Earnings Per Share

12 Months Ended

Dec. 31, 2024

22.	EARNINGS PER SHARE

Each ADS represents eight Class A ordinary shares. A reconciliation of net income attributable to Baidu, Inc. in the consolidated statements of comprehensive income to the numerator for the computation of basic and diluted earnings per share for the years ended December 31, 2022, 2023 and 2024 is as follows:


	For the years ended December 31,
	2022			2023			2024			2024
	RMB			RMB			RMB			US$
	(In millions, including number of shares, except for per share data)
Net income attributable to Baidu, Inc.		7,559			20,315			23,760			3,255
Accretion of the redeemable noncontrolling interests		(591	)		(717	)		(588	)		(81	)

Numerator for basic EPS computation		6,968			19,598			23,172			3,174
Impact of diluted securities of subsidiaries and equity method investees		—			(44	)		(105	)		(14	)
Numerator for diluted EPS computation		6,968			19,554			23,067			3,160

The following table sets forth the computation of basic and diluted earnings per Class A and Class B ordinary share and basic and diluted earnings per ADS:


	For the years ended December 31,
	2022				2023				2024				2024
	Class A		Class B		Class A		Class B		Class A		Class A		Class B		Class B
	RMB		RMB		RMB		RMB		RMB		US$		RMB		US$
	(In millions, including number of shares and ADS, except for per share and per ADS data)
Earnings per share—basic:
Numerator
Allocation of net income attributable to Baidu, Inc.		5,590		1,378		15,905		3,693		18,812		2,577		4,360		597

Denominator
Weighted average ordinary shares outstanding		2,232		550		2,278		529		2,265		2,265		525		525

Denominator used for basic EPS		2,232		550		2,278		529		2,265		2,265		525		525

Earnings per share—basic		2.50		2.50		6.98		6.98		8.31		1.14		8.31		1.14

Earnings per share—diluted:
Numerator
Allocation of net income attributable to Baidu, Inc. for diluted computation		5,604		1,364		15,909		3,645		18,741		2,567		4,326		593
Reallocation of net income attributable to Baidu, Inc. as a result of conversion of Class B to Class A shares		1,364		—		3,645		—		4,326		593		—		—

Numerator for diluted EPS calculation		6,968		1,364		19,554		3,645		23,067		3,160		4,326		593

Denominator
Weighted average ordinary shares outstanding		2,232		550		2,278		529		2,265		2,265		525		525
Conversion of Class B to Class A ordinary shares		550		—		529		—		525		525		—		—
Share-based awards		27		—		30		—		8		8		—		—

Denominator used for diluted EPS		2,809		550		2,837		529		2,798		2,798		525		525

Earnings per share—diluted		2.48		2.48		6.89		6.89		8.24		1.13		8.24		1.13

Earnings per ADS (1 ADS equals 8 Class A ordinary shares):
Denominator used for earnings per ADS—basic		279				285				283		283

Denominator used for earnings per ADS—diluted		351				355				350		350

Earnings per ADS—basic		20.02				55.83				66.40		9.10

Earnings per ADS—diluted		19.85				55.08				65.91		9.03

The Company did not include the effect of convertible senior notes issued by iQIYI, other subsidiaries and investees in the computation of diluted earnings per share for the years ended

December

31, 2022, 2023 and 2024, as its effect would be anti-dilutive. The Company did not include the effect of certain share options issued by iQIYI, other subsidiaries and investees in the computation of diluted earnings per share for the year ended December 31, 2022, as its effect would be anti-dilutive.