PDD Holdings (PDD) Financial Statements & Analysis

PDD Holdings (PDD) Income Statement

PDD Holdings reported revenue of CNY 431.85B in fiscal 2025 (fiscal year ended Dec 31, 2025), up 9.7% from CNY 393.84B a year earlier. Net income was CNY 97.84B, down 13.0% year over year, a net margin of 22.7%. Gross margin was 56.3% and operating margin 21.6%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was CNY 112.36B, up 8.1% from the same quarter a year earlier.

PDD Holdings Income Statement Analysis

Values in billions CNY

Income Statement Balance Sheet Cash Flow Ratios

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PDD Holdings Inc. income statement - Annual data in billions CNY
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	431.85	393.84	247.64	130.56	93.95	59.49	30.14	13.12	1.74
Cost of Revenue	188.80	153.90	91.72	31.46	31.72	19.28	6.34	2.91	0.72
Gross Profit	243.04	239.94	155.92	99.10	62.23	40.21	23.80	10.21	1.02
Operating Expenses
Research & Development	16.50	12.66	10.95	10.38	8.99	6.68	3.87	1.12	0.13
Selling, General & Administrative	133.45	118.85	86.26	58.31	46.34	42.91	28.47	19.90	1.48
Operating Expenses	149.94	131.51	97.22	68.69	55.34	49.59	32.34	21.01	1.62
Operating Income	93.10	108.42	58.70	30.40	6.90	-9.38	-8.54	-10.80	-0.60
Other Income/Expense
Interest Income	25.58	20.55	10.24	4.00	3.06	2.46	1.54	0.58	0.08
Interest Expense	0.00	0.00	0.04	0.05	1.23	-0.76	0.15	0.00	0.00
Other Income/Expense	26.47	24.28	2.99	5.86	2.81	0.19	1.57	0.58	0.07
Income
Income Before Tax	119.58	132.70	71.88	36.26	9.70	-7.18	-6.97	-10.22	-0.53
Income Tax Expense	21.73	20.27	11.85	4.73	1.93	0.00	0.00	0.00	0.00
Net Income	97.84	112.43	60.03	31.54	7.77	-7.18	-6.97	-10.22	-0.53
Net Income - Continuous Operations	97.84	112.43	60.03	31.54	7.77	-7.18	-6.97	-10.22	-0.53
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	122.45	133.41	73.81	38.54	12.43	-8.73	-7.90	-4.35	-0.58
EBIT	93.10	132.68	71.93	36.47	6.90	-9.38	-	-	-
Depreciation & Amortization	3.00	0.71	1.89	2.22	1.50	0.65	0.64	0.50	0.00
Earnings Per Share
Basic EPS	69.00	81.00	44.00	25.00	6.00	-6.00	-6.00	-14.00	-1.00
Diluted EPS	65.00	76.00	41.00	22.00	5.00	-6.00	-6.00	-14.00	-1.00
Basic Shares Outstanding	1.40	1.38	1.35	1.26	1.25	1.19	1.15	0.74	0.86
Diluted Shares Outstanding	1.48	1.48	1.46	1.44	1.43	1.19	1.16	0.74	0.86

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About PDD Holdings Financial Statements

What was PDD Holdings's revenue in fiscal 2025?

PDD Holdings reported revenue of CNY 431.85B in fiscal 2025 (fiscal year ended Dec 31, 2025). That was up 9.7% from CNY 393.84B a year earlier.

Is PDD Holdings profitable?

Yes. PDD Holdings earned net income of CNY 97.84B in fiscal 2025, a net margin of 22.7%. In fiscal 2024 it earned CNY 112.43B.

What is PDD Holdings's operating margin?

PDD Holdings's operating income was CNY 93.10B on revenue of CNY 431.85B in fiscal 2025, an operating margin of 21.6%, compared with 27.5% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition