PDD Holdings Inc.

PDD
Services business services nec
Last filing · Annual · Dec 31, 2025
Financial Statements Ratios
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Statement
Income StatementBalance SheetCash Flow
Period
Annual Quarterly
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PDD Holdings Inc. back to 2018, every line as filed.

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USD ($)
$ in Thousands 		Dec 31, 2025Dec 31, 2024Dec 31, 2023Dec 31, 2022Dec 31, 2021Dec 31, 2020Dec 31, 2019Dec 31, 2018
CASH FLOW FROM OPERATING ACTIVITIES
        
Net income
$ 13,991,297
$ 15,403,464
$ 8,454,562
Adjustments to reconcile net income to net cash provided by operating activities:
        
Allowance for credit losses
44,770
45,196
37,347
Interest expenses
-
-
6,195
Provision for prepayments made on behalf of merchants
-
-
-
Depreciation and amortization
86,011
97,100
110,739
Deferred income tax, net
(26,015)
30,438
112,833
Amortization of right-of-use assets
343,035
264,700
155,209
Lease expense to reduce right-of-use assets
-
-
-
Interest and investment gain, net
(110,713)
(387,359)
(190,817)
Loss on disposal of property and equipment
438
529
247
Share-based compensation
1,134,972
1,354,043
997,027
Foreign exchange (gain)/loss
281,223
(80,537)
(5,031)
Foreign exchange gain
-
-
-
Share of results of equity investees
(18,447)
(2,360)
663
Fair value change of investments
(1,488,022)
(933,850)
(142,745)
Gain on extinguishment of convertible bonds
-
-
-
Changes in operating assets and liabilities:
        
Receivables from online payment platforms
(217,864)
6,687
(468,517)
Amounts due from related parties
(348,336)
(19,332)
(154,402)
Prepayments and other current assets
(522,542)
(107,135)
(298,780)
Customer advances and deferred revenues
61,739
109,933
106,333
Customer advances
-
-
-
Amounts due to related parties
40,709
(59,857)
(61,637)
Payable to merchants
2,191,830
2,313,261
1,637,085
Accrued expenses and other liabilities
1,767,405
1,888,023
4,825,162
Merchant deposits
178,404
(57,286)
256,414
Lease liabilities
(302,671)
(257,539)
(137,719)
Short-term investments
(1,801,780)
(2,925,850)
(1,951,715)
Right-of-use assets
-
-
-
Other non-current assets
6,586
21,976
(25,938)
Other non-current liabilities
-
-
-
Net cash generated from operating activities
15,292,029
16,704,245
13,262,515
CASH FLOW FROM INVESTING ACTIVITIES
        
Purchase of short-term time deposits, held to maturities and other investments
(29,977,021)
(28,807,251)
(20,723,060)
Proceeds from sales of short-term time deposits, held to maturities and other investments
33,019,591
20,178,334
18,354,797
Purchase of available-for-sale debt securities
(4,081,790)
(1,881,407)
(2,439,236)
Proceeds from sales of available-for-sale debt securities
981,350
156,236
592,453
Purchase of long-term time deposits, held to maturities and other investments
(6,060,676)
(6,007,015)
(3,528,391)
Proceeds from sales of long-term time deposits, held to maturities and other investments
101,414
273,999
-
Purchase of property, equipment and software and intangible assets
(163,744)
(132,497)
(82,238)
Loans to a related party
(28,600)
-
-
Purchase of property, equipment and software
-
-
-
Proceeds from disposal of property and equipment
-
74
63
Others
35
4,816
18,280
Repayment from a related party
-
-
-
(Loans to)/Repayments from third parties
-
-
-
Net cash used in investing activities
(6,209,441)
(16,214,711)
(7,807,332)
CASH FLOW FROM FINANCING ACTIVITIES
        
Repayment or repurchase of convertible bonds
(747,696)
(12)
(1,263,231)
Net proceeds from the follow-on offerings
-
-
-
Proceeds from the private placements
-
-
-
Costs incurred for the follow-on offering
-
-
-
Net proceeds from the issuance of convertible bonds
-
-
-
Costs incurred for the issuance of convertible bonds
-
-
-
Proceeds from short-term borrowings
-
-
-
Repayment of short-term borrowings
-
-
-
Others
194
171
1,153
Proceeds from initial public offering
-
-
-
Initial public offering costs
-
-
-
Proceeds from issuance of convertible preferred shares
-
-
-
Costs incurred for the issuance of convertible preferred shares
-
-
-
Net cash (used in)/ generated from financing activities
(747,502)
159
(1,262,078)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(250,404)
115,093
(41,006)
Increase in cash, cash equivalents and restricted cash
8,084,682
604,786
4,152,099
Supplement disclosure of cash flow information:
        
Interest received
1,762,183
1,291,799
1,024,433
Income taxes paid
3,089,132
2,396,508
811,904
Interest income received
-
-
-
Supplement disclosure of non-cash operating activities:
        
Supplement disclosure of non-cash operating activities :
        
Recognition of right-of-use assets and lease liabilities
326,014
406,663
551,904
Supplement disclosure of non-cash investing activities:
        
Purchase of property, equipment and software included in accrued expenses and other liabilities
12,022
5,990
36,227
Purchase of property and equipment included in prepayments, other receivables and other current assets
-
-
-
Acquisition of intangible asset
-
-
-