Income Statement Snapshot

PDD Holdings Inc.’s top-line, gross profit, operating income, and bottom-line conversion. Values are shown in USD millions.

Revenue

FY2025

46.4% CAGR

$431.8B

CAGR 46.4% (FY2021 to FY2025)

Gross Profit

FY2025

40.6% CAGR

$243B

CAGR 40.6% (FY2021 to FY2025)

Operating Income

FY2025

91.7% CAGR

$93.1B

CAGR 91.7% (FY2021 to FY2025)

Net Income

FY2025

88.4% CAGR

$97.8B

CAGR 88.4% (FY2021 to FY2025)

Metric	2025	2024	2023	2022	2021
Revenue	$431,846	$393,836	$247,639	$130,558	$93,950
Gross Profit	$243,044	$239,936	$155,916	$99,095	$62,232
Operating Income	$93,102	$108,423	$58,699	$30,402	$6,897
Net Income	$97,843	$112,435	$60,027	$31,538	$7,769
Filing	10-K	10-K	10-K	10-K	10-K

All values shown in USD millions unless noted otherwise.

Expanded Line Items

The full annual income statement layer for PDD Holdings Inc..
Values are displayed in USD millions, except per-share and share-count rows.

Line Item	2025	2024	2023	2022	2021
Total Revenue	$431,846	$393,836	$247,639	$130,558	$93,950
Cost of Revenue	$188,802	$153,900	$91,724	$31,462	$31,718
Gross Profit	$243,044	$239,936	$155,916	$99,095	$62,232
Research & Development	$16,496	$12,659	$10,952	$10,385	$8,993
Selling, General & Administrative	$125,288	$111,301	$82,189	$54,344	$44,802
Operating Expenses	$149,942	$131,513	$97,217	$68,693	$55,335
Operating Income	$93,102	$108,423	$58,699	$30,402	$6,897
Interest Expense	N/A	N/A	$44	$52	$1,231
Other Non-Operating Income (Expense)	$2,727	$3,120	$2,953	$2,221	$656
Pretax Income	$119,575	$132,701	$71,876	$36,264	$9,702
Income Tax Expense (Benefit)	$21,733	$20,267	$11,850	$4,726	$1,934
Net Income	$97,843	$112,435	$60,027	$31,538	$7,769
Basic EPS	$17.50	$20.31	$11.08	$6.24	$1.55
Diluted EPS	$16.50	$19.00	$10.29	$5.48	$1.36
Basic Average Shares	5,590.9M	5,536.0M	5,416.1M	5.1M	5,012.7M
Diluted Average Shares	5,929.6M	5,916.6M	5,839.6M	5.8M	5,713.8M
Filing	10-K	10-K	10-K	10-K	10-K

Expanded annual statement lines sourced from SEC Edgar Database for PDD Holdings Inc.

Margins

Profitability Conversion

Track how much of revenue survives through gross profit,operating income, and net income across the annual reporting window.

Gross Margin

FY2025

vs FY2021

56.3%

Change vs FY2021: -996 bps

Operating Margin

FY2025

vs FY2021

21.6%

Change vs FY2021: +1422 bps

Net Margin

FY2025

vs FY2021

22.7%

Change vs FY2021: +1439 bps

Observation Window

FY2021 to FY2025

5 years

5 Years

Profitability profile tracked across FY2021 through FY2025.

Margin Table

Side-by-side read of gross, operating, and net margin.

Margin Trends

Read the shape of profitability with either a discrete bar view or a cleaner line trajectory.

Margins are calculated from annual SEC facts using reported revenue as the denominator.

YoY Change

Annual Momentum

Compare the latest fiscal year against the immediately prior period across every headline income statement line.

Revenue YoY

FY2025 vs FY2024

YoY change

+9.7%

FY2025 versus FY2024

Gross Profit YoY

FY2025 vs FY2024

YoY change

+1.3%

FY2025 versus FY2024

Op. Income YoY

FY2025 vs FY2024

YoY change

-14.1%

FY2025 versus FY2024

Net Income YoY

FY2025 vs FY2024

YoY change

-13.0%

FY2025 versus FY2024

YoY Table

Negative values are highlighted to make slowdowns obvious.

Metric	2025	2024	2023	2022	2021
Revenue Growth %	+9.7%	+59.0%	+89.7%	+39.0%	N/A
Gross Profit Growth %	+1.3%	+53.9%	+57.3%	+59.2%	N/A
Operating Income Growth %	-14.1%	+84.7%	+93.1%	+340.8%	N/A
Net Income Growth %	-13.0%	+87.3%	+90.3%	+306.0%	N/A
Filing	10-K	10-K	10-K	10-K	10-K

Momentum Chart

The most direct way to see whether the business is accelerating or rolling over.

YoY change compares each annual period against the immediately prior year inside the selected window.

CAGR

Through-Cycle Growth

Compounded annual growth rate from FY2021 to FY2025, useful for filtering out one-year noise.

Revenue CAGR

FY2021 to FY2025

4-yr CAGR

46.4%

Compounded annual growth across FY2021 to FY2025.

Gross Profit CAGR

FY2021 to FY2025

4-yr CAGR

40.6%

Compounded annual growth across FY2021 to FY2025.

Op. Income CAGR

FY2021 to FY2025

4-yr CAGR

91.7%

Compounded annual growth across FY2021 to FY2025.

Net Income CAGR

FY2021 to FY2025

4-yr CAGR

88.4%

Compounded annual growth across FY2021 to FY2025.

Doing some research...

Income Statement Snapshot

PDD Holdings Inc.’s top-line, gross profit, operating income, and bottom-line conversion. Values are shown in USD millions.

Revenue

FY2025

46.4% CAGR

$431.8B

CAGR 46.4% (FY2021 to FY2025)

Gross Profit

FY2025

40.6% CAGR

$243B

CAGR 40.6% (FY2021 to FY2025)

Operating Income

FY2025

91.7% CAGR

$93.1B

CAGR 91.7% (FY2021 to FY2025)

Net Income

FY2025

88.4% CAGR

$97.8B

CAGR 88.4% (FY2021 to FY2025)

Metric	2025	2024	2023	2022	2021
Revenue	$431,846	$393,836	$247,639	$130,558	$93,950
Gross Profit	$243,044	$239,936	$155,916	$99,095	$62,232
Operating Income	$93,102	$108,423	$58,699	$30,402	$6,897
Net Income	$97,843	$112,435	$60,027	$31,538	$7,769
Filing	10-K	10-K	10-K	10-K	10-K

All values shown in USD millions unless noted otherwise.

Expanded Line Items

The full annual income statement layer for PDD Holdings Inc..
Values are displayed in USD millions, except per-share and share-count rows.

Line Item	2025	2024	2023	2022	2021
Total Revenue	$431,846	$393,836	$247,639	$130,558	$93,950
Cost of Revenue	$188,802	$153,900	$91,724	$31,462	$31,718
Gross Profit	$243,044	$239,936	$155,916	$99,095	$62,232
Research & Development	$16,496	$12,659	$10,952	$10,385	$8,993
Selling, General & Administrative	$125,288	$111,301	$82,189	$54,344	$44,802
Operating Expenses	$149,942	$131,513	$97,217	$68,693	$55,335
Operating Income	$93,102	$108,423	$58,699	$30,402	$6,897
Interest Expense	N/A	N/A	$44	$52	$1,231
Other Non-Operating Income (Expense)	$2,727	$3,120	$2,953	$2,221	$656
Pretax Income	$119,575	$132,701	$71,876	$36,264	$9,702
Income Tax Expense (Benefit)	$21,733	$20,267	$11,850	$4,726	$1,934
Net Income	$97,843	$112,435	$60,027	$31,538	$7,769
Basic EPS	$17.50	$20.31	$11.08	$6.24	$1.55
Diluted EPS	$16.50	$19.00	$10.29	$5.48	$1.36
Basic Average Shares	5,590.9M	5,536.0M	5,416.1M	5.1M	5,012.7M
Diluted Average Shares	5,929.6M	5,916.6M	5,839.6M	5.8M	5,713.8M
Filing	10-K	10-K	10-K	10-K	10-K

Expanded annual statement lines sourced from SEC Edgar Database for PDD Holdings Inc.

Margins

Profitability Conversion

Track how much of revenue survives through gross profit,operating income, and net income across the annual reporting window.

Gross Margin

FY2025

vs FY2021

56.3%

Change vs FY2021: -996 bps

Operating Margin

FY2025

vs FY2021

21.6%

Change vs FY2021: +1422 bps

Net Margin

FY2025

vs FY2021

22.7%

Change vs FY2021: +1439 bps

Observation Window

FY2021 to FY2025

5 years

5 Years

Profitability profile tracked across FY2021 through FY2025.

Margin Table

Side-by-side read of gross, operating, and net margin.

Margin Trends

Read the shape of profitability with either a discrete bar view or a cleaner line trajectory.

Margins are calculated from annual SEC facts using reported revenue as the denominator.

YoY Change

Annual Momentum

Compare the latest fiscal year against the immediately prior period across every headline income statement line.

Revenue YoY

FY2025 vs FY2024

YoY change

+9.7%

FY2025 versus FY2024

Gross Profit YoY

FY2025 vs FY2024

YoY change

+1.3%

FY2025 versus FY2024

Op. Income YoY

FY2025 vs FY2024

YoY change

-14.1%

FY2025 versus FY2024

Net Income YoY

FY2025 vs FY2024

YoY change

-13.0%

FY2025 versus FY2024

YoY Table

Negative values are highlighted to make slowdowns obvious.

Metric	2025	2024	2023	2022	2021
Revenue Growth %	+9.7%	+59.0%	+89.7%	+39.0%	N/A
Gross Profit Growth %	+1.3%	+53.9%	+57.3%	+59.2%	N/A
Operating Income Growth %	-14.1%	+84.7%	+93.1%	+340.8%	N/A
Net Income Growth %	-13.0%	+87.3%	+90.3%	+306.0%	N/A
Filing	10-K	10-K	10-K	10-K	10-K

Momentum Chart

The most direct way to see whether the business is accelerating or rolling over.

YoY change compares each annual period against the immediately prior year inside the selected window.

CAGR

Through-Cycle Growth

Compounded annual growth rate from FY2021 to FY2025, useful for filtering out one-year noise.

Revenue CAGR

FY2021 to FY2025

4-yr CAGR

46.4%

Compounded annual growth across FY2021 to FY2025.

Gross Profit CAGR

FY2021 to FY2025

4-yr CAGR

40.6%

Compounded annual growth across FY2021 to FY2025.

Op. Income CAGR

FY2021 to FY2025

4-yr CAGR

91.7%

Compounded annual growth across FY2021 to FY2025.

Net Income CAGR

FY2021 to FY2025

4-yr CAGR

88.4%

Compounded annual growth across FY2021 to FY2025.

Doing some research...

PDD Income Statement

Income Statement Snapshot

Income Statement Snapshot