PDD Holdings Inc. (PDD)
NASDAQ: PDD · Real-Time Price · USD
96.19
-1.24 (-1.27%)
At close: Mar 20, 2026, 4:00 PM EDT
96.70
+0.51 (0.53%)
After-hours: Mar 20, 2026, 7:59 PM EDT
PDD Holdings Income Statement
Financials in millions CNY. Fiscal year is January - December.
Millions CNY. Fiscal year is Jan - Dec.
Fiscal Quarter | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 | Q2 2021 | Q1 2021 | Q4 2020 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 | Sep '21 Sep 30, 2021 | Jun '21 Jun 30, 2021 | Mar '21 Mar 31, 2021 | Dec '20 Dec 31, 2020 |
| 108,277 | 103,985 | 95,672 | 110,610 | 99,354 | 97,060 | 86,812 | 88,881 | 68,840 | 52,281 | 37,637 | 39,820 | 35,504 | 31,440 | 23,794 | 27,231 | 21,506 | 23,046 | 22,167 | 26,548 | |
Revenue Growth (YoY) | 8.98% | 7.13% | 10.21% | 24.45% | 44.33% | 85.65% | 130.66% | 123.21% | 93.89% | 66.29% | 58.18% | 46.23% | 65.09% | 36.42% | 7.34% | 2.57% | 51.34% | 89.01% | 238.89% | 145.98% |
Cost of Revenue | 46,840 | 45,859 | 40,947 | 47,798 | 39,709 | 33,698 | 32,695 | 35,078 | 26,830 | 18,690 | 11,125 | 8,927 | 7,414 | 7,962 | 7,160 | 6,516 | 6,559 | 7,898 | 10,746 | 11,526 |
Gross Profit | 61,436 | 58,126 | 54,725 | 62,812 | 59,645 | 63,361 | 54,117 | 53,803 | 42,010 | 33,591 | 26,512 | 30,893 | 28,090 | 23,478 | 16,634 | 20,715 | 14,947 | 15,148 | 11,421 | 15,022 |
Selling, General & Admin | 32,078 | 28,742 | 35,062 | 35,657 | 32,289 | 27,888 | 25,234 | 29,922 | 22,507 | 18,138 | 17,076 | 20,105 | 14,955 | 12,169 | 11,811 | 12,313 | 10,385 | 10,822 | 13,349 | 15,327 |
Research & Development | 4,332 | 3,591 | 3,578 | 1,563 | 3,063 | 2,909 | 2,910 | 1,486 | 2,847 | 2,734 | 2,507 | 1,675 | 2,698 | 2,611 | 2,669 | 1,496 | 2,422 | 2,329 | 2,219 | 1,742 |
Operating Expenses | 36,410 | 32,333 | 38,640 | 37,220 | 35,353 | 30,797 | 28,144 | 31,408 | 25,354 | 20,872 | 19,583 | 21,780 | 17,654 | 14,781 | 14,480 | 13,808 | 12,808 | 13,151 | 15,568 | 17,069 |
Operating Income | 25,026 | 25,793 | 16,086 | 25,592 | 24,292 | 32,565 | 25,974 | 22,395 | 16,656 | 12,719 | 6,929 | 9,114 | 10,437 | 8,697 | 2,154 | 6,907 | 2,139 | 1,997 | -4,147 | -2,048 |
Interest Expense | - | - | - | - | - | - | - | -8.16 | -12.21 | -11.94 | -11.69 | -12.22 | -13.65 | -13.15 | -12.64 | -303.12 | -298.43 | -294 | -335.46 | -278.15 |
Interest & Investment Income | 8,565 | 10,423 | 223.13 | 5,233 | 5,416 | 4,856 | 5,049 | 4,359 | 2,127 | 2,288 | 1,464 | 1,352 | 1,092 | 756.99 | 796.26 | 914.64 | 631.91 | 544.63 | 970.48 | 671.4 |
Earnings From Equity Investments | 37.29 | 37.1 | -105.18 | 116.73 | 2.51 | -49.58 | -52.43 | -15.07 | -105.81 | 9.78 | 106.39 | -78.91 | 10.73 | -53.49 | -33.62 | 16.68 | 85.01 | -1.37 | 146.51 | 48.01 |
Currency Exchange Gain (Loss) | -265.2 | -799.35 | -242.14 | 860.53 | -547.34 | 60.17 | 214.52 | -198.82 | 94.86 | 155.72 | -16.04 | -23.82 | 53.37 | -199.35 | 20.08 | 48.11 | -10.43 | 44.45 | -10.37 | 149.01 |
Other Non Operating Income (Expenses) | -48.38 | 119.11 | 3,261 | 726.74 | 18.61 | 493.26 | 1,881 | 328.2 | 290.38 | 1,106 | 1,228 | 168.83 | 546.53 | 1,266 | 239.77 | 115.09 | -52.61 | 123.39 | 470.38 | 81.15 |
EBT Excluding Unusual Items | 33,315 | 35,572 | 19,223 | 32,529 | 29,182 | 37,924 | 33,066 | 26,861 | 19,051 | 16,267 | 9,699 | 10,519 | 12,126 | 10,454 | 3,164 | 7,698 | 2,495 | 2,415 | -2,905 | -1,376 |
Pretax Income | 33,315 | 35,572 | 19,223 | 32,529 | 29,182 | 37,924 | 33,066 | 26,861 | 19,051 | 16,267 | 9,699 | 10,519 | 12,126 | 10,454 | 3,164 | 7,698 | 2,495 | 2,415 | -2,905 | -1,376 |
Income Tax Expense | 3,987 | 4,819 | 4,481 | 5,083 | 4,202 | 5,915 | 5,068 | 3,580 | 3,513 | 3,158 | 1,598 | 1,066 | 1,537 | 1,558 | 564.81 | 1,079 | 854.77 | - | - | - |
Net Income | 29,328 | 30,753 | 14,742 | 27,447 | 24,981 | 32,009 | 27,998 | 23,280 | 15,537 | 13,108 | 8,101 | 9,454 | 10,589 | 8,896 | 2,599 | 6,620 | 1,640 | 2,415 | -2,905 | -1,376 |
Net Income to Common | 29,328 | 30,753 | 14,742 | 27,447 | 24,981 | 32,009 | 27,998 | 23,280 | 15,537 | 13,108 | 8,101 | 9,454 | 10,589 | 8,896 | 2,599 | 6,620 | 1,640 | 2,415 | -2,905 | -1,376 |
Net Income Growth | 17.40% | -3.92% | -47.35% | 17.90% | 60.78% | 144.19% | 245.61% | 146.26% | 46.73% | 47.34% | 211.64% | 42.81% | 545.66% | 268.44% | - | - | - | - | - | - |
Shares Outstanding (Basic) | 1,399 | 1,397 | 1,392 | 1,389 | 1,386 | 1,383 | 1,377 | 1,370 | 1,366 | 1,360 | 1,321 | 1,275 | 1,263 | 1,261 | 1,259 | 1,258 | 1,255 | 1,253 | 1,246 | 1,214 |
Shares Outstanding (Diluted) | 1,488 | 1,482 | 1,483 | 1,481 | 1,477 | 1,481 | 1,477 | 1,471 | 1,466 | 1,458 | 1,463 | 1,452 | 1,444 | 1,429 | 1,422 | 1,421 | 1,426 | 1,430 | 1,246 | 1,214 |
Shares Change (YoY) | 0.74% | 0.04% | 0.43% | 0.72% | 0.76% | 1.58% | 0.97% | 1.27% | 1.54% | 2.04% | 2.85% | 2.19% | 1.26% | -0.04% | 14.14% | 17.10% | 19.17% | 19.62% | 7.17% | 4.40% |
EPS (Basic) | 20.96 | 22.01 | 10.59 | 19.76 | 18.02 | 23.14 | 20.33 | 17.00 | 11.38 | 9.64 | 6.13 | 7.42 | 8.38 | 7.06 | 2.06 | 5.26 | 1.31 | 1.93 | -2.33 | -1.13 |
EPS (Diluted) | 19.72 | 20.76 | 9.96 | 18.52 | 16.92 | 21.60 | 18.96 | 15.85 | 10.60 | 9.00 | 5.56 | 6.51 | 7.36 | 6.24 | 1.84 | 4.66 | 1.16 | 1.68 | -2.33 | -1.17 |
EPS Growth | 16.55% | -3.89% | -47.47% | 16.86% | 59.62% | 140.00% | 241.01% | 143.34% | 44.02% | 44.23% | 202.17% | 39.66% | 534.48% | 271.43% | - | - | - | - | - | - |
Free Cash Flow | 45,661 | 21,642 | 15,517 | 28,580 | 27,522 | 43,793 | 21,067 | 36,307 | 32,538 | 23,396 | 1,338 | 25,915 | 11,652 | 19,374 | -9,068 | 13,113 | 8,737 | 7,371 | -3,725 | 14,904 |
Free Cash Flow Per Share | 30.68 | 14.60 | 10.46 | 19.29 | 18.63 | 29.56 | 14.27 | 24.69 | 22.19 | 16.04 | 0.92 | 17.84 | 8.07 | 13.55 | -6.38 | 9.23 | 6.13 | 5.16 | -2.99 | 12.28 |
Gross Margin | 56.74% | 55.90% | 57.20% | 56.79% | 60.03% | 65.28% | 62.34% | 60.53% | 61.02% | 64.25% | 70.44% | 77.58% | 79.12% | 74.68% | 69.91% | 76.07% | 69.50% | 65.73% | 51.52% | 56.58% |
Operating Margin | 23.11% | 24.80% | 16.81% | 23.14% | 24.45% | 33.55% | 29.92% | 25.20% | 24.20% | 24.33% | 18.41% | 22.89% | 29.39% | 27.66% | 9.05% | 25.36% | 9.95% | 8.67% | -18.71% | -7.71% |
Profit Margin | 27.09% | 29.58% | 15.41% | 24.81% | 25.14% | 32.98% | 32.25% | 26.19% | 22.57% | 25.07% | 21.52% | 23.74% | 29.82% | 28.30% | 10.93% | 24.31% | 7.63% | 10.48% | -13.11% | -5.18% |
Free Cash Flow Margin | 42.17% | 20.81% | 16.22% | 25.84% | 27.70% | 45.12% | 24.27% | 40.85% | 47.27% | 44.75% | 3.55% | 65.08% | 32.82% | 61.62% | -38.11% | 48.15% | 40.62% | 31.98% | -16.80% | 56.14% |
EBITDA | 25,203 | 25,970 | 16,263 | 25,769 | 24,489 | 32,761 | 26,170 | 22,592 | 17,212 | 13,275 | 7,485 | 9,670 | 10,810 | 9,071 | 2,528 | 7,281 | 2,302 | 2,160 | -3,984 | -1,885 |
EBITDA Margin | 23.28% | 24.98% | 17.00% | 23.30% | 24.65% | 33.75% | 30.15% | 25.42% | 25.00% | 25.39% | 19.89% | 24.28% | 30.45% | 28.85% | 10.63% | 26.74% | 10.71% | 9.37% | -17.97% | -7.10% |
D&A For EBITDA | 177.19 | 177.19 | 177.19 | 177.19 | 196.56 | 196.56 | 196.56 | 196.56 | 556.04 | 556.04 | 556.04 | 556.04 | 373.85 | 373.85 | 373.85 | 373.85 | 162.88 | 162.88 | 162.88 | 162.88 |
EBIT | 25,026 | 25,793 | 16,086 | 25,592 | 24,292 | 32,565 | 25,974 | 22,395 | 16,656 | 12,719 | 6,929 | 9,114 | 10,437 | 8,697 | 2,154 | 6,907 | 2,139 | 1,997 | -4,147 | -2,048 |
EBIT Margin | 23.11% | 24.80% | 16.81% | 23.14% | 24.45% | 33.55% | 29.92% | 25.20% | 24.20% | 24.33% | 18.41% | 22.89% | 29.39% | 27.66% | 9.05% | 25.36% | 9.95% | 8.67% | -18.71% | -7.71% |
Effective Tax Rate | 11.97% | 13.55% | 23.31% | 15.63% | 14.40% | 15.60% | 15.33% | 13.33% | 18.44% | 19.42% | 16.47% | 10.13% | 12.68% | 14.90% | 17.85% | 14.01% | 34.26% | - | - | - |
Updated Nov 18, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.