethereum, XRP, Solana, Dogecoin, and Cardano.

After the sharp recovery, Cardano surged 16%, rising from a low of $0.25 to around $0.312.

Cardano Surges 16% as Whales Buy $213M ADA,Another major reason behind Cardano’s rally is strong accumulation by whales and large investors. According to Santiment data, wallets holding between 100,000 and 100 million ADA have accumulated over 819.4 million ADA in the past six months.

This amount is worth about $213.9 million and represents around 1.6% of Cardano’s total supply. Such accumulation has historically marked early recovery phases in crypto markets.

Cardano Trading Volume Explodes 181% Another slight push came from Cardano price, which saw a massive surge in 24-hour trading volume, which spiked 181% to $1.15B, indicating strong buying pressure and validating the price move.

Interestingly, Cardano’s price also saw a strong liquidation of $2.4 million in the last 24 hours. Most of the liquidation, around 75%, came from short liquidation.

What Next For Cardano ADA Price?Looking at the Cardano daily chart, ADA shows early signs of a potential breakout after months of steady decline. Price has been trading inside a descending trendline since late 2025, forming lower highs and lower lows. 

Recently, ADA compressed into a tight triangle pattern near the $0.27–$0.28 support zone, indicating reduced volatility and buildup for a larger move.

The price is now attempting to break above the short-term downtrend line around $0.29. A confirmed daily close above $0.35 could open the path toward $0.40, followed by a stronger resistance zone near $0.50. 

The projected move on the chart suggests a possible upside toward the $0.70–$0.73 area if bullish momentum strengthens.

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About $8.8B BTC/ETH options expire Friday: max pain, put-call ratiosApproximately $8.8 billion in Bitcoin and Ethereum options are scheduled to expire on Friday. According to AiCoin, Bitcoin accounts for roughly $7.8 billion and Ethereum about $961 million.

AiCoin also lists put-call ratios near 0.76 for BTC and 0.77 for ETH. Reported max pain levels cluster around $75,000 for BTC and $2,200 for ETH.

Why it matters: dealer hedging, gamma effects, pinning, potential volatilityThese metrics matter because dealer hedging and gamma positioning can amplify intraday swings. When spot approaches heavy strike interest, hedgers may buy or sell underlying to maintain delta neutrality.

Such flows can contribute to pinning around max pain into the bell, or brief squeezes if strikes are crossed quickly. At the time of this writing, Bitcoin traded near $69,000, as reported by CoinDesk.

Historical context from prior large expiries helps frame potential pathways without implying determinism.

“Over 25% of open interest was expiring in the money, which tends to increase volatility as traders roll over or close positions,” said Luuk Strijers, CEO of Deribit, referring to a past event.

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Key strike clusters and timelines to watch into and after expiryInto the event, the focus naturally sits near the stated max pain areas. Traders also monitor round-number strikes that often attract liquidity and options open interest.

Large call positioning near high strikes such as $100,000 has been highlighted, as reported by InvestingHaven. This can raise sensitivity to directional moves if spot rallies into those tiers.

Timelines to watch typically include the final hours before expiry and the immediate post-expiry window. If spot is far from key strikes, hedging intensity may be more muted.

Post-expiry scenarios and risk managementTypical pinning, unwind, and roll flows after large expiriesAfter large expiries, markets often see pinning unwind as hedges are lifted. Open interest resets and rolling to later maturities can reestablish new strike focal points.

If a significant portion of options settles in the money, delivery and closing activity can prompt short-lived adjustments. If most expire out of the money, reduced hedging pressure may follow.

Risk considerations: leverage discipline, invalidation levels, reassessment timelineGiven potential microstructure swings, disciplined leverage, predefined invalidation levels, and prudent position sizing are foundational. Plans should accommodate both pin-and-fade outcomes and momentum continuation.

A pragmatic cadence is to reassess conditions after Friday’s close and again early next week. This is descriptive market analysis, not investment advice.

FAQ about Bitcoin options expiryHow large is this expiry in notional terms and how is it split between BTC and ETH?About $8.8 billion expires Friday. Roughly $7.8 billion is BTC and around $961 million is ETH. The figures indicate BTC dominates this cycle.

What are the latest put-call ratios and max pain levels for BTC and ETH, and why do they matter?Put-call ratios sit near 0.76 (BTC) and 0.77 (ETH); max pain approximates $75,000 and $2,200. These gauges can shape hedging, pinning, and short-term volatility around expiry.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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US spot Bitcoin funds extended their rebound Wednesday as BTC reclaimed $68,000, pulling in $506.5 million in inflows, the largest daily total since Feb. 2.

Bitcoin (BTC) exchange-traded funds (ETFs) are nearing a potential first week of inflows after five weeks of net outflows totaling $3.8 billion, with weekly inflows now at $560.4 million, according to SoSoValue data.

The gains mark two consecutive days of inflows, hinting at a possible upside following a massive February sell-off that wiped out $20 billion in net assets.

Weekly flows in US spot Bitcoin ETFs since Jan. 2, 2026. Source: SoSoValue BlackRock’s IBIT leads inflows with $297 million as ETF trading reboundsBlackRock’s iShares Bitcoin Trust ETF (IBIT) saw the largest share of inflows yesterday, attracting $297.4 million, according to Farside data.

The Bitwise Bitcoin ETF (BITB) and the Fidelity Wise Origin Bitcoin Fund (FBTC) followed with $39.4 million and $30.1 million in inflows, respectively.

Spot Bitcoin ETF flows by issuer on Feb. 23–25, 2026. Source: Farside.co.ukReflecting the recovering interest, ETF trading volumes rebounded above $4.3 billion, the highest level since Feb. 9.

Jane Street’s ETF controversy adds to mounting “paper Bitcoin” concernsThe renewed buying comes as some investors continue to debate how market structure affects Bitcoin price discovery, including the role of large market-making firms like Jane Street and authorized participants (APs) that help create and redeem ETF shares.

In rumors circulating on X following a recent lawsuit filed by Terraform Labs administrator Todd Snyder, Jane Street has been accused of influencing prices through derivatives exposure to BTC and market manipulation.

“The answer is trickier than the question,” Bitwise advisor Jeff Park noted in an X post on Wednesday, adding. “But it’s also more structurally unsettling than the conspiracy theory itself — and once you understand the actual mechanics, you won’t be able to unsee them,” he added.

Source: hodlonaut“The short answer is that no AP explicitly suppresses Bitcoin price,” Park said, stressing that it’s rather the integrity of the price discovery mechanism that the AP structure can suppress.

“Those are not the same thing—but the second is arguably more consequential than the first,” he added.

Some analysts noted that selling pressure on Bitcoin has persisted since October 2025, raising doubts about the impact of individual players.

Concerns over “paper Bitcoin,” in which firms trade without acquiring actual crypto, have lingered since early February, when The Kendall Report highlighted ETFs as a contributor.

The debate intensified recently after a mishap at South Korea’s Bithumb exchange, which mistakenly distributed 620,000 BTC it did not hold, underscoring ongoing questions about transparency and market integrity.

Magazine: Bitdeer sells all Bitcoin, Metaplanet rejects misconduct claims: Asia Express

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. Read our Editorial Policy https://cointelegraph.com/editorial-policy

TON Wallet is shifting from simple self-custody into a gateway for third-party DeFi yield strategies.

WLFI proposes 180-day staking, ~2% APR to align governance and USD1 arbitrage.

Summary

Unlocked WLFI must be staked at least 180 days to vote. Node (10m WLFI) and Super Node (50m WLFI) tiers add OTC USD1 access, incentives. Target ~2% APR from treasury; 7-day vote, 1b WLFI quorum for approval. World Liberty Financial (WLFI) has introduced a governance reform proposal that would require token holders to stake their assets to participate in voting, according to a proposal document released by the organization.

The WLFI Governance Staking System proposes linking influence and rewards to token lock-up duration, representing a potential shift in how governance power is distributed within the WLFI ecosystem, the document stated.

Under the proposal, holders of unlocked WLFI tokens would be required to stake their tokens for a minimum of 180 days to vote on governance matters. Voting power would be calculated using a square root formula that factors in both the amount of tokens locked and the remaining duration of the lock-up, according to the proposal.

Participants who stake their tokens and vote at least twice during their lock period would be eligible for a base reward of approximately 2% annual percentage rate, funded directly from the WLFI treasury, the proposal stated.

The proposal introduces two participation tiers for large stakeholders. The Node Tier would require a minimum stake of 10 million WLFI tokens and provide access to over-the-counter conversion pathways for stablecoins such as USDT and USDC into USD1, along with additional rewards tied to conversion volume, according to the document.

The Super Node Tier would require a minimum stake of 50 million WLFI tokens and provide priority access to the WLFI team for partnership discussions and potential economic incentives, the proposal stated.

According to the proposal document, the system aims to redirect arbitrage value back into the ecosystem. The proposal states that institutional market makers captured a significant portion of arbitrage opportunities during the expansion of the USD1 stablecoin.

The proposal is open for a seven-day community vote and requires a minimum quorum of 1 billion eligible voting tokens to pass. If approved, implementation would roll out in three phases, beginning with the activation of governance staking for all holders of unlocked WLFI tokens, according to the proposal.

According to Bitstamp data, Bitcoin climbed 6.2% on February 25, closing the daily candle above the $70,000 mark. The move came despite comments from U.S. Trade Representative Jamieson Greer indicating that tariffs on certain Chinese goods could rise from 10% to 15% in the coming days.

Markets appeared largely unfazed. In recent months, the trade war narrative has had a diminishing impact on crypto, and Bitcoin’s latest surge suggests broader macro fears are not currently dictating price action.

After weeks of sustained selling pressure, BTC/USD has now returned to one of the most closely watched technical levels in the market.

The 200-Week EMA Is the Line That MattersBitcoin is once again testing its 200-week exponential moving average (EMA), currently near $68,355. Historically, losing this level has coincided with prolonged bearish phases, while reclaiming it has often marked the early stages of longer-term recoveries.

Market analysts note that a weekly close above this level is essential for confirming strength. Without it, the recent rebound risks becoming another short-lived relief rally.

From a statistical standpoint, historical cycles show that reclaiming the 200-week EMA rarely happens cleanly. In previous market recoveries, Bitcoin required multiple attempts and retests below the level before establishing it as firm support. A single daily close above it is not sufficient confirmation.

Upside Targets Come Into FocusIf support holds, traders are watching the $74,492 region as a potential upside objective. That level aligns with the 2025 annual low and could act as a magnet if bullish momentum accelerates.

However, failure to secure a weekly close above $68,355 would keep downside risks alive and reinforce cautious sentiment among technical traders.

Gold Divergence Adds a New TwistAt the same time, an emerging bullish divergence has appeared in the relative strength index (RSI) on the BTC/GOLD pair. While gold continues trading near record highs above $5,000 per ounce, Bitcoin’s relative momentum is quietly improving.

If confirmed, this divergence could signal the beginning of capital rotation from gold back into Bitcoin. Earlier this year, Bitcoin’s pullback from its October 2025 peak fueled arguments that it had lost its “digital gold” narrative and was behaving more like a risk asset.

A sustained move higher from current levels would challenge that view.

For now, everything hinges on the weekly close. The $68,355 zone remains the dividing line between renewed bullish structure and continued market fragility.

Anna Edwards, Guy Johnson, Tom Mackenzie and Mark Cudmore break down today's key themes for analysts and investors on "Bloomberg: The Opening Trade." Chapters: 00:00:00 - MLIV 00:00:14 - Nvidia 00:01:34 - Japan 00:02:35 - Geopolitics -------- More on Bloomberg Television and Markets Like this video?

The Honest Company, Inc. (HNST) Q4 2025 Earnings Call Transcript

The Engie logo is displayed during the 107th session of the Congress of Mayors organised by the "France's Mayors' Association" (AMF) at the Paris Expo Porte de Versailles convention center in... Purchase Licensing Rights, opens new tab Read more

PARIS, Feb 26 - Shares in French utility Engie (ENGIE.PA), opens new tab hit their highest since September 2009 on Thursday, after the company announced it would buy UK Power Networks from Hong Kong-listed CK Infrastructure Holdings (1038.HK), opens new tab for 10.5 billion pounds ($14.21 billion), its largest acquisition to date.

Shares were up 7% at 29.49 euros at 0838 GMT, heading for their biggest single-day rise since March 2022.

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The acquisition is transformational for Engie, which was the only major utility without an electricity network in Europe, as countries push their transport and industrial sectors to electrify in an attempt to build out renewable power and use less oil and gas.

The price paid by Engie implies a multiple of 1.5 times the regulated asset value of UKPN. This is in line with other transactions in the sector, but is lower than the reported level KKR and Macquarie offered in 2022.

"In our view, this is a strategic and positive step, particularly as the valuation appears reasonable by comparison, especially prior to the sector's rally over the past year," Alpha Value analyst Pierre-Alexandre Ramondenc said in a note.

Jefferies analysts called the deal very positive for diversifying the business and reducing Engie's exposure to fluctuating natural gas prices.

Engie said Bank of America, BNP Paribas and Rothschild advised the company on the deal.

($1 = 0.7391 pounds)

Reporting by America Hernandez in Paris, Andres Gonzales Estebaran in London. Editing by Louise Heavens

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Here are three stocks with buy ranks and strong growth characteristics for investors to consider today, February 26:

Western Digital Corporation (WDC - Free Report) : This data storage solutions provider carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 17% over the last 60 days.

Western Digital has a PEG ratio of 0.59 compared with 1.32 for the industry. The company possesses a Growth Score of B.

Sanmina Corporation (SANM - Free Report) : This integrated manufacturing solutions and components, products and repair company carriesa Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 4.4% over the last 60 days.

Sanmina has a PEG ratio of 0.61 compared with 1.44 for the industry. The company possesses a Growth Score of A.

Ralph Lauren Corporation (RL - Free Report) : This lifestyle brand company carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 6.3% over the last 60 days.

Ralph Lauren Corporation has a PEG ratio of 1.46 compared with 2.10 for the industry. The company possesses a Growth Score of A.

See the full list of top-ranked stocks here.

Learn more about the Growth score and how it is calculated here.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

HomeMarketsPublished: Feb. 26, 2026 at 3:59 a.m. ET

Jensen Huang says the market has it wrong on software. Photo: Patrick T. Fallon/Agence France-Presse/Getty ImagesThere’s at least one executive in the artificial intelligence space who doesn’t think AI will cannibalize software companies: Nvidia’s Jensen Huang.

“I think the markets got it wrong,” Huang told CNBC after Nvidia’s NVDA fourth-quarter results.

About the Author

Steven Goldstein is based in London and responsible for MarketWatch's coverage of financial markets in Europe, with a particular focus on global macro and commodities. Previously, he was Washington bureau chief, directing MarketWatch's economic, political and regulatory coverage. Follow Steve on Twitter: @MKTWgoldstein.

Partner Center

LONDON--(BUSINESS WIRE)--Enterprise and public sector organizations across the UK can now access secure, high-availability unified communications and contact center services through a new partnership between 8x8, Inc. (NASDAQ: EGHT), a leading global business communications platform provider, and KCOM, a leading UK carrier and connectivity provider.

The partnership combines KCOM’s carrier-grade infrastructure with the integrated 8x8 Platform for CX, delivering voice, collaboration, contact center, and AI-powered capabilities on a single cloud platform. Running on KCOM’s infrastructure, customers benefit from greater control, performance, and resilience – eliminating reliance on third-party carrier connectivity.

For KCOM, the agreement expands its enterprise portfolio with a fully integrated, end-to-end solution that brings together network, communications, and customer experience in one platform.

Reliability, security and trustworthiness

“For carriers such as KCOM, reliability, security, and customer trust are non-negotiable,” said Jamie Snaddon, GVP, Managing Director of EMEA at 8x8, Inc. “By combining KCOM’s network expertise with 8x8’s unified communications and contact center platform, we’re delivering an end-to-end solution that helps organizations support their customers, modernize their operations, and innovate with confidence.”

KCOM supports approximately 8,000 enterprise customers across the public and private sectors, including critical national infrastructure such as hospitals and emergency services, where reliability and security are paramount.

“Selecting the right partner was critical for us,” said Jan Collins, Managing Director at KCOM Enterprise. “We ran a rigorous tender process and looked across the market for a platform that could meet the needs of our customers, from everyday business communications through to mission-critical contact center environments. 8x8 stood out not only for the strength of its unified communications and contact center platform, but for its cultural alignment and the way our teams have collaborated to bring this partnership to life.”

The launch marks the start of joint go-to-market activity between 8x8 and KCOM, including coordinated sales enablement and customer engagement across the UK market. Over the coming year, the partnership will expand KCOM’s contact center offerings and support a broader range of enterprise and public-sector use cases, including AI-powered customer engagement.

About 8x8, Inc.

8x8, Inc. (NASDAQ: EGHT) connects people and organizations through seamless communication on the industry's most integrated platform for Customer Experience – combining Contact Center, Unified Communications, and CPaaS solutions. The 8x8® Platform for CX integrates AI at every level to enable personalized customer journeys, drive operational excellence and insights, and facilitate team collaboration. As a business communications leader, the company helps customer experience and IT leaders around the world become the heartbeat of their organizations, empowering them to unlock the potential of every interaction. For additional information, visit www.8x8.com, or follow 8x8 on LinkedIn, X, and Facebook.

About KCOM

KCOM is a UK-based communications and connectivity provider, delivering carrier-grade network, voice and digital services to businesses, public-sector organizations and communities. With its own network infrastructure and a strong presence across Hull, East Yorkshire and North Lincolnshire, KCOM supports thousands of enterprise customers, including critical national infrastructure. For more information, visit www.kcom.com.

Copyright 2025 8x8, Inc. 8x8 and associated brand assets are trademarks of 8x8, Inc. All rights reserved.

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February 26, 2026 04:00 ET  | Source: Aurora Mobile Limited

SHENZHEN, China, Feb. 26, 2026 (GLOBE NEWSWIRE) -- Aurora Mobile Limited (NASDAQ: JG) (“Aurora Mobile” or the “Company”), a leading provider of customer engagement and marketing technology services in China, today announced that it will release its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2025 before the open of U.S. markets on Thursday, March 12, 2026.

Aurora Mobile’s management will host an earnings conference call on Thursday, March 12, 2026 at 7:30 a.m. U.S. Eastern Time (7:30 p.m. Beijing time on the same day).

All participants must register in advance to join the conference using the link provided below. Please dial in 15 minutes before the call is scheduled to begin. Conference access information will be provided upon registration.

Participant Online Registration:
https://register-conf.media-server.com/register/BI87806d12692d4023a77b32108d8366ad

A live and archived webcast of the conference call will be available on the Investor Relations section of Aurora Mobile’s website at https://ir.jiguang.cn/.

About Aurora Mobile Limited

Founded in 2011, Aurora Mobile (NASDAQ: JG) is a leading provider of customer engagement and marketing technology services. The Company is dedicated to empowering global enterprises with stable, efficient, and intelligent customer interaction solutions. Leveraging its first-mover advantage in mobile messaging, Aurora Mobile has evolved into a comprehensive platform that integrates Omnichannel Engagement, AI-Driven Marketing, Advanced AI Customer Support, and Frictionless Identity Security. Through its flagship brand EngageLab and its robust AI infrastructure GPTBots.ai, the Company helps businesses achieve seamless customer reach, automate complex marketing journeys, and optimize service efficiency with AI agents, accelerating digital transformation for clients worldwide.

For more information, please visit https://ir.jiguang.cn/

For more information, please contact:

Aurora Mobile Limited
E-mail: [email protected]

Christensen Advisory
Ms. Xiaoyan Su
Phone: +86-10-5900-1548
E-mail: [email protected]

February 26, 2026 04:00 ET  | Source: Humanoid Global Holdings Corp.

– NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES –

Vancouver, BC & Frederiksberg, Denmark, Feb. 26, 2026 (GLOBE NEWSWIRE) -- Humanoid Global Holdings Corp. (“Humanoid Global” or the “Company”) (CSE:ROBO, FWB:0XM1, OTCQB:RBOHF), a publicly traded investment issuer focused on building and accelerating a portfolio of pioneering companies in the humanoid robotics and embodied AI sector, is pleased to announce that it has completed it’s strategic investment in and signed an advisory agreement with HOWTOROBOT HOLDING INC. (“HowToRobot”).

Research conducted by HowToRobot indicates that Czech manufacturers are facing significant pressure to adopt automation amid ongoing labour shortages, with approximately 264,000 unfilled roles nationwide, alongside labour costs that have risen 83% since 20161. Together, these dynamics are driving increased demand for automation solutions, particularly among SMEs that have traditionally viewed such technologies as overly complex or cost-prohibitive2.

In HowToRobot’s latest financing round, Humanoid Global joined Holman Robotics, LLC (“Holman”), which recently established a dedicated robotics division integrating solution design, flexible financing, and lifecycle asset management to support faster automation deployment and scalable adoption. Holman’s investment creates a collaboration opportunity with HowToRobot to deliver an end-to-end pathway from planning through deployment, with integrated asset management and financing capabilities to support long-term expansion3.

“We are pleased to invest alongside Holman in HowToRobot,” said Shahab Samimi, CEO of Humanoid Global. “Their capabilities in structuring and supporting robotics initiatives meaningfully enhance the value delivered to companies pursuing robotics adoption.”

The advisory agreement formalizes a consulting and advisory relationship between Humanoid Global and HowToRobot, under which Humanoid Global will serve on HowToRobot’s advisory board and provide strategic guidance on the company’s overall business direction. The agreement shall have an initial term of 2 years and does not provide for any direct monetary compensation, equity issuance, or retainer to Humanoid Global. The arrangement is intended to strengthen the relationship between Humanoid Global and HowToRobot in advancing tailored robotics solutions for Humanoid Global’s portfolio companies.

“Companies use HowToRobot’s platform because they want more predictability when investing in automation - lower risk, clearer costs, and a faster path from idea to implementation,” said Søren Peters, CEO of HowToRobot. By reducing the friction in how automation is planned and sourced, we help make adoption more repeatable at scale. That’s also where our work aligns with Humanoid Global’s ambition to support stronger, more connected robotics ecosystems.”

On February 26, 2026, the Company completed the investment of US$ 75,000 in HowToRobot Series A round.

-##-

About Humanoid Global Holdings Corp.

Humanoid Global Holdings Corp.  (CSE:ROBO, FWB:0XM1, OTCQB:RBOHF) (“Humanoid Global” or the “Company”) is a publicly traded investment issuer building a portfolio of pioneering companies in the growing humanoid robotics and embodied AI sector, investing in and accelerating their growth. It serves as a global investment platform providing liquidity and access to an actively managed portfolio spanning the value chain of this emerging ecosystem, including advanced software, hardware, and enabling technologies. Led by a team with a proven track record of scaling transformative technologies globally, the Company takes a long-term, partnership-oriented approach. It provides capital and strategic consultation on go-to-market strategies, regulatory pathways, and transaction advisory, while facilitating introductions to customers, suppliers, and strategic partners.

Learn more:
https://www.humanoidglobal.ai/

For further information, please contact:

Shahab Samimi
Chief Executive Officer

[email protected]
[email protected]
(604) 602-0001

CSE:ROBO
OTCQB:RBOHF
FWB:0XM1

ON BEHALF OF MANAGEMENT

Shahab Samimi
Chief Executive Officer

Forward-Looking Information

This news release contains statements that may be considered “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements in this release, other than statements of historical fact, are forward-looking statements. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects”, intends”, “anticipates”, “believes”, “assumes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or, “will”, “occur” or “be achieved”, and similar words or the negative of these terms and similar terminology. Forward-looking information in this release includes, but is not limited to, statements regarding: HowToRobot’s opportunities, plans and potential collaboration with Holman; expected benefits of the Company’s investment; and Humanoid Global’s broader investment strategy and objectives.

Forward-looking statements are based on current expectations, estimates, and assumptions made by management in light of its experience and perception of historical trends, current conditions, and expected future developments. Such statements are not guarantees of future performance and involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied in the statements. These factors include, among others, changes in market conditions, business and economic developments, regulatory approvals, availability of financing, and the performance of HowToRobot and other portfolio companies. Additional information regarding risks and uncertainties faced by the Company is available under its profile on SEDAR+ (www.sedarplus.ca).

Readers are cautioned not to place undue reliance on forward-looking information. The forward-looking statements contained in this release are made as of the date hereof and are based on information currently available and management’s beliefs, expectations, and opinions at that time. Except as required by applicable securities laws, the Company does not undertake any obligation to update or revise such statements, whether as a result of new information, future events, or otherwise.

1 https://howtorobot.com/expert-insight/danish-robotics-technology-finds-eu31-55m-export-opportunity-czech-manufacturing
2 https://howtorobot.com/expert-insight/danish-robotics-technology-finds-eu31-55m-export-opportunity-czech-manufacturing
3 https://howtorobot.com/expert-insight/howtorobot-announces-strategic-capital-investment-holman

, /PRNewswire/ -- Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888 (HKD Counter) and 89888 (RMB Counter)), ("Baidu" or the "Company"), a leading AI company with strong Internet foundation, today announced its unaudited financial results for the quarter and fiscal year ended December 31, 2025.

"2025 marked a pivotal year as AI became the new core of Baidu. AI Cloud Infra gained strong momentum, with our differentiated full-stack end-to-end AI capabilities earning growing enterprise recognition. Our portfolio of AI applications continued to scale, addressing diverse needs across enterprises and individuals. Apollo Go further reinforced its global leadership, operating at industry-leading scales while accelerating international expansion into new markets. Meanwhile, AI-native Marketing Services continued to grow, unlocking new possibilities for the long term," said Robin Li, Co-founder and CEO of Baidu. "As our AI-first strategy takes clear shape, we're confident in our ability to create lasting value in the AI era."

"We delivered several key achievements this quarter. First, revenue from Baidu Core AI-powered Business[1] exceeded RMB 11 billion in Q4, accounting for 43% of Baidu General Business[2] revenue. Second, total revenue of Baidu General Business grew 6% sequentially and Non-GAAP operating income of Baidu General Business increased 28% quarter over quarter to RMB 2.8 billion. Third, operating cash flow for Baidu turned positive in the second half of 2025, generating RMB 3.9 billion combined, compared to negative cash flow in the first half. Fourth, the Kunlunxin spin-off and separate listing is progressing, which we believe will unlock significant value for shareholders. Finally, we announced a new share repurchase program with up to US$5 billion authorization and introduced our first-ever dividend policy, with the first payment potentially to be made by year-end 2026." said Haijian He, CFO of Baidu.

Operational Highlights[1]

The following table sets forth selected revenue highlights for our Baidu Core AI-powered Business for the periods indicated:

Q3  

Q4  

FY  

FY  

(In billions)

2025

2025

2024

2025

YoY

RMB

RMB

RMB

RMB

Baidu Core AI-powered Business

9.6

11.3

27.0

40.0

48 %

- AI Cloud Infra

4.2

5.8

14.8

19.8

34 %

- AI Applications

2.6

2.7

9.8

10.2

5 %

- AI-native Marketing Services

2.8

2.7

2.4

9.8

301 %

% of Baidu General Business

39 %

43 %

26 %

39 %

Corporate

Baidu's Board of Directors has authorized a new share repurchase program in February 2026, under which the Company may repurchase up to US$5 billion of its shares, effective through December 31, 2028. The Board has also approved, for the first time, the adoption of a dividend policy for the Company's ordinary shares, which may include regular and/or special distributions of dividends. Baidu announced its proposed spin-off and separate listing of Kunlunxin in January 2026. Baidu released an updated version of ERNIE 5.0, its native omni-modal foundation model in January 2026. Baidu earned a position in the global edition of the S&P Global Sustainability Yearbook 2026, demonstrating its further advancement in ESG performance. The selection stems from a comprehensive evaluation of 9,200 companies globally as part of the S&P Global 2025 Corporate Sustainability Assessment, underscoring Baidu's sustainability practices. Baidu Core AI-powered Business

AI Cloud Infra

Revenue from AI Cloud Infra was RMB 5.8 billion in the fourth quarter of 2025, with subscription-based revenue from AI accelerator infrastructure increasing by 143% year over year. Revenue from AI Cloud Infra was approximately RMB 20 billion for the full year 2025, up 34% year over year. AI Applications

Revenue from AI Applications was RMB 2.7 billion in the fourth quarter of 2025, with full year 2025 revenue exceeding RMB 10 billion. Miaoda, Baidu's vibe coding platform, demonstrates industry-leading performance in platform capabilities and application quality, according to IDC's 2025 China No-Code Generative AI Application Development Platform Report, issued in November 2025. Baidu established the Personal Super Intelligence Business Group (PSIG), integrating Baidu Wenku and Baidu Drive to accelerate AI application innovation. Robotaxi

In the fourth quarter of 2025, Apollo Go, Baidu's autonomous ride-hailing service, delivered 3.4 million fully driverless operational rides with weekly rides peaking at over 300,000 during the quarter. Total rides increased by over 200% year over year. As of February 2026, cumulative rides provided to the public by Apollo Go exceeded 20 million. Apollo Go accelerated its global footprint across multiple markets. In the UK, Apollo Go advanced partnerships with Uber and Lyft to pilot autonomous vehicles in London. In Switzerland, Apollo Go initiated testing in St. Gallen. In the Middle East, Apollo Go officially launched fully autonomous ride-hailing services in Abu Dhabi with AutoGo, secured Dubai's first fully driverless testing permit, and partnered with Uber to bring Apollo Go to the Uber platform in Dubai. In Asia, Apollo Go entered the South Korean market, starting with the Seoul metropolitan area. Apollo Go also expanded its Hong Kong testing into new districts and initiated cross-district testing. As of February 2026, Apollo Go's global footprint reached 26 cities. To date, Apollo Go fleets have accumulated over 300 million autonomous kilometers, including over 190 million fully driverless autonomous kilometers, with an outstanding safety record. AI-native Marketing Services

Revenue from AI-native marketing services reached RMB 2.7 billion in the fourth quarter of 2025, up 110% year over year. Baidu App's MAUs reached 679 million in December 2025, remaining flat year over year. ERNIE Assistant's MAU reached 202 million in December 2025. [1] The revenue and operational data presented are derived from the Company's internal management accounts and records, which have not been audited.

[2] Starting this quarter, we redefined Baidu Core as Baidu General Business. Baidu General Business includes Baidu Core AI-powered Business, Legacy Business, and Others. Legacy Business mainly consists of traditional advertising services across Search, Feed and other properties. Fourth quarter 2025 revenues from Baidu Core AI-powered Business, Legacy Business, and Others were RMB 11.3 billion, RMB 12.3 billion, and RMB 2.5 billion, respectively, derived from the Company's internal management accounts and records, which have not been audited.

Fourth Quarter 2025 Financial Results for Baidu[3],[4],[5]

Total revenues were RMB32.7 billion ($4.68 billion), increasing 5% quarter over quarter, primarily due to an increase in Baidu Core AI-powered Business.

Cost of revenues was RMB18.3 billion ($2.61 billion), which remained flat quarter over quarter.

Selling, general and administrative expenses were RMB7.4 billion ($1.06 billion), increasing 12% quarter over quarter, primarily due to an increase in expected credit losses.

Research and development expenses were RMB5.6 billion ($800 million), increasing 8% quarter over quarter, primarily due to one-time employee severance costs to improve efficiency.

Operating income was RMB1.5 billion ($212 million) and operating margin was 5%. Non-GAAP operating income was RMB3.0 billion ($424 million) and non-GAAP operating margin was 9%.

Total other income, net was RMB1.2 billion ($178 million), compared to RMB1.9 billion last quarter.

Income tax expense was RMB1.0 billion ($147 million), compared to income tax benefit of RMB1.8 billion last quarter.

Net income attributable to Baidu was RMB1.8 billion ($255 million), net margin for Baidu was 5% and diluted earnings per ADS was RMB3.71 ($0.53). Non-GAAP net income attributable to Baidu was RMB3.9 billion ($559 million), non-GAAP net margin for Baidu was 12% and non-GAAP diluted earnings per ADS was RMB10.62 ($1.52).

Adjusted EBITDA was RMB4.7 billion ($676 million) and adjusted EBITDA margin was 14%.

We define total cash and investments as cash, cash equivalents, restricted cash, short-term investments, net, long-term time deposits and held-to-maturity investments, and adjusted long-term investments. As of December 31, 2025, total cash and investments were RMB294.1 billion ($42.06 billion). Operating cash flow was RMB2.6 billion ($373 million).

[3] Starting this quarter, we focused on the quarter-over-quarter fluctuation for the quarterly results to present a more meaningful perspective of our financial information.

[4] Unless otherwise noted, RMB to USD was converted at an exchange rate of RMB6.9931 as of December 31, 2025, as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. Translations are provided solely for the convenience of the reader.

[5] Non-GAAP measures are defined in the Non-GAAP Financial Measures section (see also "Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures" for more details).

Fiscal Year 2025 Results for Baidu[4],[5]

Total revenues were RMB129.1 billion ($18.46 billion), decreasing 3% year over year, primarily due to a decrease in Legacy Business, partially offset by an increase in Baidu Core AI-powered Business.

Cost of revenues was RMB72.4 billion ($10.36 billion), increasing 10% year over year, primarily due to an increase in costs related to Baidu Core AI-powered business.

Selling, general and administrative expenses were RMB25.8 billion ($3.70 billion), increasing 9% year over year, primarily due to an increase in channel spending expenses and expected credit losses.

Research and development expenses were RMB20.4 billion ($2.92 billion), decreasing 8% year over year, primarily due to a decrease in personnel-related expenses.

Impairment of long-lived assets was RMB16.2 billion ($2.32 billion), attributable to an impairment loss of Core asset group.

Operating loss was RMB5.8 billion ($833 million) and operating loss margin was 5%. Excluding impairment of long-lived assets, operating income was RMB10.4 billion ($1.48 billion). Non-GAAP operating income was RMB15.0 billion ($2.14 billion) and operating margin was 12%.

Total other income, net was RMB12.5 billion ($1.79 billion), compared to RMB7.4 billion in the same period last year.

Income tax expense was RMB1.3 billion ($180 million), compared to RMB4.4 billion in the same period last year.

Net income attributable to Baidu was RMB5.6 billion ($799 million), net margin for Baidu was 4% and diluted earnings per ADS was RMB11.78 ($1.68). Excluding the impact of impairment of long-lived assets, net income attributable to Baidu was RMB19.4 billion ($2.77 billion). Non-GAAP net income attributable to Baidu was RMB18.9 billion ($2.71 billion), non-GAAP net margin for Baidu was 15% and non-GAAP diluted earnings per ADS was RMB53.41 ($7.64).

Adjusted EBITDA was RMB22.9 billion ($3.27 billion) and adjusted EBITDA margin was 18%.

Operating cash flow was negative RMB3.0 billion (negative $431 million), which remained positive for the past two consecutive quarters.

For detailed financial information of Baidu General Business and iQIYI, please see the appended financial tables.

[4] Unless otherwise noted, RMB to USD was converted at an exchange rate of RMB6.9931 as of December 31, 2025, as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. Translations are provided solely for the convenience of the reader.

[5] Non-GAAP measures are defined in the Non-GAAP Financial Measures section (see also "Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures" for more details).

Conference Call Information

Baidu's management will hold an earnings conference call at 7:30 AM on Feb 26, 2026, U.S. Eastern Time (8:30 PM on Feb 26, 2026, Beijing Time).

Please register in advance of the conference call using the link provided below. It will automatically direct you to the registration page of "Baidu Inc. Q4 2025 Earnings Conference Call". Please follow the steps to enter your registration details, then click "Register". Upon registering, you will then be provided with the dial-in number, the passcode, and your unique access PIN. This information will also be emailed to you as a calendar invite.

For pre-registration, please click:
https://s1.c-conf.com/diamondpass/10052617-fv4jhm.html

In the 10 minutes prior to the call start time, you may use the conference access information (including dial-in number(s), the passcode and unique access PIN) provided in the calendar invite that you have received following your pre-registration.

Additionally, a live and archived webcast of this conference call will be available at https://ir.baidu.com.

About Baidu

Founded in 2000, Baidu's mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong Internet foundation, trading on NASDAQ under "BIDU" and HKEX under "9888". One Baidu ADS represents eight Class A ordinary shares.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Among other things, Baidu's and other parties' strategic and operational plans, contain forward-looking statements. Baidu may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in announcements made on the website of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Baidu's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Baidu's growth strategies; its future business development, including development of new products and services; its ability to attract and retain users and customers; competition in the Chinese Internet search and newsfeed market; competition for online marketing customers; changes in the Company's revenues and certain cost or expense items as a percentage of its revenues; the outcome of ongoing, or any future, litigation or arbitration, including those relating to intellectual property rights; the expected growth of the Chinese-language Internet search and newsfeed market and the number of Internet and broadband users in China; Chinese governmental policies relating to the Internet and Internet search providers, and general economic conditions in China and elsewhere. Further information regarding these and other risks is included in the Company's annual report on Form 20-F and other documents filed with the Securities and Exchange Commission, and announcements on the website of the Hong Kong Stock Exchange. Baidu does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of the press release, and Baidu undertakes no duty to update such information, except as required under applicable law.

Non-GAAP Financial Measures

To supplement Baidu's consolidated financial results presented in accordance with GAAP, Baidu uses the following non-GAAP financial measures: non-GAAP operating income, non-GAAP operating margin, non-GAAP net income attributable to Baidu, non-GAAP net margin, non-GAAP diluted earnings per ADS, adjusted EBITDA, adjusted EBITDA margin, adjusted long-term investments and free cash flow. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

Baidu believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding certain items that may not be indicative of its recurring core business operating results, such as operating performance excluding non-cash charges or non-operating in nature. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management's internal comparisons to Baidu's historical performance and liquidity. The Company believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using these non-GAAP financial measures is that these non-GAAP measures exclude certain items that have been and will continue to be for the foreseeable future a significant component in the Company's results of operations. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company's data.

Non-GAAP operating income represents operating income excluding share-based compensation expenses, amortization and impairment of intangible assets resulting from business combinations, impairment of long-lived assets, and one-time employee severance costs.

Non-GAAP net income attributable to Baidu represents net income attributable to Baidu excluding share-based compensation expenses, amortization and impairment of intangible assets resulting from business combinations, impairment of long-lived assets, one-time employee severance costs, disposal gain or loss, impairment of long-term investments, and fair value gain or loss of long-term investments and exchangeable bonds, adjusted for related income tax effects. Baidu's share of equity method investments for these non-GAAP reconciling items, amortization and impairment of intangible assets not on the investees' books, accretion of their redeemable non-controlling interests, and the gain or loss associated with the issuance of shares by the investees at a price higher or lower than the carrying value per share, adjusted for related income tax effects, are also excluded.

Non-GAAP diluted earnings per ADS represents diluted earnings per ADS calculated by dividing non-GAAP net income attributable to Baidu, by the weighted average number of ordinary shares expressed in ADS. Adjusted EBITDA represents non-GAAP operating income excluding depreciation of fixed assets, and amortization of intangible assets excluding those resulting from business combinations. Adjusted long-term investments represent long-term investments, net, with publicly listed equity method investments adjusted to fair value based on quoted market prices.

For more information on non-GAAP financial measures, please see the tables captioned "Reconciliations of non-GAAP financial measures to the nearest comparable GAAP measure."

Baidu, Inc. 

Condensed Consolidated Statements of  Income 

(In millions except for per share (or ADS) information, unaudited)

Three Months Ended

Twelve Months Ended

December 31,

September 30,

December 31,

December 31,

December 31,

December 31,

December 31,

2024

2025

2025

2025

2024

2025

2025

RMB

RMB

RMB

US$(2)

RMB

RMB

US$(2)

Revenue

34,124

31,174

32,740

4,682

133,125

129,079

18,458

Costs and expenses:

Cost of revenue(1)

18,014

18,315

18,277

2,614

66,102

72,436

10,358

Selling, general and administrative(1)

6,678

6,581

7,389

1,056

23,620

25,843

3,696

Research and development(1)

5,515

5,179

5,591

800

22,133

20,433

2,922

Impairment of long-lived assets

-

16,190

-

-

-

16,190

2,315

Total costs and expenses

30,207

46,265

31,257

4,470

111,855

134,902

19,291

Operating income (loss)

3,917

(15,091)

1,483

212

21,270

(5,823)

(833)

Other income:

Interest income

2,001

1,930

2,051

293

7,962

8,602

1,230

Interest expense

(643)

(631)

(651)

(93)

(2,824)

(2,784)

(398)

Foreign exchange gain (loss), net

1,678

(357)

(1,054)

(151)

1,076

(2,242)

(321)

Share of earnings (losses) from equity method investments

(399)

735

1,193

171

(691)

3,196

457

Others, net

23

269

(296)

(42)

1,829

5,767

825

Total other income, net

2,660

1,946

1,243

178

7,352

12,539

1,793

Income (loss) before income taxes

6,577

(13,145)

2,726

390

28,622

6,716

960

Income tax expense (benefit)

1,619

(1,828)

1,029

147

4,447

1,259

180

Net income (loss)

4,958

(11,317)

1,697

243

24,175

5,457

780

Net income (loss) attributable to noncontrolling interests

(234)

(85)

(85)

(12)

415

(132)

(19)

Net income (loss) attributable to Baidu

5,192

(11,232)

1,782

255

23,760

5,589

799

Earnings (loss) per ADS (1 ADS representing 8 Class A ordinary shares):

 -Basic

14.41

(33.88)

4.48

0.64

66.40

13.67

1.95

 -Diluted

14.26

(33.88)

3.71

0.53

65.91

11.78

1.68

Earnings (loss) per share for Class A and Class B ordinary shares:

 -Basic

1.80

(4.23)

0.56

0.08

8.31

1.71

0.24

 -Diluted

1.78

(4.23)

0.46

0.07

8.24

1.47

0.21

Weighted average number of Class A and Class B ordinary shares outstanding (in millions):

 -Basic 

2,775

2,713

2,721

2,721

2,790

2,726

2,726

 -Diluted

2,783

2,713

2,758

2,758

2,798

2,744

2,744

(1) Includes share-based compensation expenses as follows:

 Cost of revenue 

103

113

79

11

461

389

56

 Selling, general and administrative 

297

340

252

36

1,427

1,181

169

 Research and development 

685

591

398

58

2,896

2,035

292

 Total share-based compensation expenses 

1,085

1,044

729

105

4,784

3,605

517

(2) All translations from RMB to U.S. dollars are made at a rate of RMB6.9931 to US$1.00, the exchange rate in effect as of December 31, 2025 as set forth in the H.10

statistical release of The Board of Governors of the Federal Reserve System.

Baidu, Inc. 

Condensed Consolidated Balance Sheets

(In millions, unaudited)

December 31,

December 31,

December 31,

2024

2025

2025

RMB

RMB

US$

ASSETS

Current assets:

Cash and cash equivalents

24,832

24,606

3,519

Restricted cash

11,697

225

32

Short-term investments, net

102,608

90,661

12,964

Accounts receivable, net

10,104

12,972

1,855

Amounts due from related parties

790

761

109

Other current assets, net

18,818

22,745

3,253

Total current assets

168,849

151,970

21,732

Non-current assets:

Fixed assets, net

30,102

26,281

3,758

Licensed copyrights, net

6,930

5,963

853

Produced content, net

14,695

14,575

2,084

Intangible assets, net

772

3,891

556

Goodwill

22,586

36,783

5,260

Long-term investments, net

41,721

44,918

6,423

Long-term time deposits and held-to-maturity investments

98,535

123,862

17,712

Amounts due from related parties

137

167

24

Deferred tax assets, net

2,193

4,582

655

Operating lease right-of-use assets

10,898

8,610

1,231

Receivables related to the proposed acquisition of YY Live, net

13,547

-

-

Other non-current assets

16,815

27,555

3,941

Total non-current assets

258,931

297,187

42,497

Total assets

427,780

449,157

64,229

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

Current liabilities:

Short-term loans

10,669

7,626

1,091

Accounts payable and accrued liabilities

41,443

38,891

5,561

Customer deposits and deferred revenue

14,624

13,051

1,866

Deferred income

684

531

76

Long-term loans, current portion

168

14,765

2,111

Convertible senior notes, current portion

242

1,459

209

Notes payable, current portion

8,026

4,560

652

Amounts due to related parties

1,794

1,988

284

Operating lease liabilities

3,303

3,457

494

Total current liabilities

80,953

86,328

12,344

Non-current liabilities:

Deferred income

231

198

28

Deferred revenue

585

723

103

Amounts due to related parties

56

36

5

Long-term loans

15,596

3,369

482

Notes payable

27,996

51,021

7,296

Convertible senior notes

8,351

6,712

960

Deferred tax liabilities

3,870

4,985

713

Operating lease liabilities

4,973

4,108

587

Other non-current liabilities

1,557

1,951

280

Total non-current liabilities

63,215

73,103

10,454

Total liabilities

144,168

159,431

22,798

Redeemable noncontrolling interests

9,870

13,166

1,883

Equity

Total Baidu shareholders' equity

263,620

266,330

38,085

Noncontrolling interests

10,122

10,230

1,463

Total equity

273,742

276,560

39,548

Total liabilities, redeemable noncontrolling interests, and equity

427,780

449,157

64,229

Baidu, Inc. 

Selected Information

(In millions, unaudited)

Three months ended

Three months ended

Three months ended

Three months ended

December 31, 2024 (RMB)

September 30, 2025 (RMB)

December 31, 2025 (RMB)

December 31, 2025 (US$)

Baidu
General

Business

iQIYI

Elim &

adj(2)

Baidu,

Inc.

Baidu
General

Business

iQIYI

Elim &

adj(2)

Baidu,

Inc.

Baidu
General

Business

iQIYI

Elim &

adj(2)

Baidu,

Inc.

Baidu
General

Business

iQIYI

Elim &

adj(2)

Baidu,

Inc.

Revenue

27,698

6,613

(187)

34,124

24,659

6,682

(167)

31,174

26,112

6,794

(166)

32,740

3,734

972

(24)

4,682

  YOY

(6 %)

3 %

(4 %)

  QOQ

6 %

2 %

5 %

Costs and expenses: 

  Cost of revenue(1)

13,180

4,995

(161)

18,014

12,996

5,467

(148)

18,315

13,042

5,376

(141)

18,277

1,865

769

(20)

2,614

  Selling, general and administrative(1)

5,816

882

(20)

6,678

5,677

925

(21)

6,581

6,455

946

(12)

7,389

923

135

(2)

1,056

  Research and development(1)

5,064

451

-

5,515

4,767

412

-

5,179

5,174

417

-

5,591

740

60

-

800

  Impairment of long-lived assets

-

-

-

-

16,190

-

-

16,190

-

-

-

-

-

-

-

-

Total costs and expenses 

24,060

6,328

(181)

30,207

39,630

6,804

(169)

46,265

24,671

6,739

(153)

31,257

3,528

964

(22)

4,470

  YOY 

  Cost of revenue

(1 %)

8 %

1 %

  Selling, general and administrative 

11 %

7 %

11 %

  Research and development 

2 %

(8 %)

1 %

  Impairment of long-lived assets

-

-

-

  Costs and expenses

3 %

6 %

3 %

  QOQ

  Cost of revenue

0 %

(2 %)

(0 %)

  Selling, general and administrative 

14 %

2 %

12 %

  Research and development 

9 %

1 %

8 %

  Impairment of long-lived assets

(100 %)

-

(100 %)

  Costs and expenses

(38 %)

(1 %)

(32 %)

Operating income (loss)

3,638

285

(6)

3,917

(14,971)

(122)

2

(15,091)

1,441

55

(13)

1,483

206

8

(2)

212

  YOY

(60 %)

(81 %)

(62 %)

  QOQ

-

-

-

Operating margin 

13 %

4 %

11 %

(61 %)

(2 %)

(48 %)

6 %

1 %

5 %

  Add: total other income (loss), net

3,125

(465)

-

2,660

2,031

(85)

-

1,946

1,270

(27)

-

1,243

182

(4)

-

178

  Less: income tax expense (benefit)

1,612

7

-

1,619

(1,868)

40

-

(1,828)

993

36

-

1,029

142

5

-

147

  Less: net income (loss) attributable to NCI

(132)

2

(104)(3)

(234)

49

2

(136)(3)

(85)

(79)

(2)

(4)(3)

(85)

(11)

-

(1)(3)

(12)

Net income (loss) attributable to Baidu

5,283

(189)

98

5,192

(11,121)

(249)

138

(11,232)

1,797

(6)

(9)

1,782

257

(1)

(1)

255

  YOY

(66 %)

(97 %)

(66 %)

  QOQ

-

(98 %)

-

Net margin 

19 %

(3 %)

15 %

(45 %)

(4 %)

(36 %)

7 %

(0 %)

5 %

Non-GAAP financial measures:

Operating income (loss) (non-GAAP)

4,647

406

5,047

2,225

(22)

2,205

2,837

143

2,967

406

20

424

  YOY

(39 %)

(65 %)

(41 %)

  QOQ

28 %

-

35 %

Operating margin (non-GAAP)

17 %

6 %

15 %

9 %

(0 %)

7 %

11 %

2 %

9 %

Net income (loss) attributable to Baidu (non-GAAP)

6,741

(59)

6,709

3,836

(148)

3,770

3,869

109

3,907

553

14

559

  YOY

(43 %)

-

(42 %)

  QOQ

1 %

-

4 %

Net margin (non-GAAP)

24 %

(1 %)

20 %

16 %

(2 %)

12 %

15 %

2 %

12 %

Adjusted EBITDA

6,516

444

6,954

4,398

30

4,429

4,544

196

4,727

650

28

676

  YOY

(30 %)

(56 %)

(32 %)

  QOQ

3 %

553 %

7 %

Adjusted EBITDA margin 

24 %

7 %

20 %

18 %

0 %

14 %

17 %

3 %

14 %

(1) Includes share-based compensation as follows:

 Cost of revenue 

74

29

103

83

30

113

56

23

79

8

3

11

 Selling, general and administrative 

240

57

297

304

36

340

219

33

252

31

5

36

 Research and development 

652

33

685

559

32

591

368

30

398

54

4

58

 Total share-based compensation 

966

119

1,085

946

98

1,044

643

86

729

93

12

105

(2) Relates to intersegment eliminations and adjustments

(3) Relates to the net income attributable to iQIYI noncontrolling interests

Baidu, Inc. 

Selected Information

(In millions except for per ADS information, unaudited)

Twelve months ended

Twelve months ended

Twelve months ended

December 31, 2024 (RMB)

December 31, 2025 (RMB)

December 31, 2025 (US$)

Baidu
General

Business

iQIYI

Elim &

adj(2)

Baidu,

Inc.

Baidu
General

Business

iQIYI

Elim &

adj(2)

Baidu,

Inc.

Baidu
General

Business

iQIYI

Elim &

adj(2)

Baidu,

Inc.

Revenue

104,712

29,225

(812)

133,125

102,485

27,290

(696)

129,079

14,655

3,902

(99)

18,458

  YOY

(2 %)

(7 %)

(3 %)

Costs and expenses: 

  Cost of revenue(1)

44,830

21,954

(682)

66,102

51,498

21,541

(603)

72,436

7,364

3,080

(86)

10,358

  Selling, general and administrative(1)

20,049

3,682

(111)

23,620

22,071

3,857

(85)

25,843

3,156

552

(12)

3,696

  Research and development(1)

20,355

1,778

-

22,133

18,770

1,663

-

20,433

2,684

238

-

2,922

  Impairment of long-lived assets

-

-

-

-

16,190

-

-

16,190

2,315

-

-

2,315

Total costs and expenses 

85,234

27,414

(793)

111,855

108,529

27,061

(688)

134,902

15,519

3,870

(98)

19,291

  YOY 

  Cost of revenue

15 %

(2 %)

10 %

  Selling, general and administrative 

10 %

5 %

9 %

  Research and development 

(8 %)

(6 %)

(8 %)

  Impairment of long-lived assets

-

-

-

  Cost and expenses

27 %

(1 %)

21 %

Operating income (loss)

19,478

1,811

(19)

21,270

(6,044)

229

(8)

(5,823)

(864)

32

(1)

(833)

  YOY

-

(87 %)

-

Operating margin 

19 %

6 %

16 %

(6 %)

1 %

(5 %)

  Add: total other income (loss), net

8,311

(959)

-

7,352

12,828

(289)

-

12,539

1,834

(41)

-

1,793

  Less: income tax expense

4,386

61

-

4,447

1,115

144

-

1,259

159

21

-

180

  Less: net income (loss) attributable to NCI

(28)

27

416(3)

415

(22)

3

(113)(3)

(132)

(3)

-

(16)(3)

(19)

Net income (loss) attributable to Baidu

23,431

764

(435)

23,760

5,691

(207)

105

5,589

814

(30)

15

799

  YOY

(76 %)

(127 %)

(76 %)

Net margin 

22 %

3 %

18 %

6 %

(1 %)

4 %

Non-GAAP financial measures:

Operating income (non-GAAP)

23,890

2,363

26,234

14,319

639

14,950

2,048

91

2,138

  YOY

(40 %)

(73 %)

(43 %)

Operating margin (non-GAAP)

23 %

8 %

20 %

14 %

2 %

12 %

Net income attributable to Baidu (non-GAAP)

26,335

1,512

27,002

18,827

280

18,941

2,692

39

2,709

  YOY

(29 %)

(81 %)

(30 %)

Net margin (non-GAAP)

25 %

5 %

20 %

18 %

1 %

15 %

Adjusted EBITDA

30,587

2,510

33,078

22,051

815

22,857

3,153

117

3,269

  YOY

(28 %)

(68 %)

(31 %)

Adjusted EBITDA margin 

29 %

9 %

25 %

22 %

3 %

18 %

(1) Includes share-based compensation as follows:

 Cost of revenue 

340

121

461

277

112

389

40

16

56

 Selling, general and administrative 

1,153

274

1,427

1,018

163

1,181

146

23

169

 Research and development 

2,746

150

2,896

1,908

127

2,035

273

19

292

 Total share-based compensation 

4,239

545

4,784

3,203

402

3,605

459

58

517

(2) Relates to intersegment eliminations and adjustments

(3) Relates to the net loss attributable to iQIYI noncontrolling interests

Baidu, Inc. 

Condensed Consolidated Statements of Cash Flows

(In millions,unaudited)

Three months ended

Three months ended

Three months ended

Three months ended

December 31, 2024 (RMB)

September 30, 2025 (RMB)

December 31, 2025 (RMB)

December 31, 2025 (US$)

 Baidu

excl. 

iQIYI

iQIYI

Baidu,

Inc.

 Baidu

excl. 

iQIYI

iQIYI

Baidu,

Inc.

 Baidu

excl. 

iQIYI

iQIYI

Baidu,

Inc.

 Baidu

excl. 

iQIYI

iQIYI

Baidu,

Inc.

Net cash provided by (used in) operating

activities

1,836

520

2,356

1,523

(267)

1,256

2,562

47

2,609

366

7

373

Net cash provided by (used in) investing activities 

(4,741)

(896)

(5,637)

2,233

763

2,996

(17,439)

(947)

(18,386)

(2,494)

(135)

(2,629)

Net cash provided by (used in) financing activities

(1,784)

114

(1,670)

4,532

151

4,683

595

518

1,113

85

74

159

Effect of exchange rate changes on cash, cash

equivalents and restricted cash

582

61

643

(186)

(16)

(202)

(295)

(10)

(305)

(42)

(1)

(43)

Net increase (decrease) in cash, cash

equivalents and restricted cash 

(4,107)

(201)

(4,308)

8,102

631

8,733

(14,577)

(392)

(14,969)

(2,085)

(55)

(2,140)

Cash, cash equivalents and restricted cash

  At beginning of period

37,106

3,791

40,897

26,928

4,139

31,067

35,030

4,770

39,800

5,009

682

5,691

  At end of period

32,999

3,590

36,589

35,030

4,770

39,800

20,453

4,378

24,831

2,924

627

3,551

Net cash provided by (used in) operating

activities

1,836

520

2,356

1,523

(267)

1,256

2,562

47

2,609

366

7

373

Less: Capital expenditures

(2,312)

(21)

(2,333)

(3,378)

(23)

(3,401)

(1,952)

(20)

(1,972)

(279)

(3)

(282)

Free cash flow

(476)

499

23

(1,855)

(290)

(2,145)

610

27

637

87

4

91

Note: Baidu excl. iQIYI represents Baidu, Inc. minus iQIYI's consolidated cash flows.

Baidu, Inc. 

Condensed Consolidated Statements of Cash Flows

(In millions,unaudited)

Twelve months ended

Twelve months ended

Twelve months ended

December 31, 2024 (RMB)

December 31, 2025 (RMB)

December 31, 2025 (US$)

 Baidu

excl. 

iQIYI

iQIYI

Baidu,

Inc.

 Baidu

excl. 

iQIYI

iQIYI

Baidu,

Inc.

 Baidu

excl. 

iQIYI

iQIYI

Baidu,

Inc.

Net cash provided by (used in) operating

activities

19,126

2,108

21,234

(3,119)

106

(3,013)

(446)

15

(431)

Net cash used in investing activities 

(6,110)

(2,445)

(8,555)

(24,809)

(327)

(25,136)

(3,547)

(47)

(3,594)

Net cash provided by (used in) financing activities

(12,391)

(1,368)

(13,759)

16,078

1,064

17,142

2,299

152

2,451

Effect of exchange rate changes on cash, cash

equivalents and restricted cash

81

14

95

(696)

(55)

(751)

(101)

(6)

(107)

Net increase (decrease) in cash, cash

equivalents and restricted cash 

706

(1,691)

(985)

(12,546)

788

(11,758)

(1,795)

114

(1,681)

Cash, cash equivalents and restricted cash

  At beginning of period

32,293

5,281

37,574

32,999

3,590

36,589

4,719

513

5,232

  At end of period

32,999

3,590

36,589

20,453

4,378

24,831

2,924

627

3,551

Net cash provided by (used in) operating

activities

19,126

2,108

21,234

(3,119)

106

(3,013)

(446)

15

(431)

Less: Capital expenditures

(8,055)

(79)

(8,134)

(11,978)

(95)

(12,073)

(1,712)

(14)

(1,726)

Free cash flow

11,071

2,029

13,100

(15,097)

11

(15,086)

(2,158)

1

(2,157)

Note: Baidu excl. iQIYI represents Baidu, Inc. minus iQIYI's consolidated cash flows.

Baidu, Inc. 

Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures  

(In millions except for per ADS information, unaudited)

Three months ended 

Three months ended 

Three months ended 

Three months ended 

December 31, 2024 (RMB)

September 30, 2025 (RMB)

December 31, 2025 (RMB)

December 31, 2025 (US$)

Baidu
General

Business

iQIYI

Baidu,

Inc.

Baidu
General

Business

iQIYI

Baidu,

Inc.

Baidu
General

Business

iQIYI

Baidu,

Inc.

Baidu
General

Business

iQIYI

Baidu,

Inc.

Operating income (loss)

3,638

285

3,917

(14,971)

(122)

(15,091)

1,441

55

1,483

206

8

212

Add: Share-based compensation expenses

966

119

1,085

946

98

1,044

643

86

729

93

12

105

Add: Amortization and impairment of intangible assets resulting from business combinations

43

2

45

60

2

62

45

2

47

6

-

6

Add: Impairment of long-lived assets

-

-

-

16,190

-

16,190

-

-

-

-

-

-

Add: One-time employee severance costs

-

-

-

-

-

-

708

-

708

101

-

101

Operating income (loss) (non-GAAP)

4,647

406

5,047

2,225

(22)

2,205

2,837

143

2,967

406

20

424

Add:  Depreciation of fixed assets and amortization of intangible assets(1)

1,869

38

1,907

2,173

52

2,224

1,707

53

1,760

244

8

252

Adjusted EBITDA

6,516

444

6,954

4,398

30

4,429

4,544

196

4,727

650

28

676

Net income (loss) attributable to Baidu

5,283

(189)

5,192

(11,121)

(249)

(11,232)

1,797

(6)

1,782

257

(1)

255

Add: Share-based compensation expenses

965

119

1,019

945

98

989

642

86

681

92

12

98

Add: Amortization and impairment of intangible assets resulting from business combinations

41

2

42

58

2

59

43

2

44

6

-

6

Add: Impairment of long-lived assets

-

-

-

16,190

-

16,190

-

-

-

-

-

-

Add: One-time employee severance costs

-

-

-

-

-

-

708

-

708

101

-

101

Add: Disposal loss (gain)

7

-

7

(101)

-

(101)

31

-

31

4

-

4

Add: Impairment of long-term investments

84

14

90

97

-

97

59

10

64

8

1

9

Add: Fair value loss (gain) of long-term investments and exchangeable bonds

(288)

(5)

(290)

279

1

279

923

17

931

132

2

133

Add: Reconciling items on equity method investments(2)

679

-

679

15

-

15

(431)

-

(431)

(62)

-

(62)

Add: Tax effects on non-GAAP adjustments(3)

(30)

-

(30)

(2,526)

-

(2,526)

97

-

97

15

-

15

Net income (loss) attributable to Baidu (non-GAAP)

6,741

(59)

6,709

3,836

(148)

3,770

3,869

109

3,907

553

14

559

Diluted earnings (loss) per ADS

14.26

(33.88)

3.71

0.53

Add:  Accretion of the redeemable noncontrolling interests

0.55

0.75

0.75

0.11

Add:  Non-GAAP adjustments to earnings per ADS

4.37

44.25

6.16

0.88

Diluted earnings per ADS (non-GAAP)

19.18

11.12

10.62

1.52

(1) This represents amortization of intangible assets excluding those resulting from business combinations.

(2) This represents Baidu's share of equity method investments for other non-GAAP reconciling items, amortization and impairment of intangible assets not on the investee's books, accretion of their redeemable

noncontrolling interests, and the gain or loss associated with the issuance of shares by the investees at a price higher or lower than the carrying value per share.

(3) This represents tax impact of all non-GAAP adjustments.

Baidu, Inc. 

Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures  

(In millions except for per ADS information, unaudited)

Twelve months ended

Twelve months ended

Twelve months ended

December 31, 2024 (RMB)

December 31, 2025 (RMB)

December 31, 2025 (US$)

Baidu
General

Business

iQIYI

Baidu,

Inc.

Baidu
General

Business

iQIYI

Baidu,

Inc.

Baidu
General

Business

iQIYI

Baidu,

Inc.

Operating income (loss)

19,478

1,811

21,270

(6,044)

229

(5,823)

(864)

32

(833)

Add: Share-based compensation expenses

4,239

545

4,784

3,203

402

3,605

459

58

517

Add: Amortization and impairment of intangible assets resulting from business combinations

173

7

180

262

8

270

37

1

38

Add: Impairment of long-lived assets

-

-

-

16,190

-

16,190

2,315

-

2,315

Add: One-time employee severance costs

-

-

-

708

-

708

101

-

101

Operating income (non-GAAP)

23,890

2,363

26,234

14,319

639

14,950

2,048

91

2,138

Add:  Depreciation of fixed assets and amortization of intangible assets(1)

6,697

147

6,844

7,732

176

7,907

1,105

26

1,131

Adjusted EBITDA

30,587

2,510

33,078

22,051

815

22,857

3,153

117

3,269

Net income (loss) attributable to Baidu

23,431

764

23,760

5,691

(207)

5,589

814

(30)

799

Add: Share-based compensation expenses

4,235

545

4,482

3,199

402

3,381

457

57

484

Add: Amortization and impairment of intangible assets resulting from business combinations

165

7

168

254

8

258

36

1

37

Add: Impairment of long-lived assets

-

-

-

16,190

-

16,190

2,315

-

2,315

Add: One-time employee severance costs

-

-

-

708

-

708

101

-

101

Add: Disposal loss (gain)

(1,982)

22

(1,972)

(423)

-

(428)

(60)

-

(61)

Add: Impairment of long-term investments

172

193

260

257

38

275

37

5

39

Add: Fair value loss (gain) of long-term investments

(393)

(19)

(403)

(4,004)

34

(3,989)

(573)

5

(570)

Add: Reconciling items on equity method investments(2)

1,050

-

1,050

(603)

5

(601)

(86)

1

(86)

Add: Tax effects on non-GAAP adjustments(3)

(343)

-

(343)

(2,442)

-

(2,442)

(349)

-

(349)

Net income attributable to Baidu (non-GAAP)

26,335

1,512

27,002

18,827

280

18,941

2,692

39

2,709

Diluted earnings per ADS

65.91

11.78

1.68

Add:  Accretion of the redeemable noncontrolling interests

1.68

2.71

0.39

Add:  Non-GAAP adjustments to earnings per ADS

9.26

38.92

5.57

Diluted earnings per ADS (non-GAAP)

76.85

53.41

7.64

(1) This represents amortization of intangible assets excluding those resulting from business combinations.

(2) This represents Baidu's share of equity method investments for other non-GAAP reconciling items, amortization and impairment of intangible assets not on the investee's books,

accretion of their redeemable noncontrolling interests, and the gain or loss associated with the issuance of shares by the investees at a price higher or lower than the carrying value per

share.

(3) This represents tax impact of all non-GAAP adjustments.

SOURCE Baidu, Inc.

A logo is seen at Siemens Energy's site in Muelheim an der Ruhr, Germany, August 3, 2022. REUTERS/Wolfgang Rattay/File Photo Purchase Licensing Rights, opens new tab

CompaniesFRANKFURT, Feb 26 (Reuters) - Siemens Energy should not sell its wind division below value, a top-20 shareholder said on Thursday at the group's annual general meeting, where the future of the struggling business will be a key topic after calls for a spin-off.

The future of Siemens Gamesa, which has weighed on Siemens Energy's profits for years, has come into sharper focus after U.S. activist shareholder Ananym in December called for a review and spin-off, arguing it would boost shareholder value.

Make sense of the latest ESG trends affecting companies and governments with the Reuters Sustainable Switch newsletter. Sign up here.

Siemens Energy (ENR1n.DE), opens new tab leadership has been open in principle to the idea but wants to first stabilise the business, which made a 1.36 billion euro ($1.61 billion) operating loss last year and is expected to break even in 2026.

Investors in Germany have backed the strategy of fixing the business before considering strategic steps.

"To be clear: divesting Gamesa at this point in time would be equal to selling it below its value," Deka Investment's Ingo Speich said. "Do not squander away Gamesa."

Ananym said in a statement it had recently held "very constructive direct discussions" with Siemens Energy's leadership, adding: "We are largely in agreement in our thinking about Siemens Gamesa".

Ananym said that even if Siemens Gamesa could be stabilised it was unlikely to reach the margin targets set by the parent.

Siemens Energy has said it wants all of its businesses to generate double-digit margins, far higher than the 3-5% profit margin targeted for Siemens Gamesa by 2028.

"As a result, keeping the wind business even after it has been stabilized is likely to create a continued drag on total company valuation, and will continue to make it difficult for Siemens Gamesa to compete for needed investment capital against the company's higher-return businesses," Ananym said.

It reiterated a spin-off would generate substantial shareholder value.

($1 = 0.8471 euros)

Reporting by Christoph Steitz. Editing by Mark Potter

Our Standards: The Thomson Reuters Trust Principles., opens new tab

K33 AB (publ) (ARCNF) Q4 2025 Earnings Call February 26, 2026 2:00 AM EST

Company Participants

Torbjorn Jenssen - Founder, CEO & MD

Presentation

Torbjorn Jenssen
Founder, CEO & MD

Good morning, and welcome to this Q4 presentation for K33. My name is Torbjorn Bull Jenssen, and I'm the CEO of K33. Most of you might know K33 really well. But for those who don't, we are the crypto exchange for businesses and investors. What is unique with K33 is that you get a named client manager from day 1. You get access to deep institutional liquidity, competitive pricing and ability to execute both small and really large orders without worry. And you get access to reliable banking infrastructure. We natively support 8 different fiat currencies where clients can deposit, trade and withdraw in their preferred fiat currency. And this combination is really what makes K33 ideal for businesses and investors and institutional clients seeking to interact with the digital asset world.

Talking about the digital asset world, the market right now is a bit perplexing. On the one side, the institutional adoption continues at full speed. Underlying drivers have never been stronger, yet we see Bitcoin and Cryptocurrencies falling in price. Last year, Bitcoin ended up with a fall and market activity was really dampened. This is creating a lot of fear and uncertainty among many market participants. But if you look underneath the surface, you see the continued institutional adoption. You see the regulatory maturation continuing at full pace, and this is what makes us extremely optimistic for the future.

Bitcoin right now is actually in a better position than it was back when it was at $120,000. So if you like Bitcoin at $120,000, you should love it at $66,000 because the relevance of a digital programmable, censorship resistant and absolutely scarce money, that

Online grocer targets positive cash flow next year but execution risks weigh on sentiment

Shares in Ocado Group PLC (LSE:OCDO), the online grocery technology group, fell 9.5% to 212.68p in early trading as investors looked past a sharp rise in earnings and focused on execution risks surrounding the company's cash flow targets.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose 59% to £178 million as group revenue climbed 12.1% to £1.4 billion in the year to November 2025.

Technology Solutions, the core business that powers robot-operated warehouses for overseas grocery groups, grew EBITDA 73% to £140 million.

However, underlying cash flow remained negative at £213 million, widening from an outflow of £199 million the previous year.

The group said it expects to turn cash flow positive in the second half of 2026 and deliver full-year cash generation in 2027, while chief executive Tim Steiner said a "significant number" of jobs would be cut as part of £150 million in cost reductions.

Adam Vettese, market analyst for eToro said guidance for cash flow positivity and cost cuts "sounds promising, but investors are clearly unconvinced, prioritising execution risks over promises", adding that contract fragility and capital intensity remain unaddressed.

Ocado has faced setbacks from overseas partners, with Canada's Sobeys closing one robot-run warehouse and US customer Kroger shutting three fulfilment centres.