PDD Holdings Inc. income statement & cash flow

Ticker PDD · SEC CIK 1737806 · Latest fiscal year ended Dec 31, 2025

In the fiscal year ended Dec 31, 2025, PDD Holdings Inc. reported net income of $13.99B on revenue of $61.75B. Operating cash flow was $15.29B.

PDD Holdings Inc. net income by fiscal year, USD. Hover a bar for the exact figure.

Income statement and cash flow summary

Fiscal year ended	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue (USD)	$1.91B	$4.33B	$9.12B	$14.74B	$18.93B	$34.88B	$53.96B	$61.75B
Gross profit (USD)	$1.49B	$3.42B	$6.16B	$9.77B	$14.37B	—	—	—
Operating income (USD)	−$1.57B	−$1.23B	−$1.44B	$1.08B	$4.41B	$8.27B	$14.85B	$13.31B
Net income (USD)	−$1.49B	−$1.00B	−$1.10B	$1.22B	$4.57B	$8.45B	$15.40B	$13.99B
Diluted EPS (USD per share)	−$0.50	−$0.22	−$0.23	$0.21	$0.79	$1.45	$2.60	$2.36
Operating cash flow (USD)	$1.13B	$2.13B	$4.32B	$4.52B	$7.03B	$13.26B	$16.70B	$15.29B
Capital expenditures (USD)	$3.98M	$3.94M	$6.60M	—	—	—	—	—
Reported in	20-F 2019	20-F 2020	20-F 2021	20-F 2022	20-F 2023	20-F 2024	20-F 2025	20-F 2026

Columns are fiscal years, labeled by the month the year ended; scroll sideways on small screens. — means the company did not report the figure under the XBRL concepts we track.

Margins

Each figure divided by revenue for the same fiscal year.

Fiscal year ended	Gross margin	Operating margin	Net margin
Dec 2025	—	21.6%	22.7%
Dec 2024	—	27.5%	28.5%
Dec 2023	—	23.7%	24.2%
Dec 2022	75.9%	23.3%	24.2%
Dec 2021	66.2%	7.3%	8.3%

PDD Holdings Inc. operating cash flow by fiscal year, USD. Hover a bar for the exact figure.

Source: SEC EDGAR XBRL company facts for CIK 1737806 (raw data). Most recent filing in this dataset: 20-F filed Apr 29, 2026. SEC data file dated Nov 3, 2026; page built Nov 5, 2026. Figures are as most recently reported, including restatements. How we select figures.