All currency values in $ millions unless otherwise noted
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| Income Statement | DEC 2025 | DEC 2024 | DEC 2023 | DEC 2022 | DEC 2021 |
|---|---|---|---|---|---|
| Revenues | |||||
| Revenue | $61,753 | $53,955 | $34,879 | $18,929 | $14,743 |
| Cost of Revenue | $26,998 | $21,084 | $12,919 | $4,562 | $4,977 |
| Gross Profit | $34,755 | $32,871 | $21,960 | $14,367 | $9,766 |
| Operating Expenses | |||||
| Selling & Marketing | $17,916 | $15,248 | $11,576 | $7,879 | $7,030 |
| General & Administrative | $1,167 | $1,035 | $574 | $575 | $242 |
| Research & Development | $2,359 | $1,734 | $1,543 | $1,506 | $1,411 |
| Total Operating Expenses | $21,441 | $18,017 | $13,693 | $9,960 | $8,683 |
| Operating Income | $13,313 | $14,854 | $8,268 | $4,408 | $1,082 |
| Non-Operating | |||||
| Net Interest Expense | $3,658 | $2,816 | $1,436 | $572 | $287 |
| Other Non-Operating Income (Expense) | $127 | $510 | $420 | $278 | $153 |
| EBT (Earnings Before Tax) | $17,099 | $18,180 | $10,124 | $5,258 | $1,522 |
| Income Tax Expense | $3,108 | $2,777 | $1,669 | $685 | $303 |
| Net Income | |||||
| Net Income | $13,991 | $15,403 | $8,455 | $4,573 | $1,219 |
| Per Share Data | |||||
| Revenue Per Share | $10.41 | $9.12 | $5.97 | $3.29 | $2.58 |
| EPS (Basic) | $2.50 | $2.78 | $1.56 | $0.90 | $0.24 |
| EPS (Diluted) | $2.36 | $2.60 | $1.45 | $0.79 | $0.21 |
| Weighted Avg Shares (Basic) | 5.59B | 5.5M | 5.42B | 5.06B | 5.01B |
| Weighted Avg Shares (Diluted) | 5.93B | 5.9M | 5.84B | 5.76B | 5.71B |
| Shares Outstanding | 5.93B | 5.92B | 5.84B | 5.76B | 5.71B |
PDD Holdings (PDD) financials: revenue, profit and margins
PDD Holdings (PDD) generated about $61.8 billion in revenue and $14.0 billion in net income (a 22.7% net margin) over the trailing twelve months, growing at roughly 46.6% a year. Figures are from SEC filings; this is analysis, not investment advice.
Frequently asked
What is PDD Holdings's (PDD) revenue?+
PDD Holdings generated about $61.8 billion in revenue over the trailing twelve months. Revenue has grown at roughly 46.6% a year over the past five years. Revenue is the top line, before any costs; what matters for value is how much of it survives to free cash flow. The full income statement, balance sheet and cash-flow statement are on this tab.
Is PDD Holdings profitable?+
Yes, PDD Holdings reported about $14.0 billion in net income over the trailing twelve months, a net profit margin of roughly 22.7%. Net income is the bottom line after all costs, interest and taxes. Compare it to free cash flow on this tab, since reported profit and actual cash generated can diverge.
What are PDD Holdings's profit margins?+
PDD Holdings runs a gross margin of about 56.3%, an operating margin of about 21.6%, a net margin of about 22.7%. Margins show how much of each sales dollar a company keeps at each stage. Stable or rising margins usually signal pricing power and cost discipline; falling margins are worth investigating. See the multi-year trend on this tab.
How fast is PDD Holdings growing?+
PDD Holdings's revenue has compounded at roughly 46.6% a year over the past five years. Growth only creates value when it is profitable and cash-generative, so read this rate alongside PDD's margins and free cash flow. This is analysis from SEC filings, not investment advice.
SourceFinancial statements computed from the 10-K filed 29 Apr 2026, covering the period ending 31 Dec 2025, as reported to the SEC. Data last refreshed 24 May 2026. How this is calculated.
Fiscal year ends Dec.
Peers
Services-Business Services, NEC · Pick stocks to compare with PDD
Held by ETFs
PDD is in 145 US ETFs. The largest of them, with PDD's weight in each:
Vanguard Total International Stock ETFVXUS0.13%of the fund
Invesco QQQ Trust, Series 1QQQ0.22%of the fund
iShares Core MSCI Emerging Markets ETFIEMG0.30%of the fund
Spot a number that looks wrong? Check it in PDD's SEC filings or
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Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
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