What changed in PDD Holdings Inc.'s latest annual report
In the year ended 31 Dec 2025, PDD Holdings Inc.'s revenue rose 14.5% to USD 61.75bn, from USD 53.96bn; net income fell 9.2% to USD 13.99bn, from USD 15.40bn; cash and cash equivalents rose 96.8% to USD 15.57bn, from USD 7.91bn.
Year ended 31 Dec 2025. Source: 20-F filed 29 Apr 2026, read it on SEC EDGAR.
USD 53.96bn to USD 61.75bn
The figures, year on year
| Item | Year before | Latest year | Change |
|---|---|---|---|
| Revenue | 53.96bn | 61.75bn | Up 14.5% |
| Net income | 15.40bn | 13.99bn | Down 9.2% |
| Total assets | 69.19bn | 90.10bn | Up 30.2% |
| Total liabilities | 26.27bn | 30.98bn | Up 18% |
| Cash and cash equivalents | 7.91bn | 15.57bn | Up 96.8% |
| Shareholders' equity | 42.92bn | 59.11bn | Up 37.7% |
Questions people ask
Did PDD Holdings Inc.'s revenue grow last year?
Revenue grew 14.5%, from USD 53.96bn to USD 61.75bn in the year ended 31 Dec 2025.
Is PDD Holdings Inc. profitable?
Yes. Net income was USD 13.99bn in the year ended 31 Dec 2025. The year before: USD 15.40bn.
How much cash and debt does PDD Holdings Inc. have?
At its latest year end (31 Dec 2025), PDD Holdings Inc. reported cash and cash equivalents of USD 15.57bn.
Where do these numbers come from?
From PDD Holdings Inc.'s own annual filings with the SEC. Each change is calculated from the reported figures; nothing is estimated.
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