PDD Holdings Inc. (PDD)
As-reported financials and SEC filings for PDD Holdings Inc. The latest annual period is FY2025. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.
About PDD Holdings Inc.
PDD Holdings Inc. operates a multinational commerce group that owns and manages a portfolio of e-commerce platforms serving third-party merchants. Its main platforms include Pinduoduo, which offers a wide range of products through a social team purchase model primarily in China, and Temu, a global online marketplace launched in 2022 serving consumers in multiple countries. The company generates revenue mainly from transaction fees on sales and online marketing services provided to merchants.
Snapshot
Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.
What changed at PDD Holdings
- Revenue grew 14.5% to $61.8B in FY2025, slower than the 54.7% the year before.
- Operating margin is 21.6% in FY2025, +14.2 pp against 7.3% in FY2021.
- Net income fell 9.2% to $14.0B in FY2025.
Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.
Peer comparison
Where PDD Holdings’s fundamentals sit among the 684 Industrials companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).
PDD Holdings’s net margin of 22.7% ranks in the 95th percentile of the 645 Industrials companies reporting it. PDD Holdings’s gross margin of 56.3% ranks in the 91st percentile of the 466 Industrials companies reporting it. PDD Holdings’s operating margin of 21.6% ranks in the 90th percentile of the 605 Industrials companies reporting it.
No reported insider transactions (codes P/S) in the last 90 days. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →
Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.
Institutional ownership
Held by 2 of the superinvestors we track (plus 5 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).
| Investor | As of | Position value | Shares | Change |
|---|---|---|---|---|
| Himalaya Capital Management | Q2 2026 | $820.9M | 10.8M | Added |
| Dodge & Cox | Q2 2026 | $347.1M | 4.5M | Added |
| Citadel Advisorsquant | Q2 2026 | $40.9M | 536.5K | Reduced |
| Two Sigma Investmentsquant | Q2 2026 | $36.4M | 476.8K | Added |
| Millennium Managementquant | Q2 2026 | $16.1M | 210.8K | Added |
| D. E. Shawquant | Q2 2026 | $1.3M | 17.5K | Added |
| AQR Capital Managementquant | Q2 2026 | $281,330 | 3.7K | New |
No longer held by: Appaloosa (as of Q2 2026), Renaissance Technologies (as of Q2 2026)
From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.
Short interest
Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.
| Settlement | Shares short | Change | Days to cover |
|---|---|---|---|
| 2026-08-14 | 30.1M | -12.7% | 5.55 |
| 2026-07-31 | 34.5M | +5.3% | 5.56 |
| 2026-07-15 | 32.8M | -14.1% | 4.48 |
| 2026-06-30 | 38.2M | +11.5% | 4.34 |
| 2026-06-15 | 34.2M | -0.5% | 4.06 |
| 2026-05-29 | 34.4M | +8.3% | 2.15 |
| 2026-05-15 | 31.8M | +12.0% | 4.67 |
| 2026-04-30 | 28.4M | +5.3% | 4.21 |
Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.
Income statement (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $61.75B | $53.96B | $34.88B | $18.93B | $14.74B |
| Gross profit | $34.75B | $32.87B | $21.96B | $14.37B | $9.77B |
| Operating income | $13.31B | $14.85B | $8.27B | $4.41B | $1.08B |
| Net income | $13.99B | $15.40B | $8.45B | $4.57B | $1.22B |
| Diluted EPS | $2.36 | $2.60 | $1.45 | $0.79 | $0.21 |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.
Balance sheet (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Cash and equivalents | $15.57B | $7.91B | $8.42B | $4.98B | $1.01B |
| Current assets | $74.21B | $56.94B | $41.51B | $31.41B | $25.25B |
| Total assets | $90.10B | $69.19B | $49.03B | $34.38B | $28.44B |
| Current liabilities | $30.56B | $25.81B | $21.54B | $16.95B | $14.71B |
| Long-term debt | — | — | — | — | — |
| Total liabilities | $30.98B | $26.27B | $22.65B | $17.30B | $16.65B |
| Total equity | $59.11B | $42.92B | $26.37B | $17.08B | $11.79B |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.
Cash flow (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Operating cash flow | $15.29B | $16.70B | $13.26B | $7.03B | $4.52B |
| Capital expenditure | — | — | — | — | — |
| Free cash flow | — | — | — | — | — |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.
Company facts
Selected SEC filings
Largest Industrials peers
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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.