PDD
PDD · NasdaqServices-Business Services, NEC · Fiscal year ends Dec 31 · Reports in CNY
PDD reported revenue of CNY 432B in the fiscal year ended Dec 2025, up 9.7% from the year before. Operating income was CNY 93.1B, an operating margin of 21.6%, and net income was CNY 97.8B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | CNY 93.9B | CNY 131B | CNY 248B | CNY 394B | CNY 432B |
| Cost of revenue | CNY 31.7B | CNY 31.5B | CNY 91.7B | CNY 154B | CNY 189B |
| Gross profit | CNY 62.2B | CNY 99.1B | CNY 156B | CNY 240B | CNY 243B |
| Research & development | CNY 9B | CNY 10.4B | CNY 11B | CNY 12.7B | CNY 16.5B |
| Operating income | CNY 6.9B | CNY 30.4B | CNY 58.7B | CNY 108B | CNY 93.1B |
| Interest expense | CNY 1.2B | CNY 52M | CNY 44M | – | – |
| Pre-tax income | CNY 9.7B | CNY 36.3B | CNY 71.9B | CNY 133B | CNY 120B |
| Income tax | CNY 1.9B | CNY 4.7B | CNY 11.8B | CNY 20.3B | CNY 21.7B |
| Net income | CNY 7.8B | CNY 31.5B | CNY 60B | CNY 112B | CNY 97.8B |
| Diluted EPS | 1.36 | 5.48 | 10.29 | 19.00 | 16.50 |
| Diluted shares | 5,714M | 6M | 5,840M | 5,917M | 5,930M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | CNY 6.4B | CNY 34.3B | CNY 59.8B | CNY 57.8B | CNY 109B |
| Inventory | CNY 14M | – | – | – | – |
| Current assets | CNY 161B | CNY 217B | CNY 295B | CNY 416B | CNY 519B |
| Net PP&E | CNY 2.2B | CNY 1B | CNY 980M | CNY 879M | CNY 1.3B |
| Total assets | CNY 181B | CNY 237B | CNY 348B | CNY 505B | CNY 630B |
| Payables | CNY 2B | CNY 4B | CNY 16.9B | CNY 28.3B | CNY 32.7B |
| Deferred revenue | CNY 2.5B | CNY 2B | CNY 5.9B | CNY 8.6B | CNY 10.7B |
| Current liabilities | CNY 93.7B | CNY 117B | CNY 153B | CNY 188B | CNY 214B |
| Total liabilities | CNY 106B | CNY 119B | CNY 161B | CNY 192B | CNY 217B |
| Shareholders' equity | CNY 75.1B | CNY 118B | CNY 187B | CNY 313B | CNY 413B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | CNY 28.8B | CNY 48.5B | CNY 94.2B | CNY 122B | CNY 107B |
| Depreciation & amortisation | CNY 1.5B | CNY 2.2B | CNY 786M | CNY 709M | CNY 601M |
| Stock-based compensation | CNY 4.8B | CNY 7.7B | CNY 7.1B | CNY 9.9B | CNY 7.9B |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 39.0% | 89.7% | 59.0% | 9.7% |
| Operating income growth (YoY) | – | 340.8% | 93.1% | 84.7% | −14.1% |
| EPS growth (YoY) | – | 302.9% | 87.8% | 84.6% | −13.2% |
| Gross margin | 66.2% | 75.9% | 63.0% | 60.9% | 56.3% |
| Operating margin | 7.3% | 23.3% | 23.7% | 27.5% | 21.6% |
| Net margin | 8.3% | 24.2% | 24.2% | 28.5% | 22.7% |
| Return on equityBlank when equity is negative | 10.3% | 26.8% | 32.1% | 35.9% | 23.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 7.9% | 25.3% | 30.1% | 34.2% | 22.4% |
| Cash conversion (CFO ÷ net income) | 3.71x | 1.54x | 1.57x | 1.08x | 1.09x |
| Inventory days | 0 | – | – | – | – |
| Payable days | 22 | 46 | 67 | 67 | 63 |
| Interest cover | 5.60x | 589x | 1334x | – | – |
| Current ratio | 1.72x | 1.85x | 1.93x | 2.21x | 2.43x |
Recent filings
More in Services-Business Services, Nec
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.