PDD Holdings Inc. American Depositary Receipt (PDD) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$18.4	$19.3	+5.3%	—	$112.4B	—
Q1 26	$16.4	$9.51	-41.9%	—	$106.2B	—
Q4 25	$21	$17.7	-15.8%	—	$123.9B	—
Q3 25	$16.6	$21.1	+27.2%	—	$108.3B	—
Q2 25	$14.8	$22.1	+49.1%	—	$104B	—
Q1 25	$19	$11.4	-39.8%	—	$95.7B	—
Q4 24	$19.7	$20.1	+2.4%	—	$110.6B	—
Q3 24	$19.7	$18.6	-5.5%	—	$14B	—
Q2 24	$20	$23.2	+16.1%	—	$13.5B	—
Q1 24	$10.4	$20.7	+99.6%	—	$86.8B	—
Q4 23	$11.9	$17.3	+45.7%	—	$88.9B	—
Q3 23	$8.39	$11.6	+38.4%	—	$68.8B	—
Q2 23	$7.36	$10.5	+42.3%	—	$52.3B	—
Q1 23	$4.44	$6.92	+55.9%	—	$37.6B	—
Q4 22	$8.3	$8.34	+0.5%	—	$39.8B	—
Q3 22	$5.18	$8.62	+66.4%	—	$35.5B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$71.1	—	—	$431.8B	—
FY24	—	$81.2	—	—	$393.8B	—
FY23	—	$44.3	—	—	$247.6B	—
FY22	—	$25	—	—	$130.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$504.9M	$1.7B	$13.1B	$30.1B	$59.5B	$93.9B	$130.6B	$247.6B	$393.8B	$431.8B
YoY change	—	+245.5%	+652.3%	+129.7%	+97.4%	+57.9%	+39%	+89.7%	+59%	+9.65%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	504.9M	1.7B	13.1B	30.1B	59.5B	93.9B	130.6B	247.6B	393.8B	431.8B
Cost of revenue	577.9M	722.8M	2.9B	6.3B	19.3B	31.7B	31.5B	91.7B	153.9B	188.8B
Gross profit	-73M	1B	10.2B	23.8B	40.2B	62.2B	99.1B	155.9B	239.9B	243B
Gross margin	-14.5%	58.6%	77.9%	79%	67.6%	66.2%	75.9%	63%	60.9%	56.3%
Research & development	29.4M	129.2M	1.1B	3.9B	6.9B	9B	10.4B	11B	12.7B	16.5B
Selling, general & administrative	183.8M	1.5B	19.9B	28.5B	42.7B	46.3B	58.3B	86.3B	118.9B	133.4B
Operating expenses	213.2M	1.6B	21B	32.3B	49.6B	55.3B	68.7B	97.2B	131.5B	149.9B
Operating income	-286.2M	-585.7M	-10.8B	-8.5B	-9.4B	6.9B	30.4B	58.7B	108.4B	93.1B
Operating margin	-56.7%	-33.6%	-82.3%	-28.3%	-15.8%	7.34%	23.3%	23.7%	27.5%	21.6%
Non-operating income, net	-10.2M	-20.2M	-2.3M	146M	418.9M	728M	2.1B	3B	3.7B	760.3M
Pretax income	-292M	-525.1M	-10.2B	-7B	-7.3B	9.5B	36.4B	71.9B	132.7B	119.4B
Income tax	0	0	0	0	0	1.9B	4.7B	11.8B	20.3B	21.7B
Net income	-292M	-525.1M	-10.2B	-7B	-7.2B	7.8B	31.5B	60B	112.4B	97.8B
Net margin	-57.8%	-30.1%	-77.9%	-23.1%	-12.1%	8.27%	24.2%	24.2%	28.5%	22.7%
EBITDA	-277.3M	-501.3M	-9.7B	-6.2B	-5.9B	12.5B	39.4B	73.8B	134.7B	124.4B
EPS	-0.37	-0.58	-13.9	-6.04	-6.04	6.2	25	44.3	81.2	71.1
Diluted EPS	-0.37	-0.58	-13.9	-6.04	-6.04	5.44	21.9	41.2	76	67

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	68.8B	88.9B	86.8B	13.5B	14B	110.6B	95.7B	104B	108.3B	123.9B	106.2B	112.4B
Cost of revenue	26.8B	35.1B	32.7B	4.7B	5.6B	47.8B	40.9B	45.9B	46.8B	55.2B	46.9B	48B
Gross profit	42B	53.8B	54.1B	8.8B	8.4B	62.8B	54.7B	58.1B	61.4B	68.8B	59.3B	64.3B
Gross margin	61%	60.5%	62.3%	65.3%	60%	56.8%	57.2%	55.9%	56.7%	55.5%	55.9%	57.3%
Research & development	2.8B	2.9B	2.9B	406.1M	431M	3.8B	3.6B	3.6B	4.3B	5B	4.4B	4.6B
Selling, general & administrative	22.5B	28.5B	25.2B	3.9B	4.5B	33.4B	35.1B	28.7B	32.1B	37.6B	35.4B	32B
Operating expenses	25.4B	31.4B	28.1B	4.3B	5B	37.2B	38.6B	32.3B	36.4B	42.6B	39.8B	36.6B
Operating income	16.7B	22.4B	26B	4.5B	3.4B	25.6B	16.1B	25.8B	25B	26.2B	19.6B	27.8B
Operating margin	24.2%	25.2%	29.9%	33.6%	24.5%	23.1%	16.8%	24.8%	23.1%	21.1%	18.4%	24.7%
Non-operating income, net	385.2M	129.4M	2.1B	77.2M	-74.4M	1.6B	3B	-680.2M	-313.6M	-1.3B	-2.2B	-8B
Pretax income	19.2B	26.9B	33.1B	5.3B	4.1B	32.4B	19.3B	35.5B	33.3B	31.3B	16.8B	33.3B
Income tax	3.5B	3.6B	5.1B	825.5M	591.2M	5.1B	4.5B	4.8B	4B	8.4B	4.1B	6.1B
Net income	15.5B	23.3B	28B	4.5B	3.5B	27.4B	14.7B	30.8B	29.3B	23B	12.5B	27.2B
Net margin	22.6%	26.2%	32.3%	33%	25.1%	24.8%	15.4%	29.6%	27.1%	18.6%	11.8%	24.2%
EBITDA	19.1B	27.1B	32.9B	5.3B	4.2B	31.6B	16.3B	26.6B	25.3B	53.2B	17.5B	28.3B
EPS	11.4	17	20.3	23.1	18	19.8	10.6	22	21	17.5	8.92	19.3
Diluted EPS	10.6	15.8	19	21.6	16.9	18.5	9.96	20.8	19.7	16.5	8.48	18.4

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	—	1.5T	529.7B	747.6B	1.4T	—	158.5B	111.7B
Enterprise value	—	—	—	—	1.5T	449.5B	615.1B	1.2T	—	-258.4B	-51B
Shares outstanding	6.2B	6.2B	5.4B	8.4B	8.6B	9.1B	9.2B	9.8B	1.4B	1.4B	1.4B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	68.2	23.7	24	—	1.62	8.36
P/S	—	—	—	—	25.8	5.64	5.73	5.82	—	0.37	0.24
P/B	—	—	—	—	25.5	7.05	6.35	7.7	—	0.38	1.64
EV/EBITDA	—	—	—	—	-247.1	36.1	15.6	16.7	—	-2.08	-3.46
EV/Sales	—	—	—	—	24.6	4.78	4.71	4.98	—	-0.6	-0.76
Earnings yield	—	—	—	—	—	1.47%	4.22%	4.17%	—	61.7%	12%
FCF yield	—	—	—	—	1.83%	4.81%	6.4%	6.49%	—	66.8%	9.95%
PEG	—	—	—	—	—	—	—	—	—	—	-0.69

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	-14.5%	58.6%	77.9%	79%	67.6%	66.2%	75.9%	63%	60.9%	56.3%	57.3%
Operating margin	-56.7%	-33.6%	-82.3%	-28.3%	-15.8%	7.34%	23.3%	23.7%	27.5%	21.6%	24.7%
Net margin	-57.8%	-30.1%	-77.9%	-23.1%	-12.1%	8.27%	24.2%	24.2%	28.5%	22.7%	20.4%
ROE	-81.9%	-43.6%	-54.3%	-28.3%	-11.9%	10.3%	26.8%	32.1%	35.9%	23.7%	22.7%
ROA	-16.5%	-3.94%	-23.7%	-9.16%	-4.52%	4.29%	13.3%	17.2%	22.3%	15.5%	10%
ROIC	22.8%	30.8%	363.8%	87.5%	95.4%	-108.2%	-179.6%	-247.6%	-1.2K%	-2.1K%	-2.1K%
Return on tangible assets	-16.5%	-3.94%	-26.9%	-9.67%	-4.59%	4.32%	13.3%	17.2%	22.3%	15.5%	13.9%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.24	1.08	1.66	1.6	1.78	1.72	1.85	1.93	2.21	2.43	2.62
Quick ratio	1.24	1.08	1.66	1.6	1.76	1.72	1.85	1.93	2.21	2.43	2.62
Debt / equity	—	—	—	0.27	0.28	0.17	0.14	0.05	0.03	0.01	0.01
Debt / assets	—	—	—	0.09	0.11	0.07	0.07	0.03	0.02	0.01	0.01
Net debt / EBITDA	—	—	—	5.55	11.8	-6.44	-3.37	-2.81	-2.38	-3.35	-3.63
Interest coverage	—	—	—	-47	-8.59	8.68	706	1.6K	—	—	—
Effective tax rate	0%	0%	0%	0%	0%	20.4%	13%	16.5%	15.3%	18.2%	19.7%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	0.08	0.28	2.44	3.59	6.88	10.3	14.2	25.1	284.6	309	321.2
EPS (basic)	-0.37	-0.58	-13.9	-6.04	-6.04	6.2	25	44.3	81.2	71.1	71.1
EPS (diluted)	-0.37	-0.58	-13.9	-6.04	-6.04	5.44	21.9	41.2	76	67	9.28
Book value per share	0.06	0.19	3.5	2.94	6.96	8.27	12.8	19	226.4	295.8	47.4
FCF per share	0.14	1.55	1.44	1.76	3.26	2.81	5.22	9.5	87.4	75.7	75.2
Cash per share	0.26	0.5	4.05	4.9	10.1	10.2	16.3	22.1	239.6	302.1	324.4
Capex per share	0	0	0.01	0	0	0.36	0.07	0.06	0.7	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.46%	0.49%	0.21%	0.09%	0.07%	3.5%	0.49%	0.24%	0.25%	—	—
Capex / operating cash flow	0.33%	0.11%	0.7%	0.36%	0.2%	14.6%	1.64%	0.95%	0.83%	—	—
Payout ratio	-6.28%	0%	0%	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$68.8B	$88.9B	$86.8B	$13.5B	$14B	$110.6B	$95.7B	$104B	$108.3B	$123.9B	$106.2B	$112.4B
YoY change	+93.9%	+123.2%	+130.7%	-74.1%	-79.7%	+24.4%	+10.2%	+667.6%	+674.5%	+12%	+11%	+8.05%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	1.6B	3.1B	21.8B	41.1B	87B	92.9B	149.4B	217.2B	331.6B	422.3B
Receivables	10.3M	88.2M	247.6M	1.1B	729.5M	673.7M	587.7M	3.9B	3.7B	5.1B
Inventory	—	—	—	0	1.7B	14.2M	—	—	—	—
Total current assets	1.8B	13.1B	40.4B	73B	149.5B	160.9B	216.6B	294.8B	415.6B	519B
Property, plant & equipment	2.2M	9.3M	29.1M	558.5M	832.7M	3.1B	2.5B	5.1B	5.9B	6.2B
Goodwill & intangibles	—	0	5.2B	4B	2.6B	1.4B	268M	42.3M	19.2M	15.4M
Total assets	1.8B	13.3B	43.2B	76.1B	158.9B	181.2B	237.1B	348.1B	505B	630B
Accounts payable	1.1B	9.8B	17.3B	30.2B	55B	64.5B	67.3B	91.9B	119.9B	140.1B
Short-term debt	—	—	—	1B	2.1B	427.2M	14.5B	2.3B	7.4B	2.5B
Total current liabilities	1.4B	12.1B	24.4B	45.8B	83.9B	93.7B	116.9B	152.9B	188.4B	213.7B
Long-term debt	—	—	—	5.6B	14.8B	12.3B	2.4B	7.9B	3.2B	2.9B
Total liabilities	1.4B	12.1B	24.4B	51.4B	98.7B	106.1B	119.3B	160.8B	191.7B	216.7B
Shareholders' equity	356.5M	1.2B	18.8B	24.6B	60.2B	75.1B	117.8B	187.2B	313.3B	413.4B
Total debt	—	—	—	6.6B	17B	12.8B	16.9B	10.2B	10.6B	5.4B
Net debt	—	—	—	881.6M	-5.5B	6.3B	-17.4B	-49.6B	-47.2B	-103.5B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	202.8B	217.2B	242.1B	39.8B	43.4B	331.6B	364.5B	387.1B	423.8B	422.3B	436.1B	456.4B
Receivables	2.5B	3.9B	4.8B	766.4M	652M	3.7B	5.5B	6B	6B	5.1B	5.8B	6.1B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	271.6B	294.8B	316.5B	50.2B	54.4B	415.6B	447.8B	476B	516.4B	519B	536.6B	556.8B
Property, plant & equipment	4.7B	5.1B	4.8B	712M	801.4M	5.9B	6.4B	6.1B	6.2B	6.2B	5.8B	9.1B
Goodwill & intangibles	21.9M	42.3M	22M	2.9M	2.8M	19.2M	18.2M	17.3M	16.3M	15.4M	15M	14M
Total assets	314.3B	348.1B	377.8B	60.4B	65.7B	505B	530.5B	567.2B	613.7B	630B	637.7B	663.4B
Accounts payable	68.1B	91.9B	74.5B	11B	11.6B	119.9B	92.5B	95.5B	100.6B	140.1B	109.2B	109.9B
Short-term debt	15.7B	2.3B	1.8B	260.5M	283.5M	7.4B	7.6B	7.7B	7.6B	2.5B	2.5B	2.5B
Total current liabilities	148.1B	152.9B	151.4B	23.8B	25.3B	188.4B	197B	202B	219.2B	213.7B	211.6B	212.7B
Long-term debt	4B	7.9B	7.7B	1.1B	1.2B	3.2B	3.6B	3.3B	3B	2.9B	2.6B	2.4B
Total liabilities	152.2B	160.8B	159.1B	25B	26.5B	191.7B	200.8B	205.3B	222.3B	216.7B	214.3B	215.6B
Shareholders' equity	162.1B	187.2B	218.7B	35.4B	39.2B	313.3B	329.7B	361.9B	391.4B	413.4B	423.4B	447.8B
Total debt	19.8B	10.2B	9.5B	1.4B	1.4B	10.6B	11.3B	11B	10.7B	5.4B	5.1B	4.8B
Net debt	-35.2B	-49.6B	-46.1B	-6.6B	-7.7B	-47.2B	-58.9B	-52.3B	-81.7B	-103.5B	-117.9B	-124.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-292M	-525.1M	-10.2B	-7B	-7.2B	7.8B	31.5B	60B	112.4B	97.8B
Depreciation & amortization	756K	2.3M	497M	711M	800.5M	1.8B	2.7B	1.9B	2.6B	3B
Stock-based compensation	4.1M	13.4M	6.8B	2.6B	3.6B	4.8B	7.7B	7.1B	9.9B	7.9B
Change in working capital	977.8M	8.3B	6.8B	11.3B	24.3B	7.1B	-1.5B	-7.1B	-5.5B	-2.9B
Operating cash flow	690.7M	7.8B	3.9B	7.5B	21.8B	22.6B	38.9B	61.4B	116.9B	106.9B
Capital expenditure	-2.3M	-8.6M	-27.3M	-27M	-43M	-3.3B	-635.7M	-583.4M	-966.6M	—
Investing cash flow	-307.3M	71.7M	-7.5B	-28.3B	-38.4B	-35.6B	-22.4B	-55.4B	-118.4B	-42.3B
Dividends paid	-18.3M	0	0	—	—	—	—	—	—	—
Share repurchases	0	-32.7M	0	0	—	—	—	—	—	—
Financing cash flow	486.5M	1.4B	17B	15.5B	50.9B	-3.8B	10.1M	-9B	1.2M	-5.2B
Net change in cash	869.9M	9.3B	13.3B	-5.3B	34.3B	-16.7B	16.5B	-3B	-1.5B	59.4B
Free cash flow	877.5M	9.7B	7.7B	14.8B	28.2B	25.5B	47.9B	93.6B	121B	105.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	—	—	—	—	—	—	—	—	—	—	—	—
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	—	—	—	—	—	—	—	21.6B	45.7B	24.1B	16.4B	25.7B
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	—	—	—	—	—	—	—	—	—	—	—	—
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	—	—	—	—	—	—	—	—	—	—	—	—
Net change in cash	—	—	—	—	—	—	—	21.6B	45.7B	24.1B	16.4B	25.7B
Free cash flow	32.5B	36.3B	21.1B	6.1B	3.9B	28.6B	15.5B	21.6B	45.7B	23B	16.4B	25.7B

PDD Holdings Inc. American Depositary Receipt Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement