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PDD Holdings Inc.

PDD
Services Business Services Nec
Last filing · Annual · Dec 31, 2025
Financial Statements Ratios
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Statement
Income StatementBalance Sheet
Period
Annual Quarterly
Order
Unlock 5 years
Format
% Change
Rows
USD ($)
$ in Thousands 		Dec 31, 2025Dec 31, 2024Dec 31, 2023Dec 31, 2022Dec 31, 2021Dec 31, 2020Dec 31, 2019Dec 31, 2018
Current assets
        
Cash and cash equivalents
$ 15,572,577
$ 7,914,191
$ 8,421,875
Restricted cash
10,557,667
9,374,374
8,730,466
Receivables from online payment platforms
730,596
504,063
551,292
Short-term investments
44,816,702
37,509,330
22,171,490
Amounts due from related parties
1,459,314
1,036,973
1,046,222
Prepayments and other current assets
1,076,280
604,643
593,390
Total current assets
74,213,136
56,943,574
41,514,735
Non-current assets
        
Property, equipment and software, net
186,762
120,467
137,973
Intangible assets
2,200
2,626
2,979
Right-of-use assets
695,447
693,813
578,162
Deferred tax assets
24,590
2,192
38,133
Other non-current assets
14,973,004
11,426,745
6,753,796
Total non-current assets
15,882,003
12,245,843
7,511,043
Total Assets
90,095,139
69,189,417
49,025,778
LIABILITIES AND SHAREHOLDERS' EQUITY
        
Current liabilities (including amounts of the VIE and its subsidiaries without recourse to the primary beneficiary of RMB99,001,888 and RMB106,971,278 (US$15,296,690) as of December 31, 2024 and 2025, respectively)
        
Amounts due to related parties
155,373
109,854
174,478
Customer advances and deferred revenues
483,160
403,743
302,062
Payable to merchants
15,359,020
12,556,813
10,563,142
Accrued expenses and other liabilities
11,676,915
9,472,391
7,796,081
Merchant deposits
2,532,238
2,255,093
2,377,322
Convertible bonds, current portion
-
727,412
91,349
Short-term borrowings (including short-term borrowings of the consolidated VIE and its subsidiaries without recourse to the primary beneficiary of 898,748 and RMB1,866,316 (US$286,025) as of December 31, 2019 and 2020, respectively)
-
-
-
Lease liabilities
357,301
288,518
231,207
Total current liabilities
30,564,007
25,813,824
21,535,641
Non-current liabilities (including amounts of the VIE and its subsidiaries without recourse to the primary beneficiary of RMB443,132 and RMB520,081 (US$74,371) as of December 31, 2024 and 2025, respectively)
        
Convertible bonds
-
-
736,845
Lease liabilities
411,856
437,243
372,436
Deferred tax liabilities
5,985
14,628
8,427
Other non-current liabilities
-
-
-
Total non-current liabilities
417,841
451,871
1,117,708
Total liabilities
30,981,848
26,265,695
22,653,349
Shareholders' equity
        
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)
26
25
25
Additional paid-in capital
17,984,536
16,142,549
15,111,916
Statutory reserves
191,369
32,562
14,927
Accumulated other comprehensive income
302,539
1,071,958
665,328
Retained earnings
40,634,821
25,676,628
10,580,233
Total shareholders' equity
59,113,291
42,923,722
26,372,429
Total liabilities and shareholders' equity
$ 90,095,139
$ 69,189,417
$ 49,025,778