PDD Holdings Inc. (PDD) Q2 FY2026 Financial Statements: Revenue $16.51B, Net income $3.99B
More for PDD: Company index · 20-F and 6-K summary · 6-K filings and events
PeriodQ2 FY2026
Published
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.
| Metric | Amount | vs. year ago |
|---|---|---|
| Revenue | $16,511,611,605 | up 14.9% |
| Net income | $3,994,540,902 | down 6.1% |
| Diluted EPS per ADS | $2.71 | down 5.6% |
| Operating profit | $4,080,068,928 | up 14.4% |
| Other income (loss) | -$1,087,322,792 | swung from $16.45 million |
Figures link to the filing they came from. Wherever the SEC filing tags a number, that number is linked: click it and the filing opens at the exact line that prints it. Figures calculated here, such as margins, free cash flow and trailing-twelve-month totals, have no line in a filing to point to and are not linked.
About this file
| 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 | yes |
| Units | actual US dollars (not thousands or millions); per-share figures in US dollars per ADS; share counts in actual shares |
PDD annual income statement, balance sheet and cash flow
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Period start | 2025-01-01 | 2024-01-01 | 2023-01-01 |
| Period end | 2025-12-31 | 2024-12-31 | 2023-12-31 |
| Period type | fiscal year | fiscal year | fiscal year |
| Source accession | 20-F | 20-F | 20-F |
| Income statement | |||
| Revenue | 60,082,522,358 | 54,731,955,015 | 34,972,764,117 |
| Revenue by type | |||
| Online marketing services and others | 30,300,066,100 | 27,507,192,395 | 21,683,713,378 |
| Transaction services | 29,782,456,258 | 27,224,762,619 | 13,289,050,739 |
| Cost of revenue | 26,267,912,832 | 21,387,750,922 | 12,953,631,564 |
| Sales and marketing expenses | 17,431,260,168 | 15,467,591,243 | 11,607,095,749 |
| General and administrative expenses | 1,134,982,149 | 1,049,646,422 | 575,578,357 |
| Research and development expenses | 2,295,104,739 | 1,759,289,161 | 1,546,745,365 |
| Total operating expenses | 20,861,347,056 | 18,276,526,827 | 13,729,419,471 |
| Operating income | 12,953,262,471 | 15,067,677,267 | 8,289,713,082 |
| Interest and investment income net | 3,559,470,601 | 2,856,347,762 | 1,445,869,433 |
| Foreign exchange gain loss | -273,615,337 | 81,696,563 | 5,044,686 |
| Other income net | 379,397,104 | 433,569,515 | 416,976,984 |
| Income before tax and equity investees | 16,618,514,839 | 18,439,291,107 | 10,151,392,136 |
| Income tax expense | 3,023,669,702 | 2,816,502,993 | 1,673,498,739 |
| Share of results of equity investees | 17,948,414 | 2,393,782 | -664,745 |
| Net income | 13,612,793,551 | 15,625,181,896 | 8,477,228,652 |
| Net income attributable to ordinary shareholders | 13,612,793,551 | 15,625,181,896 | 8,477,228,652 |
| Share based compensation | 1,104,267,620 | 1,373,532,757 | 999,700,321 |
| Basic EPS | 9.7391 | 11.2900 | 6.2591 |
| Diluted EPS | 9.1826 | 10.5618 | 5.8128 |
| Basic weighted shares | 5,590,930,000 | 5,536,049,000 | 5,416,106,000 |
| Diluted shares | 5,929,576,000 | 5,916,592,000 | 5,839,630,000 |
| Gross profit | 33,814,609,527 | 33,344,204,093 | 22,019,132,553 |
| Interest expense | 0 | 0 | 6,212,049 |
| Cash flow | |||
| Operating cash flow | 14,878,337,424 | 16,944,684,795 | 13,298,072,029 |
| Capex | 159,314,108 | 134,404,386 | 82,458,117 |
| Investing cash flow | -6,041,457,561 | -16,448,104,395 | -7,828,263,744 |
| Financing cash flow | -727,279,545 | 161,763 | -1,265,461,418 |
| Depreciation and amortization | 83,684,091 | 98,497,789 | 111,035,776 |
| Free cash flow | 14,719,023,316 | 16,810,280,410 | 13,215,613,912 |
| Balance sheet | |||
| Cash and cash equivalents | 15,572,576,826 | 7,914,190,813 | |
| Restricted cash | 10,557,667,415 | 9,374,373,981 | |
| Short term investments | 44,816,702,464 | 37,509,330,484 | |
| Total current assets | 74,213,137,521 | 56,943,574,315 | |
| Other non current assets | 14,973,003,818 | 11,426,744,756 | |
| Total assets | 90,095,140,496 | 69,189,417,615 | |
| Payable to merchants | 15,359,019,605 | 12,556,813,256 | |
| Merchant deposits | 2,532,238,492 | 2,255,092,954 | |
| Total debt | 0 | 727,411,807 | |
| Total current liabilities | 30,564,008,523 | 25,813,825,024 | |
| Total liabilities | 30,981,849,394 | 26,265,695,615 | |
| Retained earnings | 40,634,821,324 | 25,676,628,033 | |
| Total shareholders equity | 59,113,291,101 | 42,923,722,001 | |
| Total liabilities and shareholders equity | 90,095,140,496 | 69,189,417,615 | |
| Conversion | |||
| Currency | CNY | CNY | CNY |
| Average | |||
| Cny per USD | 7.187543 | 7.195725 | 7.080916 |
| Ads ratio | 4.0 | 4.0 | 4.0 |
| Closing | |||
| Cny per USD | 6.9931 | 7.2993 | |
- Conversion: average source, FY2025. FRED DEXCHUS, average of 250 daily rates 2025-01-01 to 2025-12-31
- Conversion: average source, FY2024. FRED DEXCHUS, average of 251 daily rates 2024-01-01 to 2024-12-31
- Conversion: average source, FY2023. FRED DEXCHUS, average of 249 daily rates 2023-01-01 to 2023-12-31
- Conversion: closing source, FY2025. FY2025 20-F, consolidated financial statements: 'translated at the noon buying rate of US$ 1.00 to RMB 6.9931 on December 31, 2025'
- Conversion: closing source, FY2024. FRED DEXCHUS, rate on 2024-12-31
PDD quarterly income statement, balance sheet and cash flow
| Q2 2026 | Q2 2025 | |
|---|---|---|
| Period start | 2026-04-01 | 2025-04-01 |
| Period end | 2026-06-30 | 2025-06-30 |
| Period type | three months | three months |
| Source accession | 6-K | 6-K |
| Fiscal quarter | 2 | 2 |
| Income statement | ||
| Revenue | 16,511,611,605 | 14,376,313,929 |
| Revenue by type | ||
| Online marketing services and others | 8,470,066,734 | 7,701,147,423 |
| Transaction services | 8,041,544,871 | 6,675,166,506 |
| Operating income | 4,080,068,928 | 3,565,978,412 |
| Interest and investment income net | 1,984,632,289 | 1,441,018,609 |
| Income before tax and equity investees | 4,895,377,328 | 4,912,984,486 |
| Net income | 3,994,540,902 | 4,251,855,158 |
| Net income attributable to ordinary shareholders | 3,994,540,902 | 4,251,855,158 |
| Share based compensation | 192,070,670 | 270,286,039 |
| Basic EPS | 2.8392 | 3.0416 |
| Diluted EPS | 2.7099 | 2.8701 |
| Basic weighted shares | 5,627,000,000 | 5,588,000,000 |
| Diluted shares | 5,894,000,000 | 5,928,000,000 |
| Cost of revenue | 7,056,356,062 | 6,340,177,722 |
| Sales and marketing expenses | 4,359,871,955 | 3,761,883,945 |
| General and administrative expenses | 344,169,480 | 211,804,712 |
| Research and development expenses | 671,145,181 | 496,469,138 |
| Total operating expenses | 5,375,186,615 | 4,470,157,795 |
| Foreign exchange gain loss | -82,001,097 | -110,464,729 |
| Other income net | -1,087,322,792 | 16,452,194 |
| Share of results of equity investees | -5,584,304 | 5,115,388 |
| Income tax expense | 895,252,122 | 666,244,716 |
| Gross profit | 9,455,255,543 | 8,036,136,206 |
| Non GAAP | ||
| Non GAAP operating income | 4,272,139,598 | 3,836,264,451 |
| Non GAAP net income attributable to ordinary shareholders | 4,186,611,572 | 4,522,141,196 |
| Non GAAP diluted EPS | 2.8392 | 3.0526 |
| Cash flow | ||
| Operating cash flow | 3,772,344,381 | 2,992,087,186 |
| Investing cash flow | -2,935,286,586 | -3,735,892,244 |
| Balance sheet | ||
| Cash and cash equivalents | 19,000,162,120 | |
| Restricted cash | 11,388,778,353 | |
| Short term investments | 48,266,937,849 | |
| Total current assets | 82,059,217,992 | |
| Other non current assets | 14,205,096,461 | |
| Total assets | 97,774,093,234 | |
| Payable to merchants | 16,200,792,914 | |
| Merchant deposits | 2,733,194,794 | |
| Total current liabilities | 31,350,164,331 | |
| Total liabilities | 31,778,455,734 | |
| Retained earnings | 47,735,773,975 | |
| Total shareholders equity | 65,995,637,500 | |
| Total liabilities and shareholders equity | 97,774,093,234 | |
| Total debt | 0 | |
| Conversion | ||
| Currency | CNY | CNY |
| Average | ||
| Cny per USD | 6.804787 | 7.233078 |
| Ads ratio | 4.0 | 4.0 |
| Closing | ||
| Cny per USD | 6.7851 | |
- Conversion: average source, Q2 2026. FRED DEXCHUS, average of 63 daily rates 2026-04-01 to 2026-06-30
- Conversion: average source, Q2 2025. FRED DEXCHUS, average of 63 daily rates 2025-04-01 to 2025-06-30
- Conversion: closing source, Q2 2026. 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'
PDD year-to-date income statement and cash flow
| H1 2026 (six months ended June 30, 2026) | H1 2025 (six months ended June 30, 2025) | |
|---|---|---|
| Period start | 2026-01-01 | 2025-01-01 |
| Period end | 2026-06-30 | 2025-06-30 |
| Period type | six months | six months |
| Source accession | 6-K | 6-K |
| Income statement | ||
| Revenue | 31,853,035,982 | 27,529,001,300 |
| Revenue by type | ||
| Online marketing services and others | 15,675,802,494 | 14,398,272,842 |
| Transaction services | 16,177,233,488 | 13,130,728,458 |
| Operating income | 6,897,044,166 | 5,774,338,217 |
| Interest and investment income net | 1,875,885,264 | 1,467,886,164 |
| Income before tax and equity investees | 7,296,323,714 | 7,564,729,147 |
| Net income | 5,789,407,726 | 6,273,055,506 |
| Net income attributable to ordinary shareholders | 5,789,407,726 | 6,273,055,506 |
| Share based compensation | 412,540,292 | 569,312,603 |
| Basic EPS | 4.1210 | 4.5005 |
| Diluted EPS | 3.9228 | 4.2302 |
| Basic weighted shares | 5,622,000,000 | 5,578,000,000 |
| Diluted shares | 5,907,000,000 | 5,930,000,000 |
| Cost of revenue | 13,830,518,947 | 11,968,801,283 |
| Sales and marketing expenses | 9,244,778,764 | 8,357,409,737 |
| General and administrative expenses | 571,377,777 | 439,979,781 |
| Research and development expenses | 1,309,316,328 | 988,472,282 |
| Total operating expenses | 11,125,472,869 | 9,785,861,799 |
| Foreign exchange gain loss | -102,442,891 | -143,534,614 |
| Other income net | -1,374,162,824 | 466,039,380 |
| Share of results of equity investees | -19,526,810 | -9,375,940 |
| Income tax expense | 1,487,389,178 | 1,282,297,701 |
| Gross profit | 18,022,517,035 | 15,560,200,016 |
| Non GAAP | ||
| Non GAAP operating income | 7,309,584,458 | 6,343,650,820 |
| Non GAAP net income attributable to ordinary shareholders | 6,201,948,018 | 6,842,368,109 |
| Non GAAP diluted EPS | 4.1968 | 4.6163 |
| Cash flow | ||
| Operating cash flow | 6,137,101,522 | 5,123,537,664 |
| Investing cash flow | -2,607,266,305 | -4,606,068,495 |
| Conversion | ||
| Currency | CNY | CNY |
| Average | ||
| Cny per USD | 6.86236 | 7.252606 |
| Ads ratio | 4.0 | 4.0 |
- Conversion: average source, H1 2026 (six months ended June 30, 2026). FRED DEXCHUS, average of 124 daily rates 2026-01-01 to 2026-06-30
- Conversion: average source, H1 2025 (six months ended June 30, 2025). FRED DEXCHUS, average of 124 daily rates 2025-01-01 to 2025-06-30
PDD trailing twelve month income statement and cash flow
| Twelve months ended June 30, 2026 | |
|---|---|
| Period start | 2025-07-01 |
| Period end | 2026-06-30 |
| Period type | trailing twelve months |
| Source accession | 6-K |
| Derived from | 0001104659-26-050727; 0001104659-26-100534 |
| Income statement | |
| Revenue | 64,451,990,933 |
| Cost of revenue | 28,153,779,657 |
| Operating income | 14,091,116,347 |
| Net income | 13,165,034,335 |
| Gross profit | 36,298,211,276 |
| Cash flow | |
| Operating cash flow | 15,998,756,645 |
| Conversion | |
| Currency | CNY |
| Average | |
| Cny per USD | 6.993981 |
- Conversion: average source. FRED DEXCHUS, average of 250 daily rates 2025-07-01 to 2026-06-30
Adjustments
| Splits applied | none |
|---|---|
| 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'. |
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.
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 |
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 | Current | Form | Fiscal year | Fiscal period | Tag | Period end | Filed | Accession | Source |
|---|---|---|---|---|---|---|---|---|---|
| annual | no | 20-F | 2025 | FY | FY25 | 2025-12-31 | 2026-04-29 | 0001104659-26-050727 | reported |
| quarterly | yes | 6-K | 2026 | Q2 | FY26Q2 | 2026-06-30 | 2026-08-25 | 0001104659-26-100534 | derived |
FAQ · PDD financial statements
How much revenue did PDD Holdings make in Q2 FY2026?
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.
Why did PDD Holdings' net income fall in Q2 FY2026?
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.
What were PDD Holdings' earnings per ADS in Q2 FY2026?
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.
Where can I get PDD Holdings Inc. (PDD) financial data in machine-readable form?
Ticker Scout publishes PDD Holdings Inc.'s financial statements as JSON at https://tickerscout.ai/pdd/financials.json, free, with no API key and no signup. The 20-F and 6-K narrative and the 6-K events digest are published as Markdown at https://tickerscout.ai/pdd/narrative.md and https://tickerscout.ai/pdd/events.md. PDD Holdings Inc.'s SEC CIK is 0001737806. Every figure cites the SEC accession number it came from, so it can be checked against sec.gov.
When does PDD Holdings Inc. (PDD) next file with the SEC?
PDD Holdings Inc. (PDD) is expected to file its next Form 6-K with the SEC on or around November 17, 2026. That date is a projection rather than a company-announced date: it is derived from PDD Holdings Inc.'s own filing history with the SEC, by taking the date the company filed the same fiscal period a year earlier and adding 52 weeks. The most recent periodic report on file is the 6-K for Q2 FY2026, the period ended 2026-06-30, SEC accession 0001104659-26-100534.
How this page was built
This page was built from two of PDD Holdings Inc.'s own filings with the SEC, read one at a time. Nothing on it is taken from a pre-tagged dataset, a data vendor or another website. The figures are on the company's own fiscal calendar and in actual dollars, as the filings report them. Where the filings do not support a figure, the record says so instead of reporting a zero; this period names four such gaps.
A single company files thousands of pages with the SEC in a year, and no two companies file them the same way, so the reading and the assembly here are done by AI rather than by rules that break on the differences. Every pass is then audited back against the filings it came from before the page is published, and anything the filings do not support is left out and named rather than filled in. AI can still make mistakes. That is why the accession numbers are printed: the filing is the authority, and this page is a route to it.
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Built from PDD Holdings Inc.'s SEC filings by Ticker Scout; accession numbers are cited throughout so every figure can be checked against sec.gov. Free to cite with attribution: Ticker Scout (tickerscout.ai). Not investment advice, see the Disclaimer.