Growth & profitability
- Revenue has grown 48.7% per year over the past 5 years.
- Operating margin has expanded, at 21.6% in the latest year.
- Free cash flow has grown 138.0% per year over the past 5 years.
PDD Financials PDD Holdings
10 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings, in CNY as reported — with a computed, factual read of the trend. Updated Overview →
RevenueNet income
GrossOperatingNet
ROEROA
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key annual figures
| FY | Revenue | Net income | Gross M | Op M | ROE | ROA | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|---|
| 2025 | CN¥431.8B | CN¥97.8B | 56.3% | 21.6% | 23.7% | 15.5% | — | — | CN¥108.9B |
| 2024 | CN¥393.8B | CN¥112.4B | 60.9% | 27.5% | 35.9% | 22.3% | — | — | CN¥57.8B |
| 2023 | CN¥247.6B | CN¥60.0B | 63.0% | 23.7% | 32.1% | 17.2% | — | — | CN¥59.8B |
| 2022 | CN¥130.6B | CN¥31.5B | 75.9% | 23.3% | 26.8% | 13.3% | — | — | CN¥34.3B |
| 2021 | CN¥93.9B | CN¥7.8B | 66.2% | 7.3% | 10.3% | 4.3% | — | — | CN¥6.4B |
| 2020 | CN¥59.5B | -CN¥7.2B | 67.6% | -15.8% | -11.9% | -4.5% | CN¥28.2B | — | CN¥22.4B |
| 2019 | CN¥30.1B | -CN¥7.0B | 79.0% | -28.3% | -28.3% | -9.2% | CN¥14.8B | — | CN¥5.8B |
| 2018 | CN¥13.1B | -CN¥10.2B | 77.9% | -82.3% | -54.3% | -23.7% | CN¥7.7B | — | CN¥14.2B |
| 2017 | CN¥1.7B | -CN¥525M | 58.6% | -34.2% | 52.9% | -3.9% | CN¥9.7B | — | CN¥3.1B |
| 2016 | CN¥505M | -CN¥292M | -14.5% | -56.7% | 68.5% | — | CN¥877M | — | CN¥1.3B |
RevenueNet income
GrossOperatingNet
ROEROA
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key quarterly figures
| Quarter | Revenue | Net income | Gross M | Op M | ROE | ROA | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|---|
| Dec '20 | CN¥26.5B | -CN¥1.4B | 56.6% | -7.7% | -2.3% | -0.9% | CN¥14.9B | — | CN¥22.4B |
| Dec '19 | CN¥10.8B | -CN¥1.8B | 81.1% | -19.8% | -7.1% | -2.3% | CN¥9.6B | — | CN¥5.8B |
Frequently asked questions
Is PDD growing its revenue and profit?
Over the past 5 years, PDD Holdings's revenue has grown 48.7% per year. These are computed facts, not advice.
How much debt does PDD have?
As of FY2025, PDD Holdings reported — of total debt against CN¥108.9B of cash.
What is PDD's profit margin?
In FY2025, gross margin was 56.3%, operating margin 21.6%, and net margin 22.7%.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — its annual and interim reports, in CNY as reported (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (annual and interim filings, reported in CNY) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.