PDD Holdings Inc.
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $13.99B | $15.40B | $8.45B | $4.57B | $1.22B | $-1.10B | $-1.00B | $-1.49B |
| Depreciation & Amortization | $86.0M | $97.1M | $110.7M | $322.5M | $234.7M | $99.9M | $91.6M | $72.3M |
| Depreciation | $85.5M | $96.6M | $94.7M | $234.2M | $143.1M | $4.3M | $2.6M | $863.0K |
| Amortization | — | — | $16.1M | $88.2M | $91.6M | $95.6M | $89.0M | $71.4M |
| Stock-Based Compensation | $1.13B | $1.35B | $997.0M | $1.12B | $749.3M | $553.7M | $367.4M | $995.1M |
| Net Cash from Operating Activities | $15.29B | $16.70B | $13.26B | $7.03B | $4.52B | $4.32B | $2.13B | $1.13B |
| Investing Activities | ||||||||
| Capital Expenditures | — | — | — | — | — | $6.6M | $3.9M | $4.0M |
| Business Acquisitions | — | — | — | — | — | — | — | — |
| Net Cash from Investing Activities | $-6.21B | $-16.21B | $-7.81B | $-3.24B | $-5.58B | $-5.88B | $-4.07B | $-1.10B |
| Financing Activities | ||||||||
| Dividends Paid | — | — | — | — | — | — | — | — |
| Stock Repurchases | — | — | — | — | — | — | — | — |
| Net Cash from Financing Activities | $-747.5M | $159.0K | $-1.26B | $1.5M | $-294.3M | $7.94B | $2.28B | $2.52B |
| Net Change in Cash | $8.08B | $604.8M | $4.15B | $3.81B | $-1.38B | $6.36B | $403.1M | $2.63B |
| Free Cash Flow | — | — | — | — | — | $4.31B | $2.12B | $1.13B |