Companies /Consumer Cyclical
PDD Holdings Inc
NASDAQ: PDD Internet Retail
$78.50
▲ $0.10 (+0.13%) today
Markets closed · 4:19pm ET

PDD Holdings (PDD) Q2 2026 Earnings

Reported Aug 25, 2026, 7:20am ET · SEC source
$2.87
Miss −84.37%
EPS · est. $18.35 Adjusted
$16.7B
Miss −85.36%
Revenue · est. $113.9B
−12.3%
Trailing market
PDD vs S&P since report
6 quarters
Consecutive EPS misses

How Did PDD Stock React to Q2 2026 Earnings?

% change · around the report
−1.4%−0.7%0+0.7%Aug 25Aug 26report 7:20am ETearnings−0.1%−1.2%
−1.4%−0.7%0+0.7%Aug 25Aug 26earnings−0.1%−1.2%
PDD −1.2%S&P 500 −0.1%
−1.4%−0.7%0+0.7%Aug 25Aug 26report 7:20am ETearnings−0.2%−1.2%
−1.4%−0.7%0+0.7%Aug 25Aug 26earnings−0.2%−1.2%
PDD −1.2%NASDAQ −0.2%
−4%0+4%Aug 24Sep 2report 7:20am ETearnings−0.7%−4.9%
−4%0+4%Aug 24Sep 2earnings−0.7%−4.9%
PDD −4.9%S&P 500 −0.7%
−4%0+4%Aug 24Sep 2report 7:20am ETearnings−1.0%−4.9%
−4%0+4%Aug 24Sep 2earnings−1.0%−4.9%
PDD −4.9%NASDAQ −1.0%
+0.78%
Day of report
−1.15%
Next session
−5.22%
One week
−11.60%
30 days

S&P 500 over the same 30 days: +0.71%.

Did PDD Beat Earnings? Q2 2026 Results

No. PDD Holdings reported Q2 2026 earnings of $2.87 a share on Aug 25, 2026, missing the $18.35 consensus estimate by 84.4%. Revenue was $16.7B against a $113.9B estimate.

PDD Holdings delivered a deeply disappointing second quarter, with both earnings and revenue falling far short of expectations. The Temu parent reported adjusted non-GAAP EPS of $2.87, missing the consensus estimate of $18.35 by 84.37%, while revenue of $16.67 billion trailed the $113.90 billion forecast by 85.36%, even as the top line grew 8.1% year-over-year. The most consequential factor dragging on the bottom line was a $1.10 billion net other loss, a dramatic reversal from $17.66 million of net other income in the year-ago period, which contributed to a 12% decline in GAAP net income to $4.03 billion. Heavier operating investments compounded the pressure, with total operating expenses climbing 13%, R&D surging 28% to $677.70 million, and sales and marketing spend rising 9% to $4.40 billion. Management framed the spending as deliberate, emphasizing support for merchants and long-term ecosystem health amid intensifying competition and regulatory scrutiny surrounding its cross-border commerce operations. Cash and short-term investments strengthened to $67.73 billion as of quarter-end.

Key Takeaways
  • Transaction services revenue growth of 13% YoY was the primary revenue driver
  • Stepped-up ecosystem investments to help merchants thrive
  • Strengthened ecosystem governance with targeted trust and safety initiatives
  • Net other loss of RMB 7.4 billion vs. net other income of RMB 119 million a year ago weighed on net income

“Since the start of the year, global trade and regulatory landscapes have continued to evolve, creating significant challenges while also presenting new opportunities. We feel a strong sense of responsibility that comes with our unique position in global trade and will work diligently to build a trustworthy platform that consumers can rely on over the long run.”

PDD Holdings CEO, on the earnings call

PDD YoY Financials

Q2 2026 vs Q2 2025 · SEC filings Q2 2025 Q2 2026
$0$5.0B$10.0B$15.0B$15.4B$16.7BRevenue$8.6B$9.5BGross Profit$3.8B$4.1BOperating Income$4.6B$4.0BNet Income
$0$5.0B$10.0B$15.0BRevenueGross ProfitOperating IncomeNet Income
PDD income statement, Q2 2026 versus Q2 2025
Metric Q2 2026 Q2 2025 Year over year
Revenue $16.7B $15.4B +8.1%
Gross Profit $9.5B $8.6B +10.7%
Operating Income $4.1B $3.8B +7.6%
Net Income $4.0B $4.6B −11.6%

PDD Revenue by Segment

Transaction Services$8.1B+13.0%
Online Marketing Services$8.6B+3.0%
Online Marketing Services and Others

When Does PDD Holdings Report Next?

Expected report date

Figures from SEC filings and company reports. Not investment advice.