Revenue
5Y CAGR +47.5%5Y CAGR +47.5%$60.1B FY25
FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
No quarters filed for this figure.
PDD
$82.12+2.43%
as of close, Nov 4, 2026
☾ AH $82.12 +2.43%
PDD Holdings Inc. American Depositary SharesStock · Consumer Discretionary
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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.
Financial overview#
Gross profit
5Y CAGR +149.9%5Y CAGR +149.9%— FY25
FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
No quarters filed for this figure.
Operating income
5Y n/m5Y n/m$13B FY25
FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
No quarters filed for this figure.
Net income
5Y n/m5Y n/m$13.6B FY25
FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
No quarters filed for this figure.
EPS (diluted)
5Y n/m5Y n/m$9.18 FY25
FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
No quarters filed for this figure.
Operating cash flow
5Y CAGR +29.5%5Y CAGR +29.5%$14.9B FY25
FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
No quarters filed for this figure.
Capital expenditure
— FY25
FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
No quarters filed for this figure.
Free cash flow
— FY25
FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
No quarters filed for this figure.
Shares (diluted)
5Y +24.4%5Y +24.4%1.5B FY25
FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
No quarters filed for this figure.
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.
PeriodRangeOrderChangeFiguresAs-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 | 60.1B+9.8% | 54.7B+56.4% | 35.0B+80.4% | 19.4B+33.2% | 14.6B+68.9% | |
| — | — | — | 14.7B+52.6% | 9.65B+65.6% | ||
| Cost of revenue | 26.3B+22.8% | 21.4B+65.0% | 13.0B+177.2% | 4.67B-4.9% | 4.92B+76.0% | |
| 20.9B+14.2% | 18.3B+33.1% | 13.7B+34.6% | 10.2B+19.0% | 8.58B+19.4% | ||
| Research & development | 2.30B+30.5% | 1.76B+13.7% | 1.55B+0.3% | 1.54B+10.7% | 1.39B+39.6% | |
| Selling, general & administrative | 1.14B+8.1% | 1.05B+82.3% | 576M-2.2% | 589M+146.6% | 239M+9.4% | |
| General & administrative | 1.14B+8.1% | 1.05B+82.3% | 576M-2.2% | 589M+146.6% | 239M+9.4% | |
| Selling & marketing | 17.4B+12.7% | 15.5B+33.2% | 11.6B+43.8% | 8.07B+16.3% | 6.95B+16.3% | |
| Amortization of intangibles | — | — | 16.1M-82.2% | 90.4M-0.0% | 90.4M+0.1% | |
| Operating income | 13.0B-14.0% | 15.1B+81.7% | 8.29B+83.6% | 4.52B+322.5% | 1.07B+178.7% | |
| Interest expense | — | — | 6.22M-19.0% | 7.68M-96.0% | 191M+73.9% | |
| Interest & investment income | 3.56B+24.6% | 2.86B+97.5% | 1.45B+143.6% | 594M+25.1% | 475M+33.4% | |
| Other non-operating income | 379M-12.5% | 434M+3.9% | 417M+26.4% | 330M+224.4% | 102M+262.4% | |
| Equity-method income | 18.0M+649.9% | 2.39M+459.9% | -665K+97.1% | -23.1M-160.3% | 38.3M+215.6% | |
| Gain (loss) on equity securities | 2.61B+115.2% | 1.21B+377.8% | 254M | — | — | |
| Pre-tax income | 16.6B-9.8% | 18.4B+81.6% | 10.2B+88.5% | 5.39B+258.2% | 1.50B+244.6% | |
| Income tax | 3.02B+7.4% | 2.82B+68.2% | 1.67B+138.5% | 702M+134.2% | 300M | |
| 13.6B-12.9% | 15.6B+84.2% | 8.48B+81.0% | 4.69B+289.1% | 1.20B+215.8% | ||
| Net income to common | 13.6B-12.9% | 15.6B+84.2% | 8.48B+81.0% | 4.69B+289.1% | 1.20B+215.8% | |
| $9.18-13.0% | $10.56+81.6% | $5.82+78.6% | $3.26+286.2% | $0.84+196.4% | ||
| EPS (basic) | $9.74-13.7% | $11.29+80.3% | $6.26+68.9% | $3.71+285.8% | $0.96+209.8% | |
| 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 | |
| 74.1B+30.2% | 56.9B+37.2% | 41.5B+32.2% | 31.4B+24.0% | 25.3B+10.5% | ||
| Cash & equivalents | 15.6B+96.5% | 7.91B-6.0% | 8.42B+69.2% | 4.98B+391.8% | 1.01B-70.6% | |
| Short-term investments | 44.8B+19.3% | 37.5B+69.2% | 22.2B+32.9% | 16.7B+22.5% | 13.6B+37.7% | |
| Inventory | — | — | — | — | 2.23M-99.2% | |
| Prepaid expenses | 1.08B+77.8% | 605M+1.9% | 593M+78.1% | 333M-38.2% | 539M-31.8% | |
| Other current assets | 212M-3.1% | 219M+1.8% | 215M+85.9% | 116M-16.9% | 139M+379.6% | |
| 90.0B+30.1% | 69.2B+41.1% | 49.0B+42.6% | 34.4B+20.5% | 28.5B+17.1% | ||
| Property, plant & equipment | 187M+54.8% | 120M-12.7% | 138M-8.9% | 151M-56.3% | 347M+1015.7% | |
| Operating lease right-of-use | 695M+0.1% | 694M+20.0% | 578M+181.6% | 205M+38.9% | 148M+53.1% | |
| Intangible assets | 2.20M-16.3% | 2.63M-11.8% | 2.98M-84.7% | 19.4M-82.4% | 110M-43.6% | |
| Deferred tax assets | 24.6M+1020.6% | 2.19M-94.3% | 38.1M-74.8% | 151M+2954.5% | 4.96M | |
| Other non-current assets | 15.0B+30.9% | 11.4B+69.2% | 6.75B+176.3% | 2.44B-5.5% | 2.59B+131.9% | |
| Total non-current assets | 15.9B+29.5% | 12.2B+63.0% | 7.51B+152.7% | 2.97B-7.0% | 3.20B+122.2% | |
| 30.5B+18.3% | 25.8B+19.9% | 21.5B+27.1% | 16.9B+14.8% | 14.8B+14.8% | ||
| Accounts payable | 4.67B+20.4% | 3.87B+62.7% | 2.38B+312.8% | 577M+87.7% | 307M+76.2% | |
| Accrued liabilities | 11.7B+23.1% | 9.47B+21.5% | 7.80B+156.6% | 3.04B+37.0% | 2.22B+29.3% | |
| Short-term & current debt | — | 727M+696.3% | 91.3M-95.5% | 2.01B | — | |
| Current lease liability | 357M+23.7% | 289M+24.8% | 231M+164.9% | 87.3M+29.8% | 67.2M+73.4% | |
| Other current liabilities | 155M+41.3% | 110M-37.0% | 174M-28.2% | 243M+93.5% | 126M+0.6% | |
| 30.9B+17.8% | 26.3B+16.0% | 22.7B+30.9% | 17.3B+3.6% | 16.7B+10.4% | ||
| Long-term debt | — | — | 737M+222.6% | 228M-87.7% | 1.86B-16.1% | |
| Non-current lease liability | 411M-5.9% | 437M+17.4% | 372M+195.0% | 126M+47.3% | 85.7M+34.7% | |
| Operating lease liability (total) | 768M+5.9% | 726M+20.2% | 604M+182.7% | 214M+39.6% | 153M+49.4% | |
| Deferred tax liabilities | 5.98M-59.1% | 14.6M+73.6% | 8.43M+346.3% | 1.89M-61.7% | 4.93M | |
| Other non-current liabilities | — | — | — | — | 157K-64.9% | |
| Total non-current liabilities | 417M-7.6% | 452M-59.6% | 1.12B+213.5% | 357M-81.7% | 1.95B-14.5% | |
| 59.0B+37.6% | 42.9B+62.8% | 26.4B+54.5% | 17.1B+44.4% | 11.8B+28.2% | ||
| Common stock | 26.0K+5.4% | 24.7K-1.1% | 24.9K+1.2% | 24.6K | — | |
| Additional paid-in capital | 18.0B+11.3% | 16.1B+6.8% | 15.1B+5.0% | 14.4B-4.1% | 15.0B+13.0% | |
| Retained earnings | 40.6B+58.1% | 25.7B+142.7% | 10.6B+380.4% | 2.20B+179.0% | -2.79B+28.6% | |
| Accumulated other comprehensive income | 302M-71.8% | 1.07B+61.1% | 665M+38.1% | 482M+221.4% | -397M-147.1% | |
| Total equity incl. non-controlling | 59.0B+37.6% | 42.9B+62.8% | 26.4B+54.5% | 17.1B+44.4% | 11.8B+28.2% | |
| Total liabilities & equity | 90.0B+30.1% | 69.2B+41.1% | 49.0B+42.6% | 34.4B+20.5% | 28.5B+17.1% | |
| 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 | |
| 14.9B-12.2% | 16.9B+27.4% | 13.3B+84.6% | 7.21B+61.5% | 4.46B+9.2% | ||
| Depreciation & amortization | 83.7M-15.0% | 98.5M-11.3% | 111M-66.4% | 330M+42.6% | 232M+145.5% | |
| Intangible amortization | — | — | 16.1M-82.2% | 90.4M-0.0% | 90.4M+0.1% | |
| Share-based compensation | 1.10B-19.6% | 1.37B+37.3% | 1.00B-12.8% | 1.15B+54.9% | 740M+41.4% | |
| Deferred income taxes | -25.3M-182.0% | 30.9M-72.7% | 113M+174.1% | -153M-462728.2% | -33.0K | |
| Change in receivables | 212M+3225.2% | -6.78M-101.4% | 470M+3776.5% | -12.8M-47.8% | -8.65M+81.4% | |
| -6.04B+63.3% | -16.4B-110.0% | -7.83B-135.7% | -3.32B+39.7% | -5.51B+0.8% | ||
| Acquisitions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Proceeds from sale of PP&E | — | 75.0K+18.0% | 63.6K+969.8% | 5.94K-90.3% | 61.1K+726.5% | |
| Other investing activities | -34.2K+99.3% | -4.96M+75.5% | -20.2M | — | -69.0M | |
| -727M-449766.3% | 162K+100.0% | -1.27B-84644.1% | 1.50M+100.5% | -291M-103.9% | ||
| 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 | 190K+8.7% | 174K-84.9% | 1.16M-22.7% | 1.50M+2937.7% | 49.3K+5769.8% | |
| FX effect on cash | — | — | — | — | -22.5M-11.0% | |
| Net change in cash | 7.87B+1182.4% | 614M-85.3% | 4.17B+6.8% | 3.90B+386.0% | -1.36B-122.7% | |
| Income taxes paid | 3.01B+23.7% | 2.43B+198.5% | 815M+12.3% | 725M | — | |
| 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 | 11.9×+37.2% | 8.6×-79.0% | 41.2×-57.4% | 96.7×+39.9% | 69.1× | |
| P/S | 2.7×+8.9% | 2.5×-75.2% | 10.0×+24.4% | 8.0×+39.9% | 5.7×-76.7% | |
| P/B | 2.7×-13.1% | 3.1×-72.2% | 11.3×+14.8% | 9.9×+39.9% | 7.0×-69.3% | |
| Earnings yield | 8.4%-27.1% | 11.6%+376.8% | 2.4%+134.8% | 1.0%-28.5% | 1.4% | |
| 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.
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