iQIYI posted Q3 2025 results reflecting a modest sequential revenue uptick but a material year-over-year revenue decline and a net loss, consistent with the company’s ongoing transition toward higher IP value content, AI-enabled production and monetization, and an expanding overseas footprint. Total revenue reached RMB 6.682B, up 0.8% QoQ but down 7.8% YoY. Gross profit was RMB 1.215B with a gross margin of 18.19%, while operating income remained negative at RMB 0.122B and net income was RMB -0.249B. EBITDA remained positive at RMB 1.811B due to a high depreciation and amortization base, yielding an EBITDAR of 27.1%. Non-GAAP operating loss was modest at RMB 21.9M (margin -0.3%). Net cash from operations was negative RMB 0.268B, with free cash flow at RMB -0.290B, and the company ended the period with cash and equivalents near RMB 3.96B and an aggregate liquidity position that supports continued content investment and overseas expansion.