PDD Holdings Inc. balance sheet PDD

Annual Quarterly

As of Dec 31, 2025, PDD Holdings Inc. had total assets of $90.1 billion and total liabilities of $31.0 billion. Total assets were up 30.2% from a year earlier. Stockholders' equity was $59.1 billion. It held $25.0 billion in cash and investments against $769.2 million of total debt, net cash of $24.2 billion. The current ratio, current assets divided by current liabilities, was 2.43.

USD in millions, except ratios and per-share amounts. The percent under a figure is the change from the year before.

Line	FY 2025 Dec 31, 2025	FY 2024 Dec 31, 2024	FY 2023 Dec 31, 2023	FY 2022 Dec 31, 2022	FY 2020 Dec 31, 2021	FY 2020 Dec 31, 2020	FY 2019 Dec 31, 2019	FY 2018 Dec 31, 2018
Assets
Cash	15,573 +96.8%	7,914 -6.0%	8,422 +69.2%	4,977	1,008 +21.7%	3,436 +314.7%	829 -59.8%	2,060
Short-term investments	9,443 +55.0%	6,094 +152.3%	2,416 -85.5%	16,690	13,576 +792447.9%	9,893 +577418.3%	2 -99.8%	1,110
Cash and investments	25,015 +78.6%	14,008 +29.3%	10,838 -50.0%	21,667	14,585 +1656.7%	13,329 +1505.4%	830 -73.8%	3,169
Inventory	—	—	—	—	2	263	—	—
Total current assets	74,213 +30.3%	56,944 +37.2%	41,515 +32.2%	31,407	25,250 +140.8%	22,916 +118.5%	10,486 +78.5%	5,875
Property and equipment, net	187 +55.0%	120 -12.7%	138 -8.9%	151	346 +5732.5%	31 +424.4%	6 +40.2%	4
Total assets	90,095 +30.2%	69,189 +41.1%	49,026 +42.6%	34,379	28,436 +160.3%	24,354 +122.9%	10,925 +73.9%	6,281
Liabilities and equity
Accounts payable	4,671 +20.6%	3,874 +62.7%	2,381 +312.8%	577	306	174	—	—
Total current liabilities	30,564 +18.4%	25,814 +19.9%	21,536 +27.1%	16,947	14,708 +123.7%	12,855 +95.5%	6,574 +85.6%	3,543
Total liabilities	30,982 +18.0%	26,266 +15.9%	22,653 +30.9%	17,304	16,649 +125.4%	15,131 +104.9%	7,385 +108.4%	3,543
Stockholders' equity	59,113 +37.7%	42,924 +62.8%	26,372 +54.4%	17,075	11,787 +232.9%	9,222 +160.5%	3,540 +29.3%	2,738
Debt
Lease liabilities	769 +6.0%	726 +20.2%	604 +182.7%	214	152 +95.0%	102 +30.9%	78	—
Total debt	769 +6.0%	726 +20.2%	604 +182.7%	214	152 +95.0%	102 +30.9%	78	—
Net cash	24,246 +82.5%	13,282 +29.8%	10,234 -52.3%	21,453	14,432 +1819.0%	13,227 +1658.7%	752	—
Ratios
Current ratio	2.43x	2.21x	1.93x	1.85x	1.72x	1.78x	1.60x	1.66x
Debt to equity	0.01x	0.02x	0.02x	0.01x	0.01x	0.01x	0.02x	—
Debt to EBITDA	0.06x	0.05x	0.07x	0.05x	0.12x	0.08x	—	—
Return on equity	23.67%	35.89%	32.06%	26.78%	10.34%	13.22%	-28.27%	-54.28%
Return on assets	15.53%	22.26%	17.25%	13.30%	4.29%	5.01%	-9.16%	-23.66%
Book value per share	10.38	7.71	4.79	—	—	—	—	0.61

How these figures are calculated

Annual columns are full-year amounts from the annual report (Form 10-K, 20-F, or 40-F). If a company restates a year, the latest filed number is shown. USD in millions, except ratios and per-share amounts. Cash and investments adds short-term and long-term marketable securities to cash. Debt due within a year is the borrowings that are not already in long-term debt. Total debt is those borrowings plus lease liabilities. Net cash is cash and investments minus total debt. Return on equity and return on assets divide the trailing twelve months of net income by the balance on that date. Debt to EBITDA uses the trailing twelve months of EBITDA. More on our methodology.

Company profile

Industry: Services-Business Services, NEC (SIC 7389)
Listed as: PDD (Nasdaq)
Fiscal year ends: December 31
Incorporated in: Cayman Islands
Headquarters: Dublin 2
SEC filer status: Large accelerated filer
SEC CIK: 1737806
Former names: Pinduoduo Inc. (until Feb 3, 2023); Walnut Street Group Holding Ltd (until Jun 29, 2018)

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Source: SEC EDGAR filings. This is company-reported data, not investment advice.