PDD Holdings
$75.38Change from previous close: −1.46%Absolute change: −$1.12
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 CNY; per-share values in CNY; shares in millions.
| Item | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 25,670 | 16,445 | 24,120 | 45,661 | 21,642 | 15,517 | 29,547 | 27,522 | 43,793 | 21,067 | 36,891 | 32,538 |
| Depreciation and amortization | — | — | 3,000 | — | — | — | 2,641 | — | — | — | 1,888 | — |
| Capital expenditure | — | — | -1,145 | — | — | — | -967 | — | — | — | -584 | — |
| Investing cash flow | -19,974 | 2,082 | 1,538 | -11,556 | -27,022 | -6,384 | -30,545 | -16,899 | -42,622 | -28,290 | -16,471 | -4,821 |
| Financing cash flow | 0.0 | 0.0 | -5,228 | 0.6 | 0.4 | 0.2 | 0.3 | 0.1 | 0.7 | 0.0 | -8,968 | 0.4 |
| Debt repaid | — | — | -5,229 | — | — | — | -0.1 | — | — | — | -8,969 | — |
| Effect of exchange rates | 1,242 | -2,005 | -1,087 | -616 | 21.9 | -69.5 | 1,504 | -1,052 | 241 | 148 | -1,025 | 201 |
| Net change in cash | 6,938 | 16,522 | 19,342 | 33,489 | -5,358 | 9,064 | 506 | 9,572 | 1,412 | -7,075 | 10,427 | 27,919 |
| Free cash flow | 25,670 | 16,445 | 22,974 | 45,661 | 21,642 | 15,517 | 28,580 | 27,522 | 43,793 | 21,067 | 36,307 | 32,538 |
| Levered free cash flow | 19,897 | 7,447 | 15,557 | 31,341 | 17,299 | 21,433 | 17,380 | 23,105 | 41,685 | 21,000 | 26,889 | 26,625 |