Q3 25 EPS
$3.08
MISS 81.39%
Est. $16.57
Q3 25 Revenue
$15.84B
MISS 85.43%
Est. $108.73B
Did PDD Beat Earnings? Q3 2025 Results
PDD Holdings delivered a mixed picture for Q3 2025, posting earnings per share of $3.08 on revenues of $15.84 billion, as the Chinese e-commerce giant's top-line growth decelerated to 9% year-over-year, a meaningful step down from prior quarters. The… Read more PDD Holdings delivered a mixed picture for Q3 2025, posting earnings per share of $3.08 on revenues of $15.84 billion, as the Chinese e-commerce giant's top-line growth decelerated to 9% year-over-year, a meaningful step down from prior quarters. The slowdown reflected intensifying competitive pressures across both its domestic platform and Temu's international operations, with online marketing services contributing $7.80 billion and transaction services edging ahead to $8.04 billion, the latter now the larger segment as cross-border logistics revenues scale up. Net income grew 17% to $4.29 billion, helped considerably by interest and investment income of $1.25 billion generated from the company's $62.00 billion cash pile, which cushioned margin pressure from an 18% surge in cost of revenues. Looking ahead, management offered a cautious tone, signaling that revenue growth will continue to moderate as PDD rolls out expanded merchant support initiatives and ecosystem investments, with Co-CEO Jiazhen Zhao framing the company's tenth anniversary as a moment for long-term platform stewardship rather than near-term financial optimization.
Key Takeaways
- • Growth in online marketing services and transaction services revenue
- • Significant increase in interest and investment income driven by large cash reserves
- • Operating cash flow growth driven by higher net income and favorable working capital changes
- • Disciplined sales and marketing spending with expenses relatively flat year-over-year
PDD YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
PDD Revenue by Segment
With YoY comparisons, source: SEC Filings
“Ten years ago, we set out to create a platform that benefits all. Looking ahead, as we grow in scale, we are prepared to take on greater social responsibility and continue our journey that serves the greater public interest and the long-term outlook of the entire ecommerce ecosystem.”
— Lei Chen, Q3 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% |