Companies /Consumer Cyclical

PDD Holdings Inc

NASDAQ: PDD Internet Retail
$82.25
▼ $0.92 (−1.11%) today
Markets closed · 5:12am ET

Q3 2025 Earnings

Reported Nov 18, 2025, 9:27am ET · SEC source
$3.08
Miss −81.39%
EPS · est. $16.57
$15.8B
Miss −85.43%
Revenue · est. $108.7B
−11.5%
Trailing market
PDD vs S&P since report
6 quarters
Consecutive EPS misses

Market Reaction

% change · around the report
−4%0+4%Nov 18Nov 19report 9:27am ETearnings+0.2%−4.2%
−4%0+4%Nov 18Nov 19earnings+0.2%−4.2%
PDD −4.2%S&P 500 +0.2%
−4%0+4%Nov 18Nov 19report 9:27am ETearnings+0.2%−4.2%
−4%0+4%Nov 18Nov 19earnings+0.2%−4.2%
PDD −4.2%NASDAQ +0.2%
−5%0+5%Nov 17Nov 26report 9:27am ETearnings+3.2%−4.0%
−5%0+5%Nov 17Nov 26earnings+3.2%−4.0%
PDD −4.0%S&P 500 +3.2%
−5%0+5%Nov 17Nov 26report 9:27am ETearnings+3.2%−4.0%
−5%0+5%Nov 17Nov 26earnings+3.2%−4.0%
PDD −4.0%NASDAQ +3.2%
−7.33%
Day of report
−1.30%
Next session
−4.67%
One week
−8.42%
30 days

S&P 500 over the same 30 days: +3.11%.

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 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

“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.”

PDD Holdings CEO, on the earnings call

Forward Guidance & Outlook

Management indicated that revenue growth will continue to moderate amid competitive pressures and external uncertainties. The company plans to roll out greater merchant support initiatives and ecosystem investments, which may cause financial results to fluctuate from quarter to quarter. PDD Holdings is taking a long-term focus, prioritizing sustainable platform development and industry upgrades over short-term financial optimization.

PDD YoY Financials

Revenue$15.8B
Operating Income$3.7B
Net Income$4.3B

PDD Revenue by Segment

Transaction Services$8.0B+10.0%
Online Marketing Services$7.8B+8.0%
Online Marketing Services and Others

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