PDD Holdings Income Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	431,846	393,836	247,639	130,558	93,950
Revenue Growth (YoY)	9.65%	59.04%	89.68%	38.97%	57.92%
Cost of Revenue	188,802	153,900	91,724	31,462	31,718
Gross Profit	243,044	239,936	155,916	99,095	62,232
Selling, General & Admin	133,446	118,854	86,265	58,309	46,343
Research & Development	16,496	12,659	10,952	10,385	8,993
Operating Income	93,102	108,423	58,699	30,402	6,897
Interest Income	25,584	20,554	10,238	3,997	3,062
Interest Expense	-	-	-43.99	-51.66	-1,231
Other Non-Operating Income (Expense)	760.31	3,708	2,988	2,072	728.01
Total Non-Operating Income (Expense)	26,344	24,261	13,182	6,017	2,559
Pretax Income	119,446	132,684	71,881	36,419	9,455
Provision for Income Taxes	21,733	20,267	11,850	4,726	1,934
Net Income	97,843	112,435	60,027	31,538	7,769
Minority Interest in Earnings	-129.01	-17.23	4.71	155.29	-246.83
Net Income to Common	97,843	112,435	60,027	31,538	7,769
Net Income Growth	-12.98%	87.31%	90.33%	305.96%	-
Shares Outstanding (Basic)	1,398	1,384	1,354	1,264	1,253
Shares Outstanding (Diluted)	1,482	1,479	1,460	1,440	1,428
Shares Change (YoY)	0.22%	1.32%	1.36%	0.83%	19.83%
EPS (Basic)	70.00	81.24	44.32	24.96	6.20
EPS (Diluted)	66.00	76.00	41.16	21.92	5.44
EPS Growth	-13.16%	84.65%	87.77%	302.94%	-
Shares Outstanding	1,423	1,392	1,376	1,320	1,264
Free Cash Flow	105,794	120,962	93,579	47,872	25,496
Free Cash Flow Growth	-12.54%	29.26%	95.48%	87.77%	-9.44%
Free Cash Flow Per Share	71.37	81.78	64.10	33.24	17.85
Gross Margin	56.28%	60.92%	62.96%	75.90%	66.24%
Operating Margin	21.56%	27.53%	23.70%	23.29%	7.34%
Profit Margin	22.63%	28.54%	24.24%	24.28%	8.01%
FCF Margin	24.50%	30.71%	37.79%	36.67%	27.14%
EBITDA	96,103	111,064	60,587	33,137	8,741
EBITDA Margin	22.25%	28.20%	24.47%	25.38%	9.30%
EBIT	93,102	108,423	58,699	30,402	6,897
EBIT Margin	21.56%	27.53%	23.70%	23.29%	7.34%
Effective Tax Rate	18.19%	15.27%	16.49%	12.98%	20.45%

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.