PDD Holdings Cash Flow 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
Net Income	102,270	112,435	60,027	31,538	7,769	-7,180
Depreciation & Amortization	2,641	2,641	1,888	2,735	1,844	800.47
Loss (Gain) From Sale of Assets	3.86	3.86	1.76	10.7	-0.26	0.02
Loss (Gain) From Sale of Investments	-6,816	-6,816	-1,013	242.24	22.17	-104.07
Loss (Gain) on Equity Investments	-17.23	-17.23	4.71	155.29	-246.83	-83.65
Stock-Based Compensation	9,884	9,884	7,079	7,718	4,775	3,613
Provision & Write-off of Bad Debts	329.9	329.9	265.16	118.38	49.3	43.43
Other Operating Activities	-2,592	-3,193	-545.42	-1,434	1,009	57.47
Change in Accounts Receivable	48.81	48.81	-3,326	86.04	55.81	321.43
Change in Accounts Payable	16,885	16,885	11,623	749.37	8,686	23,934
Change in Unearned Revenue	802.43	802.43	754.96	222.89	-1,256	1,817
Change in Other Net Operating Assets	-11,073	-11,073	17,405	6,365	6,076	4,977
Operating Cash Flow	112,366	121,929	94,163	48,508	28,783	28,197
Operating Cash Flow Growth	-13.08%	29.49%	94.12%	68.53%	2.08%	90.25%
Capital Expenditures	-967.14	-967.14	-583.88	-635.72	-3,287	-43.05
Sale of Property, Plant & Equipment	0.54	0.54	0.45	0.04	0.39	0.05
Investment in Securities	-117,425	-117,425	-54,978	-21,726	-32,721	-38,077
Other Investing Activities	42,884	35.15	129.79	-	445.04	-238
Investing Cash Flow	-75,507	-118,356	-55,431	-22,362	-35,562	-38,358
Short-Term Debt Issued	-	-	-	-	-	1,829
Long-Term Debt Issued	-	-	-	-	-	13,024
Total Debt Issued	-	-	-	-	-	14,853
Short-Term Debt Repaid	-	-	-	-	-1,875	-922.9
Long-Term Debt Repaid	-	-0.09	-8,969	-	-	-
Total Debt Repaid	-0.09	-0.09	-8,969	-	-1,875	-922.9
Net Debt Issued (Repaid)	-0.09	-0.09	-8,969	-	-1,875	13,930
Issuance of Common Stock	-	-	-	-	-	37,869
Other Financing Activities	1.49	1.26	8.19	10.08	0.32	-0.01
Financing Cash Flow	1.4	1.16	-8,961	10.08	-1,875	51,799
Foreign Exchange Rate Adjustments	840.02	840.1	-291.14	100.18	-145.16	-139.94
Net Cash Flow	37,701	4,415	29,479	26,256	-8,800	41,498
Free Cash Flow	111,399	120,962	93,579	47,872	25,496	28,154
Free Cash Flow Growth	-13.44%	29.26%	95.48%	87.77%	-9.44%	90.31%
Free Cash Flow Margin	26.62%	30.71%	37.79%	36.67%	27.14%	47.32%
Free Cash Flow Per Share	75.08	81.78	64.10	33.24	17.85	23.62
Cash Income Tax Paid	17,493	17,493	5,764	4,881	-	-
Levered Free Cash Flow	87,452	103,170	82,890	38,672	12,998	4,437
Unlevered Free Cash Flow	87,452	103,170	82,917	38,705	13,768	4,910
Change in Working Capital	6,663	6,663	26,456	7,423	13,562	31,050

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

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