Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.91B | $4.33B | $9.12B | $14.7B | $18.9B | $34.9B | $54.0B | $61.8B |
| Revenue growth | — | 126.9% | 110.6% | 61.7% | 28.4% | 84.3% | 54.7% | 14.5% |
| Gross profit | $1.49B | $3.42B | $6.16B | $9.77B | $14.4B | — | — | — |
| Gross margin | 77.9% | 79.0% | 67.6% | 66.2% | 75.9% | — | — | — |
| Operating income | -$1.57B | -$1.23B | -$1.44B | $1.08B | $4.41B | $8.27B | $14.9B | $13.3B |
| Operating margin | -82.3% | -28.3% | -15.8% | 7.3% | 23.3% | 23.7% | 27.5% | 21.6% |
| Net income | -$1.49B | -$1.00B | -$1.10B | $1.22B | $4.57B | $8.45B | $15.4B | $14.0B |
| Net margin | -77.9% | -23.1% | -12.1% | 8.3% | 24.2% | 24.2% | 28.5% | 22.7% |
| EPS (diluted) | -$0.50 | -$0.22 | -$0.23 | $0.21 | $0.79 | $1.45 | $2.60 | $2.36 |
| Fiscal year | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.13B | $2.13B | $4.32B | $4.52B | $7.03B | $13.3B | $16.7B | $15.3B |
| Capital expenditures | $3.98M | $3.94M | $6.60M | — | — | — | — | — |
| Free cash flow | $1.13B | $2.12B | $4.31B | — | — | — | — | — |
| Fiscal year | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $2.06B | $829M | $3.44B | $1.01B | $4.98B | $8.42B | $7.91B | $15.6B |
| Total assets | $6.28B | $10.9B | $24.4B | $28.4B | $34.4B | $49.0B | $69.2B | $90.1B |
| Total liabilities | $3.54B | $7.38B | $15.1B | $16.6B | $17.3B | $22.7B | $26.3B | $31.0B |
| Shareholders' equity | $2.74B | $3.54B | $9.22B | $11.8B | $17.1B | $26.4B | $42.9B | $59.1B |
| Retained earnings | -$1.65B | -$2.63B | -$3.90B | -$2.78B | $2.20B | $10.6B | $25.7B | $40.6B |
| Shares (wtd avg diluted) | 2.97B | 4.63B | 4.77B | 5.71B | 5.76M | 5.84B | 5.92B | 5.93B |
Every figure is extracted from PDD Holdings Inc.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.