PDD Holdings Cash Flow Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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
Net Income	95,648	97,843	112,435	60,027	31,538	7,769
Depreciation & Amortization	3,000	3,000	2,641	1,888	2,735	1,844
Loss (Gain) From Sale of Assets	3.06	3.06	3.86	1.76	10.7	-0.26
Loss (Gain) From Sale of Investments	-10,406	-10,406	-6,816	-1,013	242.24	22.17
Loss (Gain) on Equity Investments	-129.01	-129.01	-17.23	4.71	155.29	-246.83
Stock-Based Compensation	7,937	7,937	9,884	7,079	7,718	4,775
Provision & Write-off of Bad Debts	313.08	313.08	329.9	265.16	118.38	49.3
Other Operating Activities	4,133	1,010	-3,193	-545.42	-1,434	1,009
Change in Accounts Receivable	-1,524	-1,524	48.81	-3,326	86.04	55.81
Change in Accounts Payable	15,328	15,328	16,885	11,623	749.37	8,686
Change in Unearned Revenue	431.75	431.75	802.43	754.96	222.89	-1,256
Change in Other Net Operating Assets	-6,869	-6,869	-11,073	17,405	6,365	6,076
Operating Cash Flow	107,867	106,939	121,929	94,163	48,508	28,783
Operating Cash Flow Growth	-7.31%	-12.29%	29.49%	94.12%	68.53%	2.08%
Capital Expenditures	-1,145	-1,145	-967.14	-583.88	-635.72	-3,287
Sale of Property, Plant & Equipment	-	-	-	-	0.04	0.39
Investment in Securities	-42,078	-42,078	-117,425	-54,978	-21,726	-32,721
Other Investing Activities	8,266	-199.75	35.69	130.24	-	445.04
Investing Cash Flow	-34,957	-43,423	-118,356	-55,431	-22,362	-35,562
Short-Term Debt Repaid	-	-	-	-	-	-1,875
Long-Term Debt Repaid	-	-5,229	-0.09	-8,969	-	-
Total Debt Repaid	-5,229	-5,229	-0.09	-8,969	-	-1,875
Net Debt Issued (Repaid)	-5,229	-5,229	-0.09	-8,969	-	-1,875
Other Financing Activities	1.36	1.36	1.26	8.19	10.08	0.32
Financing Cash Flow	-5,227	-5,227	1.16	-8,961	10.08	-1,875
Foreign Exchange Rate Adjustments	-3,687	-1,751	840.1	-291.14	100.18	-145.16
Net Cash Flow	63,995	56,537	4,415	29,479	26,256	-8,800
Free Cash Flow	106,722	105,794	120,962	93,579	47,872	25,496
Free Cash Flow Growth	-7.53%	-12.54%	29.26%	95.48%	87.77%	-9.44%
Free Cash Flow Margin	24.12%	24.50%	30.71%	37.79%	36.67%	27.14%
Free Cash Flow Per Share	72.03	71.37	81.78	64.10	33.24	17.85
Levered Free Cash Flow	71,643	85,629	103,170	82,890	38,672	12,998
Unlevered Free Cash Flow	72,038	85,629	103,170	82,917	38,705	13,768
Cash Income Tax Paid	21,603	21,603	17,493	5,764	4,881	-
Change in Working Capital	7,367	7,367	6,663	26,456	7,423	13,562