PDD Holdings Inc. (PDD)

PDD Holdings Balance Sheet

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

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 30, 2025	Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020
Cash & Equivalents	92,387	63,222	70,126	57,768	65,295	56,756	55,592	59,794	54,940	31,379	19,771	34,326	25,602	13,057	7,405	6,427	11,133	19,155	17,013	22,421
Short-Term Investments	331,383	323,909	294,375	273,792	243,166	228,171	186,540	157,415	147,907	148,129	137,264	115,106	112,208	106,323	87,816	86,203	86,785	73,027	66,343	61,549
Trading Asset Securities	-	-	-	-	-	-	-	-	-	-	-	6.92	-	-	-	313.32	-	-	-	3,002
Cash & Short-Term Investments	423,769	387,131	364,501	331,560	308,462	284,927	242,132	217,210	202,847	179,509	157,035	149,439	137,809	119,380	95,221	92,943	97,918	92,181	83,356	86,972
Cash Growth	37.38%	35.87%	50.54%	52.64%	52.07%	58.73%	54.19%	45.35%	47.19%	50.37%	64.92%	60.78%	40.74%	29.51%	14.23%	6.87%	114.85%	88.08%	95.78%	111.83%
Accounts Receivable	15,147	14,693	12,887	7,107	13,923	11,481	11,743	10,632	8,686	6,657	5,590	3,352	5,157	4,728	4,188	3,477	4,564	4,331	4,830	3,907
Other Receivables	-	-	-	3,636	-	-	-	367	-	-	-	3,303	-	-	-	1,784	-	-	-	1,046
Receivables	15,147	14,693	12,887	11,454	13,923	11,481	11,743	11,709	8,686	6,657	5,590	7,353	5,157	4,728	4,188	5,959	4,564	4,331	4,830	5,651
Inventory	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,718
Prepaid Expenses	6,440	7,541	5,255	1,357	4,054	3,958	3,482	1,326	3,630	2,985	-	966.44	1,796	-	-	-	-	-	-	-
Restricted Cash	71,003	66,678	65,132	68,426	60,393	59,361	59,113	61,985	56,413	52,055	50,899	57,974	48,808	49,807	44,729	59,617	51,230	48,214	47,298	52,422
Other Current Assets	-	-	-	2,851	-	-	-	2,520	-	-	2,288	885.95	-	1,532	2,027	2,390	3,381	2,847	4,153	2,760
Total Current Assets	516,360	476,043	447,774	415,648	386,831	359,726	316,470	294,750	271,576	241,206	215,811	216,618	193,570	175,446	146,165	160,909	157,093	147,574	139,637	149,524
Property, Plant & Equipment	6,209	6,052	6,432	5,944	5,696	5,101	4,835	5,084	4,728	3,186	2,588	2,461	2,383	2,333	2,579	3,142	2,967	937.08	879.62	832.68
Long-Term Investments	-	-	-	82,974	-	-	-	47,524	-	-	-	16,665	-	-	-	16,268	-	-	-	6,839
Other Intangible Assets	16.34	17.3	18.22	19.17	20.09	21.06	21.99	21.15	21.9	22.65	23.4	134	297.86	435.84	556.76	701.22	860.61	1,005	1,169	1,277
Long-Term Deferred Tax Assets	670.25	73.3	62.76	16	272.7	76.63	44.12	270.74	1,632	1,545	1,299	1,045	27.71	24.15	23.14	31.5	14.22	-	-	-
Other Long-Term Assets	90,469	84,971	76,226	433.23	73,974	67,819	56,455	426.91	36,294	28,326	20,345	196.74	12,829	13,760	19,395	158.01	5,593	7,224	11,734	436.15
Total Assets	613,724	567,156	530,513	505,034	466,794	432,744	377,826	348,078	314,251	274,285	240,066	237,120	209,108	191,999	168,719	181,210	166,529	156,740	153,420	158,909
Accounts Payable	101,757	96,682	93,625	120,738	83,856	79,860	75,864	93,141	70,129	61,947	57,839	68,972	54,163	55,392	49,206	66,424	53,201	50,754	49,361	58,357
Accrued Expenses	89,066	76,838	76,207	37,903	74,404	68,735	54,204	33,614	43,936	30,890	21,516	15,186	14,242	13,829	12,882	11,336	11,406	9,050	10,609	9,241
Short-Term Debt	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	635	1,866
Current Portion of Long-Term Debt	5,248	5,288	5,302	5,310	-	0.25	73.95	648.57	14,351	14,431	13,712	13,886	-	-	-	-	-	-	-	-
Current Portion of Leases	2,386	2,416	2,325	2,106	2,015	1,866	1,727	1,642	1,381	955.4	729.45	602.04	512.84	477.64	418.36	427.16	338.71	302.64	271.94	253.04
Current Unearned Revenue	3,332	3,601	2,945	2,947	2,952	2,414	2,281	2,145	2,044	1,639	1,543	1,390	1,392	1,243	1,061	1,167	1,144	973.99	1,786	2,423
Other Current Liabilities	17,430	17,137	16,620	19,419	16,770	17,959	17,248	21,711	16,283	16,131	15,683	16,854	15,123	14,773	13,955	14,375	20,207	18,993	16,475	11,741
Total Current Liabilities	219,218	201,962	197,025	188,423	179,997	170,833	151,398	152,901	148,124	125,994	111,023	116,889	85,432	85,714	77,522	93,730	86,297	80,074	79,138	83,882
Long-Term Debt	-	-	-	-	5,176	5,264	5,241	5,232	1,624	1,635	1,555	1,576	15,750	14,875	14,057	11,789	11,685	11,342	11,502	14,433
Long-Term Leases	3,040	3,260	3,626	3,192	3,046	2,635	2,438	2,644	2,397	1,248	978.4	870.78	750.26	462.4	453.62	544.26	437.83	423.6	418.33	414.94
Long-Term Deferred Tax Liabilities	63.54	70.17	161.51	106.77	70.29	34.06	43.92	59.83	55.9	64.22	0.38	13.03	46.05	38.67	32.07	31.29	-	-	-	-
Other Long-Term Liabilities	-	-	-	-	-	-	-	-	-	-	-	-	-	0.08	0.54	1	1.49	1.96	2.47	2.92
Total Liabilities	222,321	205,293	200,812	191,721	188,289	178,766	159,120	160,837	152,201	128,941	113,556	119,349	101,978	101,090	92,066	106,095	98,421	91,842	91,062	98,733
Common Stock	0.18	0.18	0.18	0.18	0.18	0.18	0.18	0.18	0.18	0.18	0.17	0.17	0.16	0.16	0.16	0.16	0.16	0.16	0.16	0.16
Additional Paid-In Capital	124,013	121,959	120,004	117,829	115,425	112,946	110,449	107,293	104,153	102,682	100,784	99,250	96,754	94,889	93,045	95,341	93,848	92,530	91,270	86,699
Retained Earnings	262,483	233,154	202,401	187,659	160,212	135,232	103,222	75,225	51,944	36,407	23,299	15,198	5,744	-4,844	-13,741	-17,707	-24,326	-25,966	-28,381	-25,475
Comprehensive Income & Other	4,907	6,750	7,297	7,825	2,867	5,800	5,034	4,724	5,953	6,255	2,427	3,322	4,631	864.03	-2,651	-2,520	-1,414	-1,666	-531.7	-1,048
Total Common Equity	391,403	361,864	329,701	313,313	278,505	253,978	218,706	187,242	162,050	145,344	126,510	117,771	107,130	90,909	76,653	75,115	68,108	64,898	62,358	60,176
Shareholders' Equity	391,403	361,864	329,701	313,313	278,505	253,978	218,706	187,242	162,050	145,344	126,510	117,771	107,130	90,909	76,653	75,115	68,108	64,898	62,358	60,176
Total Liabilities & Equity	613,724	567,156	530,513	505,034	466,794	432,744	377,826	348,078	314,251	274,285	240,066	237,120	209,108	191,999	168,719	181,210	166,529	156,740	153,420	158,909
Total Debt	10,674	10,963	11,253	10,607	10,237	9,765	9,480	10,166	19,753	18,269	16,975	16,934	17,013	15,815	14,929	12,760	12,461	12,069	12,828	16,967
Net Cash (Debt)	413,096	376,168	353,248	320,953	298,225	275,162	232,652	207,044	183,093	161,239	140,060	132,504	120,797	103,565	80,292	80,183	85,457	80,113	70,528	70,005
Net Cash Growth	38.52%	36.71%	51.84%	55.02%	62.88%	70.66%	66.11%	56.25%	51.57%	55.69%	74.44%	65.25%	41.35%	29.28%	13.84%	14.54%	132.70%	99.64%	104.34%	103.46%
Net Cash Per Share	277.53	253.83	238.19	216.67	201.85	185.74	157.54	140.77	124.87	110.56	95.76	91.24	83.65	72.46	56.46	56.42	59.93	56.03	56.61	57.68
Filing Date Shares Outstanding	1,399	1,397	1,392	1,420	1,386	1,383	1,377	1,389	1,366	1,360	1,321	1,329	1,263	1,261	1,259	1,264	1,255	1,253	1,246	1,253
Total Common Shares Outstanding	1,399	1,397	1,392	1,392	1,386	1,383	1,377	1,376	1,366	1,360	1,321	1,320	1,263	1,261	1,259	1,264	1,255	1,253	1,246	1,239
Working Capital	297,142	274,080	250,749	227,225	206,834	188,893	165,072	141,850	123,452	115,212	104,788	99,728	108,138	89,732	68,643	67,179	70,796	67,500	60,498	65,642
Book Value Per Share	279.71	259.04	236.86	225.06	200.95	183.58	158.78	136.09	118.66	106.90	95.79	89.25	84.83	72.12	60.88	59.41	54.26	51.78	50.05	48.58
Tangible Book Value	391,387	361,846	329,683	313,294	278,485	253,957	218,684	187,220	162,028	145,321	126,487	117,637	106,832	90,473	76,096	74,413	67,247	63,893	61,189	58,899
Tangible Book Value Per Share	279.70	259.03	236.85	225.04	200.94	183.57	158.76	136.07	118.65	106.89	95.77	89.15	84.60	71.77	60.43	58.85	53.57	50.97	49.11	47.55
Machinery	-	-	-	4,676	-	-	-	4,150	-	-	-	3,592	-	-	-	3,135	-	-	-	229.39
Leasehold Improvements	-	-	-	128.74	-	-	-	69.69	-	-	-	30.25	-	-	-	28.77	-	-	-	23.78

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

SEC Filings: 10-K · 10-Q