PDD Holdings Inc. (PDD) Financial Statements

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PDD financial statements at a glance

PDD reported revenue of 431.85 billion CNY for fiscal year 2025 (ended December 31, 2025), up 9.7% from fiscal year 2024. Net income was 97.84 billion CNY, a net margin of 22.7%, and diluted earnings per share were 66.00 CNY.

At the end of fiscal year 2025 it had total assets of 630.04 billion CNY, total liabilities of 216.66 billion CNY and shareholders' equity of 413.39 billion CNY, with cash and short-term investments of 422.31 billion CNY and total debt of 5.38 billion CNY.

Its operations brought in 106.94 billion CNY of cash; capital spending was 1.15 billion CNY, leaving free cash flow of 105.79 billion CNY.

The tables below show the income statement, balance sheet and cash flow statement; the key figures of the last 5 fiscal years are at the bottom of the page.

Figures from company filings, in CNY; latest fiscal year ended December 31, 2025.

PDD logo

PDD Holdings Inc.

PDDIreland
Essential Consumer Products
CNY (Local)

Income Statement

Annual • CNY

Total Revenue
431.85B
Prev Year: 393.84B
YoY: +9.7%
Operating Revenue
431.85B
Prev Year: 393.84B
YoY: +9.7%
Normalized EBITDA
124.41B
Prev Year: 134.74B
YoY: -7.7%
Tax Rate for Calcs
0.182
Prev Year: 0
Tax Effect of Unusual Items
-357.93M
Prev Year: 89.94M
YoY: -497.9%
Weighted Average Shares (diluted)
1.48B
Prev Year: 1.48B
YoY: +0.2%
Weighted Average Shares (basic)
1.40B
Prev Year: 1.38B
YoY: +1.0%
Diluted EPS
66
Prev Year: 76
YoY: -13.2%
Basic EPS
70
Prev Year: 81.24
YoY: -13.8%
Research and Development
16.50B
Prev Year: 12.66B
YoY: +30.3%
Cost of Revenue
188.80B
Prev Year: 153.90B
YoY: +22.7%
Gross Profit
243.04B
Prev Year: 239.94B
YoY: +1.3%
Operating Expense
149.94B
Prev Year: 131.51B
YoY: +14.0%
Selling General and Administrative
133.45B
Prev Year: 118.85B
YoY: +12.3%
General and Administrative Expense
8.16B
Prev Year: 7.55B
YoY: +8.0%
Other General and Administrative
8.16B
Prev Year: 7.55B
YoY: +8.0%
Selling and Marketing Expense
125.29B
Prev Year: 111.30B
YoY: +12.6%
Operating Income
93.10B
Prev Year: 108.42B
YoY: -14.1%
Net Non Operating Interest Income Expense
25.58B
Prev Year: 20.55B
YoY: +24.5%
Non-operating Interest Income
25.58B
Prev Year: 20.55B
YoY: +24.5%
Other Income Expense
760.31M
Prev Year: 3.71B
YoY: -79.5%
Gain on Sale of Securities
-1.97B
Prev Year: 587.87M
YoY: -434.5%
Other Non-operating Income (expense)
2.73B
Prev Year: 3.12B
YoY: -12.6%
Special Income Charges
-
Pre-tax Income
119.45B
Prev Year: 132.68B
YoY: -10.0%
Provision for Income Taxes
21.73B
Prev Year: 20.27B
YoY: +7.2%
Equity in Earnings of Affiliates, Net of Tax
129.00M
Prev Year: 17.23M
YoY: +648.9%
Net Income Common Stockholders
97.84B
Prev Year: 112.43B
YoY: -13.0%
Net Income
97.84B
Prev Year: 112.43B
YoY: -13.0%
Net Income Including Non-Controlling Interests
97.84B
Prev Year: 112.43B
YoY: -13.0%
Net Income from Continuing Operations
97.84B
Prev Year: 112.43B
YoY: -13.0%
Diluted NI Available to Com Stockholders
97.84B
Prev Year: 112.43B
YoY: -13.0%
Total Operating Income as Reported
93.10B
Prev Year: 108.42B
YoY: -14.1%
Total Expenses
338.74B
Prev Year: 285.41B
YoY: +18.7%
Net Income from Continuing and Discontinued Operation
97.84B
Prev Year: 112.43B
YoY: -13.0%
Normalized Income
99.45B
Prev Year: 111.94B
YoY: -11.2%
Interest Income
25.58B
Prev Year: 20.55B
YoY: +24.5%
Net Interest Income
25.58B
Prev Year: 20.55B
YoY: +24.5%
EBIT
119.45B
Prev Year: 132.68B
YoY: -10.0%
EBITDA
122.45B
Prev Year: 135.32B
YoY: -9.5%
Reconciled Cost of Revenue
188.80B
Prev Year: 153.90B
YoY: +22.7%
Reconciled Depreciation
3.00B
Prev Year: 2.64B
YoY: +13.6%
Net Income from Continuing Operation Net Minority Interest
97.84B
Prev Year: 112.43B
YoY: -13.0%
Total Unusual Items Excluding Goodwill
-1.97B
Prev Year: 587.87M
YoY: -434.5%
Total Unusual Items
-1.97B
Prev Year: 587.87M
YoY: -434.5%
Values in CNY

PDD key figures by fiscal year

FY2025FY2024FY2023FY2022FY2021
Revenue431.8B CNY393.8B CNY247.6B CNY130.6B CNY93.9B CNY
Gross profit243.0B CNY239.9B CNY155.9B CNY99.1B CNY62.2B CNY
Operating income93.1B CNY108.4B CNY58.7B CNY30.4B CNY6.9B CNY
Net income97.8B CNY112.4B CNY60.0B CNY31.5B CNY7.8B CNY
Diluted EPS66.00 CNY76.00 CNY41.16 CNY21.92 CNY5.44 CNY
Total assets630.0B CNY505.0B CNY348.1B CNY237.1B CNY181.2B CNY
Total liabilities216.7B CNY191.7B CNY160.8B CNY119.3B CNY106.1B CNY
Shareholders' equity413.4B CNY313.3B CNY187.2B CNY117.8B CNY75.1B CNY
Cash and short-term investments422.3B CNY331.6B CNY217.2B CNY149.4B CNY92.9B CNY
Total debt5.4B CNY10.6B CNY10.2B CNY16.9B CNY12.8B CNY
Operating cash flow106.9B CNY121.9B CNY94.2B CNY48.5B CNY28.8B CNY
Capital spending1.1B CNY967.1M CNY583.9M CNY635.7M CNY3.3B CNY
Free cash flow105.8B CNY121.0B CNY93.6B CNY47.9B CNY25.5B CNY

In CNY. Fiscal years as reported by the company; statements on this page go back to fiscal year 2016.

Questions and answers

What was PDD's revenue in fiscal year 2025?

431.85 billion CNY, up 9.7% from 393.84 billion CNY in fiscal year 2024.

How much profit does PDD make?

PDD reported net income of 97.84 billion CNY for fiscal year 2025 (22.7% of revenue); operating income was 93.10 billion CNY.

How much cash and debt does PDD have?

At the end of fiscal year 2025: cash and short-term investments of 422.31 billion CNY and total debt of 5.38 billion CNY.

What is PDD's free cash flow?

105.79 billion CNY in fiscal year 2025 (operating cash flow of 106.94 billion CNY minus capital spending of 1.15 billion CNY).

Disclaimer: This analysis is for informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. Data may be incomplete, delayed, or contain inaccuracies. Consult with a qualified financial advisor before making any investment decisions.
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