PDD Holdings Inc - ADR · Q4 2025 earnings

Briefing

PDD Q4 2025: revenue up 12% to RMB124B but net income falls 11%

PDD Holdings reported fourth quarter 2025 results with total revenues of RMB123.9 billion ($17.7 billion), up 12% from RMB110.6 billion a year ago, driven by growth in both online marketing services and transaction services. Operating profit rose to RMB27.7 billion from RMB25.6 billion, while net income attributable to ordinary shareholders declined 11% to RMB24.5 billion as the company increased investment in fulfilment, bandwidth, sales and marketing, and R&D. Non-GAAP net income was RMB26.3 billion with non-GAAP diluted EPS of RMB17.69 per ADS. For the full fiscal year 2025, revenue grew 10% to RMB431.8 billion but operating profit fell 13% to RMB94.6 billion and net income declined 12% to RMB99.4 billion. Management emphasized long-term supply chain investment and warned that competitive pressures will continue to affect near-term financial performance.

• Q4 revenue rose 12% to RMB123.9 billion; transaction services revenue increased 19% to RMB63.9 billion.
• Q4 net income attributable to shareholders fell 11% to RMB24.5 billion; non-GAAP net income was RMB26.3 billion.
• Full-year 2025 revenue grew 10% to RMB431.8 billion but operating profit declined 13% to RMB94.6 billion.
• Sales and marketing expenses rose to RMB34.4 billion in Q4 as PDD stepped up promotional spending.
• Management signaled increased long-term supply chain investment despite near-term margin pressure.

Headline financials

Revenue & EPS history

Management plans significant long-term supply chain investment and expects ongoing competitive and macro headwinds to affect financial performance in 2026.