For fiscal 2025 (ended Dec 31, 2025), PDD Holdings Inc. reported CN¥431.85B of revenue and CN¥97.84B of net income. Figures are in CNY, the currency of its SEC filings.
PDD revenue was CN¥431.85B for fiscal 2025 (ended Dec 31, 2025), up 9.7% from fiscal 2024. Compound annual growth was +48.7% over 5 years. It rose in each of the last 9 fiscal years. Fiscal 2025 is the highest of the 10 fiscal years on file.
PDD net income was CN¥97.84B for fiscal 2025 (ended Dec 31, 2025), down 13.0% from fiscal 2024. It rose in 3 of the last 4 fiscal years.
PDD diluted EPS was CN¥16.50 for fiscal 2025 (ended Dec 31, 2025), down 13.2% from fiscal 2024.
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥431.85B | CN¥393.84B | CN¥247.64B | CN¥130.56B | CN¥93.95B | CN¥59.49B | CN¥30.14B | CN¥13.12B | CN¥1.74B | CN¥504.86M |
| Cost of revenue | CN¥188.80B | CN¥153.90B | CN¥91.72B | CN¥31.46B | CN¥31.72B | CN¥19.28B | CN¥6.34B | CN¥2.91B | CN¥722.83M | CN¥577.87M |
| Gross profit | CN¥243.04B | CN¥239.94B | CN¥155.92B | CN¥99.10B | CN¥62.23B | CN¥40.21B | CN¥23.80B | CN¥10.21B | CN¥1.02B | -CN¥73.01M |
| Research and development | CN¥16.50B | CN¥12.66B | CN¥10.95B | CN¥10.38B | CN¥8.99B | CN¥6.89B | CN¥3.87B | CN¥1.12B | CN¥129.18M | CN¥29.42M |
| Selling, general and admin | CN¥8.16B | CN¥7.55B | CN¥4.08B | CN¥3.96B | CN¥1.54B | CN¥1.51B | CN¥1.30B | CN¥6.46B | CN¥133.21M | CN¥14.79M |
| Operating income | CN¥93.10B | CN¥108.42B | CN¥58.70B | CN¥30.40B | CN¥6.90B | -CN¥9.38B | -CN¥8.54B | -CN¥10.80B | -CN¥595.72M | -CN¥286.21M |
| Interest expense | - | - | CN¥43.99M | CN¥51.66M | CN¥1.23B | CN¥757.34M | CN¥145.86M | - | - | - |
| Pre-tax income | CN¥119.58B | CN¥132.70B | CN¥71.88B | CN¥36.26B | CN¥9.70B | -CN¥7.18B | -CN¥6.97B | -CN¥10.22B | -CN¥525.12M | -CN¥291.98M |
| Income tax | CN¥21.73B | CN¥20.27B | CN¥11.85B | CN¥4.73B | CN¥1.93B | CN¥0 | CN¥0 | CN¥0 | - | - |
| Net income | CN¥97.84B | CN¥112.43B | CN¥60.03B | CN¥31.54B | CN¥7.77B | -CN¥7.18B | -CN¥6.97B | -CN¥10.22B | -CN¥525.12M | -CN¥291.98M |
| EPS, basic | CN¥17.50 | CN¥20.31 | CN¥11.08 | CN¥6.24 | CN¥1.55 | -CN¥1.51 | -CN¥1.51 | -CN¥3.47 | -CN¥0.28 | -CN¥0.18 |
| EPS, diluted | CN¥16.50 | CN¥19.00 | CN¥10.29 | CN¥5.48 | CN¥1.36 | -CN¥1.51 | -CN¥1.51 | -CN¥3.47 | -CN¥0.28 | -CN¥0.18 |
| Diluted shares | 5.93B | 5.92B | 5.84B | 5.8M | 5.71B | 4.77B | 4.63B | 2.97B | 1.76B | 1.82B |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | CN¥108.90B | CN¥57.77B | CN¥59.79B | CN¥92.30B | CN¥66.04B | CN¥74.84B | CN¥33.35B | CN¥30.54B | CN¥12.43B | CN¥1.32B |
| Short-term investments | CN¥313.41B | CN¥273.79B | CN¥157.42B | CN¥115.11B | CN¥86.52B | CN¥64.55B | CN¥35.29B | CN¥7.63B | CN¥50.00M | - |
| Inventory | - | - | - | - | CN¥14.20M | CN¥1.72B | - | - | - | - |
| Current assets | CN¥518.98B | CN¥415.65B | CN¥294.75B | CN¥216.62B | CN¥160.91B | CN¥149.52B | CN¥73.00B | CN¥40.39B | CN¥13.14B | - |
| Total assets | CN¥630.04B | CN¥505.03B | CN¥348.08B | CN¥237.12B | CN¥181.21B | CN¥158.91B | CN¥76.06B | CN¥43.18B | CN¥13.31B | - |
| Current liabilities | CN¥213.74B | CN¥188.42B | CN¥152.90B | CN¥116.89B | CN¥93.73B | CN¥83.88B | CN¥45.77B | CN¥24.36B | CN¥12.11B | - |
| Total liabilities | CN¥216.66B | CN¥191.72B | CN¥160.84B | CN¥119.35B | CN¥106.10B | CN¥98.73B | CN¥51.41B | CN¥24.36B | CN¥12.11B | - |
| Shareholders' equity | CN¥413.39B | CN¥313.31B | CN¥187.24B | CN¥117.77B | CN¥75.11B | CN¥60.18B | CN¥24.65B | CN¥18.82B | -CN¥991.96M | -CN¥426.28M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | CN¥106.94B | CN¥121.93B | CN¥94.16B | CN¥48.51B | CN¥28.78B | CN¥28.20B | CN¥14.82B | CN¥7.77B | CN¥9.69B | CN¥879.78M |
| Capital expenditures | - | - | - | - | - | CN¥43.05M | CN¥27.44M | CN¥27.33M | CN¥8.92M | CN¥2.30M |
| Free cash flow | - | - | - | - | - | CN¥28.15B | CN¥14.79B | CN¥7.74B | CN¥9.68B | CN¥877.48M |
| Investing cash flow | -CN¥43.42B | -CN¥118.36B | -CN¥55.43B | -CN¥22.36B | -CN¥35.56B | -CN¥38.36B | -CN¥28.32B | -CN¥7.55B | CN¥71.65M | -CN¥307.30M |
| Financing cash flow | -CN¥5.23B | CN¥1.16M | -CN¥8.96B | CN¥10.08M | -CN¥1.88B | CN¥51.80B | CN¥15.85B | CN¥17.34B | CN¥1.40B | CN¥486.54M |
| Share repurchases | - | - | - | - | - | - | - | - | CN¥32.68M | - |
| Stock-based compensation | CN¥7.94B | CN¥9.88B | CN¥7.08B | CN¥7.72B | CN¥4.77B | CN¥3.61B | CN¥2.56B | CN¥6.84B | CN¥13.38M | CN¥4.06M |
| Depreciation and amortization | CN¥601.48M | CN¥708.76M | CN¥786.24M | CN¥2.22B | CN¥1.50B | CN¥651.52M | CN¥637.83M | CN¥497.00M | CN¥2.27M | CN¥756.0K |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 9.7% | 59.0% | 89.7% | 39.0% | 57.9% | 97.4% | 129.7% | 652.3% | 245.5% | - |
| Net income growth, YoY | -13.0% | 87.3% | 90.3% | 306.0% | - | - | - | - | - | - |
| EPS growth, YoY | -13.2% | 84.6% | - | - | - | - | - | - | - | - |
| Gross margin | 56.3% | 60.9% | 63.0% | 75.9% | 66.2% | 67.6% | 79.0% | 77.9% | 58.6% | -14.5% |
| Operating margin | 21.6% | 27.5% | 23.7% | 23.3% | 7.3% | -15.8% | -28.3% | -82.3% | -34.2% | -56.7% |
| Net margin | 22.7% | 28.5% | 24.2% | 24.2% | 8.3% | -12.1% | -23.1% | -77.9% | -30.1% | -57.8% |
| Free cash flow margin | - | - | - | - | - | 47.3% | 49.1% | 59.0% | 554.9% | 173.8% |
| Return on equity | 23.7% | 35.9% | 32.1% | 26.8% | 10.3% | -11.9% | -28.3% | -54.3% | - | - |
| Return on assets | 15.5% | 22.3% | 17.2% | 13.3% | 4.3% | -4.5% | -9.2% | -23.7% | -3.9% | - |
| Current ratio | 2.43 | 2.21 | 1.93 | 1.85 | 1.72 | 1.78 | 1.60 | 1.66 | 1.08 | - |
Source: XBRL data PDD Holdings Inc. files with the SEC, latest filing dated Apr 29, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
Per-share figures are as filed. The filings show no stock split in these periods.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
Foreign private issuers file annual reports with the SEC, so there are no quarterly statements here.
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| PDD | CN¥431.85B | +9.7% | CN¥97.84B | 22.7% | $119.49B |
| V | $45.90B | +14.8% | $23.50B | 51.2% | $755.06B |
| MA | $36.29B | +15.3% | $16.96B | 46.7% | $571.42B |
| BABA | CN¥1.02T | +2.7% | CN¥103.59B | 10.1% | $261.80B |
| ACN | $74.18B | +6.5% | $8.37B | 11.3% | $177.32B |
| UBER | $56.53B | +13.9% | $3.46B | 6.1% | $140.49B |
| DASH | $17.06B | +35.0% | $1.06B | 6.2% | $78.44B |
| MELI | $38.52B | +47.1% | $1.89B | 4.9% | $77.58B |
| RELX | £9.59B | +1.7% | £2.06B | 21.5% | $72.44B |