← PDD Holdings Inc.

Annual Trend FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
Total Revenue $0 $1.7b $1.9b $4.3b $9.1b $93.9b $18.9b $34.9b $54.0b $61.8b
Revenues (including services provided to a related party of RMB4,272, nil and nil for the years ended December 31, 2023, 2024 and 2025, respectively) $504.9m $1.7b $13.1b $30.1b $59.5b $93.9b $130.6b $247.6b $393.8b $431.8b
Cost of Goods and Services Sold $165.3m $722.8m $422.6m $910.5m $3.0b $31.7b $4.6b $12.9b $21.1b $27.0b
Cost Of Revenue — — — — — — $31.5b $91.7b $153.9b $188.8b
Reconciled Cost Of Revenue — — — — — — $31.5b $91.7b $153.9b $188.8b
Gross Profit $339.5m $1.0b $1.5b $3.4b $6.2b $62.2b $14.4b $22.0b $32.9b $34.8b
Research And Development — — — — — — $10.4b $11.0b $12.7b $16.5b
Operating Expenses — $1.6b $3.1b $4.6b $7.6b $55.3b $10.0b $13.7b $18.0b $21.4b
Total operating expenses ($213.2m) ($1.6b) ($21.0b) ($32.3b) ($49.6b) ($55.3b) ($68.7b) ($97.2b) ($131.5b) ($149.9b)
Operating Income (Loss) — ($595.7m) ($1.6b) ($1.2b) ($1.4b) $6.9b $4.4b $8.3b $14.9b $13.3b
Additional Financial Items
Amortization of Intangible Assets — — $71.4m $89.0m $95.6m $583.4m $88.2m $16.1m — —
Foreign Currency Transaction Gain (Loss), before Tax — ($11.5m) $1.5m $9.1m $34.5m $71.8m ($21.7m) $5.0m $80.5m ($281.2m)
Income (Loss) from Equity Method Investments — — — $4.1m $12.8m $246.8m ($22.5m) ($663k) $2.4m $18.4m
Interest Income, Operating — $2.6m $11.4m $30.1m $72.0m $147.0m $87.9m $190.8m $387.4m $110.7m
Investment Income, Interest — $80.8m $85.1m $221.5m $376.3m $3.1b $579.5m $1.4b $2.8b $3.7b
Operating profit ($286.2m) ($595.7m) ($10.8b) ($8.5b) ($9.4b) $6.9b $30.4b $58.7b $108.4b $93.1b
Interest and investment income, net $4.5m $80.8m $584.9m $1.5b $2.5b $3.1b $4.0b $10.2b $20.6b $25.6b
Foreign exchange gain/(loss) $475k ($11.5m) $10.0m $63.2m $225.2m $71.8m ($149.7m) $35.7m $587.9m ($2.0b)
Other income, net ($2.0m) $1.4m ($12.4m) $82.8m $193.7m $656.3m $2.2b $3.0b $3.1b $2.7b
Profit before income tax and share of results of equity investees — ($525.1m) ($10.2b) ($7.0b) ($7.3b) $9.5b $36.4b $71.9b $132.7b $119.4b
Share of results of equity investees — — $0 $28.7m $83.7m $246.8m ($155.3m) ($4.7m) $17.2m $129.0m
Basic (in shares) $1.8b $1.8b $3.0b $4.6b $4.8b $5.0b $5.1b $5.4b $5.5m $5.6b
Diluted (in shares) $1.8b $1.8b $3.0b $4.6b $4.8b $5.7b $5.8b $5.8b $5.9m $5.9b
Foreign currency translation difference, net of tax of nil $20.0m ($47.7m) $1.1b $412.4m ($2.5b) ($1.5b) $5.9b $1.3b $2.6b ($5.5b)
Unrealized gains/(losses) on available-for-sale debt securities, net of tax — — — — — — ($18.2m) $68.5m $494.8m ($232.3m)
Comprehensive income ($272.0m) ($572.8m) ($9.2b) ($6.6b) ($9.7b) $6.3b $37.4b $61.4b $115.5b $92.1b
Average Dilution Earnings — — — — — — $51.7m $44.0m $0 $0
Diluted EPS — — — — — — $21.92 $41.16 $76.00 $67.04
Diluted NI Availto Com Stockholders — — — — — — $31.6b $60.1b $112.4b $97.8b
Earnings From Equity Interest Net Of Tax — — $0 $28.7m $83.7m $246.8m ($155.3m) ($4.7m) $17.2m $129.0m
Gain On Sale Of Security $475k ($11.5m) $10.0m $63.2m $225.2m $71.8m ($149.7m) $35.7m $587.9m ($2.0b)
Interest Income $4.5m $80.8m $584.9m $1.5b $2.5b $3.1b $4.0b $10.2b $20.6b $25.6b
Interest Income Non Operating $4.5m $80.8m $584.9m $1.5b $2.5b $3.1b $4.0b $10.2b $20.6b $25.6b
Net Income From Continuing And Discontinued Operation — — — — — — $31.5b $60.0b $112.4b $97.8b
Net Income From Continuing Operation Net Minority Interest — — — — — — $31.5b $60.0b $112.4b $97.8b
Net Interest Income — — — — — — $3.9b $10.2b $20.6b $25.6b
Normalized EBITDA — — — — — — $39.4b $73.8b $134.7b $124.4b
Normalized Income — — — — — — $31.7b $60.0b $111.9b $99.5b
Other Gand A — — — — — — $4.0b $4.1b $7.6b $8.2b
Reconciled Depreciation — — — — — — $2.7b $1.9b $2.6b $3.0b
Selling General And Administration — — — — — — $58.3b $86.3b $118.9b $133.4b
Tax Effect Of Unusual Items — — — — — — ($19.5m) $5.9m $89.9m ($357.9m)
Tax Provision — — — — — — $4.7b $11.8b $20.3b $21.7b
Tax Rate For Calcs — — — — — — $0 $0 $0 $0
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest — ($525.1m) ($1.5b) ($1.0b) ($1.1b) $9.7b $5.3b $10.1b $18.2b $17.1b
Total other comprehensive income/(loss) — — — — ($2.5b) ($1.5b) $5.8b $1.4b $3.1b ($5.7b)
Total Unusual Items $475k ($11.5m) $10.0m $63.2m $225.2m $71.8m ($149.7m) $35.7m $587.9m ($2.0b)
Total Unusual Items Excluding Goodwill $475k ($11.5m) $10.0m $63.2m $225.2m $71.8m ($149.7m) $35.7m $587.9m ($2.0b)
Pre-Tax Income — ($525.1m) ($10.2b) ($7.0b) ($7.3b) $9.5b $36.4b $71.9b $132.7b $119.4b
Net Income Continuous Operations — — — — — — $31.5b $60.0b $112.4b $97.8b
Net Income (Loss) Attributable to Parent ($292.0m) ($525.1m) ($1.5b) ($1.0b) ($1.1b) $7.8b $4.6b $8.5b $15.4b $14.0b
Net Income (Loss) Available to Common Stockholders, Basic ($292.0m) ($498.7m) ($1.5b) ($1.0b) ($1.1b) $7.8b $4.6b $8.5b $15.4b $14.0b
Net Income Including Noncontrolling Interests — — — — — — $31.5b $60.0b $112.4b $97.8b
Earnings Per Share, Basic ($0.18) ($0.28) ($0.50) ($0.22) ($0.23) $1.55 $0.90 $1.56 $2.78 $2.50
Earnings Per Share, Diluted ($0.18) ($0.28) ($0.50) ($0.22) ($0.23) $1.36 $0.79 $1.45 $2.60 $2.36
Weighted Average Number of Shares Outstanding, Basic 1.8b 1.8b 3.0b 4.6b 4.8b 5.0b 5.1b 5.4b 5.5m 5.6b
Basic Average Shares — — — — — — $1.3b $1.4b $1.4b $1.4b
Diluted Average Shares — — — — — — $1.4b $1.5b $1.5b $1.5b
Weighted Average Number of Shares Outstanding, Diluted 1.8b 1.8b 3.0b 4.6b 4.8b 5.7b 5.8b 5.8b 5.9m 5.9b
Research and Development Expense — $129.2m $162.3m $555.9m $1.1b $9.0b $1.5b $1.5b $1.7b $2.4b
Research and development expenses (including services received from related parties of RMB194,803, RMB79,242 and RMB162,606 (US$23,252) for the years ended December 31, 2023, 2024 and 2025, respectively) ($29.4m) ($129.2m) ($1.1b) ($3.9b) ($6.9b) ($9.0b) ($10.4b) ($11.0b) ($12.7b) ($16.5b)
General and Administrative Expense — $133.2m $939.1m $186.3m $231.0m $1.5b $574.9m $574.0m $1.0b $1.2b
General and administrative expenses ($14.8m) ($133.2m) ($6.5b) ($1.3b) ($1.5b) ($1.5b) ($4.0b) ($4.1b) ($7.6b) ($8.2b)
Other Nonoperating Income (Expense) — $1.4m ($1.8m) $11.9m $29.7m $656.3m $322.1m $415.9m $427.4m $389.9m
Operating Lease, Expense — — — $10.5m — — — — — —
Selling and Marketing Expense — $1.3b $2.0b $3.9b $6.3b $44.8b $7.9b $11.6b $15.2b $17.9b
Sales and marketing expenses (including services received from related parties of RMB1,795,959, RMB1,302,234 and RMB1,005,637 (US$143,804) for the years ended December 31, 2023, 2024 and 2025, respectively) ($169.0m) ($1.3b) ($13.4b) ($27.2b) ($41.2b) ($44.8b) ($54.3b) ($82.2b) ($111.3b) ($125.3b)
Interest Expense — — — $21.0m $116.1m $1.2b $7.5m $6.2m $0 $0
Interest expenses — — — ($145.9m) ($757.3m) ($1.2b) ($51.7m) ($44.0m) — —
Current Income Tax Expense (Benefit) — $0 $0 $0 $0 $1.9b $834.3m $1.6b $2.7b $3.1b
Income tax expenses — — $0 $0 $0 ($1.9b) ($4.7b) ($11.8b) ($20.3b) ($21.7b)
Costs of revenues (including services received from related parties of RMB6,031,719, RMB6,292,953 and RMB6,118,953 (US$874,999) for the years ended December 31, 2023, 2024 and 2025, respectively) ($577.9m) ($722.8m) ($2.9b) ($6.3b) ($19.3b) ($31.7b) ($31.5b) ($91.7b) ($153.9b) ($188.8b)
Interest Expense Non Operating — — — — — — $51.7m $44.0m $0 $0
Net Non Operating Interest Income Expense — — — — — — $3.9b $10.2b $20.6b $25.6b
Operating Expense — — — — — — $68.7b $97.2b $131.5b $149.9b
Other Income Expense — — — — — — $2.1b $3.0b $3.7b $760.3m
Other Non Operating Income Expenses ($2.0m) $1.4m ($12.4m) $82.8m $193.7m $656.3m $2.2b $3.0b $3.1b $2.7b
Interest Income (Expense), Net — $52.1m $63.0m $174.0m $288.4m — — — — —
Income Tax Expense (Benefit) — — — — $0 $1.9b $685.2m $1.7b $2.8b $3.1b
Total Expenses — — — — — — $100.2b $188.9b $285.4b $338.7b

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.