PDD Holdings Inc ADR's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), PDD Holdings Inc ADR reported revenue of $431.8B (+9.7% year on year) and net income of $97.8B (-13.0% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| 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 | $393.8B | $247.6B | $130.6B |
| 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) | ($153.9B) | ($91.7B) | ($31.5B) |
| 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) | ($111.3B) | ($82.2B) | ($54.3B) |
| General and administrative expenses | ($8.2B) | ($7.6B) | ($4.1B) | ($4.0B) |
| 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) | ($12.7B) | ($11.0B) | ($10.4B) |
| Total operating expenses | ($149.9B) | ($131.5B) | ($97.2B) | ($68.7B) |
| Operating profit | $93.1B | $108.4B | $58.7B | $30.4B |
| Interest and investment income, net | $25.6B | $20.6B | $10.2B | $4.0B |
| Foreign exchange gain/(loss) | ($2.0B) | $587.9M | $35.7M | ($149.7M) |
| Other income, net | $2.7B | $3.1B | $3.0B | $2.2B |
| Profit before income tax and share of results of equity investees | $119.4B | $132.7B | $71.9B | $36.4B |
| Income tax expenses | ($21.7B) | ($20.3B) | ($11.8B) | ($4.7B) |
| Share of results of equity investees | $129.0M | $17.2M | ($4.7M) | ($155.3M) |
| Net income | $97.8B | $112.4B | $60.0B | $31.5B |
| Net income attributable to ordinary shareholders | $97.8B | $112.4B | $60.0B | $31.5B |
| Basic (in dollars per share) | $17.50 | $20.31 | $11.08 | $6.24 |
| Diluted (in dollars per share) | $16.50 | $19.00 | $10.29 | $5.48 |
| Basic (in shares) | 5.6B | 5.5M | 5.4B | 5.1B |
| Diluted (in shares) | 5.9B | 5.9M | 5.8B | 5.8B |
| Foreign currency translation difference, net of tax of nil | ($5.5B) | $2.6B | $1.3B | $5.9B |
| Unrealized gains/(losses) on available-for-sale debt securities, net of tax | ($232.3M) | $494.8M | $68.5M | ($18.2M) |
| Total other comprehensive income/(loss) | ($5.7B) | $3.1B | $1.4B | $5.8B |
| Comprehensive income | $92.1B | $115.5B | $61.4B | $37.4B |
| Line item | Sep 30, 2020 · YTD |
|---|---|
| Revenues | $32.9B |
| Cost of revenues | ($7.8B) |
| Gross profit | $25.2B |
| Sales and marketing expenses | ($26.5B) |
| General and administrative expenses | ($1.1B) |
| Research and development expenses | ($4.9B) |
| Total operating expenses | ($32.5B) |
| Operating loss | ($7.3B) |
| Interest and investment income, net | $1.8B |
| Interest expense | ($479.2M) |
| Foreign exchange gain | $76.2M |
| Other income, net | $112.6M |
| Loss before income tax | ($5.8B) |
| Share of results of equity investees , net of tax | $35.6M |
| Income tax expenses | $0 |
| Net loss | ($5.8B) |
| Net loss attributable to ordinary shareholders | ($5.8B) |
| Basic | -$1.22 |
| Diluted | -$1.22 |
| Basic | 4.7B |
| Diluted | 4.7B |
| Foreign currency translation difference, net of tax of nil | ($914.9M) |
| Comprehensive loss | ($6.7B) |
| Share-based compensation expenses | $2.7B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $108.9B | $57.8B | $59.8B | $34.3B |
| Restricted cash | $73.8B | $68.4B | $62.0B | $58.0B |
| Receivables from online payment platforms | $5.1B | $3.7B | $3.9B | $587.7M |
| Short-term investments | $313.4B | $273.8B | $157.4B | $115.1B |
| Amounts due from related parties | $10.2B | $7.6B | $7.4B | $6.3B |
| Prepayments and other current assets | $7.5B | $4.4B | $4.2B | $2.3B |
| Total current assets | $519.0B | $415.6B | $294.8B | $216.6B |
| Property, equipment and software, net | $1.3B | $879.3M | $979.6M | $1.0B |
| Intangible assets | $15.4M | $19.2M | $21.1M | $134.0M |
| Right-of-use assets | $4.9B | $5.1B | $4.1B | $1.4B |
| Deferred tax assets | $172.0M | $16.0M | $270.7M | $1.0B |
| Other non-current assets | $104.7B | $83.4B | $48.0B | $16.9B |
| Total non-current assets | $111.1B | $89.4B | $53.3B | $20.5B |
| Total Assets | $630.0B | $505.0B | $348.1B | $237.1B |
| Amounts due to related parties | $1.1B | $801.9M | $1.2B | — |
| Customer advances and deferred revenues | $3.4B | $2.9B | $2.1B | $1.4B |
| Payable to merchants | $107.4B | $91.7B | $75.0B | $63.3B |
| Accrued expenses and other liabilities | $81.7B | $69.1B | $55.4B | $21.0B |
| Merchant deposits | $17.7B | $16.5B | $16.9B | $15.1B |
| Lease liabilities | $2.5B | $2.1B | $1.6B | $602.0M |
| Total current liabilities | $213.7B | $188.4B | $152.9B | $116.9B |
| Lease liabilities | $2.9B | $3.2B | $2.6B | $870.8M |
| Deferred tax liabilities | $41.9M | $106.8M | $59.8M | $13.0M |
| Total non-current liabilities | $2.9B | $3.3B | $7.9B | $2.5B |
| Total liabilities | $216.7B | $191.7B | $160.8B | $119.3B |
| 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 | 180.0K | 177.0K | 170.0K |
| Additional paid-in capital | $125.8B | $117.8B | $107.3B | $99.3B |
| Statutory reserves | $1.3B | $237.7M | $106.0M | $5.0M |
| Accumulated other comprehensive income | $2.1B | $7.8B | $4.7B | $3.3B |
| Retained earnings | $284.2B | $187.4B | $75.1B | $15.2B |
| Total shareholders' equity | $413.4B | $313.3B | $187.2B | $117.8B |
| Total liabilities and shareholders' equity | $630.0B | $505.0B | $348.1B | $237.1B |
| Line item | Sep 30, 2020 |
|---|---|
| Cash and cash equivalents | $5.7B |
| Restricted cash | $38.8B |
| Receivables from online payment platforms | $531.0M |
| Short-term investments | $39.9B |
| Amounts due from related parties | $3.4B |
| Prepayments and other current assets | $1.8B |
| Total current assets | $90.2B |
| Property, equipment and software, net | $46.5M |
| Intangible asset | $1.5B |
| Right-of-use assets | $534.1M |
| Other non-current assets | $7.2B |
| Total non-current assets | $9.2B |
| Total Assets | $99.4B |
| Amounts due to related parties (including amounts due to related parties of the consolidated VIE and its subsidiaries without recourse to the primary beneficiary of RMB1,502,892 and RMB3,298,767 (US$485,856) as of December 31, 2019 and September 30, 2020, respectively) | $3.3B |
| Customer advances and deferred revenues (including customer advances and deferred revenues of the consolidated VIE and its subsidiaries without recourse to the primary beneficiary of RMB605,969 and RMB1,041,935 (US$153,460) as of December 31, 2019 and September 30, 2020, respectively) | $1.0B |
| Payable to merchants (including payable to merchants of the consolidated VIE and its subsidiaries without recourse to the primary beneficiary of RMB29,657,227 and RMB39,821,635 (US$5,865,093) as of December 31, 2019 and September 30, 2020, respectively) | $40.3B |
| Accrued expenses and other liabilities (including accrued expenses and other liabilities of the consolidated VIE and its subsidiaries without recourse to the primary beneficiary of RMB3,420,728 and RMB4,201,598 (US$618,829) as of December 31, 2019 and September 30, 2020, respectively) | $6.9B |
| Merchant deposits (including merchant deposits of the consolidated VIE and its subsidiaries without recourse to the primary beneficiary of RMB7,840,912 and RMB10,574,449 (US$1,557,448) as of December 31, 2019 and September 30, 2020) | $10.6B |
| Short-term borrowings (including short-term borrowings of the consolidated VIE and its subsidiaries without recourse to the primary beneficiary of RMB898,748 and RMB2,773,023 (US$408,422) as of December 31, 2019 and September 30, 2020, respectively) | $2.8B |
| Lease liabilities (including lease liabilities of the consolidated VIE and its subsidiaries without recourse to the primary beneficiary of RMB90,523 and RMB129,106 (US$19,015) as of December 31, 2019 and September 30, 2020, respectively) | $182.3M |
| Total current liabilities | $65.1B |
| Convertible bonds | $5.5B |
| Lease liabilities (including lease liabilities of the consolidated VIE and its subsidiaries without recourse to the primary beneficiary of RMB382,673 and RMB351,994 (US$51,843) as of December 31, 2019 and September 30, 2020, respectively) | $390.8M |
| Other non-current liabilities | $36.0M |
| Total non-current liabilities | $5.9B |
| Total Liabilities | $71.0B |
| Common Shares | 153.0K |
| Additional paid-in capital | $52.0B |
| Accumulated other comprehensive income | $533.3M |
| Accumulated deficits | ($24.1B) |
| Total shareholders' equity | $28.4B |
| Total liabilities and shareholders' equity | $99.4B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income | $97.8B | $112.4B | $60.0B | $31.5B |
| Allowance for credit losses | $313.1M | $329.9M | $265.2M | $118.4M |
| Depreciation and amortization | $601.5M | $708.8M | $786.2M | $2.2B |
| Deferred income tax, net | ($181.9M) | $222.2M | $801.1M | ($1.0B) |
| Amortization of right-of-use assets | $2.4B | $1.9B | $1.1B | $510.9M |
| Interest and investment gain, net | ($774.2M) | ($2.8B) | ($1.4B) | ($606.4M) |
| Loss on disposal of property and equipment | $3.1M | $3.9M | $1.8M | $10.7M |
| Share-based compensation | $7.9B | $9.9B | $7.1B | $7.7B |
| Foreign exchange (gain)/loss | $2.0B | ($587.9M) | ($35.7M) | $149.7M |
| Share of results of equity investees | ($129.0M) | ($17.2M) | $4.7M | $155.3M |
| Fair value change of investments | ($10.4B) | ($6.8B) | ($1.0B) | $242.2M |
| Receivables from online payment platforms | ($1.5B) | $48.8M | ($3.3B) | $86.0M |
| Amounts due from related parties | ($2.4B) | ($141.1M) | ($1.1B) | ($2.1B) |
| Prepayments and other current assets | ($3.7B) | ($782.0M) | ($2.1B) | $758.3M |
| Customer advances and deferred revenues | $431.7M | $802.4M | $755.0M | $222.9M |
| Amounts due to related parties | $284.7M | ($436.9M) | ($437.6M) | ($286.6M) |
| Payable to merchants | $15.3B | $16.9B | $11.6B | $749.4M |
| Accrued expenses and other liabilities | $12.4B | $13.8B | $34.3B | $7.0B |
| Merchant deposits | $1.2B | ($418.1M) | $1.8B | $1.5B |
| Lease liabilities | ($2.1B) | ($1.9B) | ($977.8M) | ($487.1M) |
| Short-term investments | ($12.6B) | ($21.4B) | ($13.9B) | — |
| Other non-current assets | $46.1M | $160.4M | ($184.2M) | ($34.5M) |
| Net cash generated from operating activities | $106.9B | $121.9B | $94.2B | $48.5B |
| Purchase of short-term time deposits, held to maturities and other investments | ($209.6B) | ($210.3B) | ($147.1B) | ($160.4B) |
| Proceeds from sales of short-term time deposits, held to maturities and other investments | $230.9B | $147.3B | $130.3B | $141.9B |
| Purchase of available-for-sale debt securities | ($28.5B) | ($13.7B) | ($17.3B) | ($3.6B) |
| Proceeds from sales of available-for-sale debt securities | $6.9B | $1.1B | $4.2B | — |
| Purchase of long-term time deposits, held to maturities and other investments | ($42.4B) | ($43.8B) | ($25.1B) | ($6.8B) |
| Proceeds from sales of long-term time deposits, held to maturities and other investments | $709.2M | $2.0B | — | $7.1B |
| Purchase of property, equipment and software and intangible assets | ($1.1B) | ($967.1M) | ($583.9M) | ($635.7M) |
| Loans to a related party | ($200.0M) | — | — | — |
| Others | $246.0K | $35.2M | $129.8M | — |
| Net cash used in investing activities | ($43.4B) | ($118.4B) | ($55.4B) | ($22.4B) |
| Repayment or repurchase of convertible bonds | ($5.2B) | ($91.0K) | ($9.0B) | — |
| Others | $1.4M | $1.3M | $8.2M | $10.1M |
| Net cash (used in)/ generated from financing activities | ($5.2B) | $1.2M | ($9.0B) | $10.1M |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | ($1.8B) | $840.1M | ($291.1M) | $100.2M |
| Increase in cash, cash equivalents and restricted cash | $56.5B | $4.4B | $29.5B | $26.3B |
| Cash, cash equivalents and restricted cash at beginning of the year | $126.2B | $121.8B | $92.3B | $66.0B |
| Cash, cash equivalents and restricted cash at end of the year | $182.7B | $126.2B | $121.8B | $92.3B |
| Interest received | $12.3B | $9.4B | $7.3B | $3.6B |
| Income taxes paid | $21.6B | $17.5B | $5.8B | $4.9B |
| Recognition of right-of-use assets and lease liabilities | $2.3B | $3.0B | $3.9B | $1.1B |
| Purchase of property, equipment and software included in accrued expenses and other liabilities | $84.1M | $43.7M | $257.2M | $136.4M |
| Cash and cash equivalents | $108.9B | — | — | — |
| Line item | Sep 30, 2020 · YTD |
|---|---|
| Net loss | ($5.8B) |
| Interest expense | $479.2M |
| Depreciation and amortization | $482.3M |
| Lease expense to reduce right-of-use assets | $95.7M |
| Allowance for credit losses | $27.4M |
| Interest and investment gain, net | ($534.9M) |
| Loss on disposal of property and equipment | $3.0K |
| Share-based compensation | $2.7B |
| Foreign exchange gain | ($76.2M) |
| Share of results of equity investees | ($35.6M) |
| Fair value change of investments | ($113.2M) |
| Receivables from online payment platforms | $520.0M |
| Amounts due from related parties | ($1.1B) |
| Prepayments and other current assets | ($706.3M) |
| Other non-current assets | ($1.7M) |
| Amounts due to related parties | $1.8B |
| Customer advances and deferred revenues | $436.1M |
| Payables to merchants | $10.4B |
| Accrued expenses and other liabilities | $2.0B |
| Merchant deposits | $2.7B |
| Other non-current liabilities | $28.7M |
| Lease liabilities | ($83.8M) |
| Net cash flow generated from operating activities | $13.3B |
| Proceeds from sales of short-term investments | $39.0B |
| Purchase of short-term investments | ($44.1B) |
| Payments for long-term investments | ($6.6B) |
| Purchase of property, equipment and software and intangible assets | ($18.1M) |
| Proceeds from disposal of property and equipment | $51.0K |
| Repayment from / (loan to) third parties | ($45.0M) |
| Net cash flow used in investing activities | ($11.7B) |
| Proceeds from private placement | $7.8B |
| Proceeds from short-term borrowings | $1.8B |
| Net cash flow generated from financing activities | $9.6B |
| Exchange rate effect on cash, cash equivalents and restricted cash | $43.7M |
| Net increase in cash, cash equivalents and restricted cash | $11.2B |
| Cash, cash equivalents and restricted cash at beginning of period | $33.3B |
| Cash, cash equivalents and restricted cash at end of period | $44.5B |
| Recognition of right-of-use assets and lease liabilities | $118.1M |
PDD Holdings Inc ADR score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.