{ "ticker": "PDD", "cik": "0001737806", "company": "PDD Holdings Inc.", "business_type": "e-commerce marketplace", "schema_template": "standard (consumer internet / marketplace): revenue by type, cost of revenues, gross profit, operating expenses by function, operating income, non-operating items, net income, per-ADS EPS, weighted shares; cash, short-term investments, total assets, liabilities, equity; operating, investing and financing cash flow, capex, free cash flow", "reporting_currency": "CNY", "converted_to_usd": true, "units": "actual US dollars (not thousands or millions); per-share figures in US dollars per ADS; share counts in actual shares", "units_notes_seen": { "FY2025 20-F consolidated balance sheets (Dec 31, 2024 and 2025)": "(Amounts in thousands of RMB and US$, except for number of shares and per share data)", "FY2025 20-F consolidated statements of comprehensive income (FY2023-FY2025)": "(Amounts in thousands of RMB and US$, except for number of shares and per share data); share counts: 'Shares used in earnings per share computation (in thousands)'; earnings per share in RMB per ordinary share", "FY2025 20-F consolidated statements of cash flows (FY2023-FY2025)": "(Amounts in thousands of RMB and US$, except for number of shares and per share data)", "FY2025 20-F note 13, revenues by type": "(Amounts in thousands of RMB and US$, except for number of shares and per share data)", "Q2 2026 results release, condensed consolidated balance sheets (Dec 31, 2025 and June 30, 2026)": "(Amounts in millions of Renminbi (\"RMB\") and U.S. dollars (\"US$\"))", "Q2 2026 results release, condensed consolidated statements of income (through net income)": "(Amounts in millions of RMB and US$)", "Q2 2026 results release, condensed consolidated statements of income (net income attributable and per-share page)": "(Amounts in millions of RMB and US$, except for per share data ); share counts: 'Weighted-average number of ordinary shares outstanding (in millions)'", "Q2 2026 results release, notes: revenues by type and share-based compensation": "(Amounts in millions of RMB and US$)", "Q2 2026 results release, condensed consolidated statements of cash flows": "(Amounts in millions of RMB and US$)", "Q2 2026 results release, reconciliation of non-GAAP measures": "(Amounts in millions of RMB and US$, except for per share data)" }, "adjustments": { "splits_applied": [], "adr_ratio": 4, "per_share_basis": "Earnings per share figures are stated per American depositary share (ADS). One ADS represents four Class A ordinary shares (FY2025 20-F cover page; the Q2 2026 release also states '4 ordinary shares equals 1 ADS'). Per-ordinary-share earnings as printed were multiplied by four. Share counts are ordinary shares, as filed.", "fx": "The company reports in Renminbi (RMB, ISO code CNY). Every money figure is converted to US dollars: income statement and cash flow figures (including per-ADS earnings) at the average of the Federal Reserve H.10 daily RMB/US$ rates over each period's own dates; balance sheets at the period-end rate - RMB6.9931 per US$ at December 31, 2025 (stated in the FY2025 20-F), RMB6.7851 per US$ at June 30, 2026 (stated in the Q2 2026 results release) and the H.10 rate of RMB7.2993 per US$ at December 31, 2024. Each period records its rates under 'conversion'." }, "annual": [ { "label": "FY2025", "period_start": "2025-01-01", "period_end": "2025-12-31", "period_type": "fiscal year", "source_accession": "0001104659-26-050727", "fiscal_year": 2025, "conversion": { "currency": "CNY", "average": { "cny_per_usd": 7.187543, "source": "FRED DEXCHUS, average of 250 daily rates 2025-01-01 to 2025-12-31" }, "ads_ratio": 4.0, "closing": { "cny_per_usd": 6.9931, "source": "FY2025 20-F, consolidated financial statements: 'translated at the noon buying rate of US$ 1.00 to RMB 6.9931 on December 31, 2025'" } }, "income_statement": { "revenue": 60082522358, "revenue_by_type": { "online_marketing_services_and_others": 30300066100, "transaction_services": 29782456258 }, "cost_of_revenue": 26267912832, "sales_and_marketing_expenses": 17431260168, "general_and_administrative_expenses": 1134982149, "research_and_development_expenses": 2295104739, "total_operating_expenses": 20861347056, "operating_income": 12953262471, "interest_and_investment_income_net": 3559470601, "foreign_exchange_gain_loss": -273615337, "other_income_net": 379397104, "income_before_tax_and_equity_investees": 16618514839, "income_tax_expense": 3023669702, "share_of_results_of_equity_investees": 17948414, "net_income": 13612793551, "net_income_attributable_to_ordinary_shareholders": 13612793551, "share_based_compensation": 1104267620, "basic_eps": 9.7391, "diluted_eps": 9.1826, "basic_weighted_shares": 5590930000, "diluted_shares": 5929576000, "gross_profit": 33814609527, "interest_expense": 0 }, "cash_flow": { "operating_cash_flow": 14878337424, "capex": 159314108, "investing_cash_flow": -6041457561, "financing_cash_flow": -727279545, "depreciation_and_amortization": 83684091, "free_cash_flow": 14719023316 }, "balance_sheet": { "cash_and_cash_equivalents": 15572576826, "restricted_cash": 10557667415, "short_term_investments": 44816702464, "total_current_assets": 74213137521, "other_non_current_assets": 14973003818, "total_assets": 90095140496, "payable_to_merchants": 15359019605, "merchant_deposits": 2532238492, "total_debt": 0, "total_current_liabilities": 30564008523, "total_liabilities": 30981849394, "retained_earnings": 40634821324, "total_shareholders_equity": 59113291101, "total_liabilities_and_shareholders_equity": 90095140496 } }, { "label": "FY2024", "period_start": "2024-01-01", "period_end": "2024-12-31", "period_type": "fiscal year", "source_accession": "0001104659-26-050727", "fiscal_year": 2024, "conversion": { "currency": "CNY", "average": { "cny_per_usd": 7.195725, "source": "FRED DEXCHUS, average of 251 daily rates 2024-01-01 to 2024-12-31" }, "ads_ratio": 4.0, "closing": { "cny_per_usd": 7.2993, "source": "FRED DEXCHUS, rate on 2024-12-31" } }, "income_statement": { "revenue": 54731955015, "revenue_by_type": { "online_marketing_services_and_others": 27507192395, "transaction_services": 27224762619 }, "cost_of_revenue": 21387750922, "sales_and_marketing_expenses": 15467591243, "general_and_administrative_expenses": 1049646422, "research_and_development_expenses": 1759289161, "total_operating_expenses": 18276526827, "operating_income": 15067677267, "interest_and_investment_income_net": 2856347762, "foreign_exchange_gain_loss": 81696563, "other_income_net": 433569515, "income_before_tax_and_equity_investees": 18439291107, "income_tax_expense": 2816502993, "share_of_results_of_equity_investees": 2393782, "net_income": 15625181896, "net_income_attributable_to_ordinary_shareholders": 15625181896, "share_based_compensation": 1373532757, "basic_eps": 11.29, "diluted_eps": 10.5618, "basic_weighted_shares": 5536049000, "diluted_shares": 5916592000, "gross_profit": 33344204093, "interest_expense": 0 }, "cash_flow": { "operating_cash_flow": 16944684795, "capex": 134404386, "investing_cash_flow": -16448104395, "financing_cash_flow": 161763, "depreciation_and_amortization": 98497789, "free_cash_flow": 16810280410 }, "balance_sheet": { "cash_and_cash_equivalents": 7914190813, "restricted_cash": 9374373981, "short_term_investments": 37509330484, "total_current_assets": 56943574315, "other_non_current_assets": 11426744756, "total_assets": 69189417615, "payable_to_merchants": 12556813256, "merchant_deposits": 2255092954, "total_debt": 727411807, "total_current_liabilities": 25813825024, "total_liabilities": 26265695615, "retained_earnings": 25676628033, "total_shareholders_equity": 42923722001, "total_liabilities_and_shareholders_equity": 69189417615 } }, { "label": "FY2023", "period_start": "2023-01-01", "period_end": "2023-12-31", "period_type": "fiscal year", "source_accession": "0001104659-26-050727", "fiscal_year": 2023, "conversion": { "currency": "CNY", "average": { "cny_per_usd": 7.080916, "source": "FRED DEXCHUS, average of 249 daily rates 2023-01-01 to 2023-12-31" }, "ads_ratio": 4.0 }, "income_statement": { "revenue": 34972764117, "revenue_by_type": { "online_marketing_services_and_others": 21683713378, "transaction_services": 13289050739 }, "cost_of_revenue": 12953631564, "sales_and_marketing_expenses": 11607095749, "general_and_administrative_expenses": 575578357, "research_and_development_expenses": 1546745365, "total_operating_expenses": 13729419471, "operating_income": 8289713082, "interest_and_investment_income_net": 1445869433, "foreign_exchange_gain_loss": 5044686, "other_income_net": 416976984, "income_before_tax_and_equity_investees": 10151392136, "income_tax_expense": 1673498739, "share_of_results_of_equity_investees": -664745, "net_income": 8477228652, "net_income_attributable_to_ordinary_shareholders": 8477228652, "share_based_compensation": 999700321, "basic_eps": 6.2591, "diluted_eps": 5.8128, "basic_weighted_shares": 5416106000, "diluted_shares": 5839630000, "interest_expense": 6212049, "gross_profit": 22019132553 }, "cash_flow": { "operating_cash_flow": 13298072029, "capex": 82458117, "investing_cash_flow": -7828263744, "financing_cash_flow": -1265461418, "depreciation_and_amortization": 111035776, "free_cash_flow": 13215613912 } } ], "quarterly": [ { "label": "Q2 2026", "period_start": "2026-04-01", "period_end": "2026-06-30", "period_type": "three months", "source_accession": "0001104659-26-100534", "fiscal_year": 2026, "fiscal_quarter": 2, "conversion": { "currency": "CNY", "average": { "cny_per_usd": 6.804787, "source": "FRED DEXCHUS, average of 63 daily rates 2026-04-01 to 2026-06-30" }, "ads_ratio": 4.0, "closing": { "cny_per_usd": 6.7851, "source": "Q2 2026 results release (Exhibit 99.1): 'the translation of RMB into US$ has been made at RMB6.7851 to US$1.00, the noon buying rate in effect on June 30, 2026'" } }, "income_statement": { "revenue": 16511611605, "revenue_by_type": { "online_marketing_services_and_others": 8470066734, "transaction_services": 8041544871 }, "operating_income": 4080068928, "interest_and_investment_income_net": 1984632289, "income_before_tax_and_equity_investees": 4895377328, "net_income": 3994540902, "net_income_attributable_to_ordinary_shareholders": 3994540902, "share_based_compensation": 192070670, "basic_eps": 2.8392, "diluted_eps": 2.7099, "basic_weighted_shares": 5627000000, "diluted_shares": 5894000000, "cost_of_revenue": 7056356062, "sales_and_marketing_expenses": 4359871955, "general_and_administrative_expenses": 344169480, "research_and_development_expenses": 671145181, "total_operating_expenses": 5375186615, "foreign_exchange_gain_loss": -82001097, "other_income_net": -1087322792, "share_of_results_of_equity_investees": -5584304, "income_tax_expense": 895252122, "gross_profit": 9455255543 }, "non_gaap": { "non_gaap_operating_income": 4272139598, "non_gaap_net_income_attributable_to_ordinary_shareholders": 4186611572, "non_gaap_diluted_eps": 2.8392 }, "cash_flow": { "operating_cash_flow": 3772344381, "investing_cash_flow": -2935286586 }, "balance_sheet": { "cash_and_cash_equivalents": 19000162120, "restricted_cash": 11388778353, "short_term_investments": 48266937849, "total_current_assets": 82059217992, "other_non_current_assets": 14205096461, "total_assets": 97774093234, "payable_to_merchants": 16200792914, "merchant_deposits": 2733194794, "total_current_liabilities": 31350164331, "total_liabilities": 31778455734, "retained_earnings": 47735773975, "total_shareholders_equity": 65995637500, "total_liabilities_and_shareholders_equity": 97774093234, "total_debt": 0 } }, { "label": "Q2 2025", "period_start": "2025-04-01", "period_end": "2025-06-30", "period_type": "three months", "source_accession": "0001104659-26-100534", "fiscal_year": 2025, "fiscal_quarter": 2, "conversion": { "currency": "CNY", "average": { "cny_per_usd": 7.233078, "source": "FRED DEXCHUS, average of 63 daily rates 2025-04-01 to 2025-06-30" }, "ads_ratio": 4.0 }, "income_statement": { "revenue": 14376313929, "revenue_by_type": { "online_marketing_services_and_others": 7701147423, "transaction_services": 6675166506 }, "operating_income": 3565978412, "interest_and_investment_income_net": 1441018609, "other_income_net": 16452194, "income_before_tax_and_equity_investees": 4912984486, "share_of_results_of_equity_investees": 5115388, "net_income": 4251855158, "net_income_attributable_to_ordinary_shareholders": 4251855158, "share_based_compensation": 270286039, "basic_eps": 3.0416, "diluted_eps": 2.8701, "basic_weighted_shares": 5588000000, "diluted_shares": 5928000000, "cost_of_revenue": 6340177722, "sales_and_marketing_expenses": 3761883945, "general_and_administrative_expenses": 211804712, "research_and_development_expenses": 496469138, "total_operating_expenses": 4470157795, "foreign_exchange_gain_loss": -110464729, "income_tax_expense": 666244716, "gross_profit": 8036136206 }, "non_gaap": { "non_gaap_operating_income": 3836264451, "non_gaap_net_income_attributable_to_ordinary_shareholders": 4522141196, "non_gaap_diluted_eps": 3.0526 }, "cash_flow": { "operating_cash_flow": 2992087186, "investing_cash_flow": -3735892244 } } ], "year_to_date": { "label": "H1 2026 (six months ended June 30, 2026)", "period_start": "2026-01-01", "period_end": "2026-06-30", "period_type": "six months", "source_accession": "0001104659-26-100534", "prior_year_comparative": { "label": "H1 2025 (six months ended June 30, 2025)", "period_start": "2025-01-01", "period_end": "2025-06-30", "period_type": "six months", "source_accession": "0001104659-26-100534", "conversion": { "currency": "CNY", "average": { "cny_per_usd": 7.252606, "source": "FRED DEXCHUS, average of 124 daily rates 2025-01-01 to 2025-06-30" }, "ads_ratio": 4.0 }, "income_statement": { "revenue": 27529001300, "revenue_by_type": { "online_marketing_services_and_others": 14398272842, "transaction_services": 13130728458 }, "operating_income": 5774338217, "interest_and_investment_income_net": 1467886164, "other_income_net": 466039380, "income_before_tax_and_equity_investees": 7564729147, "net_income": 6273055506, "net_income_attributable_to_ordinary_shareholders": 6273055506, "share_based_compensation": 569312603, "basic_eps": 4.5005, "diluted_eps": 4.2302, "basic_weighted_shares": 5578000000, "diluted_shares": 5930000000, "cost_of_revenue": 11968801283, "sales_and_marketing_expenses": 8357409737, "general_and_administrative_expenses": 439979781, "research_and_development_expenses": 988472282, "total_operating_expenses": 9785861799, "foreign_exchange_gain_loss": -143534614, "share_of_results_of_equity_investees": -9375940, "income_tax_expense": 1282297701, "gross_profit": 15560200016 }, "non_gaap": { "non_gaap_operating_income": 6343650820, "non_gaap_net_income_attributable_to_ordinary_shareholders": 6842368109, "non_gaap_diluted_eps": 4.6163 }, "cash_flow": { "operating_cash_flow": 5123537664, "investing_cash_flow": -4606068495 } }, "conversion": { "currency": "CNY", "average": { "cny_per_usd": 6.86236, "source": "FRED DEXCHUS, average of 124 daily rates 2026-01-01 to 2026-06-30" }, "ads_ratio": 4.0 }, "income_statement": { "revenue": 31853035982, "revenue_by_type": { "online_marketing_services_and_others": 15675802494, "transaction_services": 16177233488 }, "operating_income": 6897044166, "interest_and_investment_income_net": 1875885264, "income_before_tax_and_equity_investees": 7296323714, "net_income": 5789407726, "net_income_attributable_to_ordinary_shareholders": 5789407726, "share_based_compensation": 412540292, "basic_eps": 4.121, "diluted_eps": 3.9228, "basic_weighted_shares": 5622000000, "diluted_shares": 5907000000, "cost_of_revenue": 13830518947, "sales_and_marketing_expenses": 9244778764, "general_and_administrative_expenses": 571377777, "research_and_development_expenses": 1309316328, "total_operating_expenses": 11125472869, "foreign_exchange_gain_loss": -102442891, "other_income_net": -1374162824, "share_of_results_of_equity_investees": -19526810, "income_tax_expense": 1487389178, "gross_profit": 18022517035 }, "non_gaap": { "non_gaap_operating_income": 7309584458, "non_gaap_net_income_attributable_to_ordinary_shareholders": 6201948018, "non_gaap_diluted_eps": 4.1968 }, "cash_flow": { "operating_cash_flow": 6137101522, "investing_cash_flow": -2607266305 } }, "trailing_twelve_months": { "label": "Twelve months ended June 30, 2026", "period_start": "2025-07-01", "period_end": "2026-06-30", "period_type": "trailing twelve months", "source_accession": "0001104659-26-100534", "derived_from": [ "0001104659-26-050727", "0001104659-26-100534" ], "conversion": { "currency": "CNY", "average": { "cny_per_usd": 6.993981, "source": "FRED DEXCHUS, average of 250 daily rates 2025-07-01 to 2026-06-30" } }, "income_statement": { "revenue": 64451990933, "cost_of_revenue": 28153779657, "operating_income": 14091116347, "net_income": 13165034335, "gross_profit": 36298211276 }, "cash_flow": { "operating_cash_flow": 15998756645 } }, "notes": [ "Template: standard consumer-internet / marketplace layout. PDD Holdings operates e-commerce platforms and earns revenue from merchants in two streams it reports separately - online marketing services and others, and transaction services - so revenue is shown in total and by type, followed by costs of revenues, operating expenses by function, operating profit, the non-operating lines the company prints, net income and per-ADS earnings.", "Annual figures (FY2023, FY2024, FY2025) come from the audited consolidated financial statements in the FY2025 annual report on Form 20-F (accession 0001104659-26-050727). That report presents three years of income and cash flow statements but only two year-end balance sheets, so FY2023 carries no balance sheet here.", "Quarterly figures (Q2 2026 and Q2 2025), the six-month figures and the June 30, 2026 balance sheet come from the unaudited second-quarter 2026 results release furnished as Exhibit 99.1 to Form 6-K (accession 0001104659-26-100534, filed August 25, 2026). As a foreign private issuer the company files no 10-Q; this release is its interim financial report for the period. The release's December 31, 2025 balance sheet column, printed in millions, agrees with the 20-F's figures in thousands.", "The release prints no June 30, 2025 balance sheet, so Q2 2025 carries income and cash flow figures only. First-quarter 2026 figures are not printed as a separate column in this release and are not included here.", "Currency: all money figures are converted from RMB to US dollars as described under adjustments. Because flows are converted at each period's own average rate, US-dollar growth rates mix business performance with the RMB's movement against the dollar; in RMB, the release reports Q2 2026 revenues up 8% and operating profit up 8% year over year. The company's own US$ columns translate every period at a single period-end convenience rate (RMB6.7851 for the Q2 2026 release), so they differ slightly from the figures here.", "Sign convention: costs of revenues, operating expenses, income tax expense, interest expense and capital expenditure are stored as positive amounts. Foreign exchange gain/(loss), other income/(loss), share of results of equity investees and investing/financing cash flows keep the filing's sign (negative is a loss or an outflow).", "Gross profit is not presented by the company; it is derived here as revenues less costs of revenues for every period.", "Free cash flow (annual only) is derived as net cash generated from operating activities less 'Purchase of property, equipment and software and intangible assets'. The quarterly release's cash flow statement prints only the operating, investing and financing totals, so quarterly and six-month capital expenditure and free cash flow are not available.", "Total debt: the only borrowing on the balance sheets presented is the convertible bonds, current portion, of RMB5,309.6 million at December 31, 2024; the 2025 cash flow statement shows RMB5,228.7 million of repayment or repurchase of convertible bonds, and the line is nil at December 31, 2025. The June 30, 2026 condensed balance sheet lists no borrowings, so total debt is recorded as zero.", "Share-based compensation is shown on the income statement block for reference (quarterly and six-month totals from the release's note; annual totals from the 20-F cash flow statement). The non-GAAP block reproduces the company's own non-GAAP measures, which exclude share-based compensation expenses.", "Net cash from financing activities in the Q2 2026 release is printed as an absolute value below RMB1 million in all four columns, so it is not recorded for the quarterly or six-month periods.", "Trailing twelve months to June 30, 2026 is derived as FY2025 plus the six months ended June 30, 2026 less the six months ended June 30, 2025, in RMB to the nearest million, then converted at the average H.10 rate for July 1, 2025 to June 30, 2026. No trailing per-ADS earnings figure is derived.", "Interest expense was RMB44.0 million in FY2023 and is printed as nil for FY2024 and FY2025; the quarterly release has no interest expense line." ], "uncertainties": [ "US-dollar figures depend on the conversion rates described above; a reader using the company's own convenience translation would see slightly different dollar amounts (for example Q2 2026 revenue of US$16,560 million at RMB6.7851 per US$, against about US$16,512 million here at the quarter's average rate).", "Per-ADS earnings are four times the per-ordinary-share figures the company prints, which are rounded to the fen; they can differ by up to a fraction of a cent from the per-ADS figures the release itself prints (Q2 2026 diluted: RMB4.61 x 4 = RMB18.44 against RMB18.45 printed).", "Trailing-twelve-month figures combine annual figures printed in thousands with six-month figures printed in millions, so they are accurate to about RMB1 million.", "Quarterly and six-month figures are unaudited." ], "headline": { "period": "Q2 FY2026", "period_end_words": "June 30, 2026", "metrics": [ { "label": "Revenue", "format": "usd", "value": 16511611605, "text": "$16.51 billion", "exact": "$16,511,611,605", "compact": "$16.51B", "abs": "$16.51 billion", "prior_value": 14376313929, "prior": "$14.38 billion", "priorabs": "$14.38 billion", "yoy": "up 14.9%", "source": { "array": "quarterly", "field": "income_statement.revenue", "index": 0, "period_label": "Q2 2026", "period_end": "2026-06-30", "period_start": "2026-04-01", "span_days": 90, "source_accession": "0001104659-26-100534", "prior_index": 1, "prior_period_label": "Q2 2025", "prior_period_end": "2025-06-30", "prior_period_start": "2025-04-01", "prior_span_days": 90, "prior_source_accession": "0001104659-26-100534", "gap_days": 365 } }, { "label": "Net income", "format": "usd", "value": 3994540902, "text": "$3.99 billion", "exact": "$3,994,540,902", "compact": "$3.99B", "abs": "$3.99 billion", "prior_value": 4251855158, "prior": "$4.25 billion", "priorabs": "$4.25 billion", "yoy": "down 6.1%", "source": { "array": "quarterly", "field": "income_statement.net_income_attributable_to_ordinary_shareholders", "index": 0, "period_label": "Q2 2026", "period_end": "2026-06-30", "period_start": "2026-04-01", "span_days": 90, "source_accession": "0001104659-26-100534", "prior_index": 1, "prior_period_label": "Q2 2025", "prior_period_end": "2025-06-30", "prior_period_start": "2025-04-01", "prior_span_days": 90, "prior_source_accession": "0001104659-26-100534", "gap_days": 365 } }, { "label": "Diluted EPS per ADS", "format": "eps", "value": 2.7099, "text": "$2.71", "exact": "$2.71", "compact": "$2.71", "abs": "$2.71", "prior_value": 2.8701, "prior": "$2.87", "priorabs": "$2.87", "yoy": "down 5.6%", "source": { "array": "quarterly", "field": "income_statement.diluted_eps", "index": 0, "period_label": "Q2 2026", "period_end": "2026-06-30", "period_start": "2026-04-01", "span_days": 90, "source_accession": "0001104659-26-100534", "prior_index": 1, "prior_period_label": "Q2 2025", "prior_period_end": "2025-06-30", "prior_period_start": "2025-04-01", "prior_span_days": 90, "prior_source_accession": "0001104659-26-100534", "gap_days": 365 } }, { "label": "Operating profit", "format": "usd", "value": 4080068928, "text": "$4.08 billion", "exact": "$4,080,068,928", "compact": "$4.08B", "abs": "$4.08 billion", "prior_value": 3565978412, "prior": "$3.57 billion", "priorabs": "$3.57 billion", "yoy": "up 14.4%", "source": { "array": "quarterly", "field": "income_statement.operating_income", "index": 0, "period_label": "Q2 2026", "period_end": "2026-06-30", "period_start": "2026-04-01", "span_days": 90, "source_accession": "0001104659-26-100534", "prior_index": 1, "prior_period_label": "Q2 2025", "prior_period_end": "2025-06-30", "prior_period_start": "2025-04-01", "prior_span_days": 90, "prior_source_accession": "0001104659-26-100534", "gap_days": 365 } }, { "label": "Other income (loss)", "format": "usd", "value": -1087322792, "text": "-$1.09 billion", "exact": "-$1,087,322,792", "compact": "-$1.09B", "abs": "$1.09 billion", "prior_value": 16452194, "prior": "$16.45 million", "priorabs": "$16.45 million", "yoy": "swung from $16.45 million", "source": { "array": "quarterly", "field": "income_statement.other_income_net", "index": 0, "period_label": "Q2 2026", "period_end": "2026-06-30", "period_start": "2026-04-01", "span_days": 90, "source_accession": "0001104659-26-100534", "prior_index": 1, "prior_period_label": "Q2 2025", "prior_period_end": "2025-06-30", "prior_period_start": "2025-04-01", "prior_span_days": 90, "prior_source_accession": "0001104659-26-100534", "gap_days": 365 } } ], "summary": "PDD Holdings, the operator of the Pinduoduo and Temu marketplaces, reported revenue of $16.51 billion for Q2 FY2026, the quarter ended June 30, 2026, up 14.9% from a year earlier in US dollar terms, while net income fell to $3.99 billion, down 6.1%. Operating profit rose to $4.08 billion, up 14.4%, but a loss of $1.09 billion on the other income line, against income of $16.45 million a year earlier, pulled net income lower. Measured in renminbi, the currency PDD Holdings reports in, each of these year-over-year comparisons is weaker, because the renminbi strengthened against the dollar over the year.", "qa": [ { "q": "How much revenue did PDD Holdings make in Q2 FY2026?", "a": "PDD Holdings reported revenue of $16.51 billion for Q2 FY2026, the quarter ended June 30, 2026, up 14.9% from $14.38 billion in the same quarter a year earlier, measured in US dollars. Growth was lower in renminbi, the currency the company reports in, because the renminbi strengthened against the dollar over the year." }, { "q": "Why did PDD Holdings' net income fall in Q2 FY2026?", "a": "PDD Holdings' net income for Q2 FY2026 was $3.99 billion, down 6.1% from $4.25 billion a year earlier, even though operating profit rose to $4.08 billion, up 14.4%. The decline came mainly from a loss of $1.09 billion on the other income line, compared with income of $16.45 million in the same quarter a year earlier." }, { "q": "What were PDD Holdings' earnings per ADS in Q2 FY2026?", "a": "PDD Holdings earned $2.71 per American depositary share (ADS) on a diluted basis in Q2 FY2026, the quarter ended June 30, 2026, compared with $2.87 in the same quarter a year earlier." } ] }, "company_details": { "Name": "PDD Holdings Inc.", "Ticker": "PDD", "CIK": "0001737806", "Exchange": "Nasdaq", "State": "", "Incorporation": "Cayman Islands", "SIC": "7389", "Office": "Trade & Services", "Industry": "Services-Business Services, NEC" }, "next_filing": { "predicted_date": "2026-11-17", "predicted_type": "6-K" }, "fiscal_period": { "fiscal_year": 2026, "fiscal_period": "Q2", "tag": "FY26Q2", "period_end": "2026-06-30", "form": "6-K", "accession": "0001104659-26-100534", "fiscal_year_end": "1231", "source": "derived" }, "source_filings": [ { "role": "annual", "current": false, "form": "20-F", "fiscal_year": 2025, "fiscal_period": "FY", "tag": "FY25", "period_end": "2025-12-31", "filed": "2026-04-29", "accession": "0001104659-26-050727", "url": "https://www.sec.gov/Archives/edgar/data/1737806/000110465926050727/pdd-20251231x20f.htm", "source": "reported" }, { "role": "quarterly", "current": true, "form": "6-K", "fiscal_year": 2026, "fiscal_period": "Q2", "tag": "FY26Q2", "period_end": "2026-06-30", "filed": "2026-08-25", "accession": "0001104659-26-100534", "url": "https://www.sec.gov/Archives/edgar/data/1737806/000110465926100534/0001104659-26-100534-index.htm", "source": "derived" } ], "figure_sources": { "about": "Where each figure in this file is printed in its SEC filing. 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