PDD Holdings

PDD · NASDAQ · USD

$75.38−1.46%−$1.12

Close · October 2, 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.

Balance sheet · Annual
Item	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Total assets	630,044	505,034	348,078	237,120	181,210	158,909	76,057	43,182	13,314	1,771
Current assets	518,980	415,648	294,750	216,618	160,909	149,524	73,001	40,391	13,138	1,754
Cash and equivalents	108,901	57,768	59,794	34,326	6,427	22,421	5,768	14,160	3,058	1,320
Short-term investments	313,408	273,792	157,415	115,106	86,203	61,549	34,493	7,631	50.0	290
Receivables	18,531	12,153	11,709	7,353	5,959	5,651	3,665	1,466	593	112
Inventory	—	—	—	—	14.2	1,718	—	—	—	—
Net property, plant and equipment	6,169	5,944	5,084	2,461	3,142	833	558	29.1	9.3	2.2
Other intangible assets	15.4	19.2	21.1	134	701	1,277	1,994	2,579	—	—
Long-term investments	104,317	82,974	47,524	16,665	16,268	6,839	434	—	5.0	15.0
Current liabilities	213,737	188,423	152,901	116,889	93,730	83,882	45,768	24,359	12,110	1,414
Accounts payable	168,794	143,543	93,141	68,972	66,424	58,357	30,234	17,276	9,839	1,129
Long-term debt	—	—	5,232	1,576	11,789	14,433	5,207	—	—	—
Total debt	5,379	10,607	10,166	16,934	12,760	15,101	5,751	—	—	—
Total liabilities	216,659	191,721	160,837	119,349	106,095	98,733	51,410	24,359	12,110	1,414
Total equity (incl. minority)	413,385	313,313	187,242	117,771	75,115	60,176	24,647	18,823	1,205	356
Retained earnings	285,502	187,659	75,225	15,198	-17,707	-25,475	-18,295	-11,328	-1,030	-472