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 1.76B2018-12 4.46B2019-12 4.63B2020-12 4.77B2021-12 5.71B2022-12 5.28B2023-12 5.50B2024-12 5.57B2025-12 5.69B+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.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	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 YoY+14.5%	54.0B YoY+54.7%	34.9B YoY+84.3%	18.9B YoY+28.4%	14.7B YoY+61.7%
	—	—	—	14.4B YoY+47.1%	9.77B YoY+58.5%
Cost of revenue	27.0B YoY+28.0%	21.1B YoY+63.2%	12.9B YoY+183.2%	4.56B YoY-8.4%	4.98B YoY+68.5%
	21.4B YoY+19.0%	18.0B YoY+31.6%	13.7B YoY+37.5%	9.96B YoY+14.7%	8.68B YoY+14.2%
Research & development	2.36B YoY+36.0%	1.73B YoY+12.4%	1.54B YoY+2.5%	1.51B YoY+6.7%	1.41B YoY+33.6%
Selling, general & administrative	1.17B YoY+12.7%	1.03B YoY+80.3%	574M YoY-0.1%	575M YoY+137.8%	242M YoY+4.7%
General & administrative	1.17B YoY+12.7%	1.03B YoY+80.3%	574M YoY-0.1%	575M YoY+137.8%	242M YoY+4.7%
Selling & marketing	17.9B YoY+17.5%	15.2B YoY+31.7%	11.6B YoY+46.9%	7.88B YoY+12.1%	7.03B YoY+11.4%
Amortization of intangibles	—	—	16.1M YoY-81.8%	88.2M YoY-3.6%	91.6M YoY-4.2%
Operating income	13.3B YoY-10.4%	14.9B YoY+79.7%	8.27B YoY+87.6%	4.41B YoY+307.3%	1.08B YoY+175.3%
Interest expense	—	—	6.20M YoY-17.3%	7.49M YoY-96.1%	193M YoY+66.4%
Interest & investment income	3.66B YoY+29.9%	2.82B YoY+95.3%	1.44B YoY+148.8%	580M YoY+20.6%	480M YoY+27.7%
Other non-operating income	390M YoY-8.8%	427M YoY+2.8%	416M YoY+29.1%	322M YoY+212.7%	103M YoY+246.9%
Equity-method income	18.4M YoY+681.7%	2.36M YoY+456.0%	-663K YoY+97.1%	-22.5M YoY-158.1%	38.7M YoY+202.1%
Gain (loss) on equity securities	2.69B YoY+124.3%	1.20B YoY+371.0%	254M	—	—
Pre-tax income	17.1B YoY-5.9%	18.2B YoY+79.6%	10.1B YoY+92.5%	5.26B YoY+245.3%	1.52B YoY+238.4%
Income tax	3.11B YoY+11.9%	2.78B YoY+66.4%	1.67B YoY+143.6%	685M YoY+125.8%	303M
	14.0B YoY-9.2%	15.4B YoY+82.2%	8.45B YoY+84.9%	4.57B YoY+275.1%	1.22B YoY+210.8%
Net income to common	14.0B YoY-9.2%	15.4B YoY+82.2%	8.45B YoY+84.9%	4.57B YoY+275.1%	1.22B YoY+210.8%
	$2.36 YoY-9.2%	$2.60 YoY+79.3%	$1.45 YoY+83.5%	$0.79 YoY+276.2%	$0.21 YoY+191.3%
EPS (basic)	$2.50 YoY-10.1%	$2.78 YoY+78.2%	$1.56 YoY+73.3%	$0.90 YoY+275.0%	$0.24 YoY+204.3%
	5.59B YoY+1.0%	5.54B YoY+2.2%	5.42B YoY+7.1%	5.06B YoY+0.9%	5.01B YoY+5.1%
	5.93B YoY+0.2%	5.92B YoY+1.3%	5.84B YoY+1.4%	5.76B YoY+0.8%	5.71B YoY+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 YoY+30.3%	56.9B YoY+37.2%	41.5B YoY+32.2%	31.4B YoY+24.4%	25.3B YoY+10.2%
Cash & equivalents	15.6B YoY+96.8%	7.91B YoY-6.0%	8.42B YoY+69.2%	4.98B YoY+393.5%	1.01B YoY-70.7%
Short-term investments	44.8B YoY+19.5%	37.5B YoY+69.2%	22.2B YoY+32.8%	16.7B YoY+22.9%	13.6B YoY+37.2%
Inventory	—	—	—	—	2.23M YoY-99.2%
Prepaid expenses	1.08B YoY+78.0%	605M YoY+1.9%	593M YoY+78.1%	333M YoY-38.0%	537M YoY-32.0%
Other current assets	213M YoY-3.0%	219M YoY+1.8%	215M YoY+85.9%	116M YoY-15.3%	137M YoY+370.4%
	90.1B YoY+30.2%	69.2B YoY+41.1%	49.0B YoY+42.6%	34.4B YoY+20.9%	28.4B YoY+16.8%
Property, plant & equipment	187M YoY+55.0%	120M YoY-12.7%	138M YoY-8.9%	151M YoY-56.2%	346M YoY+1012.1%
Operating lease right-of-use	695M YoY+0.2%	694M YoY+20.0%	578M YoY+181.6%	205M YoY+39.4%	147M YoY+52.6%
Intangible assets	2.20M YoY-16.2%	2.63M YoY-11.8%	2.98M YoY-84.7%	19.4M YoY-82.3%	110M YoY-43.8%
Deferred tax assets	24.6M YoY+1021.8%	2.19M YoY-94.3%	38.1M YoY-74.8%	152M YoY+2964.6%	4.94M
Other non-current assets	15.0B YoY+31.0%	11.4B YoY+69.2%	6.75B YoY+176.3%	2.44B YoY-5.2%	2.58B YoY+131.2%
Total non-current assets	15.9B YoY+29.7%	12.2B YoY+63.0%	7.51B YoY+152.7%	2.97B YoY-6.7%	3.19B YoY+121.5%
	30.6B YoY+18.4%	25.8B YoY+19.9%	21.5B YoY+27.1%	16.9B YoY+15.2%	14.7B YoY+14.4%
Accounts payable	4.67B YoY+20.6%	3.87B YoY+62.7%	2.38B YoY+312.8%	577M YoY+88.4%	306M YoY+75.7%
Accrued liabilities	11.7B YoY+23.3%	9.47B YoY+21.5%	7.80B YoY+156.5%	3.04B YoY+37.5%	2.21B YoY+28.8%
Current lease liability	357M YoY+23.8%	289M YoY+24.8%	231M YoY+164.9%	87.3M YoY+30.2%	67.0M YoY+72.9%
Other current liabilities	155M YoY+41.4%	110M YoY-37.0%	174M YoY-33.0%	260M YoY+108.0%	125M YoY+0.2%
	31.0B YoY+18.0%	26.3B YoY+15.9%	22.7B YoY+30.9%	17.3B YoY+3.9%	16.6B YoY+10.0%
Non-current lease liability	412M YoY-5.8%	437M YoY+17.4%	372M YoY+195.0%	126M YoY+47.8%	85.4M YoY+34.3%
Operating lease liability (total)	769M YoY+6.0%	726M YoY+20.2%	604M YoY+182.7%	214M YoY+40.1%	152M YoY+48.9%
Deferred tax liabilities	5.99M YoY-59.1%	14.6M YoY+73.6%	8.43M YoY+346.3%	1.89M YoY-61.5%	4.91M
Other non-current liabilities	—	—	—	—	156K YoY-65.1%
Total non-current liabilities	418M YoY-7.5%	452M YoY-59.6%	1.12B YoY+213.4%	357M YoY-81.6%	1.94B YoY-14.7%
	59.1B YoY+37.7%	42.9B YoY+62.8%	26.4B YoY+54.4%	17.1B YoY+44.9%	11.8B YoY+27.8%
Common stock	26.0K YoY+4.0%	25.0K YoY+0.0%	25.0K YoY+1.4%	24.6K	—
Additional paid-in capital	18.0B YoY+11.4%	16.1B YoY+6.8%	15.1B YoY+5.0%	14.4B YoY-3.8%	15.0B YoY+12.6%
Retained earnings	40.6B YoY+58.3%	25.7B YoY+142.7%	10.6B YoY+380.3%	2.20B YoY+179.3%	-2.78B YoY+28.8%
Accumulated other comprehensive income	303M YoY-71.8%	1.07B YoY+61.1%	665M YoY+38.1%	482M YoY+221.8%	-395M YoY-146.3%
Total liabilities & equity	90.1B YoY+30.2%	69.2B YoY+41.1%	49.0B YoY+42.6%	34.4B YoY+20.9%	28.4B YoY+16.8%
	5.69B YoY+2.2%	5.57B YoY+1.2%	5.50B YoY+4.3%	5.28B	—
	5.69B YoY+2.2%	5.57B YoY+1.2%	5.50B YoY+4.3%	5.28B	—
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	15.3B YoY-8.5%	16.7B YoY+26.0%	13.3B YoY+88.6%	7.03B YoY+55.7%	4.52B YoY+4.5%
Depreciation & amortization	86.0M YoY-11.4%	97.1M YoY-12.3%	111M YoY-65.7%	322M YoY+37.4%	235M YoY+135.0%
Intangible amortization	—	—	16.1M YoY-81.8%	88.2M YoY-3.6%	91.6M YoY-4.2%
Share-based compensation	1.13B YoY-16.2%	1.35B YoY+35.8%	997M YoY-10.9%	1.12B YoY+49.4%	749M YoY+35.3%
Deferred income taxes	-26.0M YoY-185.5%	30.4M YoY-73.0%	113M YoY+175.7%	-149M YoY-438520.6%	-34.0K
Change in receivables	218M YoY+3358.0%	-6.69M YoY-101.4%	469M YoY+3855.6%	-12.5M YoY-42.4%	-8.76M YoY+82.2%
	-6.21B YoY+61.7%	-16.2B YoY-107.7%	-7.81B YoY-140.8%	-3.24B YoY+41.9%	-5.58B YoY+5.1%
Acquisitions	0.00	0.00	0.00	0.00	0.00
Proceeds from sale of PP&E	—	74.0K YoY+17.5%	63.0K YoY+950.0%	6.00K YoY-90.3%	62.0K YoY+675.0%
Other investing activities	-35.0K YoY+99.3%	-4.82M YoY+73.7%	-18.3M	—	-69.8M
	-748M YoY-470227.0%	159K YoY+100.0%	-1.26B YoY-86484.5%	1.46M YoY+100.5%	-294M YoY-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 YoY+13.5%	171K YoY-85.2%	1.15M YoY-21.1%	1.46M YoY+2822.0%	50.0K YoY+5100.0%
FX effect on cash	—	—	—	—	-22.8M YoY-6.2%
Net change in cash	8.08B YoY+1236.8%	605M YoY-85.4%	4.15B YoY+9.1%	3.81B YoY+375.7%	-1.38B YoY-121.7%
Income taxes paid	3.09B YoY+28.9%	2.40B YoY+195.2%	812M YoY+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	646B YoY+19.5%	540B YoY-30.1%	772B YoY+65.7%	466B YoY+39.9%	333B YoY-60.7%
P/E	46.1× YoY+31.6%	35.1× YoY-79.2%	168.9× YoY-55.8%	382.2× YoY+39.9%	273.3×
P/S	10.5× YoY+4.4%	10.0× YoY-75.5%	40.8× YoY+29.1%	31.6× YoY+39.9%	22.6× YoY-75.7%
P/B	10.9× YoY-13.2%	12.6× YoY-72.2%	45.2× YoY+14.4%	39.5× YoY+39.9%	28.3× YoY-69.2%
P/FCF	149.6× YoY+19.5%	125.2× YoY-30.1%	179.0× YoY+65.7%	108.0× YoY+39.9%	77.2× YoY-60.7%
	2.2% YoY-24.0%	2.9% YoY+381.7%	0.59% YoY+126.3%	0.26% YoY-28.5%	0.37%
	0.67% YoY-16.3%	0.80% YoY+43.0%	0.56% YoY-39.7%	0.93% YoY-28.5%	1.3% YoY+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.