PDD
PDD Holdings Inc. American Depositary SharesStock · Consumer Discretionary$78.90+1.51%
as of market close, Sep 18, 2026
☾ AH — —
PDD financial statements
The full income statement, balance sheet, and cash-flow statement for PDD Holdings Inc. American Depositary Shares (PDD), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
2017-12 439.7M2018-12 1.11B2019-12 1.16B2020-12 1.19B2021-12 1.43B2022-12 1.32B2023-12 1.38B2024-12 1.39B2025-12 1.42B+223.7% over 8 periods
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
As-reported fiscal years.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Revenue | 61.8B+14.5% | 54.0B+54.7% | 34.9B+84.3% | 18.9B+28.4% | 14.7B+61.7% | |
| — | — | — | 14.4B+47.1% | 9.77B+58.5% | ||
| Cost of revenue | 27.0B+28.0% | 21.1B+63.2% | 12.9B+183.2% | 4.56B-8.4% | 4.98B+68.5% | |
| 21.4B+19.0% | 18.0B+31.6% | 13.7B+37.5% | 9.96B+14.7% | 8.68B+14.2% | ||
| Research & development | 2.36B+36.0% | 1.73B+12.4% | 1.54B+2.5% | 1.51B+6.7% | 1.41B+33.6% | |
| Selling, general & administrative | 1.17B+12.7% | 1.03B+80.3% | 574M-0.1% | 575M+137.8% | 242M+4.7% | |
| General & administrative | 1.17B+12.7% | 1.03B+80.3% | 574M-0.1% | 575M+137.8% | 242M+4.7% | |
| Selling & marketing | 17.9B+17.5% | 15.2B+31.7% | 11.6B+46.9% | 7.88B+12.1% | 7.03B+11.4% | |
| Amortization of intangibles | — | — | 16.1M-81.8% | 88.2M-3.6% | 91.6M-4.2% | |
| Operating income | 13.3B-10.4% | 14.9B+79.7% | 8.27B+87.6% | 4.41B+307.3% | 1.08B+175.3% | |
| Interest expense | — | — | 6.20M-17.3% | 7.49M-96.1% | 193M+66.4% | |
| Interest & investment income | 3.66B+29.9% | 2.82B+95.3% | 1.44B+148.8% | 580M+20.6% | 480M+27.7% | |
| Other non-operating income | 390M-8.8% | 427M+2.8% | 416M+29.1% | 322M+212.7% | 103M+246.9% | |
| Equity-method income | 18.4M+681.7% | 2.36M+456.0% | -663K+97.1% | -22.5M-158.1% | 38.7M+202.1% | |
| Gain (loss) on equity securities | 2.69B+124.3% | 1.20B+371.0% | 254M | — | — | |
| Pre-tax income | 17.1B-5.9% | 18.2B+79.6% | 10.1B+92.5% | 5.26B+245.3% | 1.52B+238.4% | |
| Income tax | 3.11B+11.9% | 2.78B+66.4% | 1.67B+143.6% | 685M+125.8% | 303M | |
| 14.0B-9.2% | 15.4B+82.2% | 8.45B+84.9% | 4.57B+275.1% | 1.22B+210.8% | ||
| Net income to common | 14.0B-9.2% | 15.4B+82.2% | 8.45B+84.9% | 4.57B+275.1% | 1.22B+210.8% | |
| $9.44-9.2% | $10.40+79.3% | $5.80+83.5% | $3.16+276.2% | $0.84+191.3% | ||
| EPS (basic) | $10.00-10.1% | $11.12+78.2% | $6.24+73.3% | $3.60+275.0% | $0.96+204.3% | |
| Weighted-avg shares (basic) | 1.40B+1.0% | 1.38B+2.2% | 1.35B+7.1% | 1.26B+0.9% | 1.25B+5.1% | |
| Weighted-avg shares (diluted) | 1.48B+0.2% | 1.48B+1.3% | 1.46B+1.4% | 1.44B+0.8% | 1.43B+19.8% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 74.2B+30.3% | 56.9B+37.2% | 41.5B+32.2% | 31.4B+24.4% | 25.3B+10.2% | ||
| Cash & equivalents | 15.6B+96.8% | 7.91B-6.0% | 8.42B+69.2% | 4.98B+393.5% | 1.01B-70.7% | |
| Short-term investments | 44.8B+19.5% | 37.5B+69.2% | 22.2B+32.8% | 16.7B+22.9% | 13.6B+37.2% | |
| Inventory | — | — | — | — | 2.23M-99.2% | |
| Prepaid expenses | 1.08B+78.0% | 605M+1.9% | 593M+78.1% | 333M-38.0% | 537M-32.0% | |
| Other current assets | 213M-3.0% | 219M+1.8% | 215M+85.9% | 116M-15.3% | 137M+370.4% | |
| 90.1B+30.2% | 69.2B+41.1% | 49.0B+42.6% | 34.4B+20.9% | 28.4B+16.8% | ||
| Property, plant & equipment | 187M+55.0% | 120M-12.7% | 138M-8.9% | 151M-56.2% | 346M+1012.1% | |
| Operating lease right-of-use | 695M+0.2% | 694M+20.0% | 578M+181.6% | 205M+39.4% | 147M+52.6% | |
| Intangible assets | 2.20M-16.2% | 2.63M-11.8% | 2.98M-84.7% | 19.4M-82.3% | 110M-43.8% | |
| Deferred tax assets | 24.6M+1021.8% | 2.19M-94.3% | 38.1M-74.8% | 152M+2964.6% | 4.94M | |
| Other non-current assets | 15.0B+31.0% | 11.4B+69.2% | 6.75B+176.3% | 2.44B-5.2% | 2.58B+131.2% | |
| Total non-current assets | 15.9B+29.7% | 12.2B+63.0% | 7.51B+152.7% | 2.97B-6.7% | 3.19B+121.5% | |
| 30.6B+18.4% | 25.8B+19.9% | 21.5B+27.1% | 16.9B+15.2% | 14.7B+14.4% | ||
| Accounts payable | 4.67B+20.6% | 3.87B+62.7% | 2.38B+312.8% | 577M+88.4% | 306M+75.7% | |
| Accrued liabilities | 11.7B+23.3% | 9.47B+21.5% | 7.80B+156.5% | 3.04B+37.5% | 2.21B+28.8% | |
| Current lease liability | 357M+23.8% | 289M+24.8% | 231M+164.9% | 87.3M+30.2% | 67.0M+72.9% | |
| Other current liabilities | 155M+41.4% | 110M-37.0% | 174M-33.0% | 260M+108.0% | 125M+0.2% | |
| 31.0B+18.0% | 26.3B+15.9% | 22.7B+30.9% | 17.3B+3.9% | 16.6B+10.0% | ||
| Non-current lease liability | 412M-5.8% | 437M+17.4% | 372M+195.0% | 126M+47.8% | 85.4M+34.3% | |
| Operating lease liability (total) | 769M+6.0% | 726M+20.2% | 604M+182.7% | 214M+40.1% | 152M+48.9% | |
| Deferred tax liabilities | 5.99M-59.1% | 14.6M+73.6% | 8.43M+346.3% | 1.89M-61.5% | 4.91M | |
| Other non-current liabilities | — | — | — | — | 156K-65.1% | |
| Total non-current liabilities | 418M-7.5% | 452M-59.6% | 1.12B+213.4% | 357M-81.6% | 1.94B-14.7% | |
| 59.1B+37.7% | 42.9B+62.8% | 26.4B+54.4% | 17.1B+44.9% | 11.8B+27.8% | ||
| Common stock | 26.0K+4.0% | 25.0K+0.0% | 25.0K+1.4% | 24.6K | — | |
| Additional paid-in capital | 18.0B+11.4% | 16.1B+6.8% | 15.1B+5.0% | 14.4B-3.8% | 15.0B+12.6% | |
| Retained earnings | 40.6B+58.3% | 25.7B+142.7% | 10.6B+380.3% | 2.20B+179.3% | -2.78B+28.8% | |
| Accumulated other comprehensive income | 303M-71.8% | 1.07B+61.1% | 665M+38.1% | 482M+221.8% | -395M-146.3% | |
| Total liabilities & equity | 90.1B+30.2% | 69.2B+41.1% | 49.0B+42.6% | 34.4B+20.9% | 28.4B+16.8% | |
| Common shares issued | 1.42B+2.2% | 1.39B+1.2% | 1.38B+4.3% | 1.32B | — | |
| Common shares outstanding | 1.42B+2.2% | 1.39B+1.2% | 1.38B+4.3% | 1.32B | — | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 15.3B-8.5% | 16.7B+26.0% | 13.3B+88.6% | 7.03B+55.7% | 4.52B+4.5% | ||
| Depreciation & amortization | 86.0M-11.4% | 97.1M-12.3% | 111M-65.7% | 322M+37.4% | 235M+135.0% | |
| Intangible amortization | — | — | 16.1M-81.8% | 88.2M-3.6% | 91.6M-4.2% | |
| Share-based compensation | 1.13B-16.2% | 1.35B+35.8% | 997M-10.9% | 1.12B+49.4% | 749M+35.3% | |
| Deferred income taxes | -26.0M-185.5% | 30.4M-73.0% | 113M+175.7% | -149M-438520.6% | -34.0K | |
| Change in receivables | 218M+3358.0% | -6.69M-101.4% | 469M+3855.6% | -12.5M-42.4% | -8.76M+82.2% | |
| -6.21B+61.7% | -16.2B-107.7% | -7.81B-140.8% | -3.24B+41.9% | -5.58B+5.1% | ||
| Acquisitions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Proceeds from sale of PP&E | — | 74.0K+17.5% | 63.0K+950.0% | 6.00K-90.3% | 62.0K+675.0% | |
| Other investing activities | -35.0K+99.3% | -4.82M+73.7% | -18.3M | — | -69.8M | |
| -748M-470227.0% | 159K+100.0% | -1.26B-86484.5% | 1.46M+100.5% | -294M-103.7% | ||
| Long-term debt issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Long-term debt repaid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock repurchased | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Dividends paid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Other financing activities | 194K+13.5% | 171K-85.2% | 1.15M-21.1% | 1.46M+2822.0% | 50.0K+5100.0% | |
| FX effect on cash | — | — | — | — | -22.8M-6.2% | |
| Net change in cash | 8.08B+1236.8% | 605M-85.4% | 4.15B+9.1% | 3.81B+375.7% | -1.38B-121.7% | |
| Income taxes paid | 3.09B+28.9% | 2.40B+195.2% | 812M+14.7% | 708M | — | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 161B+19.5% | 135B-30.1% | 193B+65.7% | 116B+39.9% | 83.3B-60.7% | |
| P/E | 11.5×+31.6% | 8.8×-79.2% | 42.2×-55.8% | 95.6×+39.9% | 68.3× | |
| P/S | 2.6×+4.4% | 2.5×-75.5% | 10.2×+29.1% | 7.9×+39.9% | 5.6×-75.7% | |
| P/B | 2.7×-13.2% | 3.1×-72.2% | 11.3×+14.4% | 9.9×+39.9% | 7.1×-69.2% | |
| P/FCF | 37.4×+19.5% | 31.3×-30.1% | 44.7×+65.7% | 27.0×+39.9% | 19.3×-60.7% | |
| Earnings yield | 8.7%-24.0% | 11.4%+381.7% | 2.4%+126.3% | 1.0%-28.5% | 1.5% | |
| FCF yield | 2.7%-16.3% | 3.2%+43.0% | 2.2%-39.7% | 3.7%-28.5% | 5.2%+154.3% | |
| Source filing | 20-F | 20-F | 20-F | 20-F | 20-F |
About this data
Source: PDD’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all PDD filings on SEC EDGAR → Not investment advice.