Q2 25 EPS
$3.23
MISS 78.18%
Est. $14.80
Q2 25 Revenue
$15.21B
MISS 85.26%
Est. $103.20B
Did PDD Beat Earnings? Q2 2025 Results
PDD Holdings delivered a quarter defined by deliberate sacrifice, as the Chinese e-commerce giant reported Q2 2025 revenue of $15.21 billion, up just 7% year-over-year, while earnings per share came in at $3.23, both reflecting the company's costly p… Read more PDD Holdings delivered a quarter defined by deliberate sacrifice, as the Chinese e-commerce giant reported Q2 2025 revenue of $15.21 billion, up just 7% year-over-year, while earnings per share came in at $3.23, both reflecting the company's costly pivot toward heavy merchant-support investments. The more striking figure was operating profit, which fell 21% to $3.77 billion as cost of revenues surged 36% to $6.71 billion, driven by higher fulfillment fees and infrastructure spending. Net income attributable to ordinary shareholders declined 4% to $4.50 billion, cushioned in part by interest and investment income that more than doubled to $1.52 billion, a benefit of PDD's $56.63 billion cash pile. Management offered little comfort on the near-term outlook, with co-CEO Lei Chen emphasizing "prioritizing long-term impact over short-term results" and the VP of Finance cautioning that sustained merchant-support investments may continue to weigh on profitability, signaling that margin pressure is unlikely to ease quickly.
Key Takeaways
- • Increase in revenues from online marketing services drove top-line growth
- • Increased fulfillment fees, bandwidth and server costs, and payment processing fees drove 36% increase in cost of revenues
- • Significant investment in merchant support initiatives compressed operating margins
- • Interest and investment income more than doubled year-over-year to RMB 10.4 billion, partially offsetting operating profit decline
PDD YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
PDD Revenue by Segment
With YoY comparisons, source: SEC Filings
“In the past quarter, we continued to invest in merchant support initiatives, and are encouraged by the progress made towards a healthier and more sustainable platform ecosystem. We remain steadfast in our commitment to supporting the vitality of the ecosystem, prioritizing long-term impact over short-term results.”
— Lei Chen, Q2 2025 Earnings Press Release
PDD Earnings Trends
PDD vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
PDD EPS Trend
Earnings per share: estimate vs actual
PDD Revenue Trend
Quarterly revenue: estimate vs actual
PDD Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $16.37 | $1.40 | -91.45% | $15.64B | -85.71% |
| Q4 25 MISS FY | $21.08 | $2.59 | -87.73% | $18.13B | -85.48% |
| FY Full Year | — | $10.59 | — | $63.18B | — |
| Q3 25 MISS | $16.57 | $3.08 | -81.39% | $15.84B | -85.43% |
| Q2 25 MISS | $14.80 | $3.23 | -78.18% | $15.21B | -85.26% |
| Q1 25 MISS | $18.96 | $1.67 | -91.20% | $14.00B | -86.42% |