PDD Holdings Inc.
NASDAQ: PDD · CONSUMER CYCLICAL · INTERNET RETAIL
Updated 2026-06-05
PDD Holdings Inc. (PDD) Financial statements
SEC filings — annual and quarterly data.
Margin trends — annual
| Year | Revenue | Net income | Gross margin | Op. margin | Profit margin |
|---|---|---|---|---|---|
| 2016 | $504.86M | $-291.98M | -14.46% | -56.69% | -57.83% |
| 2017 | $1.74B | $-525.12M | 58.56% | -34.16% | -30.11% |
| 2018 | $13.12B | $-10.22B | 77.86% | -82.32% | -77.87% |
| 2019 | $30.14B | $-6.97B | 78.97% | -28.33% | -23.12% |
| 2020 | $59.49B | $-7.18B | 67.59% | -15.77% | -12.07% |
| 2021 | $93.95B | $7.77B | 66.24% | 7.34% | 8.27% |
| 2022 | $130.56B | $31.54B | 75.90% | 23.29% | 24.16% |
| 2023 | $247.64B | $60.03B | 62.96% | 23.70% | 24.24% |
| 2024 | $393.84B | $112.43B | 60.92% | 27.53% | 28.55% |
| 2025 | $431.85B | $97.84B | 56.28% | 21.56% | 22.66% |
Frequently asked questions
What is PDD Holdings Inc.'s revenue?
PDD Holdings Inc.'s trailing twelve-month revenue is $442.40B, and consensus projects about $796.68B by 2030. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is PDD?
In its most recent fiscal year, PDD ran a gross margin of 56.28%, an operating margin of 21.56%, and a net margin of 22.66%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does PDD generate?
PDD produced $105.79B in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is PDD's balance sheet healthy?
PDD holds $182.85B in cash and equivalents against — in long-term debt, on $415.17B of shareholder equity. That debt is best read against the cash flow the business throws off each year.