PDD Holdings Inc.

PDDNASDAQConsumer Cyclical● Active

$82.50

$-2.57(-3.02%)

Market Cap$115.8B

P/E Ratio—

52W High$139.41

52W Low$81.56

Avg Volume8.7M

Open$84.75

Beta-0.03

Free Cash Flow Financials Revenue

PDD Holdings Inc. (PDD) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

PDD · free cash flow · updated Jun 8, 2026

Core FCF metrics

PDD · FCF · TTM · margin & CAGR

Free cash flow was $105.79B for FY2025 (fiscal year ending 2025-12-31), down 12.5% year-over-year The FCF margin was 24.5%. Five-year CAGR stands at +30.3%.

FY2025 Free Cash Flow$105.79B▼ -12.5% YoY

Trailing 12M (TTM)$106.94Btrailing 4 quarters sum

FCF Margin24.5%$105.79B ÷ revenue

3-Year CAGR+154.8%FY2022 → FY2025

5-Year CAGR+30.3%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

PDD · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$106.94B(1.15B)$105.79B▼ 12.5%24.5%

FY2024$121.93B(967M)$120.96B▲ +29.3%30.7%

FY2023$94.16B(584M)$93.58B▲ +1362.8%37.8%

FY2022$7.03B(636M)$6.40B▼ 74.9%4.9%

FY2021$28.78B(3.29B)$25.50B▼ 9.4%27.1%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

PDD · P/FCF · FCF yield · FCF per share

PDD Holdings Inc. (PDD) trades at a FCF yield of 13.20% and a price-to-free-cash-flow ratio of 1.1x. FCF per share stands at $76.51, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

13.20%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$76.51

TTM FCF ÷ Shares Outstanding

Price / FCF

x1.1

Share Price ÷ FCF per Share

EV / FCF (TTM)

x5.8

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

PDD · cash flow statement · operating / investing / financing

For FY2025, PDD Holdings Inc. generated $106.94B in operating cash flow and spent 1.15B in capital expenditures, yielding $105.79B in free cash flow.

Operating Activities

+$106.94B

Cash from core business operations

2025-12-31

Investing Activities

−$43.42B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$5.23B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($106.94B) − |CapEx| (1.15B) = FCF ($105.79B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Consumer Cyclical)

PDD vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

PDD Holdings Inc.YOU

PDD

$105.79B-12.5%24.5%

18%

Toyota Motor Corporation

Alibaba Group Holding Limited

BABA

−$50.72B-164.9%-5.0%

Loss

Consumer Cyclical · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

PDD Holdings Inc. (PDD) reported free cash flow of $105.79B for FY2025 (fiscal year ending 2025-12-31), down 12.5% year-over-year. The FCF margin was 24.5%.

Based on available data, PDD Holdings Inc. has maintained positive free cash flow for at least 10 fiscal year(s). FCF peaked at $120.96B in FY2024. The 5-year CAGR stands at +30.3%.

PDD Holdings Inc.'s FCF yield is 13.20% and price-to-FCF ratio is 1.1x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

PDD free cash flow · 8 questions

PDD Holdings Inc. free cash flow was $105.79B for FY2025, down 12.5% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $106.94B.

PDD free cash flowPDD FCFPDD FCF 2025PDD free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · PDD Holdings Inc. · PDD Holdings Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026