PDD Holdings

PDD · NASDAQ · USD

$76.50−1.85%−$1.44

Close · October 1, 2026

At a glance

Revenue growth: +9.65%; 2025 vs 2024
Net income growth: −12.98%; 2025 vs 2024
Net margin: 22.7%; 2024: 28.5%

Financial data

Amounts in millions of id:41; per-share values in id:41; shares in millions.

Income statement · Annual
Item	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Total revenue	431,846	393,836	247,639	130,558	93,950	59,492	30,142	13,120	1,744	505
Cost of revenue	188,802	153,900	91,724	31,462	31,718	19,279	6,339	2,905	723	578
Gross profit	243,044	239,936	155,916	99,095	62,232	40,213	23,803	10,215	1,021	-73.0
Selling, general and administrative	136,177	121,068	87,643	59,041	46,869	42,911	28,600	13,945	1,478	184
Research and development	13,765	10,445	9,574	9,653	8,466	6,682	3,741	1,116	129	29.4
Operating income	93,102	108,423	58,699	30,402	6,897	-9,380	-8,538	-4,846	-586	-286
EBIT	93,102	108,423	58,699	30,402	6,897	-9,380	-8,538	-4,846	-586	-286
EBITDA	93,704	109,132	59,485	32,626	8,392	-8,729	-7,900	-4,349	-583	-285
Interest expense	0.0	0.0	44.0	51.7	1,231	757	146	—	—	—
Pre-tax income	119,575	132,701	71,876	36,264	9,702	-7,180	-6,968	-10,217	-525	-292
Income tax	21,733	20,267	11,850	4,726	1,934	—	—	—	—	—
Net income	97,843	112,435	60,027	31,538	7,769	-7,180	-6,968	-10,217	-525	-292
Net income to common shareholders	97,843	112,435	60,027	31,538	7,769	-7,180	-6,968	-10,298	-499	-322
Basic EPS	70.00	81.24	44.33	24.94	6.20	-6.02	-6.02	-13.88	-1.13	-0.71
Diluted EPS	66.00	76.00	41.15	21.93	5.44	-6.04	-6.04	-13.88	-1.13	-0.72
Average shares (basic)	1,398	1,384	1,354	1,264	1,253	1,192	1,157	742	441	454
Average shares (diluted)	1,482	1,479	1,460	1,440	1,428	1,192	1,157	742	441	454