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PDD Holdings Inc.
PDD
Services Business Services Nec Last filing · Annual · Dec 31, 2025Export XLSX
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| USD ($) $ in Thousands | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 |
|---|---|---|---|---|---|---|---|---|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||||||
Revenues | ||||||||
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) | $ 61,753,116 | $ 53,955,324 | $ 34,879,253 | |||||
Costs of revenues | ||||||||
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) | 26,998,292 | 21,084,265 | 12,918,996 | |||||
Gross profit | - | - | - | |||||
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) | 17,915,936 | 15,248,111 | 11,576,060 | |||||
General and administrative expenses | 1,166,540 | 1,034,752 | 574,039 | |||||
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) | 2,358,920 | 1,734,325 | 1,542,610 | |||||
Total operating expenses | 21,441,396 | 18,017,188 | 13,692,709 | |||||
Operating profit | 13,313,428 | 14,853,871 | 8,267,548 | |||||
Interest and investment income, net | 3,658,442 | 2,815,817 | 1,442,003 | |||||
Interest expenses | - | - | (6,195) | |||||
Foreign exchange gain/(loss) | (281,223) | 80,537 | 5,031 | |||||
Other income, net | 389,946 | 427,417 | 415,862 | |||||
Profit before income tax and share of results of equity investees | 17,080,593 | 18,177,642 | 10,124,249 | |||||
Income tax expenses | 3,107,743 | 2,776,538 | 1,669,024 | |||||
Share of results of equity investees | 18,447 | 2,360 | (663) | |||||
Net income | 13,991,297 | 15,403,464 | 8,454,562 | |||||
Deemed distribution to certain holders of convertible preferred shares | - | - | - | |||||
Net income attributable to ordinary shareholders | 13,991,297 | 15,403,464 | 8,454,562 | |||||
Earnings per share: | ||||||||
Basic (in dollars per share) | $ 2.5 | $ 2.78 | $ 1.56 | |||||
Diluted (in dollars per share) | $ 2.36 | $ 2.6 | $ 1.45 | |||||
Shares used in earnings per share computation (in thousands): | ||||||||
Basic (in shares) | 5,590,930 | 5,536,049 | 5,416,106,022 | |||||
Diluted (in shares) | 5,929,576 | 5,916,592 | 5,839,629,562 | |||||
Other comprehensive income | ||||||||
Foreign currency translation difference, net of tax of nil | (783,135) | 357,018 | 187,746 | |||||
Unrealized gains/(losses) on available-for-sale debt securities, net of tax | (33,221) | 67,788 | 9,653 | |||||
Total other comprehensive income/(loss) | (816,356) | 424,806 | 197,399 | |||||
Comprehensive income | $ 13,174,941 | $ 15,828,270 | $ 8,651,961 |