PDD Holdings Inc. (PDD) Cash Flow Statement
Where PDD’s cash came from and went, 2025
December 31, 2025 · Chinese yuan- Cash from operations
- CN¥106.94B −12.3% vs 2024
- Capital expenditures
- CN¥1.15B 0.3% of revenue
- Free cash flow
- CN¥105.79B 24.5% margin
- Returned to shareholders
- —
- Change in cash
- CN¥56.54B cash at year-end CN¥182.73B
Cash from operations
CN¥106.94B
Capital expenditures
−CN¥1.15B
Investments (net)
−CN¥42.08B
Net borrowing (repayment)
−CN¥5.23B
Currency & other
−CN¥1.95B
Change in cash
CN¥56.54B
Drawn to scale: where the cash came from and how it was used. Hover for values.
PDD operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
PDD cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | CN¥879.8M2016 | CN¥106.94B2025 | +70.5%/yr | |
| Capital expenditures | CN¥2.3M2016 | CN¥1.15B2025 | +99.4%/yr | |
| Free cash flow | CN¥877.5M2016 | CN¥105.79B2025 | +70.3%/yr | |
| Free cash flow margin | 173.8%2016 | 24.5%2025 | −149.3 pts | |
| Operating cash flow / net income | 3.712021 | 1.092025 | −2.61 | |
| Stock-based compensation | CN¥4.1M2016 | CN¥7.94B2025 | +132.1%/yr | |
| Dividends paid | CN¥18.3M2016 | CN¥02019 | −100.0% | |
| Share buybacks (net) | CN¥02016 | CN¥02019 | — | |
| Capex / revenue | 0.5%2016 | 0.3%2025 | −0.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PDD cash flow by activity
OperatingInvestingFinancingChange in cash
PDD net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
PDD cash flow statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | CN¥97.84B | CN¥112.43B | CN¥60.03B | CN¥31.54B | CN¥7.77B | −CN¥7.18B | −CN¥6.97B | −CN¥10.22B | −CN¥525.1M | −CN¥292.0M |
| Depreciation & amortization | CN¥3.00B | CN¥2.64B | CN¥1.89B | CN¥2.74B | CN¥1.84B | CN¥800.5M | CN¥637.8M | CN¥497.0M | CN¥2.3M | CN¥756,000 |
| Stock-based compensation | CN¥7.94B | CN¥9.88B | CN¥7.08B | CN¥7.72B | CN¥4.77B | CN¥3.61B | CN¥2.56B | CN¥6.84B | CN¥13.4M | CN¥4.1M |
| Change in working capital | CN¥7.37B | CN¥6.66B | CN¥26.46B | CN¥7.42B | CN¥13.56B | CN¥31.05B | CN¥18.61B | CN¥10.72B | CN¥817.5M | CN¥1.16B |
| Other non-cash items | −CN¥9.21B | −CN¥9.69B | −CN¥1.29B | −CN¥42.38B | CN¥833.7M | −CN¥86.8M | −CN¥12.6M | −CN¥78.3M | CN¥7.5M | CN¥8.7M |
| Cash from operating activities | CN¥106.94B | CN¥121.93B | CN¥94.16B | CN¥7.03B | CN¥28.78B | CN¥28.20B | CN¥14.82B | CN¥7.77B | CN¥315.5M | CN¥879.8M |
| Investing activities | ||||||||||
| Capital expenditures | −CN¥1.15B | −CN¥967.1M | −CN¥583.9M | −CN¥635.7M | −CN¥3.29B | −CN¥43.0M | −CN¥27.4M | −CN¥27.3M | −CN¥8.9M | −CN¥2.3M |
| Investments (net) | −CN¥42.08B | −CN¥118.36B | −CN¥55.43B | −CN¥3.24B | −CN¥35.56B | −CN¥38.36B | −CN¥27.87B | −CN¥7.65B | CN¥240.0M | −CN¥307.3M |
| Acquisitions & other investing | −CN¥199.8M | CN¥967.1M | CN¥583.9M | CN¥635.7M | CN¥3.29B | CN¥43.0M | −CN¥424.2M | CN¥124.8M | −CN¥159.4M | CN¥2.3M |
| Cash from investing activities | −CN¥43.42B | −CN¥118.36B | −CN¥55.43B | −CN¥3.24B | −CN¥35.56B | −CN¥38.36B | −CN¥28.32B | −CN¥7.55B | CN¥71.7M | −CN¥307.3M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | — | — | CN¥0 | CN¥0 | CN¥0 | −CN¥18.3M |
| Share repurchases & issuance (net) | — | — | — | — | — | — | CN¥0 | CN¥0 | −CN¥32.7M | CN¥0 |
| Net borrowing (repayment) | −CN¥5.23B | −CN¥91,000 | −CN¥8.97B | CN¥0 | −CN¥1.88B | CN¥13.93B | CN¥7.97B | CN¥7.97B | CN¥7.86B | CN¥7.97B |
| Shares issued | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥37.87B | CN¥8.19B | CN¥17.70B | CN¥0 | CN¥0 |
| Other financing | CN¥1.4M | CN¥1.3M | CN¥8.2M | CN¥10.1M | CN¥318,000 | −CN¥6,000 | −CN¥310.0M | −CN¥8.33B | −CN¥6.43B | −CN¥7.47B |
| Cash from financing activities | −CN¥5.23B | CN¥1.2M | −CN¥8.96B | CN¥10.1M | −CN¥1.88B | CN¥51.80B | CN¥15.85B | CN¥17.34B | CN¥1.40B | CN¥486.5M |
| Summary | ||||||||||
| Net change in cash | CN¥56.54B | CN¥4.41B | CN¥29.48B | CN¥3.81B | −CN¥8.80B | CN¥41.50B | CN¥2.81B | CN¥18.11B | CN¥1.74B | CN¥1.08B |
| Cash at end of period | CN¥182.73B | CN¥126.19B | CN¥121.78B | CN¥13.38B | CN¥66.04B | CN¥74.84B | CN¥33.35B | CN¥30.54B | CN¥3.06B | CN¥1.32B |
| Free cash flow | CN¥105.79B | CN¥120.96B | CN¥93.58B | CN¥6.40B | CN¥25.50B | CN¥28.15B | CN¥14.79B | CN¥7.74B | CN¥306.6M | CN¥877.5M |
| Free cash flow margin | 24.5% | 30.7% | 37.8% | 4.9% | 27.1% | 47.3% | 49.1% | 59.0% | 17.6% | 173.8% |
| Capex / revenue | 0.3% | 0.2% | 0.2% | 0.5% | 3.5% | 0.1% | 0.1% | 0.2% | 0.5% | 0.5% |
| Operating cash flow / net income | 1.09 | 1.08 | 1.57 | 0.22 | 3.71 | — | — | — | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | CN¥27.18B | CN¥24.54B | CN¥24.54B | CN¥29.33B | CN¥30.75B | CN¥14.74B | CN¥27.45B | CN¥24.98B | CN¥32.01B | CN¥28.00B | CN¥28.00B | CN¥15.54B |
| Depreciation & amortization | — | — | — | — | CN¥177.2M | CN¥177.2M | — | CN¥196.6M | CN¥196.6M | CN¥196.6M | — | CN¥556.0M |
| Stock-based compensation | CN¥1.31B | CN¥1.75B | CN¥1.75B | CN¥2.05B | CN¥1.95B | CN¥2.17B | CN¥2.40B | CN¥2.48B | CN¥2.42B | CN¥2.58B | CN¥2.58B | CN¥1.47B |
| Change in working capital | — | — | — | — | — | −CN¥11.02B | — | — | — | CN¥14.08B | — | — |
| Other non-cash items | −CN¥2.82B | −CN¥9.85B | −CN¥2.18B | CN¥14.28B | −CN¥11.24B | CN¥9.45B | −CN¥303.7M | −CN¥132.9M | CN¥9.16B | −CN¥23.78B | −CN¥9.51B | CN¥14.97B |
| Cash from operating activities | CN¥25.67B | CN¥16.45B | CN¥24.12B | CN¥45.66B | CN¥21.64B | CN¥15.52B | CN¥29.55B | CN¥27.52B | CN¥43.79B | CN¥21.07B | CN¥21.07B | CN¥32.54B |
| Investing activities | ||||||||||||
| Capital expenditures | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | −CN¥967.1M | CN¥0 | CN¥0 | CN¥0 | −CN¥583.9M | CN¥0 | CN¥0 |
| Investments (net) | — | — | — | −CN¥11.56B | −CN¥27.02B | −CN¥6.38B | −CN¥30.55B | −CN¥16.90B | −CN¥42.62B | −CN¥28.29B | −CN¥16.47B | −CN¥4.82B |
| Acquisitions & other investing | −CN¥19.97B | CN¥2.08B | CN¥1.54B | CN¥0 | CN¥0 | CN¥967.1M | — | CN¥0 | CN¥0 | CN¥583.9M | — | CN¥0 |
| Cash from investing activities | −CN¥19.97B | CN¥2.08B | CN¥1.54B | −CN¥11.56B | −CN¥27.02B | −CN¥6.38B | — | −CN¥16.90B | −CN¥42.62B | −CN¥28.29B | — | −CN¥4.82B |
| Financing activities | ||||||||||||
| Shares issued | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Other financing | — | −CN¥5.23B | −CN¥5.23B | CN¥551,000 | CN¥353,000 | CN¥219,000 | CN¥274,000 | CN¥132,000 | CN¥728,000 | CN¥30,000 | CN¥30,000 | CN¥385,000 |
| Cash from financing activities | — | −CN¥5.23B | −CN¥5.23B | CN¥551,000 | CN¥353,000 | CN¥219,000 | CN¥274,000 | CN¥132,000 | CN¥728,000 | CN¥30,000 | CN¥30,000 | CN¥385,000 |
| Summary | ||||||||||||
| Net change in cash | CN¥6.94B | CN¥16.52B | CN¥19.34B | CN¥33.49B | −CN¥5.36B | CN¥9.06B | CN¥505.9M | CN¥9.57B | CN¥1.41B | −CN¥7.07B | −CN¥7.07B | CN¥27.92B |
| Cash at end of period | CN¥206.19B | CN¥199.25B | CN¥182.73B | CN¥163.39B | CN¥129.90B | CN¥135.26B | CN¥126.19B | CN¥125.69B | CN¥116.12B | CN¥114.70B | CN¥114.70B | CN¥111.35B |
| Free cash flow | CN¥25.67B | CN¥16.45B | CN¥24.12B | CN¥45.66B | CN¥21.64B | CN¥15.52B | CN¥29.55B | CN¥27.52B | CN¥43.79B | CN¥21.07B | CN¥21.07B | CN¥32.54B |
| Free cash flow margin | 22.8% | 15.5% | 19.7% | 42.2% | 20.8% | 16.2% | 26.7% | 27.7% | 45.1% | 24.3% | 24.3% | 47.3% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.0% | 0.0% | 0.0% | 0.0% | 0.7% | 0.0% | 0.0% |
| Operating cash flow / net income | 0.94 | 0.67 | 0.98 | 1.56 | 0.70 | 1.05 | 1.08 | 1.10 | 1.37 | 0.75 | 0.75 | 2.09 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported; data from EODHD.
PDD cash generation
In fiscal 2025 (ended December 31, 2025), PDD Holdings generated CN¥106.9 billion of cash from operations (down 12.3%) and spent CN¥1.1 billion on capital expenditures, leaving free cash flow of CN¥105.8 billion, 24.5% of revenue. Cash and equivalents rose by CN¥56.5 billion over the year.
Related: PDD income statement, PDD balance sheet. See the PDD stock overview for the latest quote and news.
PDD cash flow FAQ
What is PDD Holdings's free cash flow?
PDD Holdings's free cash flow was CN¥105.8 billion in fiscal 2025: CN¥106.9 billion of operating cash flow minus CN¥1.1 billion of capital expenditures It was CN¥121.0 billion a year earlier..
How much cash does PDD Holdings generate from operations?
PDD Holdings generated CN¥106.9 billion of cash from operating activities in fiscal 2025, 1.09 times its net income of CN¥97.8 billion.
How much does PDD Holdings spend on capital expenditures?
PDD Holdings spent CN¥1.1 billion on capital expenditures in fiscal 2025, 0.3% of revenue, compared with CN¥967.1 million the year before.