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 Cash Flow 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 |
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 |
Depreciation & Amortization | - | - | - | 2,641 | - | - | - | 1,888 | - | - | - | 2,735 | - | - | - | 1,844 | - | - | - | 800.47 |
Loss (Gain) From Sale of Assets | - | - | - | 3.86 | - | - | - | 1.76 | - | - | - | 10.7 | - | - | - | -0.26 | - | - | - | 0.02 |
Loss (Gain) From Sale of Investments | - | - | - | -6,816 | - | - | - | -1,013 | - | - | - | 242.24 | - | - | - | 22.17 | - | - | - | -104.07 |
Loss (Gain) on Equity Investments | - | - | - | -17.23 | - | - | - | 4.71 | - | - | - | 155.29 | - | - | - | -246.83 | - | - | - | -83.65 |
Stock-Based Compensation | - | - | - | 9,884 | - | - | - | 7,079 | - | - | - | 7,718 | - | - | - | 4,775 | - | - | - | 3,613 |
Provision & Write-off of Bad Debts | - | - | - | 329.9 | - | - | - | 265.16 | - | - | - | 118.38 | - | - | - | 49.3 | - | - | - | 43.43 |
Other Operating Activities | 16,332 | -9,112 | 775.11 | -10,587 | 2,542 | 11,783 | -6,931 | -21,071 | 17,001 | 10,288 | -6,763 | -1,307 | 1,063 | 10,478 | -11,668 | -10,225 | 7,097 | 4,957 | -819.13 | -18,996 |
Change in Accounts Receivable | - | - | - | 48.81 | - | - | - | -3,326 | - | - | - | 86.04 | - | - | - | 55.81 | - | - | - | 321.43 |
Change in Accounts Payable | - | - | - | 16,885 | - | - | - | 11,623 | - | - | - | 749.37 | - | - | - | 8,686 | - | - | - | 23,934 |
Change in Unearned Revenue | - | - | - | 802.43 | - | - | - | 754.96 | - | - | - | 222.89 | - | - | - | -1,256 | - | - | - | 1,817 |
Change in Other Net Operating Assets | - | - | - | -11,073 | - | - | - | 17,405 | - | - | - | 6,365 | - | - | - | 6,076 | - | - | - | 4,977 |
Operating Cash Flow | 45,661 | 21,642 | 15,517 | 29,547 | 27,522 | 43,793 | 21,067 | 36,891 | 32,538 | 23,396 | 1,338 | 26,550 | 11,652 | 19,374 | -9,068 | 16,400 | 8,737 | 7,371 | -3,725 | 14,947 |
Operating Cash Flow Growth | 65.90% | -50.58% | -26.35% | -19.91% | -15.41% | 87.18% | 1474.50% | 38.95% | 179.25% | 20.76% | - | 61.89% | 33.37% | 162.83% | - | 9.72% | 4.98% | 34.14% | - | 55.73% |
Capital Expenditures | - | - | - | -967.14 | - | - | - | -583.88 | - | - | - | -635.72 | - | - | - | -3,287 | - | - | - | -43.05 |
Sale of Property, Plant & Equipment | - | - | - | 0.54 | - | - | - | 0.45 | - | - | - | 0.04 | - | - | - | 0.39 | - | - | - | 0.05 |
Investment in Securities | - | - | - | -117,425 | - | - | - | -54,978 | - | - | - | -21,726 | - | - | - | -32,721 | - | - | - | -38,077 |
Other Investing Activities | -11,556 | -27,022 | -6,384 | 87,846 | -16,899 | -42,622 | -28,290 | 39,090 | -4,821 | -11,520 | -22,620 | 13,802 | -356.39 | -8,593 | -4,852 | 23,315 | -13,765 | -3,484 | -5,621 | 11,497 |
Investing Cash Flow | -11,556 | -27,022 | -6,384 | -30,545 | -16,899 | -42,622 | -28,290 | -16,471 | -4,821 | -11,520 | -22,620 | -8,560 | -356.39 | -8,593 | -4,852 | -12,693 | -13,765 | -3,484 | -5,621 | -26,623 |
Total Debt Issued | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 14,853 |
Total Debt Repaid | - | - | - | -0.09 | - | - | - | -8,969 | - | - | - | - | - | - | - | -1,875 | - | - | - | -922.9 |
Net Debt Issued (Repaid) | - | - | - | -0.09 | - | - | - | -8,969 | - | - | - | - | - | - | - | -1,875 | - | - | - | 13,930 |
Issuance of Common Stock | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 37,869 |
Other Financing Activities | 0.55 | 0.35 | 0.22 | 0.37 | 0.13 | 0.73 | 0.03 | 0.52 | 0.39 | 7.23 | 0.05 | 9.51 | 0.26 | 0.27 | 0.04 | 1,876 | 0.15 | -636.62 | -1,239 | -9,624 |
Financing Cash Flow | 0.55 | 0.35 | 0.22 | 0.27 | 0.13 | 0.73 | 0.03 | -8,968 | 0.39 | 7.23 | 0.05 | 9.51 | 0.26 | 0.27 | 0.04 | 0.19 | 0.15 | -636.62 | -1,239 | 42,175 |
Foreign Exchange Rate Adjustments | -616.09 | 21.88 | -69.52 | 1,504 | -1,052 | 240.74 | 147.92 | -1,025 | 201.06 | 881.11 | -348.25 | -109.37 | 250.23 | -50.84 | 10.16 | -26.45 | 22.16 | -192.41 | 51.55 | -183.64 |
Net Cash Flow | 33,489 | -5,358 | 9,064 | 505.93 | 9,572 | 1,412 | -7,075 | 10,427 | 27,919 | 12,764 | -21,630 | 17,890 | 11,546 | 10,730 | -13,910 | 3,681 | -5,006 | 3,058 | -10,533 | 30,315 |
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 Growth | 65.90% | -50.58% | -26.35% | -21.28% | -15.41% | 87.18% | 1474.50% | 40.10% | 179.25% | 20.76% | - | 97.63% | 33.37% | 162.83% | - | -12.02% | 4.98% | 34.14% | - | 55.72% |
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% |
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 |
Cash Income Tax Paid | - | - | - | 17,493 | - | - | - | 5,764 | - | - | - | 4,881 | - | - | - | - | - | - | - | - |
Levered Free Cash Flow | 31,341 | 17,299 | 21,433 | 17,380 | 23,105 | 41,685 | 21,000 | 26,889 | 26,625 | 20,938 | 8,439 | 16,338 | 8,367 | 10,282 | 3,685 | 6,013 | 3,555 | 4,681 | 910.56 | 1,924 |
Unlevered Free Cash Flow | 31,341 | 17,299 | 21,433 | 17,380 | 23,105 | 41,685 | 21,000 | 26,894 | 26,632 | 20,945 | 8,446 | 16,346 | 8,376 | 10,291 | 3,692 | 6,203 | 3,741 | 4,864 | 1,120 | 2,098 |
Change in Working Capital | - | - | - | 6,663 | - | - | - | 26,456 | - | - | - | 7,423 | - | - | - | 13,562 | - | - | - | 31,050 |
Updated Nov 18, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.