PDD Holdings Inc. (PDD) generated 107 B CNY of operating cash flow and 106 B CNY of free cash flow in fiscal year 2025, down 12.5 % year on year.
PDD Holdings Inc. (PDD) generated 107 B CNY of operating cash flow in fiscal year 2025. After capital expenditure of 1,145 M CNY, free cash flow was 106 B CNY, down 12.5 % year on year. That is 108 % of the year's net income converted into free cash flow. The net change in cash over the year was 56.5 B CNY. Over the whole period free cash flow compounds at 30.3 % a year. The series covers 4 fiscal years, from 2022 to 2025. All figures are stated in CNY and are taken from the company's own published annual accounts, with no restatements or adjustments of our own. The statement keeps the natural cash-flow sign convention: cash outflows are negative.
Fiscal year end: December
| 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|
| Net income | 31.5B | 60.0B | 112B | 97.8B |
| Depreciation & amortization | 2.74B | 1.89B | 2.64B | 3.00B |
| Asset impairment | — | — | — | — |
| Stock-based compensation | 7.72B | 7.08B | 9.88B | 7.94B |
| Deferred taxes | -1,029M | 801M | 222M | -182M |
| (Gain)/loss on sale of assets | 10.7M | 1.76M | 3.86M | 3.06M |
| (Gain)/loss on sale of businesses and investments | — | — | — | — |
| Income from equity method investments | 155M | 4.71M | -17.2M | -129M |
| Provisions and restructuring | 118M | 265M | 330M | 313M |
| Change in working capital | 7.42B | 26.5B | 6.66B | 7.37B |
| Other operating activities (as reported) | -0.16B | -1.31B | -2.83B | -0.77B |
| Unallocated operating remainder | — | -1.05B | -7.40B | -8.44B |
| Operating cash flow | 48.5B | 94.2B | 122B | 107B |
| Operating cash flow — YoY growth | — | 94.12 % | 29.49 % | -12.29 % |
| Capex | -636M | -584M | -967M | -1,145M |
| Free Cash Flow | 47.9B | 93.6B | 121B | 106B |
| Free Cash Flow — YoY growth | — | 95.48 % | 29.26 % | -12.54 % |
Figures in CNY
Fiscal year end: December
| 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|
| Capex | -636M | -584M | -967M | -1,145M |
| Proceeds from sale of PP&E | 40.0k | 450k | 540k | — |
| Business acquisitions | — | — | — | — |
| Business divestitures | — | — | — | — |
| Purchases/sales of investments | -21.7B | -55.0B | -117B | -42.1B |
| Long-term investments | — | 130M | 35.7M | -200M |
| Unallocated investing remainder | 0.00k | -450k | -540k | 0.00k |
| Investing cash flow | -22.4B | -55.4B | -118B | -43.4B |
Figures in CNY
Fiscal year end: December
| 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|
| Debt issuance | 0.00 | — | — | — |
| Debt repayment | 0.00B | -8.97B | -0.00B | -5.23B |
| Share issuance | 0.00 | — | — | — |
| Share buybacks | — | — | — | — |
| Tax withholding on RSU/option vesting | — | — | — | — |
| Dividends paid | — | — | — | — |
| Other financing activities | 10.1M | 8.19M | 1.26M | 1.36M |
| Financing cash flow | 0.01B | -8.96B | 0.00B | -5.23B |
Figures in CNY
Fiscal year end: December
| 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|
| Operating cash flow | 48.5B | 94.2B | 122B | 107B |
| Investing cash flow | -22.4B | -55.4B | -118B | -43.4B |
| Financing cash flow | 0.01B | -8.96B | 0.00B | -5.23B |
| Foreign exchange effect | 100M | -291M | 840M | -1,751M |
| Net change in cash | 26.3B | 29.5B | 4.41B | 56.5B |
| Income taxes paid (cash) | -4.88B | -5.76B | -17.5B | -21.6B |
| Interest paid (cash) | — | — | — | — |
Figures in CNY
