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%	38.96%	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	131,924	121,068	87,643	59,041	46,869
Research & Development	16,496	10,445	9,574	9,653	8,466
Operating Expenses	148,420	131,513	97,217	68,693	55,335
Operating Income	94,624	108,423	58,699	30,402	6,897
Interest Expense	-	-	-43.99	-51.66	-1,231
Interest & Investment Income	25,584	20,553	10,238	3,997	3,062
Earnings From Equity Investments	129.01	17.23	-4.71	-155.29	246.83
Currency Exchange Gain (Loss)	-1,967	587.87	35.72	-149.71	71.75
Other Non Operating Income (Expenses)	2,727	3,120	2,953	2,221	656.26
EBT Excluding Unusual Items	121,097	132,701	71,876	36,264	9,702
Pretax Income	121,097	132,701	71,876	36,264	9,702
Income Tax Expense	21,733	20,267	11,850	4,726	1,934
Net Income	99,364	112,435	60,027	31,538	7,769
Net Income to Common	99,364	112,435	60,027	31,538	7,769
Net Income Growth	-11.63%	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)	71.09	81.24	44.33	24.94	6.20
EPS (Diluted)	67.04	76.00	41.15	21.93	5.44
EPS Growth	-11.79%	84.70%	87.61%	303.17%	-
Free Cash Flow	106,939	120,962	93,579	47,872	25,496
Free Cash Flow Per Share	72.14	81.78	64.10	33.24	17.85
Gross Margin	56.28%	60.92%	62.96%	75.90%	66.24%
Operating Margin	21.91%	27.53%	23.70%	23.29%	7.34%
Profit Margin	23.01%	28.55%	24.24%	24.16%	8.27%
Free Cash Flow Margin	24.76%	30.71%	37.79%	36.67%	27.14%
EBITDA	95,333	109,132	59,485	32,626	8,392
EBITDA Margin	22.08%	27.71%	24.02%	24.99%	8.93%
D&A For EBITDA	708.76	708.76	786.24	2,224	1,495
EBIT	94,624	108,423	58,699	30,402	6,897
EBIT Margin	21.91%	27.53%	23.70%	23.29%	7.34%
Effective Tax Rate	17.95%	15.27%	16.49%	13.03%	19.93%
Advertising Expenses	-	68,474	56,415	18,921	41,457

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.