Baidu First Take 1Q26 Results

Baidu's 1Q26 results showed inline revenue but a significant beat in operating profit due to rigorous cost management and a 184% surge in GPU Cloud revenue. The company remains Not Rated by Goldman Sachs.

Key Takeaways

• 1.Baidu's 1Q26 operating profit exceeded expectations, driven by strong AI Cloud Infrastructure growth and strict OPEX controls.
• 2.AI Cloud Infrastructure saw significant acceleration, with GPU Cloud revenue rising 184% year-over-year.
• 3.Apollo Go reached 3.2 million fully driverless operational rides in 1Q26, a growth of over 120% year-over-year.

Table of Contents

• Key highlights from result release
• Price Target Risks and Methodology - Baidu Inc.
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Regulatory disclosures

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