PDD Holdings Inc. (PDD) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 | Q1'21 |
|---|
| Cash from Operations | 24.12B | 45.66B | 21.64B | 15.52B | 29.55B | 27.52B | 43.79B | 21.07B | 36.89B | 32.54B | 23.4B | 1.34B | 3.85B | 11.65B | 19.37B | -9.07B | 16.4B | 8.74B | 7.37B | -3.72B |
| Operating CF Margin % | 19.46% | 42.17% | 20.81% | 16.22% | 26.71% | 27.7% | 45.12% | 24.27% | 41.51% | 47.27% | 44.75% | 3.56% | 9.67% | 32.82% | 61.62% | -38.11% | 60.22% | 40.62% | 31.98% | -16.8% |
| Operating CF Growth % | -18.37% | 65.9% | -50.58% | -26.35% | -19.91% | -15.41% | 87.18% | 1474.5% | 858.34% | 179.25% | 20.76% | 114.76% | -76.53% | 33.37% | 162.83% | -143.47% | 9.72% | 4.98% | 34.14% | -556.81% |
| Net Income | 24.54B | 29.33B | 30.75B | 14.74B | 27.45B | 24.98B | 32.01B | 28B | 23.28B | 15.54B | 13.11B | 8.1B | 9.45B | 10.59B | 8.9B | 2.6B | 6.62B | 1.64B | 2.41B | -2.91B |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.89B | 0 | 0 | 0 | 2.74B | 0 | 0 | 0 | 800.47M | 0 | 0 | 0 |
| Stock-Based Compensation | 1.75B | 2.05B | 1.95B | 2.17B | 2.4B | 2.48B | 2.42B | 2.58B | 2.18B | 1.47B | 1.89B | 1.53B | 7.72B | 1.86B | 1.84B | 1.52B | 3.61B | 0 | 1.19B | 972.81M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -2.18B | 14.28B | -11.07B | -1.4B | 10.72B | 63.61M | 9.36B | -9.51B | -4.54B | 15.53B | 8.4B | -8.3B | -22.51B | -801.63M | 8.63B | -13.19B | -764.92M | 7.1B | 3.77B | -1.79B |
| Working Capital Changes | 0 | 0 | 0 | 0 | -11.02B | 0 | 0 | 0 | 14.08B | 0 | 0 | 0 | 6.45B | 0 | 0 | 0 | 6.13B | 0 | 0 | 0 |
| Change in Receivables | 0 | 0 | 0 | 0 | 48.81M | 0 | 0 | 0 | -3.33B | 0 | 0 | 0 | 86.04M | 0 | 0 | 0 | 55.81M | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 1.54B | -11.56B | -27.02B | -6.38B | -30.55B | -16.9B | -42.62B | -28.29B | -16.47B | -4.82B | -11.52B | -22.62B | -1.24B | -356.39M | -8.59B | -4.85B | -12.69B | -13.76B | -3.48B | -5.62B |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -635.72M | 0 | 0 | 0 | -43.05M | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | 0.87% | - | - | - | 0.66% | - | - | - | 1.6% | - | - | - | 0.16% | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 38.12B | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 1.54B | -11.56B | -27.02B | -6.38B | -30.55B | -16.9B | -42.62B | -28.29B | -16.47B | -4.82B | -11.52B | -22.62B | 21.12B | -356.39M | -8.59B | -4.85B | -12.69B | -13.76B | -3.48B | -5.62B |
| Cash from Financing | -5.23B | 551K | 353K | 219K | 274K | 132K | 728K | 30K | -8.97B | 385K | 7.23M | 53K | 9.51M | 258K | 268K | 43K | 193K | 146K | -636.62M | -1.24B |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -5.23B | 551K | 353K | 219K | 274K | 132K | 728K | 30K | -8.97B | 385K | 7.23M | 53K | 9.51M | 258K | 268K | 43K | 193K | 146K | -636.62M | -1.24B |
| Net Change in Cash | 19.34B | 33.49B | -5.36B | 9.06B | 505.93M | 9.57B | 1.41B | -7.07B | 10.43B | 27.92B | 12.76B | -21.63B | 2.59B | 11.55B | 10.73B | -13.91B | 3.68B | -5.01B | 3.06B | -10.53B |
| Free Cash Flow | 24.12B | 45.66B | 21.64B | 15.52B | 28.58B | 27.52B | 43.79B | 21.07B | 36.31B | 32.54B | 23.4B | 1.34B | 3.21B | 11.65B | 19.37B | -9.07B | 16.36B | 8.74B | 7.37B | -3.72B |
| FCF Margin % | 19.46% | 42.17% | 20.81% | 16.22% | 25.84% | 27.7% | 45.12% | 24.27% | 40.85% | 47.27% | 44.75% | 3.56% | 8.07% | 32.82% | 61.62% | -38.11% | 60.07% | 40.62% | 31.98% | -16.8% |
| FCF Growth % | -15.61% | 65.9% | -50.58% | -26.35% | -21.28% | -15.41% | 87.18% | 1474.5% | 1029.75% | 179.25% | 20.76% | 114.76% | -80.35% | 33.37% | 162.83% | -143.47% | 9.62% | 4.98% | 34.14% | -556.81% |
| FCF per Share | 16.22 | 30.68 | 14.60 | 10.46 | 19.29 | 18.63 | 29.56 | 14.27 | 24.69 | 22.19 | 16.04 | 0.91 | 2.21 | 8.07 | 13.56 | -6.38 | 11.51 | 6.13 | 5.16 | -2.99 |
| FCF Conversion (FCF/Net Income) | 1.05x | 1.56x | 0.70x | 1.05x | 1.08x | 1.10x | 1.37x | 0.75x | 1.58x | 2.09x | 1.78x | 0.17x | 0.41x | 1.10x | 2.18x | -3.49x | 2.48x | 5.33x | 3.05x | 1.28x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |