← PDD Holdings Inc.

Annual Trend FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
ASSETS
Current assets:
Cash and Cash Equivalents, at Carrying Value $3.1b $2.1b $828.5m $3.4b $6.4b $5.0b $8.4b $7.9b $15.6b
Prepaid Expense and Other Assets, Current $127.7m $138.8m $136.5m $790.7m $3.4b $333.2m $593.4m $604.6m $1.1b
Short-term Investments $50.0m $1.1b $5.1b $9.9b $86.5b $16.7b $22.2b $37.5b $44.8b
Cash and cash equivalents $3.1b $14.2b $5.8b $22.4b $6.4b $34.3b $59.8b $57.8b $108.9b
Receivables from online payment platforms $88.2m $247.6m $1.1b $729.5m $673.7m $587.7m $3.9b $3.7b $5.1b
Prepayments and other current assets $127.7m $954.0m $950.3m $5.2b $3.4b $2.3b $4.2b $4.4b $7.5b
Accounts Receivable — — — — — $587.7m $3.9b $3.7b $5.1b
Accrued Interest Receivable — — — — — $119.6m $367.0m $205.0m $191.6m
Cash Cash Equivalents And Short Term Investments — — — — — $149.4b $217.2b $331.6b $422.3b
Other Current Assets — — — — — $799.0m $1.5b $1.6b $1.5b
Other Short Term Investments — — — — — $115.1b $157.4b $273.8b $313.4b
Prepaid Assets — — — — — $1.1b $1.4b $1.9b $2.8b
Taxes Receivable — — — — — $326.4m $871.6m $699.0m $3.0b
Inventory, Net — — — $263.4m $14.2m — — — —
Assets, Current $13.1b $5.9b $10.5b $22.9b $160.9b $31.4b $41.5b $56.9b $74.2b
Total current assets $13.1b $40.4b $73.0b $149.5b $160.9b $216.6b $294.8b $415.6b $519.0b
Property, Plant and Equipment, Net $9.3m $4.2m $5.9m $31.1m $2.2b $151.5m $138.0m $120.5m $186.8m
Intangible Assets, Net (Excluding Goodwill) — $375.1m $286.5m $195.7m $701.2m $19.4m $3.0m $2.6m $2.2m
Intangible assets — $2.6b $2.0b $1.3b $701.2m $134.0m $21.1m $19.2m $15.4m
Goodwill And Other Intangible Assets — — — — — $134.0m $21.1m $19.2m $15.4m
Other Intangible Assets — — — — $701.2m $134.0m $21.1m — —
Operating Lease, Right-of-Use Asset — — $74.3m $96.5m $938.5m $205.3m $578.2m $693.8m $695.4m
Other Assets, Noncurrent $5.0m $26.6m $72.3m $1.1b $16.4b $2.4b $6.8b $11.4b $15.0b
Right-of-use assets — $221.5m $517.2m $629.8m $938.5m $1.4b $4.1b $5.1b $4.9b
Additional Financial Items
Accrued Liabilities, Current $192.0m $199.5m $391.7m — — — — — —
Restricted cash $9.4b $16.4b $27.6b $52.4b $59.6b $58.0b $62.0b $68.4b $73.8b
Amounts due from related parties $442.9m $1.0b $2.4b $4.2b $4.3b $6.3b $7.4b $7.6b $10.2b
Deferred tax assets — — — — $31.5m $1.0b $270.7m $16.0m $172.0m
Other non-current assets $5.0m $182.7m $503.1m $7.3b $16.4b $16.9b $48.0b $83.4b $104.7b
Amounts due to related parties — — — — — $1.7b $1.2b $801.9m $1.1b
Customer advances and deferred revenues — $191.5m $606.0m $2.4b $1.2b $1.4b $2.1b $2.9b $3.4b
Payable to merchants $9.8b $17.3b $29.9b $53.8b $62.5b $63.3b $75.0b $91.7b $107.4b
Merchant deposits $1.8b $4.2b $7.8b $10.9b $13.6b $15.1b $16.9b $16.5b $17.7b
Convertible bonds, current portion — — — — — $13.9b $648.6m $5.3b —
Lease liabilities — $0 $115.7m $253.0m $427.2m $602.0m $2.6b $3.2b $2.9b
Class A ordinary shares (US$0.000005 par value; 77,300,000,000 shares authorized, 5,568,585,848 and 5,693,585,848 shares issued and outstanding as of December 31, 2024 and 2025, respectively) 54k 142k 148k 159k 161k 170k 177k 180k 182k
Statutory reserves — — — — — $5.0m $106.0m $237.7m $1.3b
Accumulated Depreciation — — — — — ($2.6b) ($3.2b) ($3.9b) ($4.5b)
Capital Lease Obligations — — — — — $1.5b $4.3b $5.3b $5.4b
Current Accrued Expenses — — — — — $5.9b $13.5b $11.1b $10.7b
Current Capital Lease Obligation — — — — — $602.0m $1.6b $2.1b $2.5b
Current Debt — — — — — $13.9b $648.6m $5.3b —
Current Debt And Capital Lease Obligation — — — — — $14.5b $2.3b $7.4b $2.5b
Current Deferred Liabilities — — — — — $1.4b $2.1b $2.9b $3.4b
Duefrom Related Parties Current — — — — — $6.3b $7.4b $7.6b $10.2b
Dueto Related Parties Current — — — — — $1.7b $1.2b $801.9m $1.1b
Gross PPE — — — — — $5.0b $8.3b $9.9b $10.7b
Invested Capital — — — — — $133.2b $193.1b $318.6b $413.4b
Leases — — — — — $30.2m $69.7m $128.7m $200.7m
Long Term Capital Lease Obligation — — — — — $870.8m $2.6b $3.2b $2.9b
Machinery Furniture Equipment — — — — — $3.6b $4.1b $4.7b $5.6b
Net PPE — — — — — $2.5b $5.1b $5.9b $6.2b
Net Tangible Assets — — — — — $117.6b $187.2b $313.3b $413.4b
Non Current Deferred Assets — — — — — $1.0b $270.7m $16.0m $172.0m
Non Current Deferred Liabilities — — — — — $13.0m $59.8m $106.8m $41.9m
Non Current Deferred Taxes Assets — — — — — $1.0b $270.7m $16.0m $172.0m
Ordinary Shares Number — — — — — $5.3b $5.5b $5.6b $5.7b
Other Current Borrowings — — — — — $13.9b $648.6m $5.3b —
Other Current Liabilities — — — — — $16.9b $21.7b $19.4b $23.4b
Other Equity Adjustments — — — — — $3.3b $4.8b $8.1b $3.5b
Other Payable — — — — — $2.4b $3.2b $4.0b $4.9b
Other Properties — — — — — $1.4b $4.1b $5.1b $4.9b
Properties — — — — — $0 $0 $0 $0
Share Issued — — — — — $5.3b $5.5b $5.6b $5.7b
Tangible Book Value — — — — — $117.6b $187.2b $313.3b $413.4b
Working Capital — — — — — $99.7b $141.8b $227.2b $305.2b
Total non-current assets $176.6m $2.8b $3.1b $9.4b $20.3b $20.5b $53.3b $89.4b $111.1b
Total non-current liabilities — — $5.6b $14.9b $12.4b $2.5b $7.9b $3.3b $2.9b
Total shareholders' equity ($992.0m) $18.8b $24.6b $60.2b $75.1b $117.8b $187.2b $313.3b $413.4b
Total Capitalization — — — — — $119.3b $192.5b $313.3b $413.4b
Total Debt — — — — — $16.9b $10.2b $10.6b $5.4b
Total Tax Payable — — — — — $7.0b $16.9b $22.8b $27.6b
Assets $13.3b $6.3b $10.9b $24.4b $181.2b $34.4b $49.0b $69.2b $90.1b
Total Assets $13.3b $43.2b $76.1b $158.9b $181.2b $237.1b $348.1b $505.0b $630.0b
LIABILITIES AND EQUITY
Current liabilities:
Operating Lease, Liability, Current — — $16.6m $38.8m $427.2m $87.3m $231.2m $288.5m $357.3m
Accounts Payable, Current — — — $174.3m $2.0b $576.9m $2.4b $3.9b $4.7b
Operating Lease, Liability, Noncurrent — — $61.6m $63.6m $544.3m $126.3m $372.4m $437.2m $411.9m
Accrued expenses and other liabilities $360.4m $2.2b $4.9b $11.2b $14.1b $21.0b $55.4b $69.1b $81.7b
Payables And Accrued Expenses — — — — — $84.2b $126.8b $158.6b $184.4b
Liabilities, Current $12.1b $3.5b $6.6b $12.9b $93.7b $16.9b $21.5b $25.8b $30.6b
Total current liabilities $12.1b $24.4b $45.8b $83.9b $93.7b $116.9b $152.9b $188.4b $213.7b
Deferred Income Tax Liabilities, Net — — — — $31.3m $1.9m $8.4m $14.6m $6.0m
Other Liabilities, Noncurrent — — $1.1m $447k $996k — — — —
Deferred tax liabilities — — — $0 $31.3m $13.0m $59.8m $106.8m $41.9m
Long Term Debt — — — — $11.8b $1.6b $5.2b — —
Long Term Debt And Capital Lease Obligation — — — — — $2.4b $7.9b $3.2b $2.9b
Non Current Deferred Taxes Liabilities — — — — — $13.0m $59.8m $106.8m $41.9m
Deferred Tax Liabilities, Net — — — $0 $31.3m $6.9m $24.1m $34.1m $27.4m
Liabilities $12.1b $3.5b $7.4b $15.1b $106.1b $17.3b $22.7b $26.3b $31.0b
Total liabilities $12.1b $24.4b $51.4b $98.7b $106.1b $119.3b $160.8b $191.7b $216.7b
Stockholders’ equity:
Common Stock, Value, Issued — — — — — — $25k $25k $26k
Additional Paid in Capital $61.3m $4.2b $6.0b $13.3b $95.3b $14.4b $15.1b $16.1b $18.0b
Retained Earnings (Accumulated Deficit) ($1.0b) ($1.6b) ($2.6b) ($3.9b) ($17.7b) $2.2b $10.6b $25.7b $40.6b
Accumulated Other Comprehensive Income (Loss), Net of Tax ($23.1m) $150.6m $208.0m ($160.6m) ($2.5b) $481.7m $665.3m $1.1b $302.5m
Accumulated other comprehensive income ($23.1m) $1.0b $1.4b ($1.0b) ($2.5b) $3.3b $4.7b $7.8b $2.1b
Capital Stock — — — — — $170k $177k $180k $182k
Gains Losses Not Affecting Retained Earnings — — — — — $3.3b $4.8b $8.1b $3.5b
Stockholders' Equity Attributable to Parent ($992.0m) $2.7b $3.5b $9.2b $75.1b $17.1b $26.4b $42.9b $59.1b
Total Equity Gross Minority Interest — — — — — $117.8b $187.2b $313.3b $413.4b
Total Non Current Liabilities Net Minority Interest — — — — — $2.5b $7.9b $3.3b $2.9b
Liabilities and Equity $13.3b $6.3b $10.9b $24.4b $181.2b $34.4b $49.0b $69.2b $90.1b
Total liabilities and shareholders' equity $13.3b $43.2b $76.1b $158.9b $181.2b $237.1b $348.1b $505.0b $630.0b

Data sourced from SEC EDGAR 10-K filings via EdgarTools. Amounts are shown in USD as reported in each fiscal year filing.

Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.