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PDD vs Visa: revenue, profit, margins and growth compared

PDD brought in $61.8B of revenue in fiscal 2025, Visa $40B in fiscal 2025. Revenue changed by +14.5% at PDD and +11.3% at Visa on the year before, so PDD grew faster. PDD kept 22.7% of its revenue as net profit, Visa 50.1%.

Side by side, latest fiscal year

PDDV
Fiscal year endedFY2025 (December 31, 2025)FY2025 (September 30, 2025)
Revenue$61.8B$40B
Revenue growth+14.5%+11.3%
Net income$14B$20.1B
Net margin22.7%50.1%
Free cash flown/a$21.6B
Free cash flow marginn/a53.9%
Earnings per share (diluted)$2.36n/a
Cash$15.6B$17.2B
Debtn/a$25.2B
Price to earningsn/an/a
Market value$110.4B$656.4B
Dividend yieldn/a0.16%
Rank by revenue in sector#14 of 778 · Consumer discretionary#24 of 778 · Consumer discretionary

Over the years

Revenue
PDD FY2018: $1.9BPDD FY2019: $4.3BPDD FY2020: $9.1BPDD FY2020: $14.7BPDD FY2022: $18.9BPDD FY2023: $34.9BPDD FY2024: $54BPDD FY2025: $61.8BV FY2018: $20.6BV FY2019: $23BV FY2020: $21.8BV FY2021: $24.1BV FY2022: $29.3BV FY2023: $32.7BV FY2024: $35.9BV FY2025: $40BFY18FY19FY20FY21FY22FY23FY24FY25
PDD $61.8BV $40B
Net income
PDD FY2018: -$1.5BPDD FY2019: -$1BPDD FY2020: -$1.1BPDD FY2020: $1.2BPDD FY2022: $4.6BPDD FY2023: $8.5BPDD FY2024: $15.4BPDD FY2025: $14BV FY2018: $10.3BV FY2019: $12.1BV FY2020: $10.9BV FY2021: $12.3BV FY2022: $15BV FY2023: $17.3BV FY2024: $19.7BV FY2025: $20.1BFY18FY19FY20FY21FY22FY23FY24FY25
PDD $14BV $20.1B
Net margin
PDD FY2018: -77.9%PDD FY2019: -23.1%PDD FY2020: -12.1%PDD FY2020: 8.3%PDD FY2022: 24.2%PDD FY2023: 24.2%PDD FY2024: 28.5%PDD FY2025: 22.7%V FY2018: 50.0%V FY2019: 52.6%V FY2020: 49.7%V FY2021: 51.1%V FY2022: 51.0%V FY2023: 52.9%V FY2024: 55.0%V FY2025: 50.1%FY18FY19FY20FY21FY22FY23FY24FY25
PDD 22.7%V 50.1%
Revenue growth
PDD FY2019: +126.9%PDD FY2020: +110.6%PDD FY2020: +61.7%PDD FY2022: +28.4%PDD FY2023: +84.3%PDD FY2024: +54.7%PDD FY2025: +14.5%V FY2019: +11.5%V FY2020: -4.9%V FY2021: +10.3%V FY2022: +21.6%V FY2023: +11.4%V FY2024: +10.0%V FY2025: +11.3%FY19FY20FY21FY22FY23FY24FY25
PDD +14.5%V +11.3%
Free cash flow
PDD FY2018: $1.1BPDD FY2019: $2.1BPDD FY2020: $4.3BV FY2018: $12.2BV FY2019: $12BV FY2020: $9.7BV FY2021: $14.5BV FY2022: $17.9BV FY2023: $19.7BV FY2024: $18.7BV FY2025: $21.6BFY18FY19FY20FY21FY22FY23FY24FY25
PDD $4.3BV $21.6B

Fiscal years as each company reports them; the two may end in different months.

Questions about PDD and Visa

Which is bigger by revenue, PDD or Visa?

PDD is bigger by revenue: $61.8B in fiscal 2025, against $40B for Visa in fiscal 2025.

Which keeps more of its revenue as profit, PDD or Visa?

PDD had a net margin of 22.7% in fiscal 2025; Visa had 50.1% in fiscal 2025.

Which grew revenue faster, PDD or Visa?

In their latest fiscal years revenue changed by +14.5% at PDD and +11.3% at Visa.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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