--- title: "PDD Holdings Financial Metrics" description: "PDD Holdings revenue, margins, cash flow and balance sheet figures by fiscal year, taken from its SEC filings, with the ratios computed and explained." canonical: https://www.getswoopr.com/stocks/companies/pdd-holdings/metrics/ source: "Swoopr Investment: https://www.getswoopr.com" --- ## Direct Answer > This guide identifies the key financial and operating metrics for PDD Holdings (PDD), the operator of Pinduoduo in China and Temu internationally, explaining what each metric measures and how it connects to PDD's monetization trajectory, cross-border e-commerce growth, and competitive positioning against Alibaba and JD.com. # PDD Holdings Financial Metrics & KPI Guide ## What Are PDD Holdings's Key Financial Figures? | Fiscal year | FY2025ended December 31, 2025 | FY2024ended December 31, 2024 | FY2023ended December 31, 2023 | FY2022ended December 31, 2022 | | --- | --- | --- | --- | --- | | Revenue | $61.8 billion | $54.0 billion | $34.9 billion | $18.9 billion | | Operating income | $13.3 billion | $14.9 billion | $8.3 billion | $4.4 billion | | Operating margin | 21.6% | 27.5% | 23.7% | 23.3% | | Net income | $14.0 billion | $15.4 billion | $8.5 billion | $4.6 billion | | Net margin | 22.7% | 28.5% | 24.2% | 24.2% | | Operating cash flow | $15.3 billion | $16.7 billion | $13.3 billion | $7.0 billion | | Capital expenditures | Not reported | Not reported | Not reported | Not reported | | Free cash flow | Not reported | Not reported | Not reported | Not reported | Operating margin narrowed by 6.0 percentage points between fiscal 2024 and 2025, which separates pricing and cost discipline from revenue growth alone. ![Bar chart of PDD Holdings revenue, operating income, net income for fiscal 2022 to 2025. In fiscal 2025, revenue was $61.8 billion, operating income $13.3 billion and net income $14.0 billion.](https://www.getswoopr.com/images/charts/pdd-holdings-metrics-revenue-profit.webp) *PDD Holdings revenue, operating income and net income by fiscal year, from the figures in the table above. Select the chart to open it full size.* ![Line chart of PDD Holdings operating margin and net margin for fiscal 2022 to 2025. In fiscal 2025, operating margin was 21.6% and net margin was 22.7%.](https://www.getswoopr.com/images/charts/pdd-holdings-metrics-margins.webp) *PDD Holdings operating margin and net margin by fiscal year: operating income and net income as a share of revenue. Select the chart to open it full size.* ## What Does PDD Holdings's Balance Sheet Show? | Cash and cash equivalents | $15.6 billion | | --- | --- | | Long-term debt | Not reported | | Total assets | $90.1 billion | | Total liabilities | $31.0 billion | | Shareholders' equity | $59.1 billion | | Current ratio | 2.4x | Balance sheet values are as of the end of fiscal 2025. Income statement figures describe a whole year; balance sheet figures describe a single day, so the two answer different questions. ## Where These Numbers Come From Every figure on this page is a value PDD Holdings reported in its own SEC filings, read from the SEC's XBRL data (accession 0001104659-26-050727 for fiscal year 2025). Ratios are computed from those reported values. Figures were retrieved on October 7, 2026; a later amendment or a new annual report can change them, and the filing itself always takes precedence over this summary. Each fiscal year is labeled by the calendar year in which it ended, so a company that names the same period differently in its own filings (many retailers whose year ends in January) may use another label. A year is left out of the table when the SEC data set holds no value for it. A figure shown as "Not reported" means the company did not file a value under the standard tag Swoopr reads, not that the amount was zero. This page is educational and describes reported history only; it is not a forecast or a recommendation. ## Frequently Asked Questions ### What was PDD Holdings's revenue in fiscal 2025? PDD Holdings reported revenue of $61.8 billion for the fiscal year ended December 31, 2025, according to its SEC filings. ### What is PDD Holdings's operating margin? PDD Holdings's operating margin was 21.6% in fiscal 2025: operating income of $13.3 billion on revenue of $61.8 billion. ### How much free cash flow did PDD Holdings generate? PDD Holdings did not report both operating cash flow and capital expenditures under the standard tags for fiscal 2025, so free cash flow is not computed here. ## References - [SEC EDGAR: PDD Holdings Inc. Form 20-F filed April 29, 2026](https://www.sec.gov/Archives/edgar/data/1737806/000110465926050727/0001104659-26-050727-index.htm) - [SEC EDGAR: PDD Holdings Inc. annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1737806&type=20-F) - [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces) ## Related Pages - [PDD Holdings company dossier](https://www.getswoopr.com/stocks/companies/pdd-holdings/) - [PDD Holdings financial metrics](https://www.getswoopr.com/stocks/companies/pdd-holdings/metrics/) - [PDD Holdings financial risk indicators](https://www.getswoopr.com/stocks/companies/pdd-holdings/risks/) - [PDD Holdings peer comparison](https://www.getswoopr.com/stocks/companies/pdd-holdings/competitors/) - [PDD Holdings business model and revenue mix](https://www.getswoopr.com/stocks/companies/pdd-holdings/business-model/) - [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/) **[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)** Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. 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