iQIYI reports revenue miss and net loss as weaker membership, advertising, and content distribution pressure results.
Stock Earnings Results
May 18, 2026
Table of Contents
May 18, 2026
iQIYI, Inc. (NASDAQ: IQ) reported first-quarter 2026 results with revenue below expectations and a shift to net loss, as weaker membership, advertising, and content distribution revenue weighed on results.
iQIYI is a Chinese online entertainment and streaming company that provides video content, dramas, films, variety shows, memberships, advertising, and content distribution services.
The company reported a loss of $0.04 per share, narrower than estimates for a loss of $0.05, representing a 20.0% earnings surprise. Revenue came in at $898.76 million, below estimates of $908.74 million, with revenue down 9.0%.
iQIYI reported total revenue of RMB6.23 billion, or $902.5 million, down 13% year-over-year.
The decline reflected weaker membership services, advertising, content distribution, and other revenue categories.
Membership services revenue declined 5% year-over-year to RMB4.20 billion, or $608.8 million.
The company said the decline was mainly due to a lighter content slate compared with the prior-year period, though hit dramas helped membership revenue improve sequentially.
Online advertising services revenue fell 7% year-over-year to RMB1.24 billion, or $179.9 million.
iQIYI said some advertisers adjusted advertising and promotion strategies because of macro pressures.
iQIYI reported an operating loss of RMB228.4 million, compared with operating income of RMB341.9 million in the prior-year period.
Net loss attributable to iQIYI was RMB294.6 million, or $42.7 million, compared with net income of RMB182.1 million a year earlier.
iQIYI adopted a share repurchase program of up to $100 million in March 2026.
As of the earnings release, the company had repurchased about 6.5 million ADSs for a total cost of $8.0 million.
Investors are likely to watch whether iQIYI can stabilize revenue while improving content efficiency and restoring profitability.
The key areas are:
iQIYI’s quarter showed pressure across revenue and profitability, even as the company highlighted stronger overseas membership revenue and AI tools to reduce content production costs.
The stock reaction likely reflects investor concern that lighter content, weaker ad demand, and lower content distribution revenue are pressuring growth. The next test is whether iQIYI can use stronger content execution and AI cost controls to return to operating profitability.
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