How PDD Holdings ADR uses its cash

Period

FY2025

Where does PDD Holdings ADR's cash go? This Sankey traces cash from net income through operating cash flow into capex, free cash flow, dividends, buybacks, and debt paydown. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

PDD Holdings Inc. American Depositary Shares · FY2025 · year ended 2025-12-31

Operating cash flow$15.3BNet income$14.0B · 91%Stock comp$1.1B · 7%Free cash flow$15.3B · 100%Cash retained$15.3B · 100%

Each fiscal year from SEC filings. Percentages are share of operating cash flow. Sources (net income + non-cash add-backs) flow into operating cash flow, which splits into capex and free cash flow; free cash flow goes to dividends, buybacks, debt paydown, and what's retained. Annual only. For informational purposes only.