PDD (PDD) financial statements

Consumer Cyclical · Internet Retail · Market cap $113.2B

PDD reported revenue of 431.8B CNY in fiscal 2025, up 111.7% a year over 9 years.

Net income was 97.8B CNY and the operating margin 21.6%, against -56.7% in 2016.

The diluted share count rose 227% over the period (dilution).

Revenue and free cash flow

Fiscal years, $ billions (CNY).

02004006002016201720182019202020212022202320242025RevenueFree cash flow
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Income statement

Fiscal years, in CNY, from PDD's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Revenue505M CNY1.7B CNY13.1B CNY30.1B CNY59.5B CNY93.9B CNY130.6B CNY247.6B CNY393.8B CNY431.8B CNY
Cost of revenue578M CNY723M CNY2.9B CNY6.3B CNY19.3B CNY31.7B CNY31.5B CNY91.7B CNY153.9B CNY188.8B CNY
Gross profit-73M CNY1.0B CNY10.2B CNY23.8B CNY40.2B CNY62.2B CNY99.1B CNY155.9B CNY239.9B CNY243.0B CNY
Research and development29M CNY129M CNY1.1B CNY3.9B CNY6.9B CNY9.0B CNY10.4B CNY11.0B CNY12.7B CNY16.5B CNY
Selling, general and admin184M CNY1.5B CNY19.9B CNY28.5B CNY42.7B CNY46.3B CNY58.3B CNY86.3B CNY118.9B CNY133.4B CNY
Operating income-286M CNY-596M CNY-10.8B CNY-8.5B CNY-9.4B CNY6.9B CNY30.4B CNY58.7B CNY108.4B CNY93.1B CNY
Interest expense———146M CNY757M CNY1.2B CNY52M CNY44M CNY——
Pre-tax income-292M CNY-525M CNY-10.2B CNY-7.0B CNY-7.2B CNY9.7B CNY36.3B CNY71.9B CNY132.7B CNY119.6B CNY
Income tax——0 CNY0 CNY0 CNY1.9B CNY4.7B CNY11.8B CNY20.3B CNY21.7B CNY
Net income-292M CNY-525M CNY-10.2B CNY-7.0B CNY-7.2B CNY7.8B CNY31.5B CNY60.0B CNY112.4B CNY97.8B CNY
EPS (diluted)-0.18 CNY-0.28 CNY-3.47 CNY-1.51 CNY-1.51 CNY1.36 CNY5.48 CNY10.29 CNY19.00 CNY16.50 CNY
Diluted shares1.82B1.76B2.97B4.63B4.77B5.71B5.76B5.84B5.92B5.93B
Gross margin-14.5%58.6%77.9%79.0%67.6%66.2%75.9%63.0%60.9%56.3%
Operating margin-56.7%-34.2%-82.3%-28.3%-15.8%7.3%23.3%23.7%27.5%21.6%
Net margin-57.8%-30.1%-77.9%-23.1%-12.1%8.3%24.2%24.2%28.5%22.7%

Balance sheet

Fiscal years, in CNY, from PDD's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Cash and short-term investments1.3B CNY3.1B CNY21.8B CNY41.1B CNY87.0B CNY92.9B CNY149.4B CNY217.2B CNY331.6B CNY422.3B CNY
Inventory————1.7B CNY14M CNY————
Total current assets—13.1B CNY40.4B CNY73.0B CNY149.5B CNY160.9B CNY216.6B CNY294.8B CNY415.6B CNY519.0B CNY
Property, plant and equipment—9M CNY29M CNY41M CNY203M CNY2.2B CNY1.0B CNY980M CNY879M CNY1.3B CNY
Total assets—13.3B CNY43.2B CNY76.1B CNY158.9B CNY181.2B CNY237.1B CNY348.1B CNY505.0B CNY630.0B CNY
Total current liabilities—12.1B CNY24.4B CNY45.8B CNY83.9B CNY93.7B CNY116.9B CNY152.9B CNY188.4B CNY213.7B CNY
Total liabilities—12.1B CNY24.4B CNY51.4B CNY98.7B CNY106.1B CNY119.3B CNY160.8B CNY191.7B CNY216.7B CNY
Shareholders' equity-426M CNY-992M CNY18.8B CNY24.6B CNY60.2B CNY75.1B CNY117.8B CNY187.2B CNY313.3B CNY413.4B CNY
Net debt-1.3B CNY-3.1B CNY-14.2B CNY-5.8B CNY-22.4B CNY-6.4B CNY-34.3B CNY-59.8B CNY-57.8B CNY-108.9B CNY

Cash flow

Fiscal years, in CNY, from PDD's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Operating cash flow880M CNY9.7B CNY7.8B CNY14.8B CNY28.2B CNY28.8B CNY48.5B CNY94.2B CNY121.9B CNY106.9B CNY
Capital spending2M CNY9M CNY27M CNY27M CNY43M CNY—————
Free cash flow877M CNY9.7B CNY7.7B CNY14.8B CNY28.2B CNY—————
Stock-based compensation4M CNY13M CNY6.8B CNY2.6B CNY3.6B CNY4.8B CNY7.7B CNY7.1B CNY9.9B CNY7.9B CNY
Share buybacks (net)—-33M CNY————————
Free cash flow margin173.8%554.9%59.0%49.1%47.3%—————
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Questions

What was PDD's revenue in 2025?

431.8B CNY in fiscal 2025, from its 10-K filing.

From PDD's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.