DUBLIN and SHANGHAI, March 25, 2026 (GLOBE NEWSWIRE) -- PDD Holdings Inc. (“PDD Holdings” or the “Company”) (NASDAQ: PDD), today announced its unaudited financial results for the fourth quarter ended and the fiscal year ended December 31, 2025.
Fourth Quarter 2025 Highlights
- Total revenues in the quarter were RMB123,912.2 million (US$117,719.2 million), an increase of 12% from RMB110,610.1 million in the same quarter of 2024.
- Operating profit in the quarter was RMB27,719.7 million (US$3,963.9 million), compared with RMB25,592.2 million in the same quarter of 2024. Non-GAAP2 operating profit in the quarter was RMB29,474.1 million (US$4,214.7 million), compared with RMB27,996.5 million in the same quarter of 2024.
- Net income attributable to ordinary shareholders in the quarter was RMB24,541.0 million (US$3,509.3 million), a decrease of 11% from RMB27,446.6 million in the same quarter of 2024. Non-GAAP net income attributable to ordinary shareholders in the quarter was RMB26,295.4 million (US$3,760.2 million), a decrease of 12% from RMB29,850.9 million in the same quarter of 2024.
“Over the past year, we stayed firmly committed to our strategic focus on high-quality development,” said Mr. Lei Chen, Co-Chairman and Co-Chief Executive Officer of PDD Holdings. “We will continue to uphold our long-term philosophy, channeling greater resources into the stakeholders we serve, as we look ahead to the next decade of growth.”
“2026 marks the beginning of our journey into the next decade,” said Mr. Jiazhen Zhao, Co-Chairman and Co-Chief Executive Officer of PDD Holdings. “Going into this new chapter, supply chain investment is where we will place our greatest conviction. We are committed to dedicating significant resources, with an all-in mindset, to drive lasting benefits to the entire ecosystem.”
“The external environment and competitive landscape are undergoing rapid changes. To meet the evolving needs of consumers, we must continually explore and make investments,” said Ms. Jun Liu, VP of Finance of PDD Holdings. “These investments are firm and long-term, and will inevitably affect our financial performance.”
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1 This announcement contains translations of certain Renminbi (“RMB”) amounts into U.S. dollars (“US$”) at a specified rate solely for the convenience of the reader. Unless otherwise noted, the translation of RMB into US$ has been made at RMB6.9931 to US$1.00, the noon buying rate in effect on December 31, 2025 as set forth in the H.10 Statistical Release of the Federal Reserve Board.
2 The Company’s non-GAAP financial measures exclude share-based compensation expenses and fair value change of certain investments. See “Reconciliation of Non-GAAP Measures to the Most Directly Comparable GAAP Measures” set forth at the end of this press release.
Fourth Quarter 2025 Unaudited Financial Results
Total revenues were RMB123,912.2 million (US$17,719.2 million), an increase of 12% from RMB110,610.1 million in the same quarter of 2024. The increase was primarily due to the increase in revenues from online marketing services and transaction services.
- Revenues from online marketing services and others were RMB60,010.1 million (US$8,581.3 million), an increase of 5% from RMB57,011.1 million in the same quarter of 2024.
- Revenues from transaction services were RMB63,902.1 million (US$9,137.9 million), an increase of 19% from RMB53,599.0 million in the same quarter of 2024.
Total costs of revenues were RMB55,155.6 million (US$7,887.1 million), an increase of 15% from RMB47,798.4 million in the same quarter of 2024. The increase mainly came from the increased fulfilment fees, bandwidth and server costs, and payment processing fees.
Total operating expenses were RMB41,037.0 million (US$5,868.2 million), an increase of 10% from RMB37,219.5 million in the same quarter of 2024. The increase was primarily due to the increase in sales and marketing expenses.
- Sales and marketing expenses were RMB34,352.3 million (US$4,912.3 million), compared with RMB31,356.9 million in the same quarter of 2024.
- General and administrative expenses were RMB1,689.7 million (US$241.6 million), compared with RMB2,085.4 million in the same quarter of 2024.
- Research and development expenses were RMB4,994.9 million (US$714.3 million), compared with RMB3,777.2 million in the same quarter of 2024.
Operating profit in the quarter was RMB27,719.7 million (US$3,963.9 million), compared with RMB25,592.2 million in the same quarter of 2024. Non-GAAP operating profit in the quarter was RMB29,474,1 million (US$4,214.7 million), compared with RMB27,996.5 million in the same quarter of 2024.
Net income attributable to ordinary shareholders in the quarter was RMB24,541.0 million (US$3,509.3 million), a decrease of 11% from RMB27,446.6 million in the same quarter of 2024. Non-GAAP net income attributable to ordinary shareholders in the quarter was RMB26,295.4 million (US$3,760.2 million), a decrease of 12% from RMB29,850.9 million in the same quarter of 2024.
Basic earnings per ADS was RMB17.50 (US$2.50) and diluted earnings per ADS was RMB16.51 (US$2.36), compared with basic earnings per ADS of RMB19.76 and diluted earnings per ADS of RMB18.53 in the same quarter of 2024. Non-GAAP diluted earnings per ADS was RMB17.69 (US$2.53), compared with RMB20.15 in the same quarter of 2024.
Net cash generated from operating activities was RMB24,119.5 million (US$3,449.0 million), compared with RMB29,547.2 million in the same quarter of 2024.
Cash, cash equivalents and short-term investments were RMB422.3 billion (US$60.4 billion) as of December 31, 2025, compared with RMB331.6 billion as of December 31, 2024.
Other non-current assets were RMB104.7 billion (US$15.0 billion) as of December 31, 2025, compared with RMB83.4 billion as of December 31, 2024, which mainly included time deposits, held-to-maturity debt securities, and available-for-sale debt securities.
Fiscal Year 2025 Unaudited Financial Results
Total revenues were RMB431,845.7 million (US$61,753.1 million), an increase of 10% from RMB393,836.1 million in 2024. The increase was primarily due to the increase in revenues from online marketing services and transaction services.
- Revenues from online marketing services and others were RMB217,783.0 million (US$31,142.6 million), an increase of 10% from RMB197,934.2 million in 2024.
- Revenues from transaction services were RMB214,062.7 million (US$30,610.6 million), an increase of 9% from RMB195,901.9 million in 2024.
Total costs of revenues were RMB188,801.8 million (US$26,998.3 million), an increase of 23% from RMB153,900.4 million in 2024. The increase mainly came from the increased fulfilment fees, bandwidth and server costs, and payment processing fees.
Total operating expenses were RMB148,419.9 million (US$21,223.8 million), an increase of 13% from RMB131,512.9 million in 2024. The increase was primarily due to the increase in sales and marketing expenses.
- Sales and marketing expenses were RMB125,287.9 million (US$17,915.9 million), an increase of 13% from RMB111,300.5 million in 2024, mainly due to the increased spending in promotion and advertising activities.
- General and administrative expenses were RMB6,635.8 million (US$948.9 million), compared with RMB7,553.0 million in 2024.
- Research and development expenses were RMB16,496.2 million (US$2,358.9 million), an increase of 30% from RMB12,659.4 million in 2024, primarily due to the increase in staff related costs, and bandwidth and server costs.
Operating profit was RMB94,624.1 million (US$13,531.1 million), a decrease of 13% from RMB108,422.9 million in 2024. Non-GAAP operating profit was RMB102,561.0 million (US$14,666.0 million), a decrease of 13% from RMB118,306.4 million in 2024.
Net income attributable to ordinary shareholders was RMB99,364.5 million (US$14,208.9 million), a decrease of 12% from RMB112,434.5 million in 2024. Non-GAAP net income attributable to ordinary shareholders was RMB107,301.4 million (US$15,343.9 million), a decrease of 12% from RMB122,343.6 million in 2024.
Basic earnings per ADS was RMB71.09 (US$10.17) and diluted earnings per ADS was RMB67.03 (US$9.59), compared with basic earnings per ADS of RMB81.24 and diluted earnings per ADS of RMB76.01 in 2024. Non-GAAP diluted earnings per ADS was RMB72.38 (US$10.36), compared with RMB82.71 in 2024.
Net cash generated from operating activities was RMB106,938.7 million (US$15,292.0 million), compared with RMB121,929.3 million in 2024, mainly due to the decrease in net income.
Conference Call
The Company’s management will hold an earnings conference call at 7:30 AM ET on March 25, 2026 (11:30 AM GMT and 7:30 PM HKT on the same day).
The conference call will be webcast live at https://investor.pddholdings.com/investor-events. The webcast will be available for replay at the same website following the conclusion of the call.
Use of Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses non-GAAP measures, such as non- GAAP operating profit, non-GAAP net income attributable to ordinary shareholders, non-GAAP diluted earnings per ordinary share, and non-GAAP diluted earnings per ADS, as supplemental measures to review and assess operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company’s non-GAAP financial measures exclude the impact of share-based compensation expenses and fair value change of certain investments.
The Company presents these non-GAAP financial measures because they are used by management to evaluate operating performance and formulate business plans. The Company believes that the non-GAAP financial measures help identify underlying trends in its business by excluding the impact of share-based compensation expenses and fair value change of certain investments, which are non-cash charges. The Company also believes that the non-GAAP financial measures may provide further information about the Company’s results of operations, and enhance the overall understanding of the Company’s past performance and future prospects.
The Company’s non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. These non-GAAP financial measures do not reflect all items of income and expenses that affect the Company’s operations and do not represent the residual cash flow available for discretionary expenditures. Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating performance. The Company encourages you to review the Company’s financial information in its entirety and not rely on a single financial measure.
For more information on the non-GAAP financial measures, please see the table captioned “Reconciliation of Non-GAAP Measures to the Most Directly Comparable GAAP Measures” set forth at the end of this press release.
Safe Harbor Statements
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue” or other similar expressions. Among other things, the business outlook and quotations from management in this announcement, as well as the Company’s strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s growth strategies; its future business development, results of operations and financial condition; its ability to understand buyer needs and provide products and services to attract and retain buyers; its ability to maintain and enhance the recognition and reputation of its brand; its ability to rely on merchants and third-party logistics service providers to provide delivery services to buyers; its ability to maintain and improve quality control policies and measures; its ability to establish and maintain relationships with merchants; trends and competition in the e-commerce markets globally and in the countries or regions where the Company has operations; changes in its revenues and certain cost or expense items; the expected growth of e-commerce markets globally and in the countries or regions where the Company has operations; developments in the relevant governmental policies and regulations relating to the Company’s industry; and general economic and business conditions globally and in the countries or regions where the Company has operations; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.
About PDD Holdings
PDD Holdings is a multinational commerce group that owns and operates a portfolio of businesses. PDD Holdings aims to bring more businesses and people into the digital economy so that local communities and small businesses can benefit from the increased productivity and new opportunities.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“US$”))
As of December
31, 2024 December
31, 2025 RMB
RMB
(Unaudited) US$
(Unaudited)ASSETS
Current assets Cash and cash equivalents 57,768,053 108,900,587 15,572,577Restricted cash 68,426,368 73,830,824 10,557,667Receivables from online payment platforms 3,679,309 5,109,129 730,596Short-term investments 273,791,856 313,407,682 44,816,702Amounts due from related parties 7,569,180 10,205,128 1,459,314Prepayments and other current assets 4,413,466 7,526,542 1,076,280Total current assets 415,648,232 518,979,892 74,213,136 Non-current assets Property, equipment and software, net 879,327 1,306,044 186,762Intangible assets 19,170 15,387 2,200Right-of-use assets 5,064,351 4,863,332 695,447Deferred tax assets 15,998 171,959 24,590Other non-current assets 83,407,238 104,707,713 14,973,004Total non-current assets 89,386,084 111,064,435 15,882,003 Total Assets 505,034,316 630,044,327 90,095,139
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“US$”))
As of
December
31, 2024 December
31, 2025
RMB
RMB
(Unaudited) US$
(Unaudited) LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities Amounts due to related parties801,859 1,086,540 155,373Customer advances and deferred revenues2,947,041 3,378,789 483,160Payable to merchants91,655,947 107,407,160 15,359,020Accrued expenses and other liabilities69,141,831 80,135,909 11,459,282Merchant deposits16,460,600 17,708,197 2,532,238Convertible bonds, current portion5,309,597 - -Lease liabilities2,105,978 2,498,643 357,301Total current liabilities188,422,853 212,215,238 30,346,374 Non-current liabilities Lease liabilities3,191,565 2,880,152 411,856Deferred tax liabilities106,774 41,851 5,985Total non-current liabilities3,298,339 2,922,003 417,841Total Liabilities191,721,192 215,137,241 30,764,215 Shareholders’ equity Ordinary shares180 182 26Additional paid-in capital117,829,308 125,767,661 17,984,536Statutory reserves237,680 1,338,261 191,369Accumulated other comprehensive income7,824,545 2,115,683 302,539Retained earnings187,421,411 285,685,299 40,852,454Total Shareholders’ Equity313,313,124 414,907,086 59,330,924 Total Liabilities and Shareholders’ Equity505,034,316 630,044,327 90,095,139
PDD HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Amounts in thousands of RMB and US$) For the three months ended December 31,
For the year ended December 31,
2024
2025
2024
2025
RMB RMB US$ RMB RMB US$(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)Revenues 110,610,106 123,912,194 17,719,208 393,836,097 431,845,713 61,753,116 Costs of revenues (47,798,376) (55,155,561) (7,887,140) (153,900,374) (188,801,753) (26,998,292) Sales and marketing expenses (31,356,941) (34,352,348) (4,912,320) (111,300,533) (125,287,932) (17,915,936)General and administrative expenses (2,085,396) (1,689,726) (241,628) (7,552,967) (6,635,803) (948,907)Research and development expenses (3,777,178) (4,994,884) (714,259) (12,659,361) (16,496,164) (2,358,920)Total operating expenses (37,219,515) (41,036,958) (5,868,207) (131,512,861) (148,419,899) (21,223,763) Operating profit 25,592,215 27,719,675 3,963,861 108,422,862 94,624,061 13,531,061 Interest and investment income, net 5,233,232 6,372,854 911,306 20,553,493 25,583,848 3,658,442 Foreign exchange gain/(loss) 860,526 (659,932) (94,369) 587,866 (1,966,622) (281,223)Other income/(loss), net 726,735 (605,083) (86,526) 3,119,847 2,726,933 389,946 Profit before income tax and share of results of equity investees 32,412,708 32,827,514
4,694,272 132,684,068 120,968,220 17,298,226 Share of results of equity investees 116,725 159,801 22,851 17,225 129,005 18,447 Income tax expenses (5,082,796) (8,446,316) (1,207,807) (20,266,781) (21,732,756) (3,107,743)Net income 27,446,637 24,540,999 3,509,316 112,434,512 99,364,469 14,208,930
PDD HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Amounts in thousands of RMB and US$, except for per share data)
For the three months ended December 31,
For the year ended December 31,
2024 2025 2024 2025
RMB RMB US$ RMB RMB US$(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)Net income 27,446,637 24,540,999 3,509,316 112,434,512 99,364,469 14,208,930Net income attributable to ordinary shareholders 27,446,637 24,540,999 3,509,316 112,434,512 99,364,469 14,208,930 Earnings per ordinary share: -Basic 4.94 4.37 0.63 20.31 17.77 2.54-Diluted 4.63 4.13 0.59 19.00 16.76 2.40 Earnings per ADS (4 ordinary shares equals 1 ADS): -Basic 19.76 17.50 2.50 81.24 71.09 10.17-Diluted 18.53 16.51 2.36 76.01 67.03 9.59 Weighted-average number of outstanding ordinary shares (in thousands): -Basic 5,556,776 5,610,358 5,610,358 5,536,049 5,590,930 5,590,930-Diluted 5,925,278 5,946,787 5,946,787 5,916,592 5,929,576 5,929,576
PDD HOLDINGS INC.
NOTES TO FINANCIAL INFORMATION
(Amounts in thousands of RMB and US$)
For the three months ended December 31,
For the year ended December 31,
2024 2025 2024 2025RMB RMB US$ RMB RMB US$(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)Revenues - Online marketing services and others 57,011,061 60,010,065 8,581,325 197,934,192 217,783,028 31,142,559- Transaction services 53,599,045 63,902,129 9,137,883 195,901,905 214,062,685 30,610,557Total 110,610,106 123,912,194 17,719,208 393,836,097 431,845,713 61,753,116
PDD HOLDINGS INC.
NOTES TO FINANCIAL INFORMATION
(Amounts in thousands of RMB and US$)
For the three months ended December 31,
For the year ended December 31,
2024 2025 2024 2025RMB RMB US$ RMB RMB US$(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)Share-based compensation expenses included in: Costs of revenues 312,776 45,104 6,450 412,721 248,210 35,494Sales and marketing expenses 256,314 352,963 50,473 2,216,792 2,000,790 286,109General and administrative expenses 1,087,472 782,513 111,897 4,742,816 3,430,903 490,613Research and development expenses 747,693 573,844 82,059 2,511,235 2,257,068 322,756Total
2,404,255 1,754,424
250,879 9,883,564 7,936,971 1,134,972
PDD HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands of RMB and US$)
For the three months ended December 31,
For the year ended December 31,
2024 2025
2024 2025
RMB RMB US$ RMB RMB US$ (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Net cash generated from operating activities 29,547,160 24,119,546 3,449,049 121,929,292 106,938,690 15,292,029 Net cash (used in)/generated from investing activities (30,545,257) 1,538,248 219,967 (118,356,036) (43,423,236) (6,209,441)Net cash generated from/(used in) financing activities 274 (5,228,476) (747,662) 1,164 (5,227,353) (747,502)Effect of exchange rate changes on cash, cash
equivalents and restricted cash 1,503,749 (1,087,377) (155,493) 840,096 (1,751,111) (250,404) Increase in cash, cash equivalents and restricted cash 505,926 19,341,941 2,765,861 4,414,516 56,536,990 8,084,682 Cash, cash equivalents and restricted cash at
beginning of period/year 125,688,495 163,389,470 23,364,383 121,779,905 126,194,421 18,045,562 Cash, cash equivalents and restricted cash at end of period/year 126,194,421 182,731,411 26,130,244 126,194,421 182,731,411 26,130,244
RECONCILIATION OF NON-GAAP MEASURES TO THE MOST DIRECTLY COMPARABLE GAAP MEASURES
(Amounts in thousands of RMB and US$, except for per share data)
For the three months ended December 31,
For the year ended December 31,
2024 2025
2024 2025
RMB RMB US$ RMB RMB US$ (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Operating profit 25,592,215 27,719,675 3,963,861 108,422,862 94,624,061 13,531,061Add: Share-based compensation expenses 2,404,255 1,754,424 250,879 9,883,564 7,936,971 1,134,972Non-GAAP operating profit 27,996,470 29,474,099 4,214,740 118,306,426 102,561,032 14,666,033 Net income attributable to ordinary shareholders 27,446,637 24,540,999 3,509,316 112,434,512 99,364,469 14,208,930Add: Share-based compensation expenses 2,404,255 1,754,424 250,879 9,883,564 7,936,971 1,134,972Add: Loss from fair value change of certain investments 29 - - 25,485 - -Non-GAAP net income attributable to ordinary shareholders 29,850,921 26,295,423 3,760,195 122,343,561 107,301,440 15,343,902 Non-GAAP diluted weighted-average number of ordinary shares outstanding (in thousands) 5,925,278 5,946,787 5,946,787 5,916,592 5,929,576 5,929,576Diluted earnings per ordinary share 4.63 4.13 0.59 19.00 16.76 2.40Add: Non-GAAP adjustments to earnings per ordinary share 0.41 0.29 0.04 1.68 1.34 0.19Non-GAAP diluted earnings per ordinary share 5.04 4.42 0.63 20.68 18.10 2.59Non-GAAP diluted earnings per ADS 20.15 17.69 2.53 82.71 72.38 10.36