PDD Holdings Inc. (PDD) — Financial statements
Income statement, balance sheet, and cash flow for PDD Holdings Inc. — annual and quarterly history with growth and margin analysis.
| Metric (CNY Millions) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
| Revenue & Gross Profit | ||||||
| Revenue | 431,846↑9.7% | 393,836↑59.0% | 247,639↑89.7% | 130,558↑39.0% | 93,950 | |
| Cost of Revenue | 188,802↑22.7% | 153,900↑67.8% | 91,724↑191.5% | 31,462↓0.8% | 31,718 | |
| Gross Profit | 243,044↑1.3% | 239,936↑53.9% | 155,916↑57.3% | 99,095↑59.2% | 62,232 | |
| Operating Expenses | ||||||
| R&D Expenses | 16,496↑30.3% | 12,659↑15.6% | 10,952↑5.5% | 10,385↑15.5% | 8,993 | |
| General & Administrative Expenses | 8,158↑8.0% | 7,553↑85.3% | 4,076↑2.8% | 3,965↑157.3% | 1,541 | |
| Selling & Marketing Expenses | 125,288↑12.6% | 111,301↑35.4% | 82,189↑51.2% | 54,344↑21.3% | 44,802 | |
| SG&A Expenses | 133,446↑12.3% | 118,854↑37.8% | 86,264↑47.9% | 58,309↑25.8% | 46,342 | |
| Other Expenses | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Operating Expenses | 149,942↑14.0% | 131,513↑35.3% | 97,217↑41.5% | 68,693↑24.1% | 55,335 | |
| Total Costs & Expenses | 338,744↑18.7% | 285,413↑51.1% | 188,940↑88.6% | 100,156↑15.1% | 87,053 | |
| Operating Results | ||||||
| Operating Income | 93,102↓14.1% | 108,423↑84.7% | 58,699↑93.1% | 30,402↑340.8% | 6,897 | |
| Depreciation & Amortization | 3,000↑323.3% | 709↓9.9% | 786↓64.7% | 2,224↑48.7% | 1,495 | |
| EBITDA | 122,447↑12.2% | 109,132↑83.5% | 59,485↑82.3% | 32,626↑288.8% | 8,392 | |
| EBIT | 119,446↑10.2% | 108,423↑84.7% | 58,699↑93.1% | 30,402↑340.8% | 6,897 | |
| Interest & Other Income | ||||||
| Net Interest Income | 25,584↑24.5% | 20,553↑101.6% | 10,194↑158.4% | 3,945↑115.5% | 1,831 | |
| Interest Income | 25,584↑24.5% | 20,553↑100.8% | 10,238↑156.1% | 3,997↑30.6% | 3,062 | |
| Interest Expense | 0.00 | 0.00↓100.0% | 44↓14.8% | 52↓95.8% | 1,231 | |
| Non-Operating Income | -26,344 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Other Income / Expenses | 26,473↑9.0% | 24,278↑84.2% | 13,178↑124.8% | 5,862↑108.9% | 2,805 | |
| Income Before Tax | 119,575↓9.9% | 132,701↑84.6% | 71,876↑98.2% | 36,264↑273.8% | 9,702 | |
| Income Tax Expense | 21,733↑7.2% | 20,267↑71.0% | 11,850↑150.8% | 4,726↑144.4% | 1,934 | |
| Net Income & EPS | ||||||
| Net Income from Continuing Operations | 97,843↓13.0% | 112,435↑87.3% | 60,027↑90.3% | 31,538↑306.0% | 7,769 | |
| Net Income from Discontinued Operations | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Net Income | 97,843↓13.0% | 112,435↑87.3% | 60,027↑90.3% | 31,538↑306.0% | 7,769 | |
| Bottom-Line Net Income | 97,843↓13.0% | 112,435↑87.2% | 60,071↑90.2% | 31,590↑306.6% | 7,769 | |
| EPS (Basic) | 69.16↓14.9% | 81.24↑83.3% | 44.32↑77.6% | 24.96↑302.6% | 6.20 | |
| EPS (Diluted) | 65.24↓14.2% | 76.00↑84.8% | 41.12↑87.6% | 21.92↑302.9% | 5.44 | |
| Weighted Average Shares | 1,398↑1.0% | 1,384↑2.2% | 1,354↑7.1% | 1,264↑0.9% | 1,253 | |
| Weighted Average Diluted Shares | 1,482↑0.2% | 1,479↑1.3% | 1,460↑1.4% | 1,440↑0.8% | 1,428 | |
* All figures in Millions of CNY, except per share data. Growth rates calculated Year-over-Year (YoY). Data source: SEC Filings.