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Q4 25 EPS
$2.59
MISS 87.73%
Est. $21.08
Q4 25 Revenue
$18.13B
MISS 85.48%
Est. $124.89B
Full Year 2025 Results
FY 25 EPS
$10.59
FY 25 Revenue
$63.18B
Did PDD Beat Earnings? Q4 2025 Results
PDD Holdings delivered a mixed fourth quarter for fiscal 2025, posting revenue of $18.13 billion, up 12% year-over-year, and earnings per share of $2.59, even as a deliberate investment push weighed heavily on the bottom line. GAAP net income attribu… Read more PDD Holdings delivered a mixed fourth quarter for fiscal 2025, posting revenue of $18.13 billion, up 12% year-over-year, and earnings per share of $2.59, even as a deliberate investment push weighed heavily on the bottom line. GAAP net income attributable to ordinary shareholders fell 11% to $3.59 billion, with profitability squeezed by a sharp rise in fulfilment fees, server costs, and payment processing expenses, alongside a 30% full-year surge in R&D spending to $2.41 billion. The company is making no apologies for the margin compression. Co-CEO Jiazhen Zhao signaled an "all-in mindset" toward supply chain investment, and VP of Finance Jun Liu was explicit in warning that these commitments "are firm and long-term, and will inevitably affect our financial performance." Despite the profit pressure, PDD's balance sheet remained a point of strength, with cash and short-term investments climbing to $61.78 billion. Investors should expect further margin headwinds as the company prioritizes ecosystem scale over near-term earnings.
Key Takeaways
- • Transaction services revenue grew 19% YoY in Q4 driven by increased fulfilment fees and payment processing
- • Online marketing services revenue grew 5% YoY in Q4
- • R&D expenses increased 32% YoY in Q4 to RMB4,995 million due to increased staff costs and server costs
- • Sales and marketing expenses grew 10% YoY in Q4 to RMB34,352 million
PDD YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
PDD Revenue by Segment
With YoY comparisons, source: SEC Filings
“Over the past year, we stayed firmly committed to our strategic focus on high-quality development. We will continue to uphold our long-term philosophy, channeling greater resources into the stakeholders we serve, as we look ahead to the next decade of growth.”
— Lei Chen, Q4 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% |