P 
PDD Holdings PDD · USD
Consumer Discretionary · Internet & Direct Marketing Retail · US listing · 🇺🇸 United States
Nasdaq-100
80.50
-3.05%
Close of 9 Nov 2026, in USD
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥431.85bn
FY2016FY2025
Net income
CN¥97.84bn
FY2016FY2025
Free cash flow
CN¥105.79bn
FY2016FY2025
Shareholders' equity
CN¥415.17bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥431.85bn | CN¥393.84bn | CN¥247.64bn | CN¥130.56bn | CN¥93.95bn | CN¥59.49bn | CN¥30.14bn | CN¥13.12bn | CN¥1.74bn | CN¥504.9m |
| Research and development | CN¥16.50bn | CN¥12.66bn | CN¥10.95bn | CN¥10.38bn | CN¥8.99bn | CN¥6.89bn | CN¥3.87bn | CN¥1.12bn | CN¥129.2m | CN¥29.4m |
| Operating income | CN¥93.10bn | CN¥108.42bn | CN¥58.70bn | CN¥30.40bn | CN¥6.90bn | −CN¥9.38bn | −CN¥8.54bn | −CN¥10.80bn | −CN¥595.7m | −CN¥286.2m |
| Net income | CN¥97.84bn | CN¥112.43bn | CN¥60.03bn | CN¥31.54bn | CN¥7.77bn | −CN¥7.18bn | −CN¥6.97bn | −CN¥10.22bn | −CN¥525.1m | −CN¥292.0m |
| Diluted earnings per share | 65.81 | 75.90 | 50.81 | 26.95 | 6.83 | -7.39 | -7.49 | -11.47 | -0.76 | -0.42 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥630.45bn | CN¥505.03bn | CN¥348.08bn | CN¥237.12bn | CN¥181.21bn | CN¥158.91bn | CN¥76.06bn | CN¥43.18bn | CN¥13.31bn | CN¥1.77bn |
| Cash and short-term investments | CN¥496.46bn | CN¥331.56bn | CN¥217.21bn | CN¥149.44bn | CN¥92.94bn | CN¥86.97bn | CN¥41.06bn | CN¥21.79bn | CN¥3.11bn | CN¥1.61bn |
| Total liabilities | CN¥215.27bn | CN¥191.72bn | CN¥160.84bn | CN¥119.35bn | CN¥106.10bn | CN¥98.73bn | CN¥51.41bn | CN¥24.36bn | CN¥12.11bn | CN¥1.41bn |
| Debt | CN¥2.50bn | CN¥5.31bn | CN¥5.88bn | CN¥15.46bn | CN¥11.79bn | CN¥16.30bn | CN¥6.11bn | — | — | — |
| Shareholders' equity | CN¥415.17bn | CN¥313.31bn | CN¥187.24bn | CN¥117.77bn | CN¥75.11bn | CN¥60.18bn | CN¥24.65bn | CN¥18.82bn | CN¥1.20bn | CN¥356.5m |
| Shares outstanding | 1,487m | 1,481m | 1,181m | 1,170m | 1,138m | 971m | 930m | 891m | 688m | 688m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥106.94bn | CN¥121.93bn | CN¥94.16bn | CN¥7.03bn | CN¥28.78bn | CN¥28.20bn | CN¥14.82bn | CN¥7.77bn | CN¥315.5m | CN¥879.8m |
| Capital spending | −CN¥1.15bn | −CN¥967.1m | −CN¥583.9m | −CN¥635.7m | −CN¥3.29bn | −CN¥43.0m | −CN¥27.4m | −CN¥27.3m | −CN¥8.9m | −CN¥2.3m |
| Free cash flow | CN¥105.79bn | CN¥120.96bn | CN¥93.58bn | CN¥6.40bn | CN¥25.50bn | CN¥28.15bn | CN¥14.79bn | CN¥7.74bn | CN¥306.6m | CN¥877.5m |
| Dividends paid | — | — | — | — | — | — | — | — | — | −CN¥18.3m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥112.36bn | CN¥106.23bn | CN¥122.20bn | CN¥108.28bn | CN¥103.98bn | CN¥95.67bn | CN¥110.61bn | CN¥99.35bn |
| Operating income | CN¥27.76bn | CN¥19.57bn | CN¥27.34bn | CN¥25.03bn | CN¥25.79bn | CN¥16.09bn | CN¥25.59bn | CN¥24.29bn |
| Net income | CN¥27.18bn | CN¥12.55bn | CN¥24.20bn | CN¥29.33bn | CN¥30.75bn | CN¥14.74bn | CN¥27.45bn | CN¥24.98bn |
| Diluted earnings per share | 18.45 | 8.52 | 16.28 | 19.73 | 20.69 | 9.92 | 18.53 | 16.86 |
| Cash from operations | CN¥25.67bn | CN¥16.45bn | CN¥24.12bn | CN¥45.66bn | CN¥21.64bn | CN¥15.52bn | CN¥29.55bn | CN¥27.52bn |
| Capital spending | — | — | — | — | — | −CN¥967.0m | — | — |
| Free cash flow | — | — | — | — | — | CN¥14.55bn | — | — |
| Total assets | CN¥663.41bn | CN¥635.32bn | CN¥630.45bn | CN¥613.72bn | CN¥567.16bn | CN¥530.51bn | CN¥505.03bn | CN¥466.79bn |
| Cash and short-term investments | CN¥456.41bn | CN¥510.37bn | CN¥496.46bn | CN¥423.77bn | CN¥387.13bn | CN¥364.50bn | CN¥331.56bn | CN¥308.46bn |
| Debt | CN¥2.46bn | CN¥2.49bn | CN¥2.50bn | CN¥7.63bn | CN¥7.70bn | CN¥7.63bn | CN¥7.42bn | CN¥7.19bn |
| Shareholders' equity | CN¥447.79bn | CN¥421.85bn | CN¥415.17bn | CN¥391.40bn | CN¥361.86bn | CN¥329.70bn | CN¥313.31bn | CN¥278.50bn |
Financial ratios
Data as of 30 Aug 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Operating margin | 21.6% | 27.5% | 23.7% | 23.3% | 7.3% | -15.8% | — |
| Net margin | 22.7% | 28.5% | 24.2% | 24.2% | 8.3% | -12.1% | — |
| Return on equity | 23.6% | 35.9% | 32.1% | 26.8% | 10.3% | -11.9% | — |
| Return on assets | 15.5% | 22.3% | 17.2% | 13.3% | 4.3% | -4.5% | — |
| Free cash flow yield | 84.8% | 96.8% | 93.6% | 7.6% | 32.9% | 33.9% | — |
| Revenue growth | 9.7% | 59.0% | 89.7% | 39.0% | 57.9% | 97.4% | — |
| Earnings growth | -13.0% | 87.3% | 90.3% | 306.0% | -208.2% | 3.0% | — |
| Current ratio | 2.45x | 2.21x | 1.93x | 1.85x | 1.72x | 1.78x | — |
| Debt to equity | 0.01x | 0.02x | 0.04x | 0.14x | 0.16x | 0.28x | — |
| Equity ratio | 65.9% | 62.0% | 53.8% | 49.7% | 41.5% | 37.9% | — |
| Interest coverage | — | — | 1334.46x | 588.56x | 5.60x | -12.39x | -58.54x |
| R&D as a share of sales | 3.8% | 3.2% | 4.4% | 8.0% | 9.6% | 11.6% | — |
| Buybacks as a share of market value | -0.4% | -25.4% | -1.0% | -2.9% | -17.2% | -4.4% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 49.0% | 49.0% | — |
| Operating income | 45.2% | — | — |
| Net income | 45.8% | — | — |
Market value over time
31 Jul 2018 to 28 Aug 2026, in CNY
CN¥10.96bnCN¥126.26bn
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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