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20-F

Annual Report (Foreign)

PDD Holdings Inc. PDD

0001104659-26-050727

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Filed
Apr 29, 2026 12:00 AM ET
Period of report
Restated figures. One or more values in this filing restate previously reported amounts.

On SEC.gov

Financials in this filing

Metric Period Value
Shares Diluted FY 2025 · Dec 31, 2025 5.93B sh
Shares Diluted restated FY 2025 · Dec 31, 2024 5.92B sh
Shares Diluted restated FY 2025 · Dec 31, 2023 5.84B sh
Shares Outstanding FY 2025 · Dec 31, 2025 5.69B sh
Shares Outstanding FY 2025 · Dec 31, 2024 5.57B sh
Operating Cash Flow FY 2025 · Dec 31, 2025 $15.29B
Operating Cash Flow FY 2025 · Dec 31, 2025 ¥106.94B
Operating Cash Flow FY 2025 · Dec 31, 2024 ¥121.93B
Operating Cash Flow FY 2025 · Dec 31, 2023 ¥94.16B
Short Term Investments FY 2025 · Dec 31, 2025 $44.82B
Short Term Investments FY 2025 · Dec 31, 2025 ¥313.41B
Short Term Investments FY 2025 · Dec 31, 2024 ¥273.79B
Cash And Equivalents FY 2025 · Dec 31, 2025 $15.57B
Cash And Equivalents FY 2025 · Dec 31, 2025 ¥108.9B
Cash And Equivalents FY 2025 · Dec 31, 2024 ¥57.77B
Cash And Equivalents FY 2025 · Dec 31, 2023 ¥59.79B
Stockholders Equity FY 2025 · Dec 31, 2025 $59.11B
Stockholders Equity FY 2025 · Dec 31, 2025 ¥413.39B
Stockholders Equity FY 2025 · Dec 31, 2024 ¥313.31B
Stockholders Equity FY 2025 · Dec 31, 2023 ¥187.24B
Stockholders Equity FY 2025 · Dec 31, 2022 ¥117.77B
Current Liabilities FY 2025 · Dec 31, 2025 $30.56B
Current Liabilities FY 2025 · Dec 31, 2025 ¥213.74B
Current Liabilities FY 2025 · Dec 31, 2024 ¥188.42B
Total Liabilities FY 2025 · Dec 31, 2025 $30.98B
Total Liabilities FY 2025 · Dec 31, 2025 ¥216.66B
Total Liabilities FY 2025 · Dec 31, 2024 ¥191.72B
Current Assets FY 2025 · Dec 31, 2025 $74.21B
Current Assets FY 2025 · Dec 31, 2025 ¥518.98B
Current Assets FY 2025 · Dec 31, 2024 ¥415.65B
Total Assets FY 2025 · Dec 31, 2025 $90.1B
Total Assets FY 2025 · Dec 31, 2025 ¥630.04B
Total Assets FY 2025 · Dec 31, 2024 ¥505.03B
Eps Diluted FY 2025 · Dec 31, 2025 $2.36
Eps Diluted FY 2025 · Dec 31, 2025 ¥16.50
Eps Diluted FY 2025 · Dec 31, 2024 ¥19.00
Eps Diluted FY 2025 · Dec 31, 2023 ¥10.29
Eps Basic FY 2025 · Dec 31, 2025 $2.50
Eps Basic FY 2025 · Dec 31, 2025 ¥17.50
Eps Basic FY 2025 · Dec 31, 2024 ¥20.31
Eps Basic FY 2025 · Dec 31, 2023 ¥11.08
Sga Expense FY 2025 · Dec 31, 2025 $1.17B
Sga Expense FY 2025 · Dec 31, 2025 ¥8.16B
Sga Expense FY 2025 · Dec 31, 2024 ¥7.55B
Sga Expense FY 2025 · Dec 31, 2023 ¥4.08B
Rd Expense FY 2025 · Dec 31, 2025 $2.36B
Rd Expense FY 2025 · Dec 31, 2025 ¥16.5B
Rd Expense FY 2025 · Dec 31, 2024 ¥12.66B
Rd Expense FY 2025 · Dec 31, 2023 ¥10.95B
Net Income FY 2025 · Dec 31, 2025 $13.99B
Net Income FY 2025 · Dec 31, 2025 ¥97.84B
Net Income FY 2025 · Dec 31, 2024 ¥112.43B
Net Income FY 2025 · Dec 31, 2023 ¥60.03B
Operating Income FY 2025 · Dec 31, 2025 $13.31B
Operating Income FY 2025 · Dec 31, 2025 ¥93.1B
Operating Income FY 2025 · Dec 31, 2024 ¥108.42B
Operating Income FY 2025 · Dec 31, 2023 ¥58.7B
Cost Of Revenue FY 2025 · Dec 31, 2025 $27B
Cost Of Revenue FY 2025 · Dec 31, 2025 ¥188.8B
Cost Of Revenue FY 2025 · Dec 31, 2024 ¥153.9B
Cost Of Revenue FY 2025 · Dec 31, 2023 ¥91.72B
Revenue FY 2025 · Dec 31, 2025 $61.75B
Revenue FY 2025 · Dec 31, 2025 ¥431.85B
Revenue FY 2025 · Dec 31, 2024 ¥393.84B
Revenue FY 2025 · Dec 31, 2023 ¥247.64B