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 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	-	97,843	112,435	60,027	31,538	7,769
Depreciation & Amortization	-	3,000	2,641	1,888	2,735	1,844
Stock-Based Compensation	-	7,937	9,884	7,079	7,718	4,775
Other Adjustments	-	-9,208	-9,693	-1,287	-907.07	833.66
Change in Receivables	-	-1,524	48.81	-3,326	86.04	55.81
Changes in Accounts Payable	-	15,328	16,885	11,623	749.37	8,686
Changes in Accrued Expenses	-	12,360	13,781	34,258	7,004	3,492
Changes in Unearned Revenue	-	431.75	802.43	754.96	222.89	-1,256
Changes in Other Operating Activities	-	-19,228	-24,854	-16,854	-638.89	2,584
Operating Cash Flow	107,867	106,939	121,929	94,163	48,508	28,783
Operating Cash Flow Growth	-7.31%	-12.29%	29.49%	94.12%	68.53%	2.08%
Capital Expenditures	-	-1,145	-967.14	-583.88	-635.72	-3,287
Sale of Property, Plant & Equipment	-	-	-	-	0.04	0.39
Purchases of Investments	-	-280,560	-267,853	-189,501	-170,792	-130,268
Proceeds from Sale of Investments	-	238,481	150,428	134,524	149,066	97,547
Other Investing Activities	-	-199.75	35.69	130.24	-	445.04
Investing Cash Flow	-34,957	-43,423	-118,356	-55,431	-22,362	-35,562
Short-Term Debt Repaid	-	-	-	-	-	-1,875
Net Short-Term Debt Issued (Repaid)	-	-	-	-	-	-1,875
Long-Term Debt Repaid	-	-5,229	-0.09	-8,969	-	-
Net Long-Term Debt Issued (Repaid)	-	-5,229	-0.09	-8,969	-	-
Other Financing Activities	-	1.36	1.26	8.19	10.08	0.32
Financing Cash Flow	-5,228	-5,227	1.16	-8,961	10.08	-1,875
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-3,687	-1,751	840.1	-291.14	100.18	-145.16
Net Cash Flow	63,995	56,537	4,415	29,480	26,256	-8,800
Free Cash Flow	107,867	105,794	120,962	93,579	47,872	25,496
Free Cash Flow Growth	1.96%	-12.54%	29.26%	95.48%	87.77%	-9.44%
FCF Margin	46.41%	24.50%	30.71%	37.79%	36.67%	27.14%
Free Cash Flow Per Share	72.67	71.37	81.78	64.10	33.24	17.85
Levered Free Cash Flow	53,913	103,360	120,723	82,145	40,975	17,956
Unlevered Free Cash Flow	39,025	86,909	100,150	80,109	35,894	17,549

SEC Filings: 10-K · 10-Q