InsiderClue
Stocks · Industrials · Services-Business Services, NEC

PDD Holdings Inc.

PDD Clue Score66
Cayman Islands Fiscal year ends December CIK 0001737806
$81.35 +3.95% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $81.35 −14.21% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 26 Jul 2018. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue0.50Operating income−0.29Net income−0.29EPS, diluted−0.18Fiscal year 2017Revenue1.74 +245.5%Operating income−0.60Net income−0.53EPS, diluted−0.28Fiscal year 2018Revenue13.12 +652.3%Operating income−10.80Net income−10.22EPS, diluted−3.47Fiscal year 2019Revenue30.14 +129.7%Operating income−8.54Net income−6.97EPS, diluted−1.51Fiscal year 2020Revenue59.49 +97.4%Operating income−9.38Net income−7.18EPS, diluted−1.51Fiscal year 2021Revenue93.95 +57.9%Operating income6.90Net income7.77EPS, diluted1.36Fiscal year 2022Revenue130.56 +39.0%Operating income30.40Net income31.54 +306.0%EPS, diluted5.48Fiscal year 2023Revenue247.64 +89.7%Operating income58.70Net income60.03 +90.3%EPS, diluted10.29Fiscal year 2024Revenue393.84 +59.0%Operating income108.42Net income112.43 +87.3%EPS, diluted19.00Fiscal year 2025Revenue431.85 +9.7%Operating income93.10Net income97.84 −13.0%EPS, diluted16.50
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 0.50 1.74 13.12 30.14 59.49 93.95 130.56 247.64 393.84 431.85
Growth +245.5% +652.3% +129.7% +97.4% +57.9% +39.0% +89.7% +59.0% +9.7%
Operating income −0.29 −0.60 −10.80 −8.54 −9.38 6.90 30.40 58.70 108.42 93.10
Net income −0.29 −0.53 −10.22 −6.97 −7.18 7.77 31.54 60.03 112.43 97.84
Growth +306.0% +90.3% +87.3% −13.0%
EPS, diluted −0.18 −0.28 −3.47 −1.51 −1.51 1.36 5.48 10.29 19.00 16.50

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin−14.5%Operating margin−56.7%Net margin−57.8%Free cash flow margin173.8%Fiscal year 2017Gross margin58.6%Operating margin−34.2%Net margin−30.1%Free cash flow margin554.9%Fiscal year 2018Gross margin77.9%Operating margin−82.3%Net margin−77.9%Free cash flow margin59.0%Fiscal year 2019Gross margin79.0%Operating margin−28.3%Net margin−23.1%Free cash flow margin49.1%Fiscal year 2020Gross margin67.6%Operating margin−15.8%Net margin−12.1%Free cash flow margin47.3%Fiscal year 2021Gross margin66.2%Operating margin7.3%Net margin8.3%Fiscal year 2022Gross margin75.9%Operating margin23.3%Net margin24.2%Fiscal year 2023Operating margin23.7%Net margin24.2%Fiscal year 2024Operating margin27.5%Net margin28.5%Fiscal year 2025Operating margin21.6%Net margin22.7%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin −14.5% 58.6% 77.9% 79.0% 67.6% 66.2% 75.9% n/a n/a n/a
Operating margin −56.7% −34.2% −82.3% −28.3% −15.8% 7.3% 23.3% 23.7% 27.5% 21.6%
Net margin −57.8% −30.1% −77.9% −23.1% −12.1% 8.3% 24.2% 24.2% 28.5% 22.7%
Free cash flow margin 173.8% 554.9% 59.0% 49.1% 47.3% n/a n/a n/a n/a n/a

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow0.88Capital expenditure−0.00Free cash flow0.88Fiscal year 2017Operating cash flow9.69Capital expenditure−0.01Free cash flow9.68 +1,002.9%Buybacks−0.03Fiscal year 2018Operating cash flow7.77Capital expenditure−0.03Free cash flow7.74 −20.0%Fiscal year 2019Operating cash flow14.82Capital expenditure−0.03Free cash flow14.79 +91.1%Fiscal year 2020Operating cash flow28.20Capital expenditure−0.04Free cash flow28.15 +90.3%Fiscal year 2021Operating cash flow28.78Fiscal year 2022Operating cash flow48.51Fiscal year 2023Operating cash flow94.16Fiscal year 2024Operating cash flow121.93Fiscal year 2025Operating cash flow106.94
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 0.88 9.69 7.77 14.82 28.20 28.78 48.51 94.16 121.93 106.94
Capital expenditure −0.00 −0.01 −0.03 −0.03 −0.04 n/a n/a n/a n/a n/a
Free cash flow 0.88 9.68 7.74 14.79 28.15 n/a n/a n/a n/a n/a
Growth +1,002.9% −20.0% +91.1% +90.3%
Buybacks n/a −0.03 n/a n/a n/a n/a n/a n/a n/a n/a

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2016Cash1.32Shareholders’ equity−0.43Fiscal year 2017Cash3.06Shareholders’ equity−0.99Fiscal year 2018Cash14.16Shareholders’ equity18.82Fiscal year 2019Cash5.77Shareholders’ equity24.65Fiscal year 2020Cash22.42Shareholders’ equity60.18Fiscal year 2021Cash6.43Shareholders’ equity75.11Fiscal year 2022Cash34.33Shareholders’ equity117.77Fiscal year 2023Cash59.79Shareholders’ equity187.24Fiscal year 2024Cash57.77Shareholders’ equity313.31Fiscal year 2025Cash108.90Shareholders’ equity413.39
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 1.32 3.06 14.16 5.77 22.42 6.43 34.33 59.79 57.77 108.90
Shareholders’ equity −0.43 −0.99 18.82 24.65 60.18 75.11 117.77 187.24 313.31 413.39

In billions of CNY, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In billions of CNY, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018† 31 Dec 2018 FY2019† 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022† 31 Dec 2022 FY2023† 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
0.50 1.74 13.12 30.14 59.49 93.95 130.56 247.64 393.84 431.85
Growth +245.5% +652.3% +129.7% +97.4% +57.9% +39.0% +89.7% +59.0% +9.7%
0.58 0.72 2.91 6.34 19.28 31.72 31.46 91.72 153.90 188.80
−0.07 1.02 10.21 23.80 40.21 62.23 99.10 n/a n/a n/a
Growth +900.2% +133.0% +68.9% +54.8% +59.2%
0.03 0.13 1.12 3.87 6.89 8.99 10.38 10.95 12.66 16.50
0.01 0.13 6.46 1.30 1.51 1.54 3.96 4.08 7.55 8.16
−0.29 −0.60 −10.80 −8.54 −9.38 6.90 30.40 58.70 108.42 93.10
Growth +340.8% +93.1% +84.7% −14.1%
−0.29 −0.53 −10.22 −6.97 −7.18 9.70 36.26 71.88 132.70 119.58
n/a n/a 0.00 0.00 0.00 1.93 4.73 11.85 20.27 21.73
−0.29 −0.53 −10.22 −6.97 −7.18 7.77 31.54 60.03 112.43 97.84
Growth +306.0% +90.3% +87.3% −13.0%
Per share
−0.18 −0.28 −3.47 −1.51 −1.51 1.55 6.24 11.08 20.31 17.50
−0.18 −0.28 −3.47 −1.51 −1.51 1.36 5.48 10.29 19.00 16.50
Growth +302.9% +87.8% +84.6% −13.2%
1,815 1,765 2,968 4,627 4,768 5,013 5.1 5,416 5,536 5,591
1,815 1,765 2,968 4,627 4,768 5,714 5.8 5,840 5,917 5,930
Growth −2.8% +68.2% +55.9% +3.0% +19.8% −99.9% +101,259.7% +1.3% +0.2%

† The diluted share count jumps at 2018 and 2019 and 2022 and 2023, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Shown in CNY as filed; the screener converts to dollars.

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 48.7% a year over five years.
  • Operating margin is up 37.3 points on five years ago, at 21.6%.
  • A net loss in 5 of 10 years on file.