PDD Holdings Inc.
PDD- Exchange
- Nasdaq
- Industry
- Services-Business Services, NEC
- SEC CIK
- 0001737806
In the last 90 days, PDD Holdings Inc. insiders filed 0 open-market purchases and 1 sale; 509 institutions reported holding it in 13F filings for Q2 2026, worth $32.9B in total; 4 superinvestors hold it, including H&H International Investment and Himalaya Capital.
- Currency
- CNY
- Source
- SEC XBRL data (10-K, 10-Q, 20-F, 40-F)
- Updated
- Oct 8, 2026, 2:07 PM ET
Amounts are in CNY, the currency PDD Holdings Inc. reports in. Lines marked ≈ US$ convert key figures to US dollars.
Revenue flow, FY2025
Where the revenue went in FY2025, from the income statement below. Green is profit; orange is costs, expenses and taxes. Percentages are shares of revenue; hover over a band or a bar for the exact amount.
Income statement
Each column is one fiscal year, newest first.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 20-F | 20-F | 20-F | 20-F | 20-F |
| Reported | – | – | – | – | – |
| Revenue | CNY 431.8B≈ US$60.1B | CNY 393.8B≈ US$54.7B | CNY 247.6B≈ US$35.0B | CNY 130.6B≈ US$19.4B | CNY 93.9B≈ US$14.6B |
| Cost of revenue | CNY 188.8B | CNY 153.9B | CNY 91.7B | CNY 31.5B | CNY 31.7B |
| Gross profit | – | – | – | CNY 99.1B | CNY 62.2B |
| Operating expenses | CNY 149.9B | CNY 131.5B | CNY 97.2B | CNY 68.7B | CNY 55.3B |
| Research and development | CNY 16.5B | CNY 12.7B | CNY 11.0B | CNY 10.4B | CNY 8.99B |
| Selling, general and administrative | CNY 8.16B | CNY 7.55B | CNY 4.08B | CNY 3.96B | CNY 1.54B |
| Operating income | CNY 93.1B | CNY 108.4B | CNY 58.7B | CNY 30.4B | CNY 6.90B |
| Interest expense | – | – | CNY 44.0M | CNY 51.7M | CNY 1.23B |
| Income tax | CNY 21.7B | CNY 20.3B | CNY 11.8B | CNY 4.73B | CNY 1.93B |
| Net income | CNY 97.8B≈ US$13.6B | CNY 112.4B≈ US$15.6B | CNY 60.0B≈ US$8.48B | CNY 31.5B≈ US$4.70B | CNY 7.77B≈ US$1.20B |
| EPS, basic | CNY 17.50 | CNY 20.31 | CNY 11.08 | CNY 6.24 | CNY 1.55 |
| EPS, diluted | CNY 16.50 | CNY 19.00 | CNY 10.29 | CNY 5.48 | CNY 1.36 |
| Weighted shares, basic | 5.59B | 5.54M | 5.42B | 5.06B | 5.01B |
| Weighted shares, diluted | 5.93B | 5.92M | 5.84B | 5.76B | 5.71B |
| Margins and growth | |||||
| Gross margin | – | – | – | 75.9% | 66.2% |
| Operating margin | 21.6% | 27.5% | 23.7% | 23.3% | 7.3% |
| Net margin | 22.7% | 28.5% | 24.2% | 24.2% | 8.3% |
| Revenue growth, year over year | +9.7% | +59.0% | +89.7% | +39.0% | +57.9% |
| Net income growth, year over year | −13.0% | +87.3% | +90.3% | +306.0% | – |
Balance sheet
Each column is one fiscal year, newest first.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 20-F | 20-F | 20-F | 20-F | 20-F |
| Reported | – | – | – | – | – |
| Cash and equivalents | CNY 108.9B | CNY 57.8B | CNY 59.8B | CNY 34.3B | CNY 6.43B |
| Short-term investments | CNY 313.4B | CNY 273.8B | CNY 157.4B | CNY 115.1B | CNY 86.5B |
| Inventory | – | – | – | – | CNY 14.2M |
| Total current assets | CNY 519.0B | CNY 415.6B | CNY 294.8B | CNY 216.6B | CNY 160.9B |
| Property, plant and equipment | CNY 1.31B | CNY 879.3M | CNY 979.6M | CNY 1.04B | CNY 2.20B |
| Intangible assets | CNY 15.4M | CNY 19.2M | CNY 21.1M | CNY 134.0M | CNY 701.2M |
| Total assets | CNY 630.0B≈ US$90.1B | CNY 505.0B≈ US$69.2B | CNY 348.1B≈ US$49.0B | CNY 237.1B≈ US$34.4B | CNY 181.2B≈ US$28.4B |
| Accounts payable | CNY 32.7B | CNY 28.3B | CNY 16.9B | CNY 3.98B | CNY 1.95B |
| Total current liabilities | CNY 213.7B | CNY 188.4B | CNY 152.9B | CNY 116.9B | CNY 93.7B |
| Total liabilities | CNY 216.7B | CNY 191.7B | CNY 160.8B | CNY 119.3B | CNY 106.1B |
| Shareholders' equity | CNY 413.4B | CNY 313.3B | CNY 187.2B | CNY 117.8B | CNY 75.1B |
Cash flow statement
Each column is one fiscal year, newest first. Free cash flow is operating cash flow minus capital expenditures.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 20-F | 20-F | 20-F | 20-F | 20-F |
| Reported | – | – | – | – | – |
| Operating cash flow | CNY 106.9B≈ US$14.9B | CNY 121.9B≈ US$16.9B | CNY 94.2B≈ US$13.3B | CNY 48.5B≈ US$7.22B | CNY 28.8B≈ US$4.46B |
| Depreciation and amortization | CNY 601.5M | CNY 708.8M | CNY 786.2M | CNY 2.22B | CNY 1.50B |
| Stock-based compensation | CNY 7.94B | CNY 9.88B | CNY 7.08B | CNY 7.72B | CNY 4.77B |
| Investing cash flow | CNY -43.4B | CNY -118.4B | CNY -55.4B | CNY -22.4B | CNY -35.6B |
| Financing cash flow | CNY -5.23B | CNY 1.16M | CNY -8.96B | CNY 10.1M | CNY -1.88B |
| Net change in cash | CNY 56.5B | CNY 4.41B | CNY 29.5B | CNY 26.3B | CNY -8.80B |
| Ratio | |||||
| Stock-based compensation, % of revenue | 1.8% | 2.5% | 2.9% | 5.9% | 5.1% |
Shares outstanding
Common shares outstanding as stated on the cover of each 10-K and 10-Q. The date is the cover date, not the period end; a rising count means dilution.
PDD Holdings Inc. reports no single share count on its 10-K and 10-Q covers. Companies with several share classes report one count per class, which this data doesn't include.
Notes and known gaps
How these numbers are put together, and what they can't tell you.
- Numbers come from the XBRL data in each period's original 10-K, 10-Q, 20-F or 40-F, or its amendment. They are shown as filed: later filings don't restate earlier periods here.
- Reported is the filing date of the first 8-K with Item 2.02 (results of operations) after the period ended, no later than the 10-Q or 10-K and within 120 days. Companies that release results only in the 10-Q, and foreign companies, which use Form 6-K, have none.
- ≈ US$ figures convert CNY at FRED H.10 exchange rates (Federal Reserve): the average rate over the period for income and cash flow, and the rate on the period-end date, or the last business day before it, for the balance sheet.
Known gaps
- Foreign companies that file Form 20-F or 40-F have annual statements only: their quarterly results are furnished on Form 6-K, which has no XBRL data.
- EPS and share counts are as reported at the time, not adjusted for later stock splits.
- For ADRs, EPS is per ordinary share, not per ADS (one TSMC ADS is five ordinary shares).
- For banks, revenue may be interest income only, depending on how the bank tags its filings; cost of revenue and gross profit are usually blank.
- Companies with several share classes, such as Berkshire Hathaway, may have no EPS and no cover share count.
- Depreciation and amortization is missing for some companies that report it under their own XBRL tags.