PDD Holdings Inc. (PDD)

PDD Holdings Income Statement

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

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Jun 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Revenue	409,622	393,836	247,639	130,558	93,950	59,492
Revenue Growth (YoY)	19.91%	59.04%	89.68%	38.96%	57.92%	97.37%
Cost of Revenue	174,314	153,900	91,724	31,462	31,718	19,279
Gross Profit	235,308	239,936	155,916	99,095	62,232	40,213
Selling, General & Admin	131,750	121,068	87,643	59,041	46,869	42,911
Research & Development	11,795	10,445	9,574	9,653	8,466	6,682
Operating Expenses	143,545	131,513	97,217	68,693	55,335	49,594
Operating Income	91,763	108,423	58,699	30,402	6,897	-9,380
Interest Expense	-	-	-43.99	-51.66	-1,231	-757.34
Interest & Investment Income	21,295	20,553	10,238	3,997	3,062	2,455
Earnings From Equity Investments	51.16	17.23	-4.71	-155.29	246.83	83.65
Currency Exchange Gain (Loss)	-728.31	587.87	35.72	-149.71	71.75	225.2
Other Non Operating Income (Expenses)	4,126	3,120	2,953	2,221	656.26	193.7
EBT Excluding Unusual Items	116,507	132,701	71,876	36,264	9,702	-7,180
Pretax Income	116,507	132,701	71,876	36,264	9,702	-7,180
Income Tax Expense	18,584	20,267	11,850	4,726	1,934	-
Net Income	97,923	112,435	60,027	31,538	7,769	-7,180
Net Income to Common	97,923	112,435	60,027	31,538	7,769	-7,180
Net Income Growth	-0.91%	87.31%	90.33%	305.96%	-	-
Shares Outstanding (Basic)	1,391	1,384	1,354	1,264	1,253	1,192
Shares Outstanding (Diluted)	1,481	1,479	1,460	1,440	1,428	1,192
Shares Change (YoY)	0.82%	1.32%	1.36%	0.83%	19.83%	3.05%
EPS (Basic)	70.40	81.24	44.33	24.94	6.20	-6.02
EPS (Diluted)	66.11	76.00	41.15	21.93	5.44	-6.04
EPS Growth	-1.76%	84.70%	87.61%	303.17%	-	-
Free Cash Flow	93,261	120,962	93,579	47,872	25,496	28,154
Free Cash Flow Per Share	62.98	81.78	64.10	33.24	17.85	23.62
Gross Margin	57.45%	60.92%	62.96%	75.90%	66.24%	67.59%
Operating Margin	22.40%	27.53%	23.70%	23.29%	7.34%	-15.77%
Profit Margin	23.91%	28.55%	24.24%	24.16%	8.27%	-12.07%
Free Cash Flow Margin	22.77%	30.71%	37.79%	36.67%	27.14%	47.32%
EBITDA	92,433	109,132	59,485	32,626	8,392	-8,729
EBITDA Margin	22.57%	27.71%	24.02%	24.99%	8.93%	-14.67%
D&A For EBITDA	670.03	708.76	786.24	2,224	1,495	651.52
EBIT	91,763	108,423	58,699	30,402	6,897	-9,380
EBIT Margin	22.40%	27.53%	23.70%	23.29%	7.34%	-15.77%
Effective Tax Rate	15.95%	15.27%	16.49%	13.03%	19.93%	-
Advertising Expenses	-	68,474	56,415	18,921	41,457	39,298

Updated Aug 25, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q