PDD Holdings PDD financials
E-Commerce & Marketplaces · Statements and segments from its SEC filings, 2016 to 2025.
PDD Holdings revenue, gross and operating margin, net income, free cash flow, cash and debt by quarter and by fiscal year, and revenue by segment, read from the company's own filings with the US Securities and Exchange Commission. Free to everyone; the Risk & Quality report that scores the company is the paid step.
- revenue by product: Online marketing services and others, Transaction services, Online marketing services, Merchandise sales
The numbers
Annual figures
| Line | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥504.9M | CN¥1.7B | CN¥13.1B | CN¥30.1B | CN¥59.5B | CN¥93.9B | CN¥130.6B | CN¥247.6B | CN¥393.8B | CN¥431.8B |
| Gross profit | -CN¥73M | CN¥1B | CN¥10.2B | CN¥23.8B | CN¥40.2B | CN¥62.2B | CN¥99.1B | CN¥155.9B* | CN¥239.9B* | CN¥243B* |
| Operating income | -CN¥286.2M | -CN¥595.7M | -CN¥10.8B | -CN¥8.5B | -CN¥9.4B | CN¥6.9B | CN¥30.4B | CN¥58.7B | CN¥108.4B | CN¥93.1B |
| Net income | -CN¥292M | -CN¥525.1M | -CN¥10.2B | -CN¥7B | -CN¥7.2B | CN¥7.8B | CN¥31.5B | CN¥60B | CN¥112.4B | CN¥97.8B |
| EPS (diluted) | -CN¥0.18 | -CN¥0.28 | -CN¥3.47 | -CN¥1.51 | -CN¥1.51 | CN¥1.36 | CN¥5.48 | CN¥10.29 | CN¥19.00 | CN¥16.50 |
| Operating cash flow | CN¥879.8M | CN¥9.7B | CN¥7.8B | CN¥14.8B | CN¥28.2B | CN¥28.8B | CN¥48.5B | CN¥94.2B | CN¥121.9B | CN¥106.9B |
| Free cash flow | CN¥877.5M* | CN¥9.7B* | CN¥7.7B* | CN¥14.8B* | CN¥28.2B* | - | - | - | - | - |
| Cash & equivalents | CN¥1.3B | CN¥3.1B | CN¥14.2B | CN¥5.8B | CN¥22.4B | CN¥6.4B | CN¥34.3B | CN¥59.8B | CN¥57.8B | CN¥108.9B |
| Gross margin | -14.5% | 58.6% | 77.9% | 79.0% | 67.6% | 66.2% | 75.9% | 63.0% | 60.9% | 56.3% |
| Operating margin | -56.7% | -34.2% | -82.3% | -28.3% | -15.8% | 7.3% | 23.3% | 23.7% | 27.5% | 21.6% |
| Net margin | -57.8% | -30.1% | -77.9% | -23.1% | -12.1% | 8.3% | 24.2% | 24.2% | 28.5% | 22.7% |
Latest quarters
| Line | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|---|
| Revenue | CN¥104B | CN¥108.3B | CN¥123.9B | CN¥106.2B | CN¥112.4B |
| Gross profit | CN¥58.1B | CN¥61.4B | CN¥68.8B | CN¥59.3B | CN¥64.3B |
| Operating income | CN¥25.8B | CN¥25B | CN¥26.2B | CN¥19.6B | CN¥27.8B |
| Net income | CN¥30.8B | CN¥29.3B | CN¥23B | CN¥12.5B | CN¥27.2B |
| EPS (diluted) | CN¥20.76 | CN¥19.72 | CN¥16.52 | CN¥8.48 | CN¥18.44 |
| Operating cash flow | CN¥21.6B | CN¥45.7B | CN¥24.1B | CN¥16.4B | CN¥25.7B |
| Free cash flow | CN¥21.6B | CN¥45.7B | CN¥23B | CN¥16.4B | CN¥25.7B |
| Cash & equivalents | CN¥63.2B | CN¥92.4B | CN¥108.9B | CN¥123B | CN¥128.9B |
| Total debt | CN¥11B | CN¥10.7B | CN¥5.4B | CN¥5.1B | CN¥4.8B |
| Gross margin | 55.9% | 56.7% | 55.5% | 55.9% | 57.3% |
| Operating margin | 24.8% | 23.1% | 21.1% | 18.4% | 24.7% |
| Net margin | 29.6% | 27.1% | 18.6% | 11.8% | 24.2% |
Revenue by product
| Line | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Online marketing services and others | - | - | - | CN¥48B | CN¥72.6B | CN¥102.7B | CN¥153.5B | CN¥197.9B | CN¥217.8B |
| Transaction services | CN¥531.4M | CN¥1.6B | CN¥3.3B | CN¥5.8B | CN¥14.1B | CN¥27.6B | CN¥94.1B | CN¥195.9B | CN¥214.1B |
| Online marketing services | CN¥1.2B | CN¥11.5B | CN¥26.8B | - | - | - | - | - | - |
| Merchandise sales | CN¥3.4M | - | - | CN¥5.8B | CN¥7.2B | CN¥209.2M | - | - | - |
* derived: a fourth quarter as the year less the three filed quarters, or a remainder as the total less the parts. All other figures are as filed.
About this page
Every figure on this page is read from PDD Holdings's own SEC filings: the statement lines from the SEC's XBRL company-facts feed, the revenue splits from the segment and revenue notes of each 10-K and 10-Q. Nothing is typed in or estimated. The cache refreshes daily.
Read the Risk & Quality report on PDD Holdings or see all companies.