PDD on Nasdaq

PDD Holdings

E-commerce company.¹

$82.59 up 1.14 (1.40%)Price as of Oct 15, 2026 at 19:45 UTC

Last updated Oct 16, 2026.

Overview

$61.8BRevenue, fiscal 2025⁴

$14.0BNet income, fiscal 2025⁴

2018Founded¹

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TickerPDD on Nasdaq¹
Industrye-commerce¹
HeadquartersDublin¹
Websitewww.pddholdings.com
Incorporated inCayman Islands⁵
Business addressFirst Floor, 25 St Stephen'S Green, Dublin 2⁵
Filer categoryLarge accelerated filer⁵

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

21.6%Operating margin⁴

22.7%Net margin⁴

14.5%Revenue growth, 2025⁴

23.7%Return on equity⁴

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Online marketing services and others brought in 50% of the revenue PDD Holdings broke down this way in fiscal 2025.

Online marketing services and others217.8B CNY⁴50%up 10% from 2024
Transaction services214.1B CNY⁴50%up 9% from 2024

Products and services by year

Products and services	2023	2024	2025
Online marketing services and others	153.5B CNY	197.9B CNY	217.8B CNY
Transaction services	94.1B CNY	195.9B CNY	214.1B CNY

Where the money goes

Where each dollar of revenue went, fiscal 2025

Cost of revenueOther costsProfit

Cost of revenue44¢$27.0B
Research and development4¢$2.4B
Other costs25¢$15.3B
Income tax5¢$3.1B
Profit23¢$14.0B

Out of $61.8B in revenue.⁴

Where each dollar of operating cash went, fiscal 2025

Kept or used elsewhere

Kept or used elsewhere100¢$15.3B

Out of $15.3B of cash from operations.⁴

Financial statements

Revenue⁶⁷⁸⁹¹⁰¹¹¹²⁴$61.8B in 2025+3136% since 2018

Gross profit⁶⁷⁸⁹¹⁰$14.4B in 2022+867% since 2018

Operating income⁶⁷⁸⁹¹⁰¹¹¹²⁴$13.3B in 2025

Net income⁶⁷⁸⁹¹⁰¹¹¹²⁴$14.0B in 2025

Every line of the income statement in the latest annual report, as filed.⁴

Period ending	2025-12-31	2024-12-31	2023-12-31
Revenues (including services provided to a related party of RMB4,272, nil and nil for the years ended December 31, 2023, 2024 and 2025, respectively)	431.8B CNY	393.8B CNY	247.6B CNY
Costs of revenues (including services received from related parties of RMB6,031,719, RMB6,292,953 and RMB6,118,953 (US$874,999) for the years ended December 31, 2023, 2024 and 2025, respectively)	-188.8B CNY	-153.9B CNY	-91.7B CNY
Sales and marketing expenses (including services received from related parties of RMB1,795,959, RMB1,302,234 and RMB1,005,637 (US$143,804) for the years ended December 31, 2023, 2024 and 2025, respectively)	-125.3B CNY	-111.3B CNY	-82.2B CNY
General and administrative expenses	-8.2B CNY	-7.6B CNY	-4.1B CNY
Research and development expenses (including services received from related parties of RMB194,803, RMB79,242 and RMB162,606 (US$23,252) for the years ended December 31, 2023, 2024 and 2025, respectively)	-16.5B CNY	-12.7B CNY	-11.0B CNY
Total operating expenses	-149.9B CNY	-131.5B CNY	-97.2B CNY
Operating profit	93.1B CNY	108.4B CNY	58.7B CNY
Interest and investment income, net	25.6B CNY	20.6B CNY	10.2B CNY
Interest expenses			-44.0M CNY
Foreign exchange gain/(loss)	-2.0B CNY	587.9M CNY	35.7M CNY
Other income, net	2.7B CNY	3.1B CNY	3.0B CNY
Profit before income tax and share of results of equity investees	119.4B CNY	132.7B CNY	71.9B CNY
Income tax expenses	-21.7B CNY	-20.3B CNY	-11.8B CNY
Share of results of equity investees	129.0M CNY	17.2M CNY	-4.7M CNY
Net income	97.8B CNY	112.4B CNY	60.0B CNY
Net income attributable to ordinary shareholders	97.8B CNY	112.4B CNY	60.0B CNY
Basic (in dollars per share)	17.50 CNY	20.31 CNY	11.08 CNY
Diluted (in dollars per share)	16.50 CNY	19.00 CNY	10.29 CNY
Basic (in shares)	5.6B shares	5.5B shares	5.4B shares
Diluted (in shares)	5.9B shares	5.9B shares	5.8B shares
Foreign currency translation difference, net of tax of nil	-5.5B CNY	2.6B CNY	1.3B CNY
Unrealized gains/(losses) on available-for-sale debt securities, net of tax	-232.3M CNY	494.8M CNY	68.5M CNY
Total other comprehensive income/(loss)	-5.7B CNY	3.1B CNY	1.4B CNY
Comprehensive income	92.1B CNY	115.5B CNY	61.4B CNY
Foreign currency translation difference, tax	0 CNY	0 CNY	0 CNY

Total assets⁶⁷⁸⁹¹⁰¹¹¹²⁴$90.1B in 2025+1335% since 2018

Total liabilities⁶⁷⁸⁹¹⁰¹¹¹²⁴$31.0B in 2025+774% since 2018

Shareholders’ equity⁶⁷⁸⁹¹⁰¹¹¹²⁴$59.1B in 2025+2059% since 2018

Cash⁶⁷⁸⁹¹⁰¹¹¹²⁴$15.6B in 2025+656% since 2018

Every line of the balance sheet in the latest annual report, as filed.⁴

Period ending	2025-12-31	2024-12-31	2023-12-31
Cash and cash equivalents	108.9B CNY	57.8B CNY	59.8B CNY
Restricted cash	73.8B CNY	68.4B CNY	62.0B CNY
Receivables from online payment platforms	5.1B CNY	3.7B CNY
Short-term investments	313.4B CNY	273.8B CNY
Amounts due from related parties	10.2B CNY	7.6B CNY
Prepayments and other current assets	7.5B CNY	4.4B CNY
Total current assets	519.0B CNY	415.6B CNY
Property, equipment and software, net	1.3B CNY	879.3M CNY
Intangible assets	15.4M CNY	19.2M CNY
Right-of-use assets	4.9B CNY	5.1B CNY
Deferred tax assets	172.0M CNY	16.0M CNY
Other non-current assets	104.7B CNY	83.4B CNY
Total non-current assets	111.1B CNY	89.4B CNY
Total Assets	630.0B CNY	505.0B CNY
Amounts due to related parties	1.1B CNY	801.9M CNY
Customer advances and deferred revenues	3.4B CNY	2.9B CNY
Payable to merchants	107.4B CNY	91.7B CNY
Accrued expenses and other liabilities	81.7B CNY	69.1B CNY
Merchant deposits	17.7B CNY	16.5B CNY
Convertible bonds, current portion		5.3B CNY
Lease liabilities	2.5B CNY	2.1B CNY
Lease liabilities	2.9B CNY	3.2B CNY
Deferred tax liabilities	41.9M CNY	106.8M CNY
Total liabilities	216.7B CNY	191.7B CNY
Class A ordinary shares (US$0.000005 par value; 77,300,000,000 shares authorized, 5,568,585,848 and 5,693,585,848 shares issued and outstanding as of December 31, 2024 and 2025, respectively)	182.0K CNY	180.0K CNY
Additional paid-in capital	125.8B CNY	117.8B CNY
Statutory reserves	1.3B CNY	237.7M CNY
Accumulated other comprehensive income	2.1B CNY	7.8B CNY
Retained earnings	284.2B CNY	187.4B CNY
Total shareholders' equity	413.4B CNY	313.3B CNY	187.2B CNY
Total liabilities and shareholders' equity	630.0B CNY	505.0B CNY
Current liabilities	213.7B CNY	188.4B CNY
Non-current liabilities	2.9B CNY	3.3B CNY
Class A ordinary shares, par value (in dollars per share)	$0.00	$0.00
Class A ordinary shares, shares authorized (in shares)	77.3B shares	77.3B shares
Class A ordinary shares, issued (in shares)	5.7B shares	5.6B shares
Class A ordinary shares, outstanding (in shares)	5.7B shares	5.6B shares

Cash from operations⁶⁷⁸⁹¹⁰¹¹¹²⁴$15.3B in 2025+1254% since 2018

Capital spending⁶⁷⁸$6.6M in 2020+66% since 2018

Free cash flow⁶⁷⁸$4.3B in 2020+283% since 2018

Every line of the cash flow in the latest annual report, as filed.⁴

Period ending	2025-12-31	2024-12-31	2023-12-31
Net income	97.8B CNY	112.4B CNY	60.0B CNY
Interest expenses			44.0M CNY
Allowance for credit losses	313.1M CNY	329.9M CNY	265.2M CNY
Depreciation and amortization	601.5M CNY	708.8M CNY	786.2M CNY
Deferred income tax, net	-181.9M CNY	222.2M CNY	801.1M CNY
Amortization of right-of-use assets	2.4B CNY	1.9B CNY	1.1B CNY
Interest and investment gain, net	-774.2M CNY	-2.8B CNY	-1.4B CNY
Loss on disposal of property and equipment	3.1M CNY	3.9M CNY	1.8M CNY
Share-based compensation	7.9B CNY	9.9B CNY	7.1B CNY
Foreign exchange (gain)/loss	2.0B CNY	-587.9M CNY	-35.7M CNY
Share of results of equity investees	-129.0M CNY	-17.2M CNY	4.7M CNY
Fair value change of investments	-10.4B CNY	-6.8B CNY	-1.0B CNY
Receivables from online payment platforms	-1.5B CNY	48.8M CNY	-3.3B CNY
Amounts due from related parties	-2.4B CNY	-141.1M CNY	-1.1B CNY
Prepayments and other current assets	-3.7B CNY	-782.0M CNY	-2.1B CNY
Customer advances and deferred revenues	431.7M CNY	802.4M CNY	755.0M CNY
Amounts due to related parties	284.7M CNY	-436.9M CNY	-437.6M CNY
Payable to merchants	15.3B CNY	16.9B CNY	11.6B CNY
Accrued expenses and other liabilities	12.4B CNY	13.8B CNY	34.3B CNY
Merchant deposits	1.2B CNY	-418.1M CNY	1.8B CNY
Lease liabilities	-2.1B CNY	-1.9B CNY	-977.8M CNY
Short-term investments	-12.6B CNY	-21.4B CNY	-13.9B CNY
Other non-current assets	46.1M CNY	160.4M CNY	-184.2M CNY
Net cash generated from operating activities	106.9B CNY	121.9B CNY	94.2B CNY
Purchase of short-term time deposits, held to maturities and other investments	-209.6B CNY	-210.3B CNY	-147.1B CNY
Proceeds from sales of short-term time deposits, held to maturities and other investments	230.9B CNY	147.3B CNY	130.3B CNY
Purchase of available-for-sale debt securities	-28.5B CNY	-13.7B CNY	-17.3B CNY
Proceeds from sales of available-for-sale debt securities	6.9B CNY	1.1B CNY	4.2B CNY
Purchase of long-term time deposits, held to maturities and other investments	-42.4B CNY	-43.8B CNY	-25.1B CNY
Proceeds from sales of long-term time deposits, held to maturities and other investments	709.2M CNY	2.0B CNY
Purchase of property, equipment and software and intangible assets	-1.1B CNY	-967.1M CNY	-583.9M CNY
Loans to a related party	-200.0M CNY		-13.0M CNY
Others	246.0K CNY	35.7M CNY	143.2M CNY
Net cash used in investing activities	-43.4B CNY	-118.4B CNY	-55.4B CNY
Repayment or repurchase of convertible bonds	-5.2B CNY	-91.0K CNY	-9.0B CNY
Others	1.4M CNY	1.3M CNY	8.2M CNY
Net cash (used in)/ generated from financing activities	-5.2B CNY	1.2M CNY	-9.0B CNY
Effect of exchange rate changes on cash, cash equivalents and restricted cash	-1.8B CNY	840.1M CNY	-291.1M CNY
Increase in cash, cash equivalents and restricted cash	56.5B CNY	4.4B CNY	29.5B CNY
Interest received	12.3B CNY	9.4B CNY	7.3B CNY
Income taxes paid	21.6B CNY	17.5B CNY	5.8B CNY
Recognition of right-of-use assets and lease liabilities	2.3B CNY	3.0B CNY	3.9B CNY
Purchase of property, equipment and software included in accrued expenses and other liabilities	84.1M CNY	43.7M CNY	257.2M CNY
Income taxes paid in PRC	21.2B CNY
Income taxes paid in jurisdictions outside PRC	366.0M CNY

Compare PDD Holdings with another company

Products and brands

e-commerce

Listed on Wikidata.¹

Subsidiaries and ownership

Owners

Colin Huang 26.5%
Tencent 14.7%

Subsidiaries

Shanghai Xunmeng Information Technology
Temu
Whaleco Technology

From Wikidata.¹

Employees over time

202212,992¹
20207,986¹

Former names

Pinduoduo Inc.Jun 8, 2018 to Feb 3, 2023⁵
Walnut Street Group Holding LtdMay 7, 2018 to Jun 29, 2018⁵

Timeline

Jul 26, 2018Went public Listed on NYSE¹
2018Founded Founded¹

Recent filings

Sep 4, 20264 OWNERSHIP DOCUMENT
Sep 3, 2026144
Sep 2, 20264 OWNERSHIP DOCUMENT
Aug 25, 20266-K
Aug 21, 20266-K
Aug 4, 20264 OWNERSHIP DOCUMENT
Jul 2, 20264 OWNERSHIP DOCUMENT
Jul 2, 20264 OWNERSHIP DOCUMENT
May 28, 20266-K
Apr 29, 202620-F
Apr 1, 20264 OWNERSHIP DOCUMENT
Apr 1, 20264 OWNERSHIP DOCUMENT
Mar 30, 2026144
Mar 30, 2026144
Mar 26, 20266-K

Every filing from the last three years, summarized. The full record is on SEC EDGAR.²

Sources

The numbers on this page point here. Each one links to the record it came from.

1
WikidataPDD Holdings on Wikidata
2
SEC EDGARPDD Holdings filings on SEC EDGAR
3
Yahoo FinancePDD quote
4
SEC EDGARPDD Holdings 10-K for fiscal 2025
5
SEC EDGARPDD Holdings filings on SEC EDGAR
6
SEC EDGARPDD Holdings 10-K for fiscal 2018
7
SEC EDGARPDD Holdings 10-K for fiscal 2019
8
SEC EDGARPDD Holdings 10-K for fiscal 2020
9
SEC EDGARPDD Holdings 10-K for fiscal 2021
10
SEC EDGARPDD Holdings 10-K for fiscal 2022
11
SEC EDGARPDD Holdings 10-K for fiscal 2023
12
SEC EDGARPDD Holdings 10-K for fiscal 2024