Financials in USD. Standardized financial statements.
A compact view of how PDD Holdings Inc. turns revenue into operating income and net income.
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue? | $431.85B | $393.84B | $247.64B | $130.56B | $93.95B | $59.49B | $30.14B | $13.12B | $1.74B | $504.86M |
| Revenue Growth? | +9.7% | +59.0% | +89.7% | +39.0% | +57.9% | +97.4% | +129.7% | +652.3% | +245.5% | 0.0% |
| Cost of Revenue? | $188.80B | $153.90B | $91.72B | $31.46B | $31.72B | $19.28B | $6.34B | $2.91B | $722.83M | $577.87M |
| Gross Profit? | $243.04B | $239.94B | $155.92B | $99.10B | $62.23B | $40.21B | $23.80B | $10.21B | $1.02B | -$73.01M |
| Gross Margin? | +56.3% | +60.9% | +63.0% | +75.9% | +66.2% | +67.6% | +79.0% | +77.9% | +58.6% | -14.5% |
| Operating Expenses? | $149.94B | $131.51B | $97.22B | $68.69B | $55.34B | $49.59B | $32.34B | $21.01B | $1.62B | $213.20M |
| Operating Income? | $93.10B | $108.42B | $58.70B | $30.40B | $6.90B | -$9.38B | -$8.54B | -$10.80B | -$595.72M | -$286.21M |
| EBITDA? | $122.45B | $109.13B | $59.48B | $32.63B | $8.39B | -$8.73B | -$7.90B | -$4.35B | -$583.46M | -$285.45M |
| Income Before Tax | $119.58B | $132.70B | $71.88B | $36.26B | $9.70B | -$7.18B | -$6.97B | -$10.22B | -$525.12M | -$291.98M |
| Income Tax Expense | $21.73B | $20.27B | $11.85B | $4.73B | $1.93B | $0 | $0 | $0 | $0 | $0 |
| Net Income? | $97.84B | $112.43B | $60.03B | $31.54B | $7.77B | -$7.18B | -$6.97B | -$10.22B | -$525.12M | -$291.98M |
| EPS? | $69.16 | $81.24 | $44.32 | $24.96 | $6.20 | $-6.04 | $-6.04 | $-13.88 | $-0.60 | $-0.34 |
| Diluted EPS? | $65.24 | $76.00 | $41.12 | $21.92 | $5.44 | $-6.04 | $-6.04 | $-13.88 | $-0.60 | $-0.34 |
Revenue, profitability, margins, EPS, and share-count trends over time.
Top-line demand and scale over time
Profit left after direct production costs
Core business profitability before financing and tax
Bottom-line profit after all expenses
Profit allocated to each diluted share
Share count trend that affects EPS quality
Gross, operating, and net margin quality