PDD Holdings Inc. (PDD) annual results, year to 31 December 2025: revenue CNY 431,846 million, from the 20-F
PDD Holdings Inc. files a 20-F with the SEC once a year, in renminbi. In the year to 31 December 2025 it reported revenue of CNY 431,846 million ($60.1 billion at the year's average rate), up 9.7% on the year before. Its profit attributable to shareholders was CNY 97,843 million, down 13.0%, and diluted earnings per share CNY 16.50.
The year to 31 December 2025, against the year before
| Year to | Dec 2024 | Dec 2025 |
|---|---|---|
| Revenue | 393,836 | 431,846 |
| Cost of sales | 153,900 | 188,802 |
| Research and development | 12,659 | 16,496 |
| Operating profit | 108,423 | 93,102 |
| Profit before tax | 132,701 | 119,575 |
| Income tax | 20,267 | 21,733 |
| Profit for the year | 112,435 | 97,843 |
| Profit attributable to shareholders | 112,435 | 97,843 |
| Filing | 20-F | 20-F |
CNY million, from the 20-F on the SEC's EDGAR, linked in the last row, on the US GAAP tags the company filed. A line the company does not file under the standard tag is left out rather than estimated.
CNY per ordinary share, as filed.
Cash flow
CNY million. Free cash flow is cash from operations less the purchase of property, plant and equipment, arithmetic on the two filed lines.
Balance sheet at year end
| Year to | Dec 2024 | Dec 2025 |
|---|---|---|
| Total assets | 505,034 | 630,044 |
| Equity attributable to shareholders | 313,313 | 413,385 |
| Cash and cash equivalents | 57,768 | 108,901 |
| Filing | 20-F | 20-F |
CNY million, at each fiscal year end.
Ratios on the filed lines
| Year to | Dec 2024 | Dec 2025 |
|---|---|---|
| Operating margin | 27.5% | 21.6% |
| Net margin | 28.5% | 22.7% |
| Return on year-end equity | 35.9% | 23.7% |
| Effective tax rate | 15.3% | 18.2% |
| Filing | 20-F | 20-F |
Arithmetic on the filed lines of the same year.
The exchange rates used
| Year to | Average over the year CNY per US dollar | At the year end CNY per US dollar |
|---|---|---|
| Dec 2016 | 6.64 | 6.94 |
| Dec 2017 | 6.75 | 6.51 |
| Dec 2018 | 6.60 | 6.88 |
| Dec 2019 | 6.90 | 6.96 |
| Dec 2020 | 6.90 | 6.53 |
| Dec 2021 | 6.45 | 6.37 |
| Dec 2022 | 6.72 | 6.90 |
| Dec 2023 | 7.08 | 7.10 |
| Dec 2024 | 7.20 | 7.30 |
| Dec 2025 | 7.19 | 6.99 |
Converted by us, not by the company: the Federal Reserve's daily noon buying rates in New York (H.10), FRED series DEXCHUS. Profit and loss, cash flow and EPS use the average of the daily rates over each fiscal year; the balance sheet uses the rate on the year end, or the last one before it. Ratios are the same in either currency. The filed figures are the ones in renminbi.
Every annual report here
- Year to 31 December 2025, this page
- Year to 31 December 2024
- Year to 31 December 2023
- Year to 31 December 2022
- Year to 31 December 2021
- Year to 31 December 2020
- Year to 31 December 2019
- Year to 31 December 2018
- Year to 31 December 2017
- Year to 31 December 2016
Source
20-F for the year to 31 December 2025, filed 29 April 2026, accession 0001104659-26-050727: the filing on EDGAR. All of PDD Holdings Inc.'s filings: EDGAR company page. The figures are in renminbi as filed.
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