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PDD FINANCIAL STATEMENTS

PDD Holdings Inc. — balance sheet, income statement and cash flow trends

PDDPDD Holdings Inc.

🇺🇸 USA · US · Consumer Cyclical · Internet Retail

Value itDuel
PriceFinancialsPeers

Income Statement

Quarterly progression — trailing-twelve-month values
RevenueNet Income
0200 B400 B202120222023202420252026

Profit Funnel

Q1 2026 · TTM
Revenue440 B CNYGross Profit246.3 B CNY · 56%Operating Income99.2 B CNY · 23%Pre-tax Income117.9 B CNY · 27%Net Income96.8 B CNY · 22%

Percentages are relative to revenue.

Key Figures

YoY change
Revenue440 B CNY+9.3%
Gross Profit246.3 B CNY+2.4%
Operating Income99.2 B CNY+0.6%
EBITDA112.9 B CNY+5.4%
Net Income96.8 B CNY-2.4%

Peer Comparison· Internet Retail

CompanyRev. GrowthGross MarginEBITDA MarginNet Margin
PDD9.3%56.0%25.7%22.0%
Industry median11.8%50.7%11.9%6.3%

Balance Sheet

Quarterly period-end values
Total AssetsTotal LiabilitiesEquity
0200 B400 B600 B202120222023202420252026

Capital Structure

Q1 2026
Total Assets635.3 B
  • Equity421.8 B CNY66%
  • Current Liabilities210.9 B CNY33%
  • Long-term Liabilities2.6 B CNY0%

Key Figures

YoY change
Total Assets635.3 B CNY+19.8%
Total Liabilities213.5 B CNY+6.3%
Total Equity421.8 B CNY+27.9%
Cash & ST Investments510.4 B CNY+40.0%
Total Debt5.1 B CNY-54.7%
Net Debt-193.4 B CNY—

Peer Comparison· Internet Retail

CompanyCurrent RatioDebt/EquityNetDebt/EBITDAEquity/Assets
PDD2.541.2%-4.4766.4%
Industry median1.4332.5%-0.2634.5%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values
Operating Cash FlowCapital ExpendituresFree Cash Flow
050 B100 B202120222023202420252026

Cash Flow Bridge

Q1 2026 · TTM
050 B100 B107.9 B CNYOperating-35 B CNYInvesting-10.5 B CNYFinancing62.5 B CNYNet Change

Key Figures

YoY change
Operating Cash Flow107.9 B CNY-7.3%
Capital Expenditures0 CNY-100.0%
Free Cash Flow107.9 B CNY-7.3%
Dividends Paid——

Peer Comparison· Internet Retail

CompanyCF MarginFCF MarginCapEx RatioCF/Net Income
PDD24.5%24.5%0.0%111.5%
Industry median16.4%8.2%1.8%105.0%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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