PDD Holdings Income Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Revenue	418,544	393,836	247,639	130,558	93,950	59,492
Revenue Growth (YoY)	12.48%	59.04%	89.68%	38.96%	57.92%	97.37%
Cost of Revenue	181,445	153,900	91,724	31,462	31,718	19,279
Gross Profit	237,099	239,936	155,916	99,095	62,232	40,213
Selling, General & Admin	131,538	121,068	87,643	59,041	46,869	42,911
Research & Development	13,064	10,445	9,574	9,653	8,466	6,682
Operating Expenses	144,602	131,513	97,217	68,693	55,335	49,594
Operating Income	92,497	108,423	58,699	30,402	6,897	-9,380
Interest Expense	-	-	-43.99	-51.66	-1,231	-757.34
Interest & Investment Income	24,444	20,553	10,238	3,997	3,062	2,455
Earnings From Equity Investments	85.93	17.23	-4.71	-155.29	246.83	83.65
Currency Exchange Gain (Loss)	-446.16	587.87	35.72	-149.71	71.75	225.2
Other Non Operating Income (Expenses)	4,059	3,120	2,953	2,221	656.26	193.7
EBT Excluding Unusual Items	120,639	132,701	71,876	36,264	9,702	-7,180
Pretax Income	120,639	132,701	71,876	36,264	9,702	-7,180
Income Tax Expense	18,369	20,267	11,850	4,726	1,934	-
Net Income	102,270	112,435	60,027	31,538	7,769	-7,180
Net Income to Common	102,270	112,435	60,027	31,538	7,769	-7,180
Net Income Growth	-5.54%	87.31%	90.33%	305.96%	-	-
Shares Outstanding (Basic)	1,394	1,384	1,354	1,264	1,253	1,192
Shares Outstanding (Diluted)	1,484	1,479	1,460	1,440	1,428	1,192
Shares Change (YoY)	0.86%	1.32%	1.36%	0.83%	19.83%	3.05%
EPS (Basic)	73.34	81.24	44.33	24.94	6.20	-6.02
EPS (Diluted)	68.92	76.00	41.15	21.93	5.44	-6.04
EPS Growth	-6.37%	84.70%	87.61%	303.17%	-	-
Free Cash Flow	111,399	120,962	93,579	47,872	25,496	28,154
Free Cash Flow Per Share	75.08	81.78	64.10	33.24	17.85	23.62
Gross Margin	56.65%	60.92%	62.96%	75.90%	66.24%	67.59%
Operating Margin	22.10%	27.53%	23.70%	23.29%	7.34%	-15.77%
Profit Margin	24.44%	28.55%	24.24%	24.16%	8.27%	-12.07%
Free Cash Flow Margin	26.62%	30.71%	37.79%	36.67%	27.14%	47.32%
EBITDA	93,147	109,132	59,485	32,626	8,392	-8,729
EBITDA Margin	22.25%	27.71%	24.02%	24.99%	8.93%	-14.67%
D&A For EBITDA	650.66	708.76	786.24	2,224	1,495	651.52
EBIT	92,497	108,423	58,699	30,402	6,897	-9,380
EBIT Margin	22.10%	27.53%	23.70%	23.29%	7.34%	-15.77%
Effective Tax Rate	15.23%	15.27%	16.49%	13.03%	19.93%	-
Advertising Expenses	-	68,474	56,415	18,921	41,457	39,298

Updated Nov 18, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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