PDD Holdings Inc. (PDD) Income Statement
PDD 2025 at a glance
Fiscal year ended December 31, 2025 · Chinese yuanPDD revenue and net income
Where PDD's revenue goes
2025Each bar shows an amount and its share of revenue. PDD kept 22.7% of revenue as net income.
PDD profit margins
PDD growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +9.7% | +49.0% | +48.7% | — |
| Gross profit | +1.3% | +34.9% | +43.3% | — |
| Operating income | −14.1% | +45.2% | — | — |
| Net income | −13.0% | +45.8% | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
PDD income statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥431.85B | CN¥393.84B | CN¥247.64B | CN¥130.56B | CN¥93.95B | CN¥59.49B | CN¥30.14B | CN¥13.12B | CN¥1.74B | CN¥504.9M |
| Cost of revenue | CN¥188.80B | CN¥153.90B | CN¥91.72B | CN¥31.46B | CN¥31.72B | CN¥19.28B | CN¥6.34B | CN¥2.91B | CN¥722.8M | CN¥577.9M |
| Gross profit | CN¥243.04B | CN¥239.94B | CN¥155.92B | CN¥99.10B | CN¥62.23B | CN¥40.21B | CN¥23.80B | CN¥10.21B | CN¥1.02B | −CN¥73.0M |
| Research & development | CN¥16.50B | CN¥12.66B | CN¥10.95B | CN¥10.38B | CN¥8.99B | CN¥6.89B | CN¥3.87B | CN¥1.12B | CN¥129.2M | CN¥29.4M |
| Sales, general & admin | CN¥133.45B | CN¥118.85B | CN¥86.26B | CN¥58.31B | CN¥46.34B | CN¥42.70B | CN¥28.47B | CN¥19.90B | CN¥1.48B | CN¥183.8M |
| Total operating expenses | CN¥149.94B | CN¥131.51B | CN¥97.22B | CN¥68.69B | CN¥55.34B | CN¥49.59B | CN¥32.34B | CN¥21.01B | CN¥1.62B | CN¥213.2M |
| Operating income | CN¥93.10B | CN¥108.42B | CN¥58.70B | CN¥30.40B | CN¥6.90B | −CN¥9.38B | −CN¥8.54B | −CN¥10.80B | −CN¥595.7M | −CN¥286.2M |
| Interest income | CN¥25.58B | CN¥20.55B | CN¥10.24B | CN¥4.00B | CN¥3.06B | CN¥2.46B | CN¥1.54B | CN¥584.9M | CN¥80.8M | CN¥4.5M |
| Interest expense | CN¥0 | CN¥0 | CN¥44.0M | CN¥51.7M | CN¥1.23B | CN¥757.3M | CN¥145.9M | CN¥0 | CN¥0 | CN¥0 |
| Income before taxes | CN¥119.58B | CN¥132.70B | CN¥71.88B | CN¥36.26B | CN¥9.70B | −CN¥7.18B | −CN¥6.97B | −CN¥10.22B | −CN¥525.1M | −CN¥292.0M |
| Income taxes | CN¥21.73B | CN¥20.27B | CN¥11.85B | CN¥4.73B | CN¥1.93B | CN¥66.9M | −CN¥28.7M | CN¥582.6M | −CN¥59.2M | CN¥3.7M |
| 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 |
| EBITDA | CN¥122.45B | CN¥109.21B | CN¥73.81B | CN¥39.05B | CN¥12.78B | −CN¥8.58B | −CN¥7.90B | −CN¥4.35B | −CN¥583.5M | −CN¥285.5M |
| Gross margin | 56.3% | 60.9% | 63.0% | 75.9% | 66.2% | 67.6% | 79.0% | 77.9% | 58.6% | −14.5% |
| Operating margin | 21.6% | 27.5% | 23.7% | 23.3% | 7.3% | −15.8% | −28.3% | −82.3% | −34.2% | −56.7% |
| Net margin | 22.7% | 28.5% | 24.2% | 24.2% | 8.3% | −12.1% | −23.1% | −77.9% | −30.1% | −57.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥112.36B | CN¥106.23B | CN¥122.20B | CN¥108.28B | CN¥103.98B | CN¥95.67B | CN¥110.61B | CN¥99.35B | CN¥97.06B | CN¥86.81B | CN¥86.81B | CN¥68.84B |
| Cost of revenue | CN¥48.02B | CN¥46.89B | CN¥54.39B | CN¥46.84B | CN¥45.86B | CN¥40.95B | CN¥47.80B | CN¥39.71B | CN¥33.70B | CN¥32.69B | CN¥32.69B | CN¥26.83B |
| Gross profit | CN¥64.34B | CN¥59.34B | CN¥67.81B | CN¥61.44B | CN¥58.13B | CN¥54.73B | CN¥62.81B | CN¥59.65B | CN¥63.36B | CN¥54.12B | CN¥54.12B | CN¥42.01B |
| Research & development | CN¥4.57B | CN¥4.42B | CN¥4.93B | CN¥4.33B | CN¥3.59B | CN¥3.58B | CN¥3.78B | CN¥3.06B | CN¥2.91B | CN¥2.91B | CN¥2.91B | CN¥2.85B |
| Sales, general & admin | CN¥32.01B | CN¥35.35B | CN¥37.56B | CN¥32.08B | CN¥28.74B | CN¥35.06B | CN¥33.44B | CN¥32.29B | CN¥27.89B | CN¥25.23B | CN¥25.23B | CN¥22.51B |
| Total operating expenses | CN¥36.58B | CN¥39.77B | CN¥40.47B | CN¥36.41B | CN¥32.33B | CN¥38.64B | CN¥37.22B | CN¥35.35B | CN¥30.80B | CN¥28.14B | CN¥28.14B | CN¥25.35B |
| Operating income | CN¥27.76B | CN¥19.57B | CN¥27.34B | CN¥25.03B | CN¥25.79B | CN¥16.09B | CN¥25.59B | CN¥24.29B | CN¥32.56B | CN¥25.97B | CN¥25.97B | CN¥16.66B |
| Interest income | CN¥13.51B | — | CN¥6.37B | CN¥8.57B | CN¥10.42B | CN¥223.1M | CN¥5.23B | CN¥5.42B | CN¥4.86B | CN¥5.05B | CN¥4.36B | CN¥2.13B |
| Interest expense | — | CN¥632.0M | — | — | — | — | CN¥0 | CN¥0 | CN¥0 | CN¥8.2M | CN¥8.2M | CN¥12.2M |
| Income before taxes | CN¥33.31B | CN¥16.76B | CN¥32.53B | CN¥33.31B | CN¥35.54B | CN¥19.22B | CN¥32.53B | CN¥29.18B | CN¥37.92B | CN¥33.07B | CN¥33.12B | CN¥19.05B |
| Income taxes | CN¥6.09B | CN¥4.12B | CN¥8.33B | CN¥3.99B | CN¥4.78B | CN¥4.48B | CN¥5.08B | CN¥4.20B | CN¥5.91B | CN¥5.07B | CN¥5.07B | CN¥3.51B |
| Net income | CN¥27.18B | CN¥12.55B | CN¥24.20B | 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 |
| EBITDA | CN¥33.31B | CN¥17.39B | CN¥27.34B | CN¥33.31B | CN¥35.71B | CN¥19.40B | CN¥25.79B | CN¥29.18B | CN¥32.76B | CN¥33.26B | CN¥26.17B | CN¥19.62B |
| Gross margin | 57.3% | 55.9% | 55.5% | 56.7% | 55.9% | 57.2% | 56.8% | 60.0% | 65.3% | 62.3% | 62.3% | 61.0% |
| Operating margin | 24.7% | 18.4% | 22.4% | 23.1% | 24.8% | 16.8% | 23.1% | 24.5% | 33.6% | 29.9% | 29.9% | 24.2% |
| Net margin | 24.2% | 11.8% | 19.8% | 27.1% | 29.6% | 15.4% | 24.8% | 25.1% | 33.0% | 32.3% | 32.3% | 22.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported in PDD's financial statements (latest annual report filed April 29, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
PDD financial results
In fiscal year 2025 (ended December 31, 2025), PDD Holdings reported revenue of CN¥431.8 billion, up 9.7% from the year before. It had net income of CN¥97.8 billion (down 13.0%), a net profit margin of 22.7%. Over five years revenue grew at an average rate of 48.7% a year. Figures are in Chinese yuan, the currency of its financial statements.
See the PDD stock overview for the latest quote and news, or the PDD chart for price history and technical indicators.
PDD income statement FAQ
What is PDD Holdings's annual revenue?
PDD Holdings reported total revenue of CN¥431.8 billion for fiscal year 2025, which ended on December 31, 2025. That was up 9.7% from CN¥393.8 billion the previous year.
Is PDD Holdings profitable?
Yes. PDD Holdings reported net income of CN¥97.8 billion in fiscal 2025, a net profit margin of 22.7%; its operating margin was 21.6%.
What is PDD Holdings's gross margin?
PDD Holdings's gross margin was 56.3% in fiscal 2025: for every $100 of revenue, PDD Holdings kept $56 after the direct cost of its products and services.
How much does PDD Holdings spend on research and development?
PDD Holdings spent CN¥16.5 billion on research and development in fiscal 2025, 3.8% of revenue.
How fast is PDD Holdings growing?
Revenue grew 48.7% a year on average over the last five fiscal years, from CN¥59.5 billion to CN¥431.8 billion.
When will PDD Holdings report its next earnings?
PDD Holdings is expected to report results for the quarter ending September 30, 2026 on November 17, 2026.
When does PDD Holdings's fiscal year end?
PDD Holdings's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on April 29, 2026.