PDD Holdings Inc. (PDD) income statement

NASDAQ · Consumer Cyclical · Specialty Retail · 25,474 employees · CEO Lei Chen

Price: $78.61 -0.85%
Market cap: $112B
Enterprise value: CN¥619B
Last report: Q2 '26 filed 2026-08-25
Next report: 2026-11-18

PDD Holdings Inc. (PDD) reported revenue of CN¥112B for Q2 '26 (+8.1% year on year), operating income of CN¥27.8B (24.7% of revenue) and net income of CN¥27.2B. Over the last four quarters revenue was CN¥451B.

Income statement

Income statement	Q3 '23	Q4 '23	Q1 '24	Q2 '24	Q3 '24	Q4 '24	Q1 '25	Q2 '25	Q3 '25	Q4 '25	Q1 '26	Q2 '26
Revenue	CN¥68.8B	CN¥88.9B	CN¥86.8B	CN¥97.1B	CN¥99.4B	CN¥111B	CN¥95.7B	CN¥104B	CN¥108B	CN¥124B	CN¥106B	CN¥112B
Cost of revenue	CN¥26.8B	CN¥35.1B	CN¥32.7B	CN¥33.7B	CN¥39.7B	CN¥47.8B	CN¥40.9B	CN¥45.9B	CN¥46.8B	CN¥55.2B	CN¥46.9B	CN¥48B
Gross profit	CN¥42B	CN¥53.8B	CN¥54.1B	CN¥63.4B	CN¥59.6B	CN¥62.8B	CN¥54.7B	CN¥58.1B	CN¥61.4B	CN¥68.8B	CN¥59.3B	CN¥64.3B
Research & development	CN¥2.85B	CN¥2.86B	CN¥2.91B	CN¥2.91B	CN¥3.06B	CN¥3.78B	CN¥3.58B	CN¥3.59B	CN¥4.33B	CN¥4.99B	CN¥4.42B	CN¥4.57B
Sales & marketing	CN¥21.7B	CN¥26.6B	CN¥23.4B	CN¥26B	CN¥30.5B	CN¥31.4B	CN¥33.4B	CN¥27.2B	CN¥30.3B	CN¥34.4B	CN¥33.8B	CN¥29.7B
General & administrative	CN¥758M	CN¥1.9B	CN¥1.82B	CN¥1.84B	CN¥1.81B	CN¥2.09B	CN¥1.66B	CN¥1.53B	CN¥1.76B	CN¥3.21B	CN¥1.58B	CN¥2.34B
Operating expenses	CN¥25.4B	CN¥31.4B	CN¥28.1B	CN¥30.8B	CN¥35.4B	CN¥37.2B	CN¥38.6B	CN¥32.3B	CN¥36.4B	CN¥42.6B	CN¥39.8B	CN¥36.6B
Operating income	CN¥16.7B	CN¥22.4B	CN¥26B	CN¥32.6B	CN¥24.3B	CN¥25.6B	CN¥16.1B	CN¥25.8B	CN¥25B	CN¥26.2B	CN¥19.6B	CN¥27.8B
Interest income	CN¥2.13B	CN¥4.36B	CN¥5.05B	CN¥4.86B	CN¥5.42B	CN¥5.23B	CN¥223M	CN¥10.4B	CN¥8.57B	CN¥6.37B	CN¥0	CN¥13.5B
Interest expense	CN¥12.2M	CN¥8.16M	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥632M	CN¥0
Other non-operating income (gains on investments, FX ...)	-CN¥2.41B	-CN¥4.47B	-CN¥7.09B	-CN¥5.36B	-CN¥4.89B	-CN¥6.94B	-CN¥3.14B	-CN¥9.74B	-CN¥8.29B	-CN¥26.3B	CN¥2.18B	-CN¥5.55B
Total non-operating income	CN¥2.39B	CN¥4.47B	CN¥7.09B	CN¥5.36B	CN¥4.89B	CN¥6.94B	CN¥3.14B	CN¥9.74B	CN¥8.29B	CN¥5.27B	-CN¥2.81B	CN¥5.55B
Income before tax	CN¥19.1B	CN¥26.9B	CN¥33.1B	CN¥37.9B	CN¥29.2B	CN¥32.5B	CN¥19.2B	CN¥35.5B	CN¥33.3B	CN¥31.5B	CN¥16.8B	CN¥33.3B
Income tax	CN¥3.51B	CN¥3.58B	CN¥5.07B	CN¥5.91B	CN¥4.2B	CN¥5.08B	CN¥4.48B	CN¥4.78B	CN¥3.99B	CN¥8.45B	CN¥4.12B	CN¥6.09B
Net income	CN¥15.5B	CN¥23.3B	CN¥28B	CN¥32B	CN¥25B	CN¥27.4B	CN¥14.7B	CN¥30.8B	CN¥29.3B	CN¥23B	CN¥12.5B	CN¥27.2B
EPS (basic)	CN¥11.36	CN¥17.00	CN¥20.32	CN¥23.12	CN¥18.04	CN¥19.76	CN¥10.60	CN¥22.00	CN¥20.96	CN¥17.48	CN¥8.88	CN¥19.28
EPS (diluted)	CN¥10.60	CN¥15.84	CN¥18.96	CN¥21.60	CN¥16.92	CN¥18.52	CN¥9.96	CN¥20.76	CN¥19.72	CN¥16.52	CN¥8.40	CN¥18.40
Shares (basic, weighted)	1.37B	1.37B	1.38B	1.38B	1.39B	1.39B	1.39B	1.4B	1.4B	1.4B	1.4B	1.41B
Shares (diluted, weighted)	1.47B	1.47B	1.48B	1.48B	1.48B	1.48B	1.48B	1.48B	1.49B	1.49B	1.48B	1.47B
Depreciation & amortization	CN¥556M	CN¥1.89B	CN¥197M	CN¥197M	CN¥197M	CN¥177M	CN¥177M	CN¥177M	CN¥0	CN¥0	CN¥0	CN¥0
EBITDA	CN¥19.6B	CN¥28.8B	CN¥33.3B	CN¥38.1B	CN¥29.4B	CN¥32.7B	CN¥19.4B	CN¥35.7B	CN¥33.3B	CN¥52.5B	CN¥17.4B	CN¥33.3B

Income statement	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	CN¥505M	CN¥1.74B	CN¥13.1B	CN¥30.1B	CN¥59.5B	CN¥93.9B	CN¥131B	CN¥248B	CN¥394B	CN¥432B
Cost of revenue	CN¥578M	CN¥723M	CN¥2.91B	CN¥6.34B	CN¥19.3B	CN¥31.7B	CN¥31.5B	CN¥91.7B	CN¥154B	CN¥189B
Gross profit	-CN¥73M	CN¥1.02B	CN¥10.2B	CN¥23.8B	CN¥40.2B	CN¥62.2B	CN¥99.1B	CN¥156B	CN¥240B	CN¥243B
Research & development	CN¥29.4M	CN¥129M	CN¥1.12B	CN¥3.87B	CN¥6.89B	CN¥8.99B	CN¥10.4B	CN¥11B	CN¥12.7B	CN¥16.5B
Sales & marketing	CN¥169M	CN¥1.34B	CN¥13.4B	CN¥27.2B	CN¥41.2B	CN¥44.8B	CN¥54.3B	CN¥82.2B	CN¥111B	CN¥125B
General & administrative	CN¥14.8M	CN¥133M	CN¥6.46B	CN¥1.3B	CN¥1.51B	CN¥1.54B	CN¥3.96B	CN¥4.08B	CN¥7.55B	CN¥8.16B
Other operating expenses	CN¥0	CN¥10M	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0
Operating expenses	CN¥213M	CN¥1.62B	CN¥21B	CN¥32.3B	CN¥49.6B	CN¥55.3B	CN¥68.7B	CN¥97.2B	CN¥132B	CN¥150B
Operating income	-CN¥286M	-CN¥596M	-CN¥10.8B	-CN¥8.54B	-CN¥9.38B	CN¥6.9B	CN¥30.4B	CN¥58.7B	CN¥108B	CN¥93.1B
Interest income	CN¥4.46M	CN¥80.8M	CN¥585M	CN¥1.54B	CN¥2.46B	CN¥3.06B	CN¥4B	CN¥10.2B	CN¥20.6B	CN¥25.6B
Interest expense	CN¥0	CN¥0	CN¥0	CN¥146M	CN¥757M	CN¥1.23B	CN¥51.7M	CN¥44M	CN¥0	CN¥0
Other non-operating income (gains on investments, FX ...)	CN¥0	-CN¥10M	-CN¥5.95B	CN¥0	CN¥0	-CN¥4.04B	-CN¥5.91B	-CN¥13.2B	-CN¥24.3B	-CN¥26.3B
Total non-operating income	-CN¥5.77M	CN¥70.6M	CN¥583M	CN¥1.57B	CN¥2.2B	CN¥2.81B	CN¥5.86B	CN¥13.2B	CN¥24.3B	CN¥26.5B
Income before tax	-CN¥292M	-CN¥525M	-CN¥10.2B	-CN¥6.97B	-CN¥7.18B	CN¥9.7B	CN¥36.3B	CN¥71.9B	CN¥133B	CN¥120B
Income tax	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥1.93B	CN¥4.73B	CN¥11.8B	CN¥20.3B	CN¥21.7B
Net income	-CN¥292M	-CN¥525M	-CN¥10.2B	-CN¥6.97B	-CN¥7.18B	CN¥7.77B	CN¥31.5B	CN¥60B	CN¥112B	CN¥97.8B
EPS (basic)	-CN¥0.34	-CN¥0.60	-CN¥13.88	-CN¥6.04	-CN¥6.04	CN¥6.20	CN¥24.96	CN¥44.32	CN¥81.24	CN¥69.16
EPS (diluted)	-CN¥0.34	-CN¥0.60	-CN¥13.88	-CN¥6.04	-CN¥6.04	CN¥5.44	CN¥21.92	CN¥41.12	CN¥76.00	CN¥65.24
Shares (basic, weighted)	861M	861M	742M	1.15B	1.19B	1.25B	1.26B	1.35B	1.38B	1.4B
Shares (diluted, weighted)	861M	861M	742M	1.16B	1.19B	1.43B	1.44B	1.46B	1.48B	1.48B
Depreciation & amortization	CN¥756K	CN¥2.27M	CN¥497M	CN¥638M	CN¥800M	CN¥1.84B	CN¥2.74B	CN¥1.89B	CN¥2.64B	CN¥3B
EBITDA	-CN¥285M	-CN¥583M	-CN¥4.35B	-CN¥7.9B	-CN¥8.58B	CN¥12.8B	CN¥39.1B	CN¥73.8B	CN¥135B	CN¥122B

Standardised by Financial Modeling Prep from the company's filings; outflows and costs keep the sign the provider reports. Hover a period for its end date. Amounts in CNY.

Revenue, operating income and growth

quarterly

Margins

quarterly

Costs as % of revenue

quarterly

The other statements

Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Sources

Statements, segment revenue, metrics and estimates: Financial Modeling Prep.

Data as of 2026-11-01 · Amounts in CNY as reported; price and market cap in USD.