PDD Holdings Income 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
Revenue	442,403	431,846	393,836	247,639	130,558	93,950
Revenue Growth	9.86%	9.65%	59.04%	89.68%	38.96%	57.92%
Cost of Revenue	194,749	188,802	153,900	91,724	31,462	31,718
Gross Profit	247,654	243,044	239,936	155,916	99,095	62,232
Selling, General & Admin	136,467	136,177	121,068	87,643	59,041	46,869
Research & Development	14,605	13,765	10,445	9,574	9,653	8,466
Operating Expenses	151,072	149,942	131,513	97,217	68,693	55,335
Operating Income	96,582	93,102	108,423	58,699	30,402	6,897
Interest Expense	-632	-	-	-43.99	-51.66	-1,231
Interest & Investment Income	25,361	25,584	20,553	10,238	3,997	3,062
Earnings From Equity Investments	138.01	129.01	17.23	-4.71	-155.29	246.83
Currency Exchange Gain (Loss)	-1,870	-1,967	587.87	35.72	-149.71	71.75
Other Non Operating Income (Expenses)	-2,565	2,727	3,120	2,953	2,221	656.26
EBT Excluding Unusual Items	117,014	119,575	132,701	71,876	36,264	9,702
Pretax Income	117,014	119,575	132,701	71,876	36,264	9,702
Income Tax Expense	21,367	21,733	20,267	11,850	4,726	1,934
Net Income	95,648	97,843	112,435	60,027	31,538	7,769
Net Income to Common	95,648	97,843	112,435	60,027	31,538	7,769
Net Income Growth	-3.56%	-12.98%	87.31%	90.33%	305.96%	-
Shares Outstanding (Basic)	1,401	1,398	1,384	1,354	1,264	1,253
Shares Outstanding (Diluted)	1,482	1,482	1,479	1,460	1,440	1,428
Shares Change	0.06%	0.22%	1.32%	1.36%	0.83%	19.83%
EPS (Basic)	68.28	70.00	81.24	44.33	24.94	6.20
EPS (Diluted)	64.53	66.00	76.00	41.15	21.93	5.44
EPS Growth	-3.66%	-13.16%	84.70%	87.61%	303.17%	-

Additional Metrics

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
Free Cash Flow	106,722	105,794	120,962	93,579	47,872	25,496
Free Cash Flow Per Share	72.03	71.37	81.78	64.10	33.24	17.85
Gross Margin	55.98%	56.28%	60.92%	62.96%	75.90%	66.24%
Operating Margin	21.83%	21.56%	27.53%	23.70%	23.29%	7.34%
Profit Margin	21.62%	22.66%	28.55%	24.24%	24.16%	8.27%
Free Cash Flow Margin	24.12%	24.50%	30.71%	37.79%	36.67%	27.14%
EBITDA	97,157	93,704	109,132	59,485	32,626	8,392
EBITDA Margin	21.96%	21.70%	27.71%	24.02%	24.99%	8.93%
D&A For EBITDA	574.66	601.48	708.76	786.24	2,224	1,495
EBIT	96,582	93,102	108,423	58,699	30,402	6,897
EBIT Margin	21.83%	21.56%	27.53%	23.70%	23.29%	7.34%
Effective Tax Rate	18.26%	18.18%	15.27%	16.49%	13.03%	19.93%
Advertising Expenses	-	74,926	68,474	56,415	18,921	41,457