PDD Holdings PDD

Public, NASDAQ, reports in CNY. Founded 2015.
Theme: Mobile. Temu.

2025-08-01 — Highest growth ever

Financials millions, CNY

Period	Revenue	Growth %	Gross margin %	R&D %	Operating income	Operating margin %	Net income	EPS (diluted)	Rule of 40
2025	431.8bn CNY	–	56.3 %	3.8 %	93.1bn CNY	21.6 %	97.8bn CNY	67.04	–
2024	54.0bn USD	54.7 %	60.9 %	2.7 %	14.9bn USD	27.5 %	15.4bn USD	–	82.2
2023	34.9bn USD	84.3 %	–	–	–	–	–	–	–
2022	18.9bn USD	–	–	–	–	–	–	–	–
2026-Q2	112.4bn CNY	8.1 %	57.3 %	4.1 %	27.8bn CNY	24.7 %	27.2bn CNY	18.44	32.8
2026-Q1	106.2bn CNY	–	55.9 %	4.2 %	19.6bn CNY	18.4 %	12.5bn CNY	8.48	–
2025-Q4	123.9bn CNY	–	55.5 %	4.0 %	26.2bn CNY	21.1 %	23.0bn CNY	16.52	–
2025-Q3	108.3bn CNY	–	56.7 %	4.0 %	25.0bn CNY	23.1 %	29.3bn CNY	19.72	–
2025-Q2	104.0bn CNY	–	55.9 %	3.5 %	25.8bn CNY	24.8 %	30.8bn CNY	20.76	–

Sources

2025: https://investor.pddholdings.com/news-releases/news-release-details/pdd-holdings-announces-fourth-quarter-2025-and-fiscal-year-2025/ — PDD Holdings 431.8457 CNY 6.9931 #NAME? PDD Holdings IR (FY2025 revenues RMB431,845.7m = US$61,753.1m at RMB6.9931, 31 Dec 2025 Fed H.10 rate):
2024: 2025_10-K_Summary_2026-07-10.xlsx — sheet value USD-converted; re-enter in reporting currency for growth
2023: 2025_10-K_Summary_2026-07-10.xlsx — sheet value USD-converted; re-enter in reporting currency for growth
2022: 2025_10-K_Summary_2026-07-10.xlsx — sheet value USD-converted; re-enter in reporting currency for growth
2026-Q2: yfinance
2026-Q1: yfinance
2025-Q4: yfinance
2025-Q3: yfinance
2025-Q2: yfinance

Period	Cash from operations	Capex	Free cash flow	FCF margin %	CFO / net income %	NOPAT	Unlevered FCF	Levered FCF	Net change in cash
2025	106.9bn CNY	1.1bn CNY	105.8bn CNY	24.5 %	109.3 %	76.2bn CNY	85.4bn CNY	100.6bn CNY	58.3bn CNY

NOPAT = op. income × (1 − effective tax rate); UFCF = NOPAT + D&A + ΔNWC − capex; LFCF = FCF + net debt issued.