PDD

MKT CAP:$137B

PDD Holdings Inc.

Market Cap

$137B

Consumer Cyclical·Specialty Retail·🇮🇪 Ireland·NASDAQ

Consumer Cyc.·Specialty Retail·🇮🇪·NASDAQ

Stock Price

$97.88-$17.87 (-15.44%)

Apr 24, 2026

Company Details

PDD Holdings Inc., a multinational commerce group, owns and operates a portfolio of businesses. It operates Pinduoduo, an e-commerce platform that offers products in various categories, including agricultural produce, apparel, shoes, bags, ...

CEO

Lei Chen

IPO Date

Jul 26, 2018

Website

www.pddholdings.com

Key Metrics TTM

Revenue

$61.2B

+12.5% YoY

Net Income

$14.9B

EPS (Diluted)

$10.08

Free Cash Flow

$16.3B

Revenue / Share

$41.09

Gross Margin

56.6%

Operating Margin

22.1%

Net Margin

24.4%

FCF Margin

26.6%

P/S

2.2x

P/E

9.2x

Earnings Reports

Q3 2025

Nov 18, 2025

$15.8B+9.0%EPS $2.88

Q2 2025

Aug 25, 2025

$15.2B+7.1%EPS $3.03

Q1 2025

May 27, 2025

$14.0B+10.2%EPS $1.46

FY 2024

Apr 28, 2025

$57.5B+59.0%EPS $11.10

Q4 2024

Apr 28, 2025

$16.2B+24.4%EPS $2.71

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$4.0B	$3.0B	$1.0B
Q1 22	$3.5B	$2.4B	$315M
Q2 22	$4.6B	$3.4B	$1.3B
Q3 22	$5.2B	$4.1B	$1.5B
Q4 22	$5.8B	$4.5B	$1.3B
Q1 23	$5.5B	$3.9B	$1.0B
Q2 23	$7.6B	$4.9B	$1.9B
Q3 23	$10.1B	$6.1B	$2.4B
Q4 23	$13.0B	$7.9B	$3.3B
Q1 24	$12.7B	$7.9B	$3.8B
Q2 24	$14.2B	$9.3B	$4.8B
Q3 24	$14.5B	$8.7B	$3.5B
Q4 24	$16.2B	$9.2B	$3.7B
Q1 25	$14.0B	$8.0B	$2.4B
Q2 25	$15.2B	$8.5B	$3.8B
Q3 25	$15.8B	$9.0B	$3.7B

Valuation

Quarter	P/S	P/E
Q4 21	5.8x	69.8x
Q1 22	4.4x	31.8x
Q2 22	6.1x	32.0x
Q3 22	4.6x	19.0x
Q4 22	6.6x	27.4x
Q1 23	4.8x	18.8x
Q2 23	4.0x	16.2x
Q3 23	4.7x	20.2x
Q4 23	5.6x	23.2x
Q1 24	3.8x	14.1x
Q2 24	3.7x	12.8x
Q3 24	3.4x	11.8x
Q4 24	2.3x	8.0x
Q1 25	2.8x	11.4x
Q2 25	2.4x	10.2x
Q3 25	3.0x	12.2x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$2.4B	$2.4B
Q1 22	-$1.3B	-$1.3B
Q2 22	$2.8B	$2.8B
Q3 22	$1.7B	$1.7B
Q4 22	$562M	$470M
Q1 23	$196M	$196M
Q2 23	$3.4B	$3.4B
Q3 23	$4.8B	$4.8B
Q4 23	$5.4B	$5.3B
Q1 24	$3.1B	$3.1B
Q2 24	$6.4B	$6.4B
Q3 24	$4.0B	$4.0B
Q4 24	$4.3B	$4.2B
Q1 25	$2.3B	$2.3B
Q2 25	$3.2B	$3.2B
Q3 25	$6.7B	$6.7B

Capital Expenditures

Quarter	CapEx
Q4 21	$6M
Q1 22	$0
Q2 22	$0
Q3 22	$0
Q4 22	$93M
Q1 23	$0
Q2 23	$0
Q3 23	$0
Q4 23	$85M
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q4 24	$141M
Q1 25	$0
Q2 25	$0
Q3 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+2.6%	-28.9%
Q1 22	+7.3%	-17.8%
Q2 22	+36.4%	+8.0%
Q3 22	+65.1%	+29.4%
Q4 22	+46.2%	+51.1%
Q1 23	+58.2%	+41.9%
Q2 23	+66.3%	+74.0%
Q3 23	+93.9%	+108.2%
Q4 23	+123.2%	+116.5%
Q1 24	+130.7%	+98.1%
Q2 24	+85.7%	+63.0%
Q3 24	+44.3%	+43.8%
Q4 24	+24.4%	+27.9%
Q1 25	+10.2%	+30.8%
Q2 25	+7.1%	+21.2%
Q3 25	+9.0%	+10.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$528M	13.3%
Q1 22	$222M	6.4%
Q2 22	$269M	5.9%
Q3 22	$272M	5.3%
Q4 22	$1.1B	19.4%
Q1 23	$224M	4.1%
Q2 23	$276M	3.6%
Q3 23	$215M	2.1%
Q4 23	$319M	2.5%
Q1 24	$377M	3.0%
Q2 24	$354M	2.5%
Q3 24	$362M	2.5%
Q4 24	$351M	2.2%
Q1 25	$318M	2.3%
Q2 25	$286M	1.9%
Q3 25	$300M	1.9%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q4 21	$296M	$61M	$1.7B
Q1 22	$390M	$87M	$1.6B
Q2 22	$382M	$121M	$1.7B
Q3 22	$394M	$132M	$2.1B
Q4 22	$352M	$240M	$2.6B
Q1 23	$366M	$119M	$2.4B
Q2 23	$399M	$87M	$2.6B
Q3 23	$416M	$111M	$3.2B
Q4 23	$419M	$278M	$3.9B
Q1 24	$425M	$266M	$3.4B
Q2 24	$425M	$269M	$3.8B
Q3 24	$448M	$264M	$4.5B
Q4 24	$552M	$305M	$4.6B
Q1 25	$523M	$242M	$4.9B
Q2 25	$525M	$224M	$4.0B
Q3 25	$633M	$256M	$4.4B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$1.1B	$12.8B	$13.9B
Q2 22	$1.9B	$15.5B	$17.4B
Q3 22	$3.7B	$16.4B	$20.1B
Q4 22	$5.0B	$16.8B	$21.8B
Q1 23	$2.9B	$20.1B	$22.9B
Q2 23	$4.6B	$21.6B	$26.2B
Q3 23	$8.0B	$21.6B	$29.6B
Q4 23	$8.7B	$23.0B	$31.7B
Q1 24	$8.1B	$27.3B	$35.4B
Q2 24	$8.3B	$33.3B	$41.6B
Q3 24	$9.5B	$35.5B	$45.1B
Q4 24	$8.4B	$40.0B	$48.4B
Q1 25	$10.2B	$43.0B	$53.3B
Q2 25	$9.2B	$47.3B	$56.6B
Q3 25	$13.5B	$48.4B	$61.9B
Q4 25	$26.7B	$45.8B	$72.5B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	1.42B	-0.3%	+17.1%
Q1 22	1.42B	+0.1%	+14.1%
Q2 22	1.43B	+0.5%	-0.0%
Q3 22	1.44B	+1.0%	+1.3%
Q4 22	1.45B	+0.6%	+2.2%
Q1 23	1.46B	+0.7%	+2.9%
Q2 23	1.46B	-0.3%	+2.0%
Q3 23	1.47B	+0.5%	+1.5%
Q4 23	1.47B	+0.3%	+1.3%
Q1 24	1.48B	+0.4%	+1.0%
Q2 24	1.48B	+0.3%	+1.6%
Q3 24	1.48B	-0.3%	+0.8%
Q4 24	1.48B	+0.3%	+0.7%
Q1 25	1.48B	+0.1%	+0.4%
Q2 25	1.48B	-0.1%	+0.0%
Q3 25	1.49B	+0.4%	+0.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$407.6K	10K
Q1 22	$356.1K	10K
Q2 22	$470.6K	10K
Q3 22	$531.4K	10K
Q4 22	$447.8K	13K
Q1 23	$423.3K	13K
Q2 23	$588.0K	13K
Q3 23	$774.2K	13K
Q4 23	$746.2K	17K
Q1 24	$728.9K	17K
Q2 24	$814.9K	17K
Q3 24	$834.2K	17K
Q4 24	$688.8K	23K
Q1 25	$595.7K	23K
Q2 25	$647.5K	23K
Q3 25	$674.2K	23K

Revenue / Employee