PDDNasdaqServices-Business Services, NECFiscal year ends December 31

PDD Holdings Inc.

Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 29, 2026

$81.39+0.42 (+0.52%)

Close on Oct 19, 2026

PDD Holdings Inc. income statement

Millions of CNY, except per-share data. Shares in millions.

Line item	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31	FY 2019 2019-12-31	FY 2018 2018-12-31	FY 2017 2017-12-31	FY 2016 2016-12-31
Revenue	431,846	393,836	247,639	130,558	93,950	59,492	30,142	13,120	1,744	505
Cost of Revenue	188,802	153,900	91,724	31,462	31,718	19,279	6,339	2,905	723	578
Gross Profit	243,044	239,936	155,916	99,095	62,232	40,213	23,803	10,215	1,021	-73
Research & Development	16,496	12,659	10,952	10,385	8,993	6,892	3,870	1,116	129	29
Selling, General & Admin	133,446	118,854	86,264	58,309	46,342	42,702	28,471	19,898	1,478	184
Selling & Marketing	125,288	111,301	82,189	54,344	44,802	41,195	27,174	13,442	1,345	169
General & Administrative	8,158	7,553	4,076	3,965	1,541	1,507	1,297	6,457	133	15
Advertising Expenses	74,926	68,474	56,415	18,921	41,457	39,298	25,868	12,868	1,260	114
Operating Expenses	149,942	131,513	97,217	68,693	55,335	49,594	32,341	21,014	1,617	213
Operating Income	93,102	108,423	58,699	30,402	6,897	-9,380	-8,538	-10,800	-596	-286
Interest Expense	–	–	44	52	1,231	757	146	–	–	–
Interest & Investment Income	25,584	20,553	10,238	3,997	3,062	2,455	1,542	585	81	4.46
Income from Equity Investments	129	17	-4.71	-155	247	84	29	–	–	–
Other Non-Operating Income	2,727	3,120	2,953	2,221	656	194	83	-12	1.37	-2.03
Gain (Loss) on Sale of Assets	-3.06	-3.86	-1.76	-11	0.26	-0.02	-0.18	-0.01	-0.06	–
Pretax Income	119,575	132,701	71,876	36,264	9,702	-7,180	-6,968	-10,217	-525	-292
Income Tax Expense	21,733	20,267	11,850	4,726	1,934	0	0	0	–	–
Net Income incl. Noncontrolling Interests	97,843	112,435	60,027	31,538	7,769	-7,180	-6,968	-10,217	-525	-292
Net Income	97,843	112,435	60,027	31,538	7,769	-7,180	-6,968	-10,217	-525	-292
Net Income to Common	97,843	112,435	60,027	31,538	7,769	-7,180	-6,968	-10,298	-499	-322
EPS (Basic)(per share)	17.50	20.31	11.08	6.24	1.55	-1.51	-1.51	-3.47	-0.28	-0.18
EPS (Diluted)(per share)	16.50	19.00	10.29	5.48	1.36	-1.51	-1.51	-3.47	-0.28	-0.18
Shares Outstanding (Basic, Weighted)(shares)	5,591	5,536	5,416	5.06	5,013	4,768	4,627	2,968	1,765	1,815
Shares Outstanding (Diluted, Weighted)(shares)	5,930	5,917	5,840	5.76	5,714	4,768	4,627	2,968	1,765	1,815
EBITDA	93,704	109,132	59,485	32,626	8,392	-8,729	-7,900	-10,303	-593	-285
Net Interest Income	–	–	–	–	–	1,882	1,211	433	52	3.99

Italic numbers are calculated by StockData (for example Q4 = full year − nine months). Per-share data and share counts are adjusted for stock splits. Hover a number for its source; click it to open the filing on SEC.gov. Click a row to chart it.

Ratios

Latest available, balances at Dec 31, 2025

Profitability, FY2025

Gross margin: 56.3%
Operating margin: 21.6%
Net margin: 22.7%
Return on equity, FY2025: 26.9%

Financial strength

Current ratio: 2.43
Debt to equity: –
Debt to assets: –
Cash to current liabilities: 51.0%

Valuation

P/E ratio: –
Price to sales: –
Price to book: –
Dividend yield: –

Valuation ratios need the share price and fill in once daily prices are connected.