PDD Holdings Inc. (PDD) balance sheet

NASDAQ · Consumer Cyclical · Specialty Retail · 25,474 employees · CEO Lei Chen

Price: $78.61 -0.85%
Market cap: $112B
Enterprise value: CN¥619B
Last report: Q2 '26 filed 2026-08-25
Next report: 2026-11-18

At the end of Q2 '26 PDD Holdings Inc. (PDD) held CN¥456B in cash and short-term investments against CN¥4.84B of debt incl. leases. Total assets CN¥663B, total liabilities CN¥216B, shareholders' equity CN¥448B.

Balance sheet

Balance sheet	Q3 '23	Q4 '23	Q1 '24	Q2 '24	Q3 '24	Q4 '24	Q1 '25	Q2 '25	Q3 '25	Q4 '25	Q1 '26	Q2 '26
Assets
Cash & equivalents	CN¥54.9B	CN¥59.8B	CN¥55.6B	CN¥56.8B	CN¥65.3B	CN¥57.8B	CN¥70.1B	CN¥63.2B	CN¥92.4B	CN¥183B	CN¥199B	CN¥129B
Short-term investments	CN¥148B	CN¥157B	CN¥187B	CN¥228B	CN¥243B	CN¥274B	CN¥294B	CN¥324B	CN¥331B	CN¥314B	CN¥312B	CN¥327B
Receivables	CN¥8.69B	CN¥7.43B	CN¥11.7B	CN¥11.5B	CN¥13.9B	CN¥12.2B	CN¥12.9B	CN¥6.01B	CN¥15.1B	CN¥15.3B	CN¥15.5B	CN¥6.08B
Inventory	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥1.6B	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥100M
Other current assets	CN¥56.4B	CN¥68.8B	CN¥59.1B	CN¥59.4B	CN¥64.4B	CN¥68.4B	CN¥70.4B	CN¥75.4B	CN¥77.4B	CN¥7.53B	CN¥8.71B	CN¥85.6B
Current assets	CN¥272B	CN¥295B	CN¥316B	CN¥360B	CN¥387B	CN¥416B	CN¥448B	CN¥476B	CN¥516B	CN¥519B	CN¥535B	CN¥557B
Property, plant & equipment (net)	CN¥4.73B	CN¥5.08B	CN¥4.83B	CN¥5.1B	CN¥5.7B	CN¥5.94B	CN¥6.43B	CN¥843M	CN¥6.21B	CN¥6.17B	CN¥5.73B	CN¥9.07B
Intangible assets	CN¥21.9M	CN¥21.1M	CN¥22M	CN¥21.1M	CN¥20.1M	CN¥19.2M	CN¥18.2M	CN¥17.3M	CN¥16.3M	CN¥15.4M	CN¥14.9M	CN¥14M
Deferred tax assets	CN¥1.63B	CN¥271M	CN¥44.1M	CN¥0	CN¥273M	CN¥16M	CN¥62.8M	CN¥73.3M	CN¥670M	CN¥172M	CN¥201M	CN¥1.16B
Other non-current assets	CN¥36.3B	CN¥48B	CN¥56.5B	CN¥67.9B	CN¥74B	CN¥83.4B	CN¥76.2B	CN¥90.2B	CN¥90.5B	CN¥105B	CN¥94.8B	CN¥96.4B
Non-current assets	CN¥42.7B	CN¥53.3B	CN¥61.4B	CN¥73B	CN¥80B	CN¥89.4B	CN¥82.7B	CN¥91.1B	CN¥97.4B	CN¥111B	CN¥101B	CN¥107B
Total assets	CN¥314B	CN¥348B	CN¥378B	CN¥433B	CN¥467B	CN¥505B	CN¥531B	CN¥567B	CN¥614B	CN¥630B	CN¥635B	CN¥663B
Liabilities
Accounts payable	CN¥70.1B	CN¥91.9B	CN¥75.9B	CN¥79.9B	CN¥82.8B	CN¥92.5B	CN¥92.5B	CN¥95.5B	CN¥101B	CN¥107B	CN¥109B	CN¥0
Accrued expenses	CN¥43.9B	CN¥33.6B	CN¥54.2B	CN¥68.7B	CN¥74.4B	CN¥69.1B	CN¥76.2B	CN¥76.8B	CN¥89.1B	CN¥0	CN¥0	CN¥76.9B
Short-term debt	CN¥14.4B	CN¥649M	CN¥74M	CN¥249K	CN¥0	CN¥5.31B	CN¥5.3B	CN¥5.29B	CN¥5.25B	CN¥2.5B	CN¥2.49B	CN¥0
Taxes payable	CN¥0	CN¥16.9B	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0
Deferred revenue	CN¥2.04B	CN¥2.14B	CN¥2.28B	CN¥0	CN¥2.95B	CN¥0	CN¥2.95B	CN¥3.6B	CN¥3.33B	CN¥3.38B	CN¥3.51B	CN¥3.64B
Other current liabilities	CN¥16.3B	CN¥21.7B	CN¥17.2B	CN¥20.4B	CN¥16.5B	CN¥19.4B	CN¥16.6B	CN¥17.1B	CN¥17.4B	CN¥99B	CN¥96.1B	CN¥19.8B
Current liabilities	CN¥148B	CN¥153B	CN¥151B	CN¥171B	CN¥180B	CN¥188B	CN¥197B	CN¥202B	CN¥219B	CN¥212B	CN¥211B	CN¥213B
Long-term debt	CN¥1.62B	CN¥5.23B	CN¥5.24B	CN¥5.26B	CN¥5.18B	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0
Lease obligations (non-current)	CN¥2.4B	CN¥2.64B	CN¥2.44B	CN¥2.63B	CN¥3.05B	CN¥3.19B	CN¥3.63B	CN¥3.26B	CN¥3.04B	CN¥2.88B	CN¥2.61B	CN¥2.39B
Deferred tax liabilities	CN¥55.9M	CN¥59.8M	CN¥43.9M	CN¥34.1M	CN¥70.3M	CN¥107M	CN¥162M	CN¥70.2M	CN¥63.5M	CN¥41.9M	CN¥14.9M	CN¥0
Other non-current liabilities	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥517M
Non-current liabilities	CN¥4.08B	CN¥7.94B	CN¥7.72B	CN¥7.93B	CN¥8.29B	CN¥3.3B	CN¥3.79B	CN¥3.33B	CN¥3.1B	CN¥2.92B	CN¥2.63B	CN¥2.91B
Total liabilities	CN¥152B	CN¥161B	CN¥159B	CN¥179B	CN¥188B	CN¥192B	CN¥201B	CN¥205B	CN¥222B	CN¥215B	CN¥213B	CN¥216B
Equity
Common stock & paid-in capital	CN¥177K	CN¥177K	CN¥178K	CN¥179K	CN¥179K	CN¥180K	CN¥180K	CN¥181K	CN¥181K	CN¥182K	CN¥0	CN¥0
Retained earnings	CN¥51.9B	CN¥75.1B	CN¥103B	CN¥135B	CN¥160B	CN¥188B	CN¥202B	CN¥233B	CN¥262B	CN¥286B	CN¥296B	CN¥324B
Accumulated other comprehensive income	CN¥5.96B	CN¥4.83B	CN¥5.14B	CN¥5.91B	CN¥2.97B	CN¥7.82B	CN¥7.53B	CN¥6.75B	CN¥5.14B	CN¥3.46B	-CN¥573M	-CN¥6.04B
Shareholders' equity	CN¥162B	CN¥187B	CN¥219B	CN¥254B	CN¥279B	CN¥313B	CN¥330B	CN¥362B	CN¥391B	CN¥415B	CN¥422B	CN¥448B
Debt
Total debt (incl. leases)	CN¥19.8B	CN¥10.2B	CN¥9.48B	CN¥9.77B	CN¥10.2B	CN¥10.6B	CN¥11.3B	CN¥11B	CN¥10.7B	CN¥5.38B	CN¥5.1B	CN¥4.84B
Net debt (debt - cash)	-CN¥35.2B	-CN¥49.6B	-CN¥46.1B	-CN¥47B	-CN¥55.1B	-CN¥47.2B	-CN¥58.9B	-CN¥52.3B	-CN¥81.7B	-CN¥177B	-CN¥193B	-CN¥124B

Balance sheet	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Assets
Cash & equivalents	CN¥1.32B	CN¥3.06B	CN¥14.2B	CN¥5.77B	CN¥22.4B	CN¥6.43B	CN¥34.3B	CN¥59.8B	CN¥57.8B	CN¥183B
Short-term investments	CN¥290M	CN¥50M	CN¥7.63B	CN¥35.3B	CN¥64.6B	CN¥86.5B	CN¥115B	CN¥157B	CN¥274B	CN¥314B
Receivables	CN¥10.3M	CN¥531M	CN¥1.27B	CN¥2.96B	CN¥3.91B	CN¥3.48B	CN¥3.35B	CN¥7.43B	CN¥12.2B	CN¥15.3B
Inventory	CN¥0	CN¥0	CN¥0	CN¥0	CN¥1.72B	CN¥14.2M	CN¥0	-CN¥119M	CN¥1.6B	CN¥0
Other current assets	CN¥133M	CN¥9.5B	CN¥17.3B	CN¥29B	CN¥56.9B	CN¥64.5B	CN¥62.9B	CN¥68.8B	CN¥68.4B	CN¥7.53B
Current assets	CN¥1.75B	CN¥13.1B	CN¥40.4B	CN¥73B	CN¥150B	CN¥161B	CN¥217B	CN¥295B	CN¥416B	CN¥519B
Property, plant & equipment (net)	CN¥2.25M	CN¥9.28M	CN¥29.1M	CN¥558M	CN¥833M	CN¥3.14B	CN¥2.46B	CN¥5.08B	CN¥5.94B	CN¥6.17B
Long-term investments	CN¥15M	CN¥5M	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0
Intangible assets	CN¥0	CN¥0	CN¥2.58B	CN¥1.99B	CN¥1.28B	CN¥701M	CN¥134M	CN¥21.1M	CN¥19.2M	CN¥15.4M
Deferred tax assets	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥31.5M	CN¥1.05B	CN¥271M	CN¥16M	CN¥172M
Other non-current assets	CN¥0	CN¥162M	CN¥183M	CN¥503M	CN¥7.28B	CN¥16.4B	CN¥16.9B	CN¥48B	CN¥83.4B	CN¥105B
Non-current assets	CN¥17.2M	CN¥177M	CN¥2.79B	CN¥3.06B	CN¥9.38B	CN¥20.3B	CN¥20.5B	CN¥53.3B	CN¥89.4B	CN¥111B
Total assets	CN¥1.77B	CN¥13.3B	CN¥43.2B	CN¥76.1B	CN¥159B	CN¥181B	CN¥237B	CN¥348B	CN¥505B	CN¥630B
Liabilities
Accounts payable	CN¥1.13B	CN¥9.84B	CN¥17.3B	CN¥30.2B	CN¥55B	CN¥64.5B	CN¥67.3B	CN¥91.9B	CN¥120B	CN¥107B
Accrued expenses	CN¥29.1M	CN¥357M	CN¥2.2B	CN¥2.41B	CN¥4.55B	CN¥3.65B	CN¥5.85B	CN¥13.5B	CN¥11.1B	CN¥0
Short-term debt	CN¥0	CN¥0	CN¥0	CN¥899M	CN¥1.87B	CN¥0	CN¥13.9B	CN¥649M	CN¥5.31B	CN¥2.5B
Taxes payable	CN¥2.76M	CN¥104M	CN¥436M	CN¥1.05B	CN¥2.88B	CN¥5.73B	CN¥6.97B	CN¥16.9B	CN¥0	CN¥0
Deferred revenue	CN¥2.15M	CN¥56.5M	CN¥191M	CN¥606M	CN¥2.42B	CN¥1.17B	CN¥1.39B	CN¥2.14B	CN¥2.95B	CN¥3.38B
Other current liabilities	CN¥254M	CN¥1.86B	CN¥4.69B	CN¥7.89B	CN¥16.4B	CN¥22B	CN¥26.2B	CN¥41.8B	CN¥19.4B	CN¥99B
Current liabilities	CN¥1.41B	CN¥12.1B	CN¥24.4B	CN¥45.8B	CN¥83.9B	CN¥93.7B	CN¥117B	CN¥153B	CN¥188B	CN¥212B
Long-term debt	CN¥0	CN¥0	CN¥0	CN¥5.21B	CN¥14.4B	CN¥11.8B	CN¥1.58B	CN¥5.23B	CN¥0	CN¥0
Lease obligations (non-current)	CN¥0	CN¥0	CN¥0	CN¥429M	CN¥415M	CN¥544M	CN¥871M	CN¥2.64B	CN¥3.19B	CN¥2.88B
Deferred tax liabilities	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥31.3M	CN¥13M	CN¥59.8M	CN¥107M	CN¥41.9M
Other non-current liabilities	CN¥0	CN¥0	CN¥0	CN¥7.39M	CN¥2.92M	CN¥996K	CN¥0	CN¥0	CN¥0	CN¥0
Non-current liabilities	CN¥0	CN¥0	CN¥0	CN¥5.64B	CN¥14.9B	CN¥12.4B	CN¥2.46B	CN¥7.94B	CN¥3.3B	CN¥2.92B
Total liabilities	CN¥1.41B	CN¥12.1B	CN¥24.4B	CN¥51.4B	CN¥98.7B	CN¥106B	CN¥119B	CN¥161B	CN¥192B	CN¥215B
Equity
Common stock & paid-in capital	CN¥56K	CN¥54K	CN¥142K	CN¥148K	CN¥159K	CN¥161K	CN¥170K	CN¥177K	CN¥180K	CN¥182K
Retained earnings	-CN¥472M	-CN¥1.03B	-CN¥11.3B	-CN¥18.3B	-CN¥25.5B	-CN¥17.7B	CN¥15.2B	CN¥75.1B	CN¥188B	CN¥286B
Accumulated other comprehensive income	CN¥24.6M	-CN¥23.1M	CN¥1.04B	CN¥1.45B	-CN¥1.05B	-CN¥2.52B	CN¥3.33B	CN¥4.83B	CN¥7.82B	CN¥3.46B
Shareholders' equity	CN¥356M	CN¥1.2B	CN¥18.8B	CN¥24.6B	CN¥60.2B	CN¥75.1B	CN¥118B	CN¥187B	CN¥313B	CN¥415B
Debt
Total debt (incl. leases)	CN¥0	CN¥0	CN¥0	CN¥6.65B	CN¥17B	CN¥12.8B	CN¥16.9B	CN¥10.2B	CN¥10.6B	CN¥5.38B
Net debt (debt - cash)	-CN¥1.32B	-CN¥3.06B	-CN¥14.2B	CN¥882M	-CN¥5.45B	CN¥6.33B	-CN¥17.4B	-CN¥49.6B	-CN¥47.2B	-CN¥177B

Standardised by Financial Modeling Prep from the company's filings; outflows and costs keep the sign the provider reports. Hover a period for its end date. Amounts in CNY.

Cash, investments and debt

quarter ends

The other statements

Income statementRevenue, costs, operating income, net income and EPSOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Sources

Statements, segment revenue, metrics and estimates: Financial Modeling Prep.

Data as of 2026-11-01 · Amounts in CNY as reported; price and market cap in USD.