PDD Holdings

PDD · NASDAQ · USD

$75.38−1.46%−$1.12

Close · October 2, 2026

At a glance

Revenue growth: +9.65%; 2025 vs 2024
Net income growth: −12.98%; 2025 vs 2024
Net margin: 22.7%; 2024: 28.5%

Financial data

Amounts in millions of CNY; per-share values in CNY; shares in millions.

Income statement · Quarterly
Item	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023
Total revenue	112,358	106,229	123,912	108,277	103,985	95,672	110,610	99,354	97,060	86,812	88,881	68,840
Cost of revenue	48,017	46,893	55,156	46,840	45,859	40,947	47,798	39,709	33,698	32,695	35,078	26,830
Gross profit	64,341	59,336	68,757	61,436	58,126	54,725	62,812	59,645	63,361	54,117	53,803	42,010
Selling, general and administrative	32,010	35,352	40,295	32,078	28,742	35,062	35,657	32,289	27,888	25,234	29,922	22,507
Research and development	4,567	4,418	2,264	4,332	3,591	3,578	1,563	3,063	2,909	2,910	1,486	2,847
Operating income	27,764	19,566	26,198	25,026	25,793	16,086	25,592	24,292	32,565	25,974	22,395	16,656
EBIT	27,764	19,566	26,198	25,026	25,793	16,086	25,592	24,292	32,565	25,974	22,395	16,656
EBITDA	27,914	19,716	26,348	25,203	25,970	16,263	25,769	24,489	32,761	26,170	22,592	17,212
Interest expense	—	632	—	—	—	—	—	—	—	—	8.2	12.2
Pre-tax income	33,274	16,662	31,465	33,315	35,572	19,223	32,529	29,182	37,924	33,066	26,861	19,051
Income tax	6,092	4,115	8,446	3,987	4,819	4,481	5,083	4,202	5,915	5,068	3,580	3,513
Net income	27,182	12,547	23,019	29,328	30,753	14,742	27,447	24,981	32,009	27,998	23,280	15,537
Net income to common shareholders	27,182	12,547	23,019	29,328	30,753	14,742	27,447	24,981	32,009	27,998	23,280	15,537
Basic EPS	19.32	8.94	16.41	20.96	22.01	10.59	19.76	18.02	23.14	20.33	17.00	11.38
Diluted EPS	18.44	8.48	15.48	19.72	20.76	9.96	18.52	16.92	21.60	18.96	15.85	10.60
Average shares (basic)	1,407	1,404	1,403	1,399	1,397	1,392	1,389	1,386	1,383	1,377	1,370	1,366
Average shares (diluted)	1,474	1,480	1,487	1,488	1,482	1,483	1,481	1,477	1,481	1,477	1,471	1,466