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Side-by-side financial comparison of Baidu, Inc. (BIDU) and Vistra Corp. (VST). Click either name above to swap in a different company.
Baidu, Inc. is the larger business by last-quarter revenue ($5.0B vs $4.8B, roughly 1.0× Vistra Corp.). Baidu, Inc. runs the higher net margin — 6.0% vs 4.8%, a 1.1% gap on every dollar of revenue. On growth, Vistra Corp. posted the faster year-over-year revenue change (31.2% vs 14.0%). Over the past eight quarters, Vistra Corp.'s revenue compounded faster (23.3% CAGR vs 7.5%).
Baidu, Inc. is a Chinese multinational technology company specializing in Internet services and artificial intelligence. It holds a dominant position in China's search engine market, and provides a wide variety of other internet services such as Baidu App, Baidu Baike, iQIYI, and Baidu Tieba.
Vistra may refer to either of two companies:Vistra, a corporate services company based in Hong Kong Vistra Corp, an energy company based in Texas
BIDU vs VST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $5.0B | $4.8B |
| Net Profit | $300.0M | $233.0M |
| Gross Margin | 41.0% | — |
| Operating Margin | 4.1% | 9.9% |
| Net Margin | 6.0% | 4.8% |
| Revenue YoY | 14.0% | 31.2% |
| Net Profit YoY | -47.1% | -47.2% |
| EPS (diluted) | $0.53 | $0.55 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $5.0B | $4.8B | ||
| Q3 25 | $4.4B | $4.8B | ||
| Q2 25 | $4.6B | $3.8B | ||
| Q1 25 | $4.5B | $4.3B | ||
| Q4 24 | $4.4B | $3.7B | ||
| Q3 24 | $4.8B | $4.3B | ||
| Q2 24 | $4.7B | $3.6B | ||
| Q1 24 | $4.4B | $3.2B |
| Q4 25 | $300.0M | $233.0M | ||
| Q3 25 | $-1.6B | $652.0M | ||
| Q2 25 | $1.0B | $327.0M | ||
| Q1 25 | $1.1B | $-268.0M | ||
| Q4 24 | $567.0M | $441.0M | ||
| Q3 24 | $1.1B | $1.9B | ||
| Q2 24 | $768.0M | $365.0M | ||
| Q1 24 | $811.0M | $-35.0M |
| Q4 25 | 41.0% | — | ||
| Q3 25 | 41.2% | — | ||
| Q2 25 | 43.9% | — | ||
| Q1 25 | 46.1% | — | ||
| Q4 24 | 49.9% | — | ||
| Q3 24 | 51.1% | — | ||
| Q2 24 | 51.7% | — | ||
| Q1 24 | 51.5% | — |
| Q4 25 | 4.1% | 9.9% | ||
| Q3 25 | -48.4% | 21.7% | ||
| Q2 25 | 10.0% | 13.7% | ||
| Q1 25 | 13.9% | -2.8% | ||
| Q4 24 | 11.1% | 16.4% | ||
| Q3 24 | 17.6% | 59.6% | ||
| Q2 24 | 17.5% | 22.5% | ||
| Q1 24 | 17.4% | 2.7% |
| Q4 25 | 6.0% | 4.8% | ||
| Q3 25 | -36.3% | 13.6% | ||
| Q2 25 | 22.2% | 8.7% | ||
| Q1 25 | 24.1% | -6.3% | ||
| Q4 24 | 12.8% | 12.0% | ||
| Q3 24 | 23.2% | 43.5% | ||
| Q2 24 | 16.4% | 10.1% | ||
| Q1 24 | 18.6% | -1.1% |
| Q4 25 | $0.53 | $0.55 | ||
| Q3 25 | $-4.76 | $1.75 | ||
| Q2 25 | $2.84 | $0.81 | ||
| Q1 25 | $2.98 | $-0.93 | ||
| Q4 24 | $1.95 | $1.09 | ||
| Q3 24 | $3.08 | $5.25 | ||
| Q2 24 | — | $0.90 | ||
| Q1 24 | $2.07 | $-0.24 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $16.5B | $785.0M |
| Total DebtLower is stronger | $5.9B | $15.8B |
| Stockholders' EquityBook value | $38.1B | $5.1B |
| Total Assets | $64.2B | $41.5B |
| Debt / EquityLower = less leverage | 0.16× | 3.11× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $16.5B | $785.0M | ||
| Q3 25 | $17.5B | $602.0M | ||
| Q2 25 | $17.3B | $458.0M | ||
| Q1 25 | $19.5B | $561.0M | ||
| Q4 24 | $17.5B | $1.2B | ||
| Q3 24 | $18.9B | $905.0M | ||
| Q2 24 | — | $1.6B | ||
| Q1 24 | — | $1.1B |
| Q4 25 | $5.9B | $15.8B | ||
| Q3 25 | $2.5B | $15.8B | ||
| Q2 25 | $2.4B | $15.5B | ||
| Q1 25 | $2.3B | $15.4B | ||
| Q4 24 | $4.9B | $15.4B | ||
| Q3 24 | $2.1B | $13.9B | ||
| Q2 24 | — | $13.9B | ||
| Q1 24 | — | $14.7B |
| Q4 25 | $38.1B | $5.1B | ||
| Q3 25 | $38.6B | $5.2B | ||
| Q2 25 | $39.8B | $4.8B | ||
| Q1 25 | $38.6B | $4.8B | ||
| Q4 24 | $36.1B | $5.6B | ||
| Q3 24 | $38.5B | $5.4B | ||
| Q2 24 | — | $5.6B | ||
| Q1 24 | — | $5.7B |
| Q4 25 | $64.2B | $41.5B | ||
| Q3 25 | $62.4B | $38.0B | ||
| Q2 25 | $62.9B | $38.1B | ||
| Q1 25 | $62.6B | $38.2B | ||
| Q4 24 | $58.6B | $37.8B | ||
| Q3 24 | $59.5B | $37.9B | ||
| Q2 24 | — | $39.1B | ||
| Q1 24 | — | $38.2B |
| Q4 25 | 0.16× | 3.11× | ||
| Q3 25 | 0.07× | 3.02× | ||
| Q2 25 | 0.06× | 3.22× | ||
| Q1 25 | 0.06× | 3.20× | ||
| Q4 24 | 0.14× | 2.77× | ||
| Q3 24 | 0.05× | 2.56× | ||
| Q2 24 | — | 2.49× | ||
| Q1 24 | — | 2.60× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $1.5B | $1.4B |
| Free Cash FlowOCF − Capex | — | $596.0M |
| FCF MarginFCF / Revenue | — | 12.4% |
| Capex IntensityCapex / Revenue | — | 17.4% |
| Cash ConversionOCF / Net Profit | 5.08× | 6.15× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $1.4B | ||
| Q3 25 | — | $1.5B | ||
| Q2 25 | $-6.3B | $572.0M | ||
| Q1 25 | — | $599.0M | ||
| Q4 24 | $4.0B | $1.4B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | $5.3B | $1.2B | ||
| Q1 24 | — | $312.0M |
| Q4 25 | — | $596.0M | ||
| Q3 25 | — | $1.0B | ||
| Q2 25 | — | $-118.0M | ||
| Q1 25 | — | $-169.0M | ||
| Q4 24 | — | $923.0M | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | — | $698.0M | ||
| Q1 24 | — | $-153.0M |
| Q4 25 | — | 12.4% | ||
| Q3 25 | — | 21.1% | ||
| Q2 25 | — | -3.1% | ||
| Q1 25 | — | -4.0% | ||
| Q4 24 | — | 25.2% | ||
| Q3 24 | — | 23.4% | ||
| Q2 24 | — | 19.4% | ||
| Q1 24 | — | -4.8% |
| Q4 25 | — | 17.4% | ||
| Q3 25 | — | 9.6% | ||
| Q2 25 | — | 18.4% | ||
| Q1 25 | — | 18.1% | ||
| Q4 24 | — | 11.7% | ||
| Q3 24 | — | 15.8% | ||
| Q2 24 | — | 13.8% | ||
| Q1 24 | — | 14.7% |
| Q4 25 | 5.08× | 6.15× | ||
| Q3 25 | — | 2.25× | ||
| Q2 25 | -6.26× | 1.75× | ||
| Q1 25 | — | — | ||
| Q4 24 | 7.12× | 3.07× | ||
| Q3 24 | — | 0.90× | ||
| Q2 24 | 6.88× | 3.28× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BIDU
| Legacy Business | $1.8B | 35% |
| Baidu Core AI-powered Business | $1.6B | 32% |
| Other | $1.3B | 26% |
| Others | $357.5M | 7% |
VST
| Retail Energy Charge In ERCOT | $2.1B | 43% |
| Retail Energy Charge In Northeast Midwest | $1.2B | 24% |
| East Segment | $1.1B | 24% |
| Hedging Revenue Realized | $170.0M | 4% |
| Revenue From Other Wholesale Contracts | $116.0M | 2% |
| Transferable Production Tax Credit Revenues | $78.0M | 2% |
| West Segment | $77.0M | 2% |
| Intersegment Sales | $25.0M | 1% |
