PDD Holdings Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data PDD Holdings Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2019	FY2020	FY2020	FY2022	FY2023	FY2024	FY2025
Revenue	1,908	4,330	9,118	14,743	18,929	34,879	53,955	61,753
Cost of revenue	423	911	2,955	4,977	4,562	12,919	21,084	26,998
Gross profit	1,486	3,419	6,163	9,766	14,367	21,960	32,871	34,755
Research and development	162	556	1,056	1,411	1,506	1,543	1,734	2,359
Selling and marketing	1,955	3,903	6,313	7,030	7,879	11,576	15,248	17,916
General and administrative	939	186	231	242	575	574	1,035	1,167
Operating expenses	3,056	4,646	7,601	8,683	9,960	13,693	18,017	21,441
Operating income	-1,571	-1,226	-1,438	1,082	4,408	8,268	14,854	13,313
Interest expense		21	116	193	7.49	6.2
Interest income	85.1	221	376	480	580	1,442	2,816	3,658
Other non-operating income	-1.8	11.9	29.7	103	322	416	427	390
Pre-tax income	-1,486	-1,001	-1,100	1,522	5,258	10,124	18,180	17,099
Income tax			0	303	685	1,669	2,777	3,108
Net income	-1,486	-1,001	-1,100	1,219	4,573	8,455	15,403	13,991
EBITDA	-1,498	-1,135	-1,338	1,317	4,730	8,378	14,951	13,399
EPS, basic	-0.50	-0.22	-0.23	0.24	0.90	1.56	2.78	2.50
EPS, diluted	-0.50	-0.22	-0.23	0.21	0.79	1.45	2.60	2.36
Shares, basic (weighted)	2,968	4,627	4,768	5,013	5.06	5,416	5,536	5,591
Shares, diluted (weighted)	2,968	4,627	4,768	5,714	5.76	5,840	5,917	5,930

Balance sheet

	FY2018	FY2019	FY2020	FY2020	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	2,060	829	3,436	1,008	4,977	8,422	7,914	15,573
Short-term investments	1,110	5,069	9,893	13,576	16,690	22,171	37,509	44,817
Inventory			263	2.23
Other current assets	0.99	4.02	29.1	137	116	215	219	213
Total current assets	5,875	10,486	22,916	25,250	31,407	41,515	56,944	74,213
Property, plant and equipment	4.23	5.93	31.1	346	151	138	120	187
Lease right-of-use assets		74.3	96.5	147	205	578	694	695
Intangible assets	375	286	196	110	19.4	2.98	2.63	2.2
Other non-current assets	26.6	72.3	1,115	2,578	2,445	6,754	11,427	14,973
Total assets	6,281	10,925	24,354	28,436	34,379	49,026	69,189	90,095
Accounts payable	324	701	174	306	577	2,381	3,874	4,671
Accrued liabilities	199	392
Total current liabilities	3,543	6,574	12,855	14,708	16,947	21,536	25,814	30,564
Lease liabilities		61.6	63.6	85.4	126	372	437	412
Other non-current liabilities		1.06	0.45	0.16
Total liabilities	3,543	7,385	15,131	16,649	17,304	22,653	26,266	30,982
Paid-in capital	4,235	5,960	13,287	14,961	14,390	15,112	16,143	17,985
Retained earnings	-1,648	-2,628	-3,904	-2,779	2,203	10,580	25,677	40,635
Other comprehensive income	151	208	-161	-395	482	665	1,072	303
Shareholders' equity	2,738	3,540	9,222	11,787	17,075	26,372	42,924	59,113
Total equity	2,738	3,540	9,222	11,787	17,075	26,372	42,924	59,113
Total liabilities and equity	6,281	10,925	24,354	28,436	34,379	49,026	69,189	90,095
Shares outstanding	4,456				5,278	5,503	5,569	5,694

Cash flow statement

	FY2018	FY2019	FY2020	FY2020	FY2022	FY2023	FY2024	FY2025
Net income	-1,486	-1,001	-1,100	1,219	4,573	8,455	15,403	13,991
Depreciation and amortization	72.3	91.6	99.9	235	322	111	97.1	86
Stock-based compensation	995	367	554	749	1,119	997	1,354	1,135
Deferred income tax	0	0	0	-0.03	-149	113	30.4	-26
Change in receivables	-23.2	-115	49.3	8.76	12.5	-469	6.69	-218
Cash from operations	1,130	2,129	4,321	4,517	7,033	13,263	16,704	15,292
Capital expenditures	-3.98	-3.94	-6.6
Purchases of investments	-1,093	-7,534	-13,247	-18,303	-519	-2,439	-1,881	-4,082
Sales and maturities of investments						592	156	981
Cash from investing	-1,098	-4,068	-5,879	-5,581	-3,242	-7,807	-16,215	-6,209
Cash from financing	2,523	2,277	7,939	-294	1.46	-1,262	0.16	-748
Exchange rate effect	79.5	64.7	-21.4	-22.8
Net change in cash	2,634	403	6,360	-1,381	3,807	4,152	605	8,085
Free cash flow	1,126	2,125	4,315
Income taxes paid					708	812	2,397	3,089

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $77.57 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	56.3%	Gross profit / revenue.
Operating margin	21.6%	Operating income / revenue.
EBITDA margin	21.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	27.7%	Pre-tax income / revenue.
Net margin	22.7%	Net income / revenue.
Operating cash flow margin	24.8%	Cash from operations / revenue.
Effective tax rate	18.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	27.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	17.6%	Net income / average total assets.
Return on invested capital (ROIC)	27.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	3.8%	Research and development expense / revenue.
Stock-based pay / revenue	1.8%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	0.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	14.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	48.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	46.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	5.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	34.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	41.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-10.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	44.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-10.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	41.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-9.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	45.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-9.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	44.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-8.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	29.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	28.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	37.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	51.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	45.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	30.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	37.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	29.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	909.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	4.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.43x	Current assets / current liabilities.
Quick ratio	1.98x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.98x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	34.4%	Total liabilities / total assets.
Working capital	$43.65B	Current assets - current liabilities.
Goodwill and intangibles / assets	0.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$59.11B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.78x	Revenue / average total assets.
Fixed asset turnover	402x	Revenue / average property, plant and equipment.
Days payables	58 days	365 x average accounts payable / cost of revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.36	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$2.50	Net income per basic share, as reported (split-adjusted).
Revenue per share	$10.41	Revenue / diluted weighted shares.
Operating cash flow per share	$2.58	Cash from operations / diluted weighted shares.
Book value per share	$10.38	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$10.38	Tangible book value / shares outstanding.
Cash per share	$10.61	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$110.41B	Share price x shares outstanding.
Enterprise value	$50.02B	Market cap + total debt - cash - short-term investments.
P/E	7.89x	Market cap / net income. Only when net income is positive.
P/S	1.79x	Market cap / revenue.
P/B	1.87x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.87x	Market cap / tangible book value, when positive.
P/OCF	7.22x	Market cap / cash from operations, when positive.
EV/Sales	0.81x	Enterprise value / revenue.
EV/EBIT	3.76x	Enterprise value / operating income, when both are positive.
EV/EBITDA	3.73x	Enterprise value / EBITDA, when both are positive.
Earnings yield	12.7%	Net income / market cap (the inverse of P/E).
PEG	0.18x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was PDD Holdings Inc.'s revenue in fiscal 2025?

PDD Holdings Inc. reported revenue of $61.75B for fiscal 2025, 14.5% higher than the year before.

Was PDD Holdings Inc. profitable in fiscal 2025?

Yes. Net income was $13.99B, a net margin of 22.7%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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