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iQIYI Swings to First-Quarter Loss as Revenue Falls, Repurchases 2028 Notes

Story Highlights
  • iQIYI’s first-quarter 2026 revenue fell 13% to RMB6.23 billion, driven by weaker membership, advertising and content distribution income.
  • The company posted a net loss and operating loss but stayed cash-flow positive, cut costs, repurchased US$207.8 million notes and advanced a Hong Kong listing plan.
  • Looking for the best stocks to buy? Follow the recommendations of top-performing analysts.
iQIYI Swings to First-Quarter Loss as Revenue Falls, Repurchases 2028 Notes

Meet Samuel – Your Personal Investing Prophet

The latest update is out from Iqiyi ( (IQ) ).

iQIYI reported unaudited results for the quarter ended March 31, 2026, showing a 13% year-on-year decline in revenue to RMB6.23 billion as membership, advertising, content distribution and other revenues all fell, with lighter content output and macro pressures cited. The company swung from operating profit to an operating loss of RMB228.4 million and posted a net loss of RMB294.6 million, though it remained cash-flow positive and continued to cut costs, while repurchasing US$207.8 million of its 6.50% convertible notes due 2028 and highlighting AI-driven efficiency measures and a planned Hong Kong listing and share buyback as part of a broader strategy to bolster long-term growth and shareholder value.

iQIYI reported unaudited results for the quarter ended March 31, 2026, showing a 13% year-on-year decline in revenue to RMB6.23 billion as membership, advertising, content distribution and other revenues all fell, with lighter content output and macro pressures cited. The company swung from operating profit to an operating loss of RMB228.4 million and posted a net loss of RMB294.6 million, though it remained cash-flow positive and continued to cut costs, while repurchasing US$207.8 million of its 6.50% convertible notes due 2028 and highlighting AI-driven efficiency measures and a planned Hong Kong listing and share buyback as part of a broader strategy to bolster long-term growth and shareholder value.

The most recent analyst rating on (IQ) stock is a Buy with a $1.80 price target. To see the full list of analyst forecasts on Iqiyi stock, see the IQ Stock Forecast page.

Spark’s Take on IQ Stock

According to Spark, TipRanks’ AI Analyst, IQ is a Neutral.

The score is held back primarily by weakened 2025 financial performance—especially the steep decline in operating/free cash flow—and strong negative technical trend signals. The earnings call adds some support via improving membership/ads and overseas momentum plus diversification initiatives, but thin margins and cash/related-party risk keep the outlook cautious; valuation provides limited support due to losses and no dividend.

To see Spark’s full report on IQ stock, click here.

More about Iqiyi

iQIYI, Inc. is a leading provider of online entertainment video services in China, operating a streaming platform focused on subscription-based membership, advertising-supported content and content distribution. The company targets domestic viewers while expanding its overseas business, and is listed on Nasdaq with plans for a Hong Kong Main Board listing.

Average Trading Volume: 10,238,811

Technical Sentiment Signal: Sell

Current Market Cap: $1.12B

For detailed information about IQ stock, go to TipRanks’ Stock Analysis page.

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