What Are PDD Holdings's Key Financial Figures?
| Fiscal year | FY2025 ended December 31, 2025 | FY2024 ended December 31, 2024 | FY2023 ended December 31, 2023 | FY2022 ended 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.
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.