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PDD Holdings Inc. income statement

In fiscal 2025, PDD Holdings Inc. reported revenue of $60.09bn, up 9.8% on the year before, operating income of $12.95bn (a 21.6% margin) and net income of $13.61bn, or $9.18 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.

Income statement

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025
Revenue0.10.32.04.48.614.619.435.054.760.1
Cost of revenue0.10.10.40.92.84.94.713.021.426.3
Gross profit−0.00.21.53.45.89.614.822.033.333.8
Research and development0.00.00.20.61.01.41.51.51.82.3
Selling and marketing0.00.22.03.96.06.98.111.615.517.4
General and administrative0.00.01.00.20.20.20.60.61.01.1
Operating income−0.0−0.1−1.6−1.2−1.41.14.58.315.113.0
Interest expense———0.00.10.20.00.0——
Net interest income0.00.00.10.20.3—————
Income before tax−0.0−0.1−1.5−1.0−1.01.55.410.218.416.6
Income tax——0.00.00.00.30.71.72.83.0
Net income−0.0−0.1−1.5−1.0−1.01.24.78.515.613.6
Diluted EPS—−$0.17−$2.10−$0.87−$0.88$0.84—$5.82$10.56$9.18
Diluted shares (average)454m441m742m1,157m1,192m1,428m1m1,460m1,479m1,482m
EBITDA−0.0−0.1−1.6−1.1−1.31.34.98.415.213.0

EBITDA is operating income plus depreciation and amortisation. EPS and share counts are restated for stock splits. A dash means the company did not report the line for that period; expense lines are shown as reported, so they need not add up to the totals when a company reports other items between them.

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Figures from PDD Holdings Inc.'s SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to PDD Holdings Inc.