PDD
PDD Holdings Inc.
NASDAQ: PDD · CONSUMER CYCLICAL · INTERNET RETAIL
$98.03
+0.27% today
Updated 2026-04-24
Market cap
$139.17B
P/E ratio
9.98
P/S ratio
0.32x
EPS (TTM)
$9.82
Dividend yield
—
52W range
$95 – $139
Volume
7.3M
PDD Holdings Inc. (PDD) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $504.86M | $1.74B | $13.12B | $30.14B | $59.49B | $93.95B | $130.56B | $247.64B | $393.84B | $420.08B |
| Revenue growth (YoY) | — | +245.5% | +652.3% | +129.7% | +97.4% | +57.9% | +39.0% | +89.7% | +59.0% | +6.7% |
| Cost of revenue | $577.87M | $722.83M | $2.91B | $6.34B | $19.28B | $31.72B | $31.46B | $91.72B | $153.90B | $183.66B |
| Gross profit | $-73.01M | $1.02B | $10.21B | $23.80B | $40.21B | $62.23B | $99.10B | $155.92B | $239.94B | $236.42B |
| Gross margin | -14.5% | 58.6% | 77.9% | 79.0% | 67.6% | 66.2% | 75.9% | 63.0% | 60.9% | 56.3% |
| R&D | $29.42M | $129.18M | $1.12B | $3.87B | $6.89B | $8.99B | $10.38B | $10.95B | $12.66B | $16.05B |
| SG&A | $14.79M | $133.21M | $6.46B | $1.30B | $1.51B | $1.54B | $3.96B | $4.08B | $7.55B | — |
| Operating income | $-286.21M | $-595.72M | $-10.80B | $-8.54B | $-9.38B | $6.90B | $30.40B | $58.70B | $108.42B | $92.05B |
| Operating margin | -56.7% | -34.2% | -82.3% | -28.3% | -15.8% | 7.3% | 23.3% | 23.7% | 27.5% | 21.9% |
| EBITDA | $-285.45M | $-583.46M | $-4.35B | $-7.90B | $-8.73B | $8.39B | $32.63B | $59.48B | $109.21B | $92.05B |
| EBITDA margin | -56.5% | -33.5% | -33.1% | -26.2% | -14.7% | 8.9% | 25.0% | 24.0% | 27.7% | 21.9% |
| EBIT | $-286.21M | $-585.72M | $-4.85B | $-8.54B | $-9.38B | $6.90B | $30.40B | $58.70B | $108.42B | — |
| Interest expense | $0.00 | $0.00 | $0.00 | $145.86M | $757.34M | $1.23B | $51.66M | $43.99M | $0.00 | — |
| Income tax | $3.73M | $-59.24M | $582.62M | $-28.68M | $66.92M | $1.93B | $4.73B | $11.85B | $20.27B | — |
| Effective tax rate | -1.3% | 10.1% | -6.0% | 0.4% | -0.9% | 19.9% | 13.0% | 16.5% | 15.3% | 0.0% |
| Net income | $-291.98M | $-525.12M | $-10.22B | $-6.97B | $-7.18B | $7.77B | $31.54B | $60.03B | $112.43B | $96.66B |
| Net income growth (YoY) | — | -79.8% | -1845.7% | +31.8% | -3.0% | +208.2% | +306.0% | +90.3% | +87.3% | -14.0% |
| Profit margin | -57.8% | -30.1% | -77.9% | -23.1% | -12.1% | 8.3% | 24.2% | 24.2% | 28.5% | 23.0% |