PDD Holdings Inc. (PDD) quarterly income statement — complete revenue, gross profit & net income history
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 | Q1'21 |
|---|
| Sales/Revenue | 123.91B | 108.28B | 103.98B | 95.67B | 110.61B | 99.35B | 97.06B | 86.81B | 88.88B | 68.84B | 52.28B | 37.64B | 39.82B | 35.5B | 31.44B | 23.79B | 27.23B | 21.51B | 23.05B | 22.17B |
| Revenue Growth % | 12.03% | 8.98% | 7.14% | 10.21% | 24.45% | 44.33% | 85.65% | 130.66% | 123.21% | 93.89% | 66.29% | 58.18% | 46.23% | 65.09% | 36.42% | 7.34% | 2.57% | 51.34% | 89.01% | 238.89% |
| Cost of Goods Sold | 55.16B | 46.84B | 45.86B | 40.95B | 47.8B | 39.71B | 33.7B | 32.69B | 35.08B | 26.83B | 18.69B | 11.13B | 8.93B | 7.41B | 7.96B | 7.16B | 6.52B | 6.56B | 7.9B | 10.75B |
| COGS % of Revenue | 44.51% | 43.26% | 44.1% | 42.8% | 43.21% | 39.97% | 34.72% | 37.66% | 39.47% | 38.97% | 35.75% | 29.56% | 22.42% | 20.88% | 25.32% | 30.09% | 23.93% | 30.5% | 34.27% | 48.48% |
| Gross Profit | 68.76B | 61.44B | 58.13B | 54.73B | 62.81B | 59.65B | 63.36B | 54.12B | 53.8B | 42.01B | 33.59B | 26.51B | 30.89B | 28.09B | 23.48B | 16.63B | 20.72B | 14.95B | 15.15B | 11.42B |
| Gross Margin % | 55.49% | 56.74% | 55.9% | 57.2% | 56.79% | 60.03% | 65.28% | 62.34% | 60.53% | 61.03% | 64.25% | 70.44% | 77.58% | 79.12% | 74.68% | 69.91% | 76.07% | 69.5% | 65.73% | 51.52% |
| Gross Profit Growth % | 9.46% | 3% | -8.26% | 1.12% | 16.74% | 41.98% | 88.63% | 104.13% | 74.16% | 49.55% | 43.08% | 59.38% | 49.13% | 87.93% | 54.99% | 45.64% | 37.9% | 36.51% | 58.93% | 142.44% |
| Operating Expenses | 42.56B | 36.41B | 32.33B | 38.64B | 37.22B | 35.35B | 30.8B | 28.14B | 31.41B | 25.35B | 20.87B | 19.58B | 21.78B | 17.65B | 14.78B | 14.48B | 13.81B | 12.81B | 13.15B | 15.57B |
| OpEx % of Revenue | 34.35% | 33.63% | 31.09% | 40.39% | 33.65% | 35.58% | 31.73% | 32.42% | 35.34% | 36.83% | 39.92% | 52.03% | 54.7% | 49.72% | 47.01% | 60.86% | 50.71% | 59.56% | 57.06% | 70.23% |
| Selling, General & Admin | 37.56B | 32.08B | 28.74B | 35.06B | 33.44B | 32.29B | 27.89B | 25.23B | 28.54B | 22.51B | 18.14B | 17.08B | 19.37B | 14.96B | 12.17B | 11.81B | 11.79B | 10.39B | 10.82B | 13.35B |
| SG&A % of Revenue | 30.31% | 29.63% | 27.64% | 36.65% | 30.23% | 32.5% | 28.73% | 29.07% | 32.11% | 32.69% | 34.69% | 45.37% | 48.65% | 42.12% | 38.71% | 49.64% | 43.28% | 48.29% | 46.96% | 60.22% |
| Research & Development | 4.99B | 4.33B | 3.59B | 3.58B | 3.78B | 3.06B | 2.91B | 2.91B | 2.86B | 2.85B | 2.73B | 2.51B | 2.41B | 2.7B | 2.61B | 2.67B | 2.02B | 2.42B | 2.33B | 2.22B |
| R&D % of Revenue | 4.03% | 4% | 3.45% | 3.74% | 3.41% | 3.08% | 3% | 3.35% | 3.22% | 4.14% | 5.23% | 6.66% | 6.04% | 7.6% | 8.31% | 11.22% | 7.43% | 11.26% | 10.11% | 10.01% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 26.2B | 25.03B | 25.79B | 16.09B | 25.59B | 24.29B | 32.56B | 25.97B | 22.39B | 16.66B | 12.72B | 6.93B | 9.11B | 10.44B | 8.7B | 2.15B | 6.91B | 2.14B | 2B | -4.15B |
| Operating Margin % | 21.14% | 23.11% | 24.8% | 16.81% | 23.14% | 24.45% | 33.55% | 29.92% | 25.2% | 24.2% | 24.33% | 18.41% | 22.89% | 29.4% | 27.66% | 9.05% | 25.36% | 9.95% | 8.67% | -18.71% |
| Operating Income Growth % | 2.37% | 3.02% | -20.79% | -38.07% | 14.28% | 45.85% | 156.04% | 274.85% | 145.73% | 59.59% | 46.24% | 221.62% | 31.95% | 387.86% | 335.41% | 151.95% | 437.29% | 265.1% | 221.83% | 5.69% |
| EBITDA | 52.54B | 33.31B | 25.97B | 16.26B | 25.77B | 24.49B | 32.76B | 26.17B | 22.59B | 17.21B | 13.27B | 7.49B | 9.67B | 10.81B | 9.07B | 2.53B | 7.28B | 2.3B | 2.16B | -3.98B |
| EBITDA Margin % | 42.4% | 30.77% | 24.97% | 17% | 23.3% | 24.65% | 33.75% | 30.15% | 25.42% | 25% | 25.39% | 19.89% | 24.28% | 30.45% | 28.85% | 10.63% | 26.74% | 10.7% | 9.37% | -17.97% |
| EBITDA Growth % | 103.89% | 36.04% | -20.73% | -37.86% | 14.07% | 42.28% | 146.79% | 249.63% | 133.63% | 59.22% | 46.34% | 196.06% | 32.81% | 369.58% | 319.88% | 163.46% | 486.27% | 302.6% | 245.96% | 5.99% |
| D&A (Non-Cash Add-back) | 0 | 0 | 177.19M | 177.19M | 177.19M | 196.56M | 196.56M | 196.56M | 196.56M | 556.04M | 556.04M | 556.04M | 556.04M | 373.85M | 373.85M | 373.85M | 373.85M | 162.88M | 162.88M | 162.88M |
| EBIT | 52.54B | 33.31B | 35.54B | 19.22B | 32.53B | 29.18B | 37.92B | 33.07B | 26.87B | 19.06B | 16.28B | 9.71B | 10.53B | 12.14B | 10.47B | 3.18B | 8B | 2.79B | 2.71B | -4.15B |
| Net Interest Income | 6.37B | 8.57B | 10.42B | 223.13M | 5.23B | 5.42B | 4.86B | 5.05B | 4.35B | 2.12B | 2.28B | 1.45B | 1.34B | 1.08B | 743.84M | 783.62M | 611.53M | 333.48M | 250.63M | 635.02M |
| Interest Income | 6.37B | 8.57B | 10.42B | 223.13M | 5.23B | 5.42B | 4.86B | 5.05B | 4.36B | 2.13B | 2.29B | 1.46B | 1.35B | 1.09B | 756.99M | 796.26M | 914.64M | 631.91M | 544.63M | 970.48M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.15M | 12.21M | 11.94M | 11.69M | 12.22M | 13.65M | 13.15M | 12.64M | 303.12M | 298.43M | 294M | 335.46M |
| Other Income/Expense | 5.27B | 8.29B | 9.74B | 3.14B | 6.94B | 4.89B | 5.36B | 7.09B | 4.47B | 2.39B | 3.55B | 2.77B | 1.41B | 1.69B | 1.76B | 1.01B | 791.4M | 355.45M | 417.1M | 1.24B |
| Pretax Income | 31.47B | 33.31B | 35.54B | 19.22B | 32.53B | 29.18B | 37.92B | 33.07B | 26.86B | 19.05B | 16.27B | 9.7B | 10.52B | 12.13B | 10.45B | 3.16B | 7.7B | 2.49B | 2.41B | -2.91B |
| Pretax Margin % | 25.39% | 30.77% | 34.17% | 20.09% | 29.41% | 29.37% | 39.07% | 38.09% | 30.22% | 27.67% | 31.11% | 25.77% | 26.42% | 34.15% | 33.25% | 13.3% | 28.27% | 11.6% | 10.48% | -13.11% |
| Income Tax | 8.45B | 3.99B | 4.78B | 4.48B | 5.08B | 4.2B | 5.91B | 5.07B | 3.58B | 3.51B | 3.16B | 1.6B | 1.07B | 1.54B | 1.56B | 564.81M | 1.08B | 854.77M | 0 | 0 |
| Effective Tax Rate % | 26.84% | 11.97% | 13.46% | 23.31% | 15.63% | 14.4% | 15.6% | 15.33% | 13.33% | 18.44% | 19.42% | 16.47% | 10.13% | 12.68% | 14.9% | 17.85% | 14.01% | 34.26% | 0% | 0% |
| Net Income | 23.02B | 29.33B | 30.75B | 14.74B | 27.45B | 24.98B | 32.01B | 28B | 23.28B | 15.54B | 13.11B | 8.1B | 9.45B | 10.59B | 8.9B | 2.6B | 6.62B | 1.64B | 2.41B | -2.91B |
| Net Margin % | 18.58% | 27.09% | 29.57% | 15.41% | 24.81% | 25.14% | 32.98% | 32.25% | 26.19% | 22.57% | 25.07% | 21.52% | 23.74% | 29.82% | 28.3% | 10.93% | 24.31% | 7.63% | 10.48% | -13.11% |
| Net Income Growth % | -16.13% | 17.4% | -3.92% | -47.35% | 17.9% | 60.78% | 144.2% | 245.61% | 146.26% | 46.73% | 47.34% | 211.64% | 42.81% | 545.66% | 268.44% | 189.47% | 580.95% | 308.99% | 368.48% | 29.47% |
| Net Income (Continuing) | 23.02B | 29.33B | 30.75B | 14.74B | 27.45B | 24.98B | 32.01B | 28B | 23.28B | 15.54B | 13.11B | 8.1B | 9.45B | 10.59B | 8.9B | 2.6B | 6.62B | 1.64B | 2.41B | -2.91B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 16.52 | 19.72 | 20.76 | 9.96 | 18.52 | 16.92 | 21.60 | 18.96 | 15.84 | 10.60 | 9.00 | 5.56 | 6.52 | 7.32 | 6.24 | 1.84 | 4.64 | 1.16 | 1.68 | -2.32 |
| EPS Growth % | -10.8% | 16.55% | -3.89% | -47.47% | 16.92% | 59.62% | 140% | 241.01% | 142.94% | 44.81% | 44.23% | 202.17% | 40.52% | 531.03% | 271.43% | 179.31% | 514.29% | 281.25% | 321.05% | 34.83% |
| EPS (Basic) | 17.48 | 20.96 | 22.00 | 10.60 | 19.76 | 18.04 | 23.12 | 20.32 | 17.00 | 11.36 | 9.64 | 6.12 | 7.44 | 8.40 | 6.24 | 1.84 | 5.28 | 1.32 | 1.92 | -2.32 |
| Diluted Shares Outstanding | 1.49B | 1.49B | 1.48B | 1.48B | 1.48B | 1.48B | 1.48B | 1.48B | 1.47B | 1.47B | 1.46B | 1.46B | 1.45B | 1.44B | 1.43B | 1.42B | 1.42B | 1.43B | 1.43B | 1.25B |
| Basic Shares Outstanding | 1.4B | 1.4B | 1.4B | 1.39B | 1.39B | 1.39B | 1.38B | 1.38B | 1.37B | 1.37B | 1.36B | 1.32B | 1.27B | 1.26B | 1.43B | 1.41B | 1.26B | 1.26B | 1.25B | 1.25B |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |