PDD Holdings (PDD) Free Cash Flow (2017 - 2025)
PDD Holdings (PDD) posted Free Cash Flow of $3.4 billion for Q4 2025, down 45.94% sequentially from $6.4 billion in Q3 2025, and down 14.8% YoY from $4.0 billion in Q4 2024.
PDD Holdings (PDD) Free Cash Flow (2017 - 2025) Analysis & Trends
PDD Holdings has reported Free Cash Flow for 9 years, with the latest figure at $3.4 billion in Q4 2025.
- Quarterly Free Cash Flow fell 14.8% year-over-year to $3.4 billion in Q4 2025, while the trailing twelve-month figure through Dec 2025 was $15.0 billion (down 10.98% YoY) and the FY2025 annual result came in at $14.7 billion, down 12.55% from the prior year.
- Free Cash Flow fell to $3.4 billion in Q4 2025 per PDD's latest filing, from $6.4 billion in the prior quarter.
- Over five years, Free Cash Flow peaked at $6.4 billion in Q3 2025 and troughed at -$1.4 billion in Q1 2022.
- A 5-year average of $2.8 billion and a median of $3.0 billion in 2024 frame the typical range for Free Cash Flow.
- The sharpest annual moves came in 2021 and 2024: Free Cash Flow slumped 607.15% in 2021, then surged 1391.83% in 2024.
- Over 5 years, Free Cash Flow stood at $2.6 billion in 2021, then jumped by 49.58% to $3.8 billion in 2022, then jumped by 34.98% to $5.2 billion in 2023, then decreased by 22.09% to $4.0 billion in 2024, then fell by 14.8% to $3.4 billion in 2025.
- According to Business Quant data, Free Cash Flow over the past three periods registered $3.4 billion, $6.4 billion, and $3.0 billion for Q4 2025, Q3 2025, and Q2 2025 respectively.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Free Cash Flow (Qtr) |
|---|---|---|---|---|---|
| 1 | Amazon Com | 2,935.52 Bn | 2,812.53 Bn | 198.88 Bn | -26.99 Bn |
| 2 | PDD Holdings | 507.27 Bn | 447.72 Bn | 9.83 Bn | 3.45 Bn |
| 3 | Mercadolibre | 97.87 Bn | 82.68 Bn | 4.16 Bn | 3.22 Bn |
| 4 | DoorDash | 93.00 Bn | 87.65 Bn | 2.35 Bn | 803.00 Mn |
| 5 | JD.com | 87.41 Bn | 58.22 Bn | 7.66 Bn | 306.07 Mn |
| 6 | Sea | 77.97 Bn | 69.45 Bn | 3.15 Bn | 1.06 Bn |
| 7 | Ebay | 47.68 Bn | 44.38 Bn | 2.30 Bn | 326.00 Mn |
| 8 | Coupang | 29.85 Bn | 23.74 Bn | 2.49 Bn | 50.00 Mn |
| 9 | Zkh | 16.25 Bn | 16.25 Bn | 51.11 Mn | - |
| 10 | Wayfair | 13.75 Bn | 12.61 Bn | 1.05 Bn | 334.00 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | 3.45 Bn |
| Dec 31, 2025 | 3.45 Bn |
| Sep 30, 2025 | 6.38 Bn |
| Sep 30, 2025 | 6.38 Bn |
| Jun 30, 2025 | 3.02 Bn |
| Jun 30, 2025 | 3.02 Bn |
| Mar 31, 2025 | 2.13 Bn |
| Mar 31, 2025 | 2.13 Bn |
| Dec 31, 2024 | 4.05 Bn |
| Dec 31, 2024 | 4.05 Bn |
| Sep 30, 2024 | 3.84 Bn |
| Sep 30, 2024 | 3.84 Bn |
| Jun 30, 2024 | 6.03 Bn |
| Jun 30, 2024 | 6.03 Bn |
| Mar 31, 2024 | 2.92 Bn |
| Mar 31, 2024 | 2.92 Bn |
| Dec 31, 2023 | 5.20 Bn |
| Dec 31, 2023 | 5.20 Bn |
| Sep 30, 2023 | 4.50 Bn |
| Sep 30, 2023 | 4.50 Bn |