Logo

PDD

PDD Holdings Inc.

PDD

PDD Holdings Inc. • NASDAQ
$115.92 ▲ 0.10% (+0.12)
Market Cap $162.21 B
52w High $139.41
52w Low $87.11
Dividend Yield 0%
P/E 11.95
Volume 3.77M
Outstanding Shares 1.40B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $108.277B ▲ $36.41B ▲ $29.328B ▼ 27.086% ▼ $20.96 ▼ $25.026B ▼
Q2-2025 $103.985B ▲ $32.333B ▼ $30.753B ▲ 29.575% ▲ $22 ▲ $35.712B ▲
Q1-2025 $95.672B ▼ $38.64B ▲ $14.742B ▼ 15.409% ▼ $10.6 ▼ $16.263B ▼
Q4-2024 $110.61B ▲ $37.22B ▲ $27.447B ▲ 24.814% ▼ $19.76 ▲ $25.769B ▲
Q3-2024 $99.354B $35.353B $24.981B 25.143% $18.04 $24.489B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $423.769B ▲ $613.724B ▲ $222.321B ▲ $391.403B ▲
Q2-2025 $387.131B ▲ $567.156B ▲ $205.293B ▲ $361.864B ▲
Q1-2025 $364.501B ▲ $530.513B ▲ $200.812B ▲ $329.701B ▲
Q4-2024 $331.56B ▲ $505.034B ▲ $191.721B ▲ $313.313B ▲
Q3-2024 $308.462B $466.794B $188.289B $278.505B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $29.328B ▼ $45.661B ▲ $-11.556B ▲ $551K ▲ $33.489B ▲ $45.661B ▲
Q2-2025 $30.753B ▲ $21.642B ▲ $-27.022B ▼ $353K ▲ $-5.358B ▼ $21.642B ▲
Q1-2025 $14.742B ▼ $15.517B ▼ $-6.384B ▲ $219K ▼ $9.064B ▲ $15.517B ▼
Q4-2024 $27.447B ▲ $29.547B ▲ $-30.545B ▼ $274K ▲ $505.926M ▼ $28.58B ▲
Q3-2024 $24.981B $27.522B $-16.899B $132K $9.572B $27.522B

Revenue by Products

Product Q3-2020Q4-2020
Online Marketing Services And Others
Online Marketing Services And Others
 $29.42Bn ▲$18.53Bn ▼
Transaction Services
Transaction Services
 $3.52Bn ▲$2.27Bn ▼

Five-Year Company Overview

Income Statement

Income Statement PDD’s income statement shows a dramatic transformation from a young, loss-making platform into a highly profitable business. Revenue has climbed quickly year after year, while profits have grown even faster, suggesting strong operating leverage and tighter cost control. The shift from losses a few years ago to robust earnings today points to a business model that is scaling efficiently. Profit margins appear to be widening as the company matures, though sustaining this pace will depend on continued discipline in marketing spend and subsidies, especially for Temu.

Balance Sheet

Balance Sheet The balance sheet has strengthened considerably, with total assets and shareholder equity rising steadily over the past five years. The company holds a sizable cash position relative to its modest debt, implying a net cash profile and financial flexibility to invest or absorb shocks. Debt levels are low and have not grown alongside the business, which reduces financial risk. Overall, PDD looks financially solid, with a cushion to support expansion, product development, and potential regulatory or competitive pressures.

Cash Flow

Cash Flow Cash generation has become a major strength. Operating cash flow has surged in recent years and now closely matches reported earnings, which indicates that profits are largely backed by real cash, not accounting adjustments. Free cash flow is also very strong because capital spending remains relatively light, consistent with an asset-light, platform-based model. This healthy cash profile gives PDD room to fund aggressive growth initiatives without heavy reliance on borrowing or equity raises, as long as cash conversion remains robust.

Competitive Edge

Competitive Edge PDD holds a distinctive competitive position built around ultra-low prices, social commerce, and direct connections between consumers and manufacturers. In China, Pinduoduo’s focus on price-sensitive users and agricultural products has carved out a large, loyal base, while Temu is rapidly pushing into global markets with highly aggressive pricing and direct sourcing. Powerful network effects, high user engagement, and a deep data advantage underpin this moat. The flip side is exposure to intense competition, potential regulatory scrutiny, and questions about how sustainable extreme discounting and subsidies are over the long run, especially overseas.

Innovation and R&D

Innovation and R&D The company is highly innovation-driven, using technology to reshape how goods are made, marketed, and delivered. Its consumer-to-manufacturer model, social shopping features, and heavy investment in recommendation algorithms and AI differentiate it from more traditional e-commerce platforms. PDD is also betting on smart agriculture and logistics innovations, and Temu’s real-time, data-driven manufacturing and sourcing approach is an extension of this. Future upside could come from deeper AI integration, instant delivery infrastructure, and international logistics and local-seller programs, though these require ongoing high investment and careful execution.

Summary

Overall, PDD has evolved from a fast-growing discount platform into a scaled, highly profitable, and cash-generative e-commerce group with a strong balance sheet. Its competitive edge comes from low prices, social engagement, and tight links between consumers and factories, amplified by data and AI. The company is pushing hard on global expansion via Temu and on technological bets such as smart agriculture and instant retail. Key uncertainties center on regulatory risk, the durability of its ultra-low-price strategy, competitive pushback from established players, and the execution risks of rapid international and logistics expansion.

NEWS

November 18, 2025 · 5:30 AM UTC

PDD Holdings Announces Third Quarter 2025 Unaudited Financial Results

Read more

November 11, 2025 · 10:00 AM UTC

PDD Holdings to Report Third Quarter 2025 Unaudited Financial Results on November 18, 2025

Read more