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PDD (PDD) Financials

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$102.11 +5.36 (+5.54%)
As of 02:23 PM Eastern
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Annual Income Statements for PDD

Annual Income Statements for PDD

This table shows PDD's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -46 -77 -1,499 -1,000 -1,104 1,219 4,573 8,455 15,403 13,991
Consolidated Net Income / (Loss)		 -42 -81 -1,487 -1,000 -1,104 1,219 4,573 8,455 15,403 13,991
Net Income / (Loss) Continuing Operations		 -42 -81 -1,487 -1,000 -1,104 1,219 4,573 8,455 15,403 13,991
Total Pre-Tax Income 		-42 -81 -1,487 -1,004 -1,117 1,484 5,280 10,124 18,178 17,081
Total Operating Income		 -41 -91 -1,572 -1,226 -1,443 1,082 4,408 8,268 14,854 13,313
Total Gross Profit		 -10 157 1,487 3,418 6,185 9,766 14,367 21,960 32,871 34,755
Total Revenue		 72 268 1,910 4,328 9,150 14,743 18,929 34,879 53,955 61,753
Operating Revenue		 72 268 1,910 4,328 9,150 14,743 18,929 34,879 53,955 61,753
Total Cost of Revenue		 83 111 423 910 2,965 4,977 4,562 12,919 21,084 26,998
Operating Cost of Revenue		 83 111 423 910 2,965 4,977 4,562 12,919 21,084 26,998
Total Operating Expenses		 31 248 3,059 4,643 7,628 8,683 9,960 13,693 18,017 21,441
Selling, General & Admin Expense		 2.12 20 940 186 232 242 575 574 1,035 1,167
Marketing Expense		 24 206 1,956 3,902 6,336 7,030 7,879 11,576 15,248 17,916
Research & Development Expense		 4.22 20 162 556 1,060 1,411 1,506 1,543 1,734 2,359
Total Other Income / (Expense), net		 -0.83 11 85 221 326 402 872 1,857 3,324 3,767
Interest Expense		 - 0.00 0.00 21 116 193 7.49 6.20 0.00 0.00
Interest & Investment Income		 0.64 12 85 221 378 480 580 1,442 2,816 3,658
Other Income / (Expense), net		 -1.47 -1.56 -0.34 21 64 114 300 421 508 109
Income Tax Expense		 0.00 0.00 0.00 0.00 0.00 303 685 1,669 2,777 3,108
Other Gains / (Losses), net		 0.00 0.00 0.00 4.12 13 39 -23 -0.66 2.36 18
Basic Earnings per Share		 ($0.18) ($0.04) ($3.47) ($1.51) ($1.51) $1.55 $0.90 $1.56 $2.78 $0.36
Weighted Average Basic Shares Outstanding		 1.82B 1.76B 2.97B 4.63B 4.77B 5.01B 5.06B 5.42B 5.54B 5.59B
Diluted Earnings per Share		 ($0.18) ($0.04) ($3.47) ($1.51) ($1.51) $1.36 $0.79 $1.45 $2.60 $0.34
Weighted Average Diluted Shares Outstanding		 1.82B 1.76B 2.97B 4.63B 4.77B 5.71B 5.76B 5.84B 5.92B 5.93B
Weighted Average Basic & Diluted Shares Outstanding		 - - 4.46B 4.65B 5.06B - 5.28B 5.50B 5.57B 5.69B

Quarterly Income Statements for PDD

No quarterly income statements for PDD are available.

Annual Cash Flow Statements for PDD

This table details how cash moves in and out of PDD's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 155 1,705 2,636 403 6,383 -1,381 3,807 4,152 605 8,085
Net Cash From Operating Activities		 126 1,486 1,131 2,128 4,337 4,517 7,033 13,263 16,704 15,292
Net Cash From Continuing Operating Activities		 126 1,486 1,130 2,128 4,337 4,517 7,025 13,263 16,704 15,247
Net Income / (Loss) Continuing Operations		 -42 -81 -1,487 -1,000 -1,104 1,219 4,573 8,455 15,403 13,991
Consolidated Net Income / (Loss)		 -42 -81 -1,487 -1,000 -1,104 1,219 4,573 8,455 15,403 13,991
Depreciation Expense		 0.11 0.35 72 92 100 235 322 111 97 86
Amortization Expense		 - - 0.00 11 23 55 74 155 265 343
Non-Cash Adjustments To Reconcile Net Income		 169 1,589 2,476 2,843 4,988 2,436 1,411 583 -734 409
Changes in Operating Assets and Liabilities, net		 -1.11 -22 69 183 330 572 645 3,959 1,673 418
Net Cash From Investing Activities		 -44 11 -1,099 -4,066 -5,900 -5,581 -3,242 -7,807 -16,215 -6,209
Net Cash From Continuing Investing Activities		 -44 11 -1,099 -4,066 -5,900 -5,581 -3,242 -7,807 -16,215 -6,209
Purchase of Property, Plant & Equipment		 -0.33 -1.37 -3.98 -3.94 -6.62 -516 -92 -82 -132 -164
Purchase of Investments		 -48 -238 -1,126 -7,623 -14,365 -20,442 -24,763 -26,693 -36,696 -40,148
Sale and/or Maturity of Investments		 4.30 251 31 3,560 8,472 15,307 21,613 18,947 20,609 34,102
Other Investing Activities, net		 - - - 0.00 0.00 70 0.00 20 4.89 0.04
Net Cash From Financing Activities		 70 215 2,524 2,276 7,967 -294 1.46 -1,262 0.16 -748
Net Cash From Continuing Financing Activities		 70 215 2,524 2,276 7,967 -294 1.46 -1,262 0.16 -748
Repayment of Debt		 - 0.00 0.00 0.00 -142 -294 0.00 -1,262 0.16 -748
Effect of Exchange Rate Changes		 - -7.32 80 65 -22 -23 15 -41 115 -250
Cash Interest Received		 - 8.00 63 174 289 461 517 1,024 1,292 1,762
Cash Income Taxes Paid		 - - - - 0.00 0.00 708 812 2,397 3,089

Quarterly Cash Flow Statements for PDD

No quarterly cash flow statements for PDD are available.

Annual Balance Sheets for PDD

This table presents PDD's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 2,043 6,285 10,920 24,441 28,436 34,379 49,026 69,189 90,095
Total Current Assets		 2,016 5,879 10,481 22,998 25,250 31,407 41,515 56,944 74,213
Cash & Equivalents		 469 2,061 828 3,448 1,008 4,977 8,422 7,914 15,573
Restricted Cash		 1,438 2,384 3,959 8,063 9,355 8,405 8,730 9,374 10,558
Short-Term Investments		 7.67 1,111 5,067 9,928 13,576 16,690 22,171 37,509 44,817
Accounts Receivable		 68 148 340 652 667 916 1,046 1,037 1,459
Prepaid Expenses		 20 139 136 794 537 333 593 605 1,076
Other Current Assets		 14 36 151 112 106 85 551 504 731
Plant, Property, & Equipment, net		 1.42 4.23 5.93 31 346 151 138 120 187
Total Noncurrent Assets		 26 402 433 1,412 2,840 2,821 7,373 12,125 15,695
Intangible Assets		 0.00 375 286 196 110 19 2.98 2.63 2.20
Noncurrent Deferred & Refundable Income Taxes		 - - - 0.00 4.94 152 38 2.19 25
Other Noncurrent Operating Assets		 0.77 27 146 1,216 2,725 2,650 7,332 12,121 15,668
Total Liabilities & Shareholders' Equity		 2,043 6,285 10,920 24,441 28,436 34,379 49,026 69,189 90,095
Total Liabilities		 1,858 3,546 7,381 15,186 16,649 17,304 22,653 26,266 30,982
Total Current Liabilities		 1,858 3,546 6,571 12,902 14,708 16,947 21,536 25,814 30,564
Short-Term Debt		 - 0.00 129 287 0.00 2,013 91 727 0.00
Accounts Payable		 12 70 216 521 308 3,039 7,796 9,472 11,677
Customer Deposits		 273 610 1,126 1,681 2,131 2,183 2,377 2,255 2,532
Current Deferred Revenue		 8.66 28 87 373 183 201 302 404 483
Other Current Liabilities		 1,510 2,515 4,313 8,319 9,876 9,510 10,969 12,955 15,872
Total Noncurrent Liabilities		 0.00 0.00 810 2,284 1,940 357 1,118 452 418
Noncurrent Deferred & Payable Income Tax Liabilities		 - - - 0.00 4.91 1.89 8.43 15 5.98
Other Noncurrent Operating Liabilities		 - 0.00 1.06 0.45 0.16 126 372 437 412
Commitments & Contingencies		 - - 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -152 2,740 3,539 9,255 11,787 17,075 26,372 42,924 59,113
Total Preferred & Common Equity		 -152 2,740 3,539 9,255 11,787 17,075 26,372 42,924 59,113
Total Common Equity		 -152 2,740 3,539 9,255 11,787 17,075 26,372 42,924 59,113
Common Stock		 9.42 4,238 5,958 13,335 14,961 14,390 15,112 16,143 17,985
Retained Earnings		 -158 -1,649 -2,627 -3,918 -2,779 2,203 10,580 25,677 40,635
Accumulated Other Comprehensive Income / (Loss)		 -3.54 151 208 -161 -395 482 665 1,072 303
Other Equity Adjustments		 - - - - 0.00 0.72 15 33 191

Quarterly Balance Sheets for PDD

This table presents PDD's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q4 2023
Period end date 12/31/2022 12/31/2023
Total Assets		 34,379 49,026
Total Current Assets		 31,407 41,515
Cash & Equivalents		 4,977 8,422
Restricted Cash		 8,405 8,730
Short-Term Investments		 16,690 22,171
Accounts Receivable		 916 1,046
Prepaid Expenses		 333 593
Other Current Assets		 85 551
Plant, Property, & Equipment, net		 151 138
Total Noncurrent Assets		 2,821 7,373
Intangible Assets		 19 2.98
Noncurrent Deferred & Refundable Income Taxes		 152 38
Other Noncurrent Operating Assets		 2,650 7,332
Total Liabilities & Shareholders' Equity		 34,379 49,026
Total Liabilities		 17,304 22,653
Total Current Liabilities		 16,947 21,536
Short-Term Debt		 2,013 91
Accounts Payable		 3,039 7,796
Customer Deposits		 2,183 2,377
Current Deferred Revenue		 201 302
Other Current Liabilities		 9,510 10,969
Total Noncurrent Liabilities		 357 1,118
Long-Term Debt		 228 737
Noncurrent Deferred & Payable Income Tax Liabilities		 1.89 8.43
Other Noncurrent Operating Liabilities		 126 372
Commitments & Contingencies		 0.00 0.00
Total Equity & Noncontrolling Interests		 17,075 26,372
Total Preferred & Common Equity		 17,075 26,372
Total Common Equity		 17,075 26,372
Common Stock		 14,390 15,112
Retained Earnings		 2,203 10,580
Accumulated Other Comprehensive Income / (Loss)		 482 665
Other Equity Adjustments		 0.72 15

Annual Metrics And Ratios for PDD

This table displays calculated financial ratios and metrics derived from PDD's official financial filings.

Metric 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 - - - - - - - - - 5,693,585,848.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 5,693,585,848.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 2.46
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 0.00% 269.68% 613.56% 126.62% 111.43% 61.12% 28.40% 84.26% 54.69% 14.45%
EBITDA Growth		 0.00% -118.47% -1,519.35% 26.47% -13.82% 218.38% 243.55% 75.41% 75.60% -11.91%
EBIT Growth		 0.00% -118.73% -1,591.11% 23.36% -14.39% 186.81% 293.50% 84.54% 76.81% -12.63%
NOPAT Growth		 0.00% -122.74% -1,619.62% 22.01% -17.69% 185.25% 345.55% 80.00% 82.27% -13.46%
Net Income Growth		 0.00% -92.46% -1,745.60% 32.73% -10.39% 210.40% 275.09% 84.90% 82.19% -9.17%
EPS Growth		 0.00% 76.11% -1,139.29% 56.48% 0.00% 190.07% 302.94% -73.54% -75.42% -87.03%
Operating Cash Flow Growth		 0.00% 1,078.21% -23.93% 88.21% 103.80% 4.15% 55.71% 88.58% 25.95% -8.45%
Free Cash Flow Firm Growth		 0.00% 0.00% -100.85% 12,104.54% 89.41% -54.59% 198.53% 89.16% 40.32% -0.26%
Invested Capital Growth		 0.00% 0.00% -62.79% -90.95% -78.77% -6.28% -5.26% -12.72% 8.05% -6.16%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBIT Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
NOPAT Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Income Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EPS Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Profitability Metrics		 - - - - - - - - - -
Gross Margin		 -14.46% 58.56% 77.86% 78.97% 67.59% 66.24% 75.90% 62.96% 60.92% 56.28%
EBITDA Margin		 -58.57% -34.61% -78.54% -25.48% -13.72% 10.08% 26.97% 25.67% 29.14% 22.43%
Operating Margin		 -56.69% -34.16% -82.32% -28.33% -15.77% 7.34% 23.29% 23.70% 27.53% 21.56%
EBIT Margin		 -58.72% -34.74% -82.33% -27.84% -15.06% 8.12% 24.87% 24.91% 28.47% 21.74%
Profit (Net Income) Margin		 -57.83% -30.11% -77.87% -23.12% -12.07% 8.27% 24.16% 24.24% 28.55% 22.66%
Tax Burden Percent		 100.00% 100.00% 100.00% 99.59% 98.85% 82.16% 86.60% 83.51% 84.74% 81.91%
Interest Burden Percent		 98.50% 86.67% 94.58% 83.37% 81.05% 124.01% 112.15% 116.53% 118.33% 127.26%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 20.45% 12.98% 16.49% 15.27% 18.19%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 0.00% -43.58% -101.70% -31.87% -17.26% 10.34% 31.69% 38.92% 44.46% 27.42%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 0.00% -4.55% -37.76% -14.01% -7.80% 4.21% 14.99% 20.83% 25.99% 16.85%
Return on Assets (ROA)		 0.00% -3.94% -35.71% -11.63% -6.25% 4.29% 14.56% 20.27% 26.06% 17.57%
Return on Common Equity (ROCE)		 0.00% 35.88% -89.98% -31.87% -17.26% 10.34% 31.69% 38.92% 44.46% 27.42%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 52.94% -54.28% -28.27% -11.93% 10.34% 26.78% 32.06% 35.89% 0.00%
Net Operating Profit after Tax (NOPAT)		 -29 -64 -1,100 -858 -1,010 861 3,836 6,905 12,585 10,891
NOPAT Margin		 -39.68% -23.91% -57.62% -19.83% -11.04% 5.84% 20.26% 19.80% 23.32% 17.64%
Net Nonoperating Expense Percent (NNEP)		 0.00% -1.73% -10.35% -1.97% -0.68% 1.75% 2.96% 4.67% 6.09% 4.96%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - 28.83% 18.42%
Cost of Revenue to Revenue		 114.46% 41.44% 22.14% 21.03% 32.41% 33.76% 24.10% 37.04% 39.08% 43.72%
SG&A Expenses to Revenue		 2.93% 7.64% 49.21% 4.30% 2.53% 1.64% 3.04% 1.65% 1.92% 1.89%
R&D to Revenue		 5.83% 7.41% 8.51% 12.84% 11.58% 9.57% 7.95% 4.42% 3.21% 3.82%
Operating Expenses to Revenue		 42.23% 92.71% 160.17% 107.30% 83.36% 58.90% 52.62% 39.26% 33.39% 34.72%
Earnings before Interest and Taxes (EBIT)		 -43 -93 -1,572 -1,205 -1,378 1,196 4,708 8,688 15,362 13,422
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -42 -93 -1,500 -1,103 -1,255 1,486 5,105 8,954 15,724 13,851
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.70 11.91 22.32 6.13 6.04 7.32 3.11 2.67
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.81 12.95 22.80 6.18 6.05 7.32 3.11 2.67
Price to Revenue (P/Rev)		 22.47 6.08 1.01 9.73 22.57 4.90 5.45 5.54 2.47 2.56
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 59.24 22.55 22.84 8.66 11.28
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 1.69% 4.43% 4.38% 11.54% 8.86%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 0.18 0.00 7.67 20.51 3.41 3.98 4.43 1.47 1.41
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 33.79 14.75 17.26 5.05 6.27
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 41.97 15.99 17.79 5.17 6.48
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 58.32 19.63 22.39 6.31 7.98
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.03 0.00 15.61 43.27 11.12 10.70 11.65 4.75 5.68
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.03 0.00 19.50 58.17 34.27 17.21 18.68 6.84 7.51
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.27 0.28 0.16 0.13 0.03 0.02 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.23 0.25 0.16 0.01 0.03 0.00 0.00
Financial Leverage		 0.00 -10.36 -2.55 -2.31 -2.17 -1.73 -1.73 -1.53 -1.34 -1.23
Leverage Ratio		 0.00 11.05 2.85 2.74 2.76 2.41 2.18 1.92 1.71 1.56
Compound Leverage Factor		 0.00 9.58 2.69 2.28 2.24 2.99 2.44 2.24 2.02 1.99
Debt to Total Capital		 0.00% 0.00% 0.00% 20.96% 21.74% 14.10% 11.60% 3.04% 1.67% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 2.88% 2.43% 0.00% 10.42% 0.34% 1.67% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 18.07% 19.31% 14.10% 1.18% 2.71% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 182.32% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 0.00% -82.32% 100.00% 79.04% 78.26% 85.90% 88.40% 96.96% 98.33% 100.00%
Debt to EBITDA		 0.00 0.00 0.00 -0.85 -2.05 1.30 0.44 0.09 0.05 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 8.08 15.03 -14.81 -5.45 -4.30 -3.44 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 -0.73 -1.82 1.30 0.04 0.08 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 -1.09 -2.55 2.25 0.58 0.12 0.06 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 10.39 18.68 -25.56 -7.26 -5.58 -4.30 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 -0.94 -2.26 2.25 0.06 0.11 0.00 0.00
Altman Z-Score		 0.00 0.49 -0.12 3.55 8.62 3.57 5.17 7.20 5.62 5.45
Noncontrolling Interest Sharing Ratio		 0.00% 182.32% 11.53% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - -
Current Ratio		 0.00 1.08 1.66 1.60 1.78 1.72 1.85 1.93 2.21 2.43
Quick Ratio		 0.00 0.29 0.94 0.95 1.09 1.04 1.33 1.47 1.80 2.02
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 1,666 -14 1,703 3,226 1,465 4,373 8,273 11,609 11,578
Operating Cash Flow to CapEx		 38,234.60% 113,171.29% 28,462.29% 54,971.91% 65,581.17% 875.71% 7,630.91% 16,139.50% 12,614.28% 9,339.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 81.33 27.70 7.58 583.96 1,335.28 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 101.61 37.23 23.38 939.07 2,140.69 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 101.43 37.17 20.71 926.77 2,127.43 0.00 0.00
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.00 0.13 0.46 0.50 0.52 0.52 0.60 0.84 0.91 0.78
Accounts Receivable Turnover		 0.00 3.94 17.66 17.74 18.45 22.11 23.91 35.55 51.80 49.48
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 187.96 675.29 852.09 492.93 42.64 76.14 240.99 417.55 402.00
Accounts Payable Turnover		 0.00 9.50 10.41 6.38 8.05 16.16 2.73 2.38 2.44 2.55
Days Sales Outstanding (DSO)		 0.00 92.69 20.67 20.58 19.78 16.51 15.26 10.27 7.05 7.38
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 38.41 35.07 57.22 45.33 22.59 133.91 153.06 149.47 142.96
Cash Conversion Cycle (CCC)		 0.00 54.29 -14.40 -36.65 -25.55 -6.08 -118.65 -142.79 -142.43 -135.59
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 0.00 -1,730 -2,816 -5,377 -9,614 -10,218 -10,755 -12,123 -11,147 -11,834
Invested Capital Turnover		 0.00 -0.31 -0.84 -1.06 -1.22 -1.49 -1.81 -3.05 -4.64 -5.37
Increase / (Decrease) in Invested Capital		 0.00 -1,730 -1,086 -2,561 -4,236 -604 -538 -1,368 976 -687
Enterprise Value (EV)		 0.00 49 -3,635 33,212 187,674 50,212 75,280 154,573 79,375 86,909
Market Capitalization		 1,626 1,626 1,921 42,129 206,543 72,216 103,111 193,069 133,446 157,855
Book Value per Share		 $0.00 ($0.09) $0.92 $0.79 $1.99 $2.38 $3.38 $5.00 $7.80 $10.62
Tangible Book Value per Share		 $0.00 ($0.09) $0.80 $0.73 $1.95 $2.36 $3.37 $5.00 $7.80 $10.62
Total Capital		 0.00 185 2,740 4,477 11,826 13,722 19,317 27,201 43,651 59,113
Total Debt		 0.00 0.00 0.00 938 2,571 1,935 2,242 828 727 0.00
Total Long-Term Debt		 0.00 0.00 0.00 809 2,284 1,935 228 737 0.00 0.00
Net Debt		 0.00 -1,915 -5,556 -8,916 -18,869 -22,005 -27,830 -38,496 -54,070 -70,947
Capital Expenditures (CapEx)		 0.33 1.31 3.97 3.87 6.61 516 92 82 132 164
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 -1,757 -3,222 -5,815 -11,057 -13,398 -13,600 -19,253 -22,941 -27,298
Debt-free Net Working Capital (DFNWC)		 0.00 158 2,333 4,039 10,383 10,542 16,473 20,070 31,857 43,649
Net Working Capital (NWC)		 0.00 158 2,333 3,910 10,096 10,542 14,459 19,979 31,130 43,649
Net Nonoperating Expense (NNE)		 13 17 387 142 94 -358 -737 -1,550 -2,818 -3,100
Net Nonoperating Obligations (NNO)		 0.00 -1,915 -5,556 -8,916 -18,869 -22,005 -27,830 -38,496 -54,070 -70,947
Total Depreciation and Amortization (D&A)		 0.11 0.35 72 102 123 289 397 266 362 429
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% -656.55% -168.74% -134.37% -120.83% -90.88% -71.84% -55.20% -42.52% -44.20%
Debt-free Net Working Capital to Revenue		 0.00% 58.96% 122.19% 93.33% 113.47% 71.51% 87.02% 57.54% 59.04% 70.68%
Net Working Capital to Revenue		 0.00% 58.96% 122.19% 90.35% 110.34% 71.51% 76.39% 57.28% 57.70% 70.68%
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 ($0.50) ($0.22) $0.00 $0.00 $0.90 $1.56 $0.38 $0.36
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 2.97B 4.63B 0.00 0.00 5.06B 5.42B 5.54M 5.59B
Adjusted Diluted Earnings per Share		 $0.00 $0.00 ($0.50) ($0.22) $0.00 $0.00 $0.79 $1.45 $0.36 $0.34
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 2.97B 4.63B 0.00 0.00 5.76B 5.84B 5.92M 5.93B
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 4.46B 4.65B 0.00 0.00 5.28B 5.50B 5.57B 5.69B
Normalized Net Operating Profit after Tax (NOPAT)		 -29 -63 -1,100 -858 -1,010 861 3,836 6,905 12,585 10,891
Normalized NOPAT Margin		 -39.68% -23.51% -57.62% -19.83% -11.04% 5.84% 20.26% 19.80% 23.32% 17.64%
Pre Tax Income Margin		 -57.83% -30.11% -77.87% -23.21% -12.21% 10.06% 27.90% 29.03% 33.69% 27.66%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 -57.54 -11.83 6.19 628.66 1,402.39 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 -40.98 -8.67 4.46 512.19 1,114.47 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 -57.72 -11.89 3.52 616.36 1,389.13 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 -41.16 -8.73 1.79 499.88 1,101.20 0.00 0.00
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% -6.22% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for PDD

No quarterly metrics and ratios for PDD are available.


Financials Breakdown Chart

Key Financial Trends

PDD Holdings’ Q4 2023 balance sheet shows a material expansion in assets and equity versus Q4 2022, with improved near‑term liquidity and a shift in debt structure. The company’s asset base grew strongly, helped by large holdings in cash equivalents and short‑term investments, while equity climbed driven by retained earnings. A modest rise in current liabilities accompanies the asset growth, and the near‑term debt profile moved toward a longer horizon.

  • Total assets increased from $34.38B in 2022 to $49.03B in 2023, a rise of about 42% and a sign of substantial growth and scale.
  • Total equity rose from $17.08B to $26.37B, strengthening the balance sheet and financial flexibility.
  • Cash & equivalents grew to $8.42B in 2023 from $4.98B in 2022, boosting liquidity.
  • Short-term investments increased to $22.17B from $16.69B, expanding near‑term liquidity and investment capacity.
  • Retained earnings climbed to $10.58B from $2.20B, reflecting profitability and earnings retention.
  • Current liquidity improved with the current ratio around 1.93x in 2023 vs about 1.85x in 2022, indicating stronger short‑term coverage.
  • Debt structure shifted favorably as short-term debt declined to $91.3M from $2.01B and long‑term debt rose modestly to $736.8M from $228.5M, improving near‑term liquidity risk management.
  • Noncurrent assets expanded to $7.37B (from $2.82B), driven by a large increase in Other Noncurrent Operating Assets, signaling longer‑term growth initiatives.
  • Leverage profile improved as the debt‑to‑asset ratio tightened to roughly 46% in 2023 from about 50% in 2022, supported by stronger equity and asset growth.
  • Overall liquidity cushion across cash, restricted cash, and short‑term investments remained robust, underscoring financial flexibility to fund growth or weather potential downturns.
  • PPE and intangible assets declined modestly, with net PPE at $137.97M (down from $151.49M) and intangible assets at $2.98M (down from $19.43M), indicating asset reallocation or amortization/impairment effects.
  • Noncurrent liabilities rose to about $1.12B, reflecting higher long‑dated obligations as the company expands, which is a neutral framing in the context of growth financing.
  • Total liabilities increased to $22.65B in 2023 from $17.30B in 2022, which could introduce greater interest and debt service pressures if earnings do not keep pace with growth.
05/06/26 02:23 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About PDD's Financials

When does PDD's fiscal year end?

According to the most recent income statement we have on file, PDD's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

How has PDD's net income changed over the last 9 years?

PDD's net income appears to be on an upward trend, with a most recent value of $13.99 billion in 2025, falling from -$41.87 million in 2016. The previous period was $15.40 billion in 2024. See PDD's forecast for analyst expectations on what’s next for the company.

What is PDD's operating income?
PDD's total operating income in 2025 was $13.31 billion, based on the following breakdown:
  • Total Gross Profit: $34.75 billion
  • Total Operating Expenses: $21.44 billion
How has PDD's revenue changed over the last 9 years?

Over the last 9 years, PDD's total revenue changed from $72.39 million in 2016 to $61.75 billion in 2025, a change of 85,204.0%.

How much debt does PDD have?

PDD's total liabilities were at $30.98 billion at the end of 2025, a 18.0% increase from 2024, and a 1,567.4% increase since 2017.

How much cash does PDD have?

In the past 8 years, PDD's cash and equivalents has ranged from $469.26 million in 2017 to $15.57 billion in 2025, and is currently $15.57 billion as of their latest financial filing in 2025.

How has PDD's book value per share changed over the last 9 years?

Over the last 9 years, PDD's book value per share changed from 0.00 in 2016 to 10.62 in 2025, a change of 1,061.6%.


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Financial statements for NASDAQ:PDD last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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