UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of March 2022

Commission File Number: 001-38431

iQIYI, Inc.

9/F, iQIYI Innovation Building

No. 2 Haidian North First Street, Haidian District, Beijing 100080

People’s Republic of China

Tel: +86 10 6267-7171

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  ☒             Form 40-F  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

Exhibit Index

Exhibit 99.1—Press Release

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: March 2, 2022

Exhibit 99.1

iQIYI Announces Fourth Quarter and Fiscal Year 2021 Financial Results

BEIJING, March 1, 2022 – iQIYI, Inc. (Nasdaq: IQ) (“iQIYI” or the “Company”), an innovative market-leading online entertainment service in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2021.

Fourth Quarter 2021 Highlights

Fiscal Year 2021 Highlights

“We would like our shareholders to recognize that iQIYI is leading the opening of a new chapter in the Chinese long-form video industry. Starting from the fourth quarter of 2021, we launched a series of initiatives to optimize our cost and improve our organizational alignment. The results have been very encouraging. We significantly improved our operating and cost efficiency, while maintaining our industry-leading position in terms of various user metrics.” commented Mr. Yu Gong, Founder, Director, and Chief Executive Officer of iQIYI. “Our goal is to reach non-GAAP operating break-even for the full year of 2022 and to reach quarterly non-GAAP operating break-even as early as possible, while maintaining our competitive advantage as the industry leader. I am delighted to see that we are moving in the right direction.”

“With the initial successes of our cost optimization strategy, our operating loss for the fourth quarter decreased by 25% annually and 29% sequentially, and our non-GAAP operating loss for the fourth quarter also decreased significantly by 45% annually and 52% sequentially, exceeding our expectations,” commented Mr. Jun Wang, Chief Financial Officer of iQIYI. “For the upcoming first quarter of 2022, we expect to see further significant improvements for both GAAP and non-GAAP operating losses compared with the fourth quarter of 2021. The strength of our business fundamentals will support our leadership and growth over the long run.”

Fourth Quarter and Fiscal Year 2021 Financial Highlights

Footnotes:

Fourth Quarter 2021 Other Operating Highlights

Fourth Quarter 2021 Financial Results

Total revenues reached RMB7.4 billion (US$1.2 billion), approximately flat compared with the same period in 2020.

Membership services revenue was RMB4.1 billion (US$646.6 million), representing a 7% increase from the same period in 2020. This was primarily attributable to the increase of our membership ARM associated with our membership pricing adjustment and various initiatives to improve our monetization capabilities.

Online advertising services revenue was RMB1.7 billion (US$261.2 million), representing a 10% decrease from the same period in 2020, primarily due to the delays of premium content released during the quarter and the challenging macroeconomic environment in China.

Content distribution revenue was RMB761.5 million (US$119.5 million), representing a 5% decrease from the same period in 2020.

Other revenues were RMB841.8 million (US$132.1 million), representing a 12% decrease from the same period in 2020. The decrease was primarily due to the soft performance of various business lines.

Cost of revenues was RMB6.5 billion (US$1.0 billion), representing a 4% decrease from the same period in 2020. The decrease in cost of revenues was primarily due to lower content costs during the quarter. Content costs as a component of cost of revenues were RMB4.9 billion (US$763.5 million), representing a 5% decrease from the same period in 2020. The decrease of content cost was benefitted from our efforts in cost control and improvement in operating efficiency.

Selling, general and administrative expenses were RMB1.1 billion (US$171.5 million), representing a 17% decrease from the same period in 2020. The decrease was primarily due to lower marketing spending and share-based compensation expenses, partially offset by the non-recurring employee severance costs associated with the optimization of our organizational structure.

Research and development expenses were RMB763.1 million (US$119.8 million), representing a 15% increase from the same period in 2020. The increase was primarily due to non-recurring employee severance costs associated with the optimization of our organizational structure.

Operating loss was RMB975.2 million (US$153.0 million), compared to operating loss of RMB1.3 billion in the same period in 2020. Operating loss margin was 13%, compared to operating loss margin of 18% in the same period in 2020. Non-GAAP operating loss was RMB515.5 million (US$80.9 million) and non-GAAP operating loss margin was 7%, compared to non-GAAP operating loss of RMB940.7 million and non-GAAP operating loss margin of 13% in the same period in 2020.

Total other expense was RMB753.4 million (US$118.2 million), compared to total other expense of RMB241.0 million during the same period of 2020. The year-over-year variance was mainly due to increased loss derived from equity investees and the increased interest expenses associated with our financing activities.

Loss before income taxes was RMB1.7 billion (US$271.3 million), compared to loss before income taxes of RMB1.5 billion in the same period in 2020.

Income tax expense was RMB36.5 million (US$5.7 million), compared to income tax benefit of RMB16.3 million in the same period in 2020.

Net loss attributable to iQIYI was RMB1.8 billion (US$278.7 million), compared to net loss attributable to iQIYI of RMB1.5 billion in the same period in 2020. Diluted net loss attributable to iQIYI per ADS was RMB2.24 (US$0.35) for the fourth quarter of 2021, compared to diluted net loss attributable to iQIYI per ADS of RMB2.10 in the same period of 2020. Non-GAAP net loss attributable to iQIYI was RMB1.0 billion (US$157.2 million), compared to non-GAAP net loss attributable to iQIYI of RMB1.2 billion in the same period in 2020. Non-GAAP diluted net loss attributable to iQIYI per ADS was RMB1.26 (US$0.20), compared to non-GAAP diluted net loss attributable to iQIYI per ADS of RMB1.60 in the same period of 2020.

As of December 31, 2021, the Company had cash, cash equivalents, restricted cash and short-term investments of RMB4.4 billion (US$694.1 million).

Fiscal Year 2021 Financial Results

Total revenues reached RMB30.6 billion (US$4.8 billion), representing a 3% increase from 2020.

Membership services revenue was RMB16.7 billion (US$2.6 billion), representing a 1% increase from 2020.

Online advertising services revenue was RMB7.1 billion (US$1.1 billion), representing a 4% increase from 2020.

Content distribution revenue was RMB2.9 billion (US$448.1 million), representing a 7% increase from 2020.

Other revenues were RMB3.9 billion (US$614.9 million), representing a 5% increase from 2020.

Cost of revenues was RMB27.5 billion (US$4.3 billion), representing a 1% decrease from 2020. Content costs as a component of cost of revenues were RMB20.7 billion (US$3.3 billion), representing a 1% decrease from 2020.

Selling, general and administrative expenses were RMB4.7 billion (US$741.5 million), representing a 9% decrease from 2020.

Research and development expenses were RMB2.8 billion (US$438.6 million), representing a 4% increase from 2020.

Operating loss was RMB4.5 billion (US$702.9 million), compared to operating loss of RMB6.0 billion in 2020. Operating loss margin was 15%, compared to operating loss margin of 20% in 2020. Non-GAAP operating loss was RMB3.0 billion (US$474.9 million) and non-GAAP operating loss margin was 10%, compared to non-GAAP operating loss of RMB4.5 billion and non-GAAP operating loss margin of 15% in 2020.

Total other expense was RMB1.5 billion (US$240.5 million), compared to total other expense of RMB943.4 million in 2020. The year-over-year variance was mainly due to the increased interest expenses associated with our financing activities and increased loss derived from equity investees.

Loss before income taxes was RMB6.0 billion (US$943.4 million), compared to loss before income taxes of RMB7.0 billion in 2020.

Income tax expense was RMB96.5 million (US$15.2 million), compared to income tax expense of RMB23.3 million in 2020.

Net loss attributable to iQIYI was RMB6.2 billion (US$968.1 million), compared to net loss attributable to iQIYI of RMB7.0 billion in 2020. Diluted net loss attributable to iQIYI per ADS was RMB7.77 (US$1.19) for 2021, compared to diluted net loss attributable to iQIYI per ADS of RMB9.52 in 2020. Non-GAAP net loss attributable to iQIYI was RMB4.5 billion (US$704.1 million), compared to non-GAAP net loss attributable to iQIYI of RMB5.4 billion in 2020. Non-GAAP diluted net loss attributable to iQIYI per ADS was RMB5.65 (US$0.87), compared to non-GAAP diluted net loss attributable to iQIYI per ADS of RMB7.37 in 2020.

Conference Call Information

iQIYI’s management will hold an earnings conference call at 6:30 AM on March 1, 2022, U.S. Eastern Time (7:30 PM on March 1, 2022, Beijing Time).

Please register in advance of the conference using the link provided below. Upon registering, you will be provided with participant dial-in numbers, Direct Event passcode and unique registrant ID by email.

Participant Online Registration:

http://apac.directeventreg.com/registration/event/4352468

It will automatically direct you to the registration page of “iQIYI Fourth quarter and Fiscal Year 2021 Earnings Conference Call,” where you may fill in your details for RSVP. If it requires you to enter a participant conference ID, please enter “4352468”.

In the 10 minutes prior to the call start time, you may use the conference access information (including dial-in number(s), Direct Event passcode and unique registrant ID) provided in the confirmation email that you have received following your pre-registration.

A telephone replay of the call will be available after the conclusion of the conference call through March 8, 2022.

Dial-in numbers for the replay are as follows:

A live and archived webcast of the conference call will be available at http://ir.iqiyi.com/.

About iQIYI, Inc.

iQIYI, Inc. is an innovative market-leading online entertainment service in China. Its corporate DNA combines creative talent with technology, fostering an environment for continuous innovation and the production of blockbuster content. iQIYI’s platform features highly popular original content, as well as a comprehensive library of other professionally-produced content, professional user generated content and user-generated content. The Company distinguishes itself in the online entertainment industry by its leading technology platform powered by advanced AI, big data analytics and other core proprietary technologies. iQIYI attracts a massive user base with tremendous user engagement, and has developed a diversified monetization model including membership services, online advertising services, content distribution, online games, live broadcasting, IP licensing, talent agency, online literature, etc.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the quotations from management in this announcement, as well as iQIYI’s strategic and operational plans, contain forward-looking statements. iQIYI may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about iQIYI’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: iQIYI’s strategies; iQIYI’s future business development, financial condition and results of operations; iQIYI’s ability to retain and increase the number of users, members and advertising customers, and expand its service offerings; competition in the online entertainment industry; changes in iQIYI’s revenues, costs or expenditures; Chinese governmental policies and regulations relating to the online entertainment industry, general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and iQIYI undertakes no duty to update such information, except as required under applicable law.

Non-GAAP Financial Measures

To supplement iQIYI’s consolidated financial results presented in accordance with GAAP, iQIYI uses the following non-GAAP financial measures: non-GAAP operating loss, non-GAAP operating loss margin, non-GAAP net loss attributable to iQIYI, non-GAAP diluted net loss attributable to iQIYI per ADS and free cash flow. The presentation of the non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

iQIYI believes that these non-GAAP financial measures provide meaningful supplemental information regarding its operating performance by excluding certain items that may not be indicative of its business operating results, such as operating performance excluding non-cash charges or non-operating in nature. The Company believes that both management and investors benefit from referring to the non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to iQIYI’s historical operating performance. The Company believes the non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using these non-GAAP financial measures is that the non-GAAP measures exclude certain items that have been and will continue to be for the foreseeable future a significant component in the Company’s results of operations. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data.

Non-GAAP operating loss represents operating loss excluding share-based compensation expenses, amortization and impairment of intangible assets resulting from business combinations and non-recurring employee severance costs.

Non-GAAP net loss attributable to iQIYI, Inc. represents net loss attributable to iQIYI, Inc. excluding share-based compensation expenses, amortization and impairment of intangible assets resulting from business combinations, non-recurring employee severance costs, disposal gain or loss, impairment of long-term investments, fair value change of long-term investments, adjusted for related income tax effects. iQIYI’s share of equity method investments for these non-GAAP reconciling items, amortization and impairment of intangible assets not on the investees’ books, accretion of their redeemable non-controlling interests, and the gain or loss associated with the issuance of shares by the investees at a price higher or lower than the carrying value per shares, adjusted for related income tax effects, are also excluded.

Non-GAAP diluted net loss per ADS represents diluted net loss per ADS calculated by dividing non-GAAP net loss attributable to iQIYI, Inc, which is adjusted for accretion for the redeemable non-controlling interests, by the weighted average number of ordinary shares expressed in ADS.

Free cash flow represents net cash provided by operating activities less capital expenditures.

For more information, please contact:

Investor Relations

iQIYI, Inc.

+ 86 10 8264 6585

ir@qiyi.com

iQIYI, INC.

Condensed Consolidated Statements of Loss

(In RMB thousands, except for number of shares and per share data)

iQIYI, INC.

Condensed Consolidated Balance Sheets

(In RMB thousands, except for number of shares and per share data)

iQIYI, INC.

Condensed Consolidated Statements of Cash Flows

(In RMB thousands, except for number of shares and per share data)

iQIYI, INC.

Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures

(Amounts in thousands of Renminbi (“RMB”), except for per ADS information, unaudited)