PDD
PDD Holdings Inc.
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What it owns, and who has a claim on it
Both columns are the same height because they are the same money, counted twice: once by what it is, once by who it belongs to.
| Cash | $15.6B17% |
|---|---|
| Property & equipment | $187M0% |
| Intangibles | $2M0% |
| Other assetsincludes 3 line items this filer does not report separately | $74.3B83% |
| Other liabilitiesincludes 2 line items this filer does not report separately | $31.0B34% |
|---|---|
| Shareholders' equity | $59.1B66% |
Not reported separately
This filer does not break these out. They are inside the totals, counted in the shaded remainder — not estimated, and not set to zero.
PDD Holdings Inc. (PDD) files with the SEC as an industrials company. Its most recent balance sheet puts total assets at $90.1B, against $31.0B of liabilities and $59.1B of equity, as at 2025-12-31. That balance sheet grew 30.2% against 2024-12-31, when total assets were $69.2B. Liabilities account for 34.4% of the balance sheet and equity 65.6%, about $0.52 of liabilities for every dollar of equity. The largest single line on the asset side is Cash at $15.6B, 17.3% of total assets, followed by Property & equipment at $187M. The figures come from a filing filed on 2026-04-29. Some line items this filer reports are not broken out separately here; the totals are complete and the difference is shown as a remainder rather than distributed across the lines that are named. Assets equal liabilities plus equity on the filed figures, so this balance sheet reconciles directly. Every figure above is as filed, taken from the most recent filing that reported it. Nothing is estimated or smoothed, and where the filing and the identity disagree the disagreement is shown rather than closed.
It is mostly owner-funded: equity is 66% of the balance sheet, borrowings and other claims the rest.
Not every line item is reported separately by this filer: receivables, inventory, goodwill, accounts payable and others are inside the totals rather than broken out.
The numbers behind PDD Holdings Inc.’s balance sheet
The check, written out
Assets $90,095,139,000 − (liabilities $30,981,848,000 + equity $59,113,291,000) = $0
Ratios
| Liabilities to assets | $31.0B ÷ $90.1B | 34.4% |
|---|---|---|
| Equity to assets | $59.1B ÷ $90.1B | 65.6% |
| Liabilities to equity | $31.0B ÷ $59.1B | 0.52× |
| Largest asset line: Cash | $15.6B ÷ $90.1B | 17.3% |
Does it balance, quarter by quarter
2 of the last 2 tested balance sheets on file reconcile as this site reads them. Each row is judged by the same check as the drawing above, and “latest filing” is the newest filing that carried that period's figures, since later filings repeat earlier periods as comparatives.
| Period end | Latest filing | Assets | Liabilities | Equity | A = L + E |
|---|---|---|---|---|---|
| 2025-12-31 | 2026-04-29 | $90.1B | $31.0B | $59.1B | Balanced |
| 2024-12-31 | 2025-04-28 | $69.2B | $26.3B | $42.9B | Balanced |
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Where the money goes
Every dollar of revenue over the year ended 2025-12-31, and what is left after each cost comes out.
| Cost of salesWhat it costs to make or buy what it sells | $27.0B44% |
|---|---|
| Operating costsRunning the business: staff, marketing, admin · computed as a remainder | $21.4B35% |
| TaxTax on profit | $3.1B5% |
Of every dollar PDD took in, 0.23 was left as profit after all costs and tax — $14.0 billion on $61.8 billion of revenue.
The largest single outflow is cost of sales, at 44% of revenue.
The size of it
Its annual sales sit between Myanmar and Jordan.
Company figure: year ended 2025-12-31. GDP: World Bank, GDP (current US$), indicator NY.GDP.MKTP.CD, 2024.
Ask about these numbers
Answered from the figures on this page and nothing else. Ask for something that is not here — another company, a share price, an earlier quarter — and it will tell you it is not in the filing data.
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Learn more
- What Is the Accounting Identity? Meaning and Example — Why Assets = Liabilities + Equity works as a test on data you did not produce, and what it means when a filing does not balance.
- Why Naive XBRL Extraction Breaks Balance Sheets (And How a Balance Check Catches It) — How the figure on this page was chosen out of the twenty-odd tags the filer published for it.
- 995 of 38,568 SEC Filings Failed Our Balance Sheet Check — 995 of 38,568 filings failed the check: the method, the reasons and the filings themselves.
Every figure here is also available as JSON — the API reference and what it costs.
Related companies
The nearest in size that file in the same sector, each drawn to the same scale.