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PDD Holdings Inc. - American Depositary Shares (PDD) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

NASDAQ · DATA UPDATED 2026-09-09

PDD Holdings Inc. - American Depositary Shares (PDD) operates in the NASDAQ industry and is headquartered in Dublin, Ireland with about 25,474 employees. Its market capitalization is roughly $112 billion. In the fiscal year ended 2025-12-31, PDD reported CNY 431.8B in revenue and CNY 97.8B in net income.

PDD Holdings Inc., a multinational commerce group that owns and operates a portfolio of businesses.

Interactive charts & full statements → Open the PDD valuation workbench →

PDD Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31
Total Revenue	CNY 449.1B	CNY 431.8B	CNY 393.8B	CNY 247.6B	CNY 130.6B	CNY 94.0B	CNY 59.5B	CNY 30.1B	CNY 13.1B	CNY 1.7B	CNY 505M
Gross Profit	CNY 252.9B	CNY 243.0B	CNY 239.9B	CNY 155.9B	CNY 99.1B	CNY 62.2B	CNY 40.2B	CNY 23.8B	CNY 10.2B	CNY 1.0B	(CNY 73M)
Gross Margin %	56.3%	56.3%	60.9%	63.0%	75.9%	66.2%	67.6%	79.0%	77.9%	58.6%	-14.5%
Operating Income (EBIT)	CNY 99.7B	CNY 93.1B	CNY 108.4B	CNY 58.7B	CNY 30.4B	CNY 6.9B	(CNY 9.4B)	(CNY 8.5B)	(CNY 10.8B)	(CNY 596M)	(CNY 286M)
Operating Margin %	22.2%	21.6%	27.5%	23.7%	23.3%	7.3%	-15.8%	-28.3%	-82.3%	-34.2%	-56.7%
Net Income	CNY 93.3B	CNY 97.8B	CNY 112.4B	CNY 60.0B	CNY 31.5B	CNY 7.8B	(CNY 7.2B)	(CNY 7.0B)	(CNY 10.2B)	(CNY 525M)	(CNY 292M)
Net Margin %	20.8%	22.7%	28.5%	24.2%	24.2%	8.3%	-12.1%	-23.1%	-77.9%	-30.1%	-57.8%
EBITDA	CNY 111.4B	CNY 122.4B	CNY 109.2B	CNY 72.7B	CNY 38.5B	CNY 12.4B	(CNY 8.7B)	(CNY 7.9B)	(CNY 4.3B)	(CNY 583M)	(CNY 285M)
Earnings Per Share (EPS)	CNY 62.91	CNY 66.00	CNY 76.01	CNY 41.12	CNY 21.90	CNY 5.44	CNY -6.02	CNY -1.51	CNY -3.44	CNY -0.15	CNY -0.08
Shares Outstanding (M)	1,474M	1,482M	1,479M	1,460M	1,440M	1,428M	1,192M	4,627M	2,968M	3,442M	3,442M

CNY; CNYM / CNYB as marked (reporting currency). Newest period first. Source: public company filings (via Yahoo Finance aggregation).

PDD Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Total Revenue	CNY 112.4B	CNY 106.2B	CNY 122.2B	CNY 108.3B	CNY 104.0B	CNY 95.7B	CNY 110.6B	CNY 99.4B
Gross Profit	CNY 64.3B	CNY 59.3B	CNY 67.8B	CNY 61.4B	CNY 58.1B	CNY 54.7B	CNY 62.8B	CNY 59.6B
Gross Margin %	57.3%	55.9%	55.5%	56.7%	55.9%	57.2%	56.8%	60.0%
Operating Income (EBIT)	CNY 27.8B	CNY 19.6B	CNY 27.3B	CNY 25.0B	CNY 25.8B	CNY 16.1B	CNY 25.6B	CNY 24.3B
Operating Margin %	24.7%	18.4%	22.4%	23.1%	24.8%	16.8%	23.1%	24.4%
Net Income	CNY 27.2B	CNY 12.5B	CNY 24.2B	CNY 29.3B	CNY 30.8B	CNY 14.7B	CNY 27.4B	CNY 25.0B
Net Margin %	24.2%	11.8%	19.8%	27.1%	29.6%	15.4%	24.8%	25.1%
EBITDA	CNY 33.3B	CNY 17.4B	CNY 27.3B	CNY 33.3B	CNY 35.7B	CNY 19.4B	CNY 25.8B	CNY 29.2B
Earnings Per Share (EPS)	CNY 18.45	CNY 8.48	CNY 16.28	CNY 19.70	CNY 20.75	CNY 9.94	CNY 18.53	CNY 21.13
Shares Outstanding (M)	1,474M	1,480M	1,487M	1,488M	1,482M	1,483M	1,481M	1,182M

CNY; CNYM / CNYB as marked (reporting currency). Newest period first. Source: public company filings (via Yahoo Finance aggregation).

PDD Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31
Cash from Operations (CFO)	CNY 111.9B	CNY 106.9B	CNY 121.9B	CNY 94.2B	CNY 7.0B	CNY 28.8B	CNY 28.2B	CNY 14.8B	CNY 7.8B	CNY 315M	CNY 880M
Capital Expenditures (CapEx)	CNY 0M	CNY 1.1B	CNY 967M	CNY 584M	CNY 636M	CNY 3.3B	CNY 43M	CNY 27M	CNY 27M	CNY 9M	CNY 2M
Free Cash Flow (FCF)	CNY 111.9B	CNY 105.8B	CNY 121.0B	CNY 93.6B	CNY 6.4B	CNY 25.5B	CNY 28.2B	CNY 14.8B	CNY 7.7B	CNY 307M	CNY 877M
FCF Margin %	24.9%	24.5%	30.7%	37.8%	4.9%	27.1%	47.3%	49.1%	59.0%	17.6%	173.8%
Dividends Paid	—	—	—	—	—	—	—	CNY 0M	CNY 0M	CNY 0M	CNY 18M

CNY; CNYM / CNYB as marked (reporting currency). Newest period first. Source: public company filings (via Yahoo Finance aggregation).

PDD Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Cash from Operations (CFO)	CNY 25.7B	CNY 16.4B	CNY 24.1B	CNY 45.7B	CNY 21.6B	CNY 15.5B	CNY 29.5B	CNY 27.5B
Capital Expenditures (CapEx)	CNY 0M	CNY 0M	CNY 0M	CNY 0M	CNY 0M	CNY 967M	CNY 0M	CNY 0M
Free Cash Flow (FCF)	CNY 25.7B	CNY 16.4B	CNY 24.1B	CNY 45.7B	CNY 21.6B	CNY 14.6B	CNY 29.5B	CNY 27.5B
FCF Margin %	22.9%	15.5%	19.7%	42.2%	20.8%	15.2%	26.7%	27.7%

CNY; CNYM / CNYB as marked (reporting currency). Newest period first. Source: public company filings (via Yahoo Finance aggregation).

PDD Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31
Total Assets	CNY 663.4B	CNY 630.4B	CNY 505.0B	CNY 348.1B	CNY 237.1B	CNY 181.2B	CNY 158.9B	CNY 76.1B	CNY 43.2B	CNY 13.3B	CNY 1.8B
Cash & Cash Equivalents	CNY 128.9B	CNY 182.8B	CNY 57.8B	CNY 59.8B	CNY 34.3B	CNY 6.4B	CNY 22.4B	CNY 5.8B	CNY 14.2B	CNY 3.1B	CNY 1.3B
Total Liabilities	CNY 215.6B	CNY 215.3B	CNY 191.7B	CNY 160.8B	CNY 119.3B	CNY 106.1B	CNY 98.7B	CNY 51.4B	CNY 24.4B	CNY 12.1B	CNY 1.4B
Total Debt (Short + Long-Term)	CNY 2.5B	CNY 2.5B	CNY 7.4B	CNY 7.5B	CNY 16.1B	CNY 12.2B	CNY 16.6B	CNY 6.2B	CNY 436M	CNY 433M	CNY 54M
Total Shareholders' Equity	CNY 447.8B	CNY 415.2B	CNY 313.3B	CNY 187.2B	CNY 117.8B	CNY 75.1B	CNY 60.2B	CNY 24.6B	CNY 18.8B	CNY 1.2B	CNY 356M

CNY; CNYM / CNYB as marked (reporting currency). Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive PDD viewer.

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