PDD Holdings Q4 Revenues Rise 12% to RMB123.9 B; Net Income Falls 11%
PDD Holdings reported fourth-quarter revenues of RMB123.9 billion (US$17.7 billion), up 12% year-over-year, with operating profit rising to RMB27.7 billion (US$3.96 billion). Net income fell 11% to RMB24.5 billion (US$3.51 billion) while cash and short-term investments climbed 27% to RMB422.3 billion.
1. Q4 Revenue and Operating Profit Performance
In the fourth quarter of 2025, PDD Holdings delivered total revenues of RMB123.9 billion (US$17.7 billion), marking a 12% increase from the same period a year earlier. Growth was powered by a 19% surge in transaction service revenues to RMB63.9 billion and a 5% rise in online marketing and other services to RMB60.0 billion, lifting operating profit by 8.3% to RMB27.7 billion (US$3.96 billion).
2. Net Income, EPS and Cash Flow Trends
Despite top‐line growth, net income attributable to ordinary shareholders declined 11% year-over-year to RMB24.5 billion (US$3.51 billion), with non-GAAP net income down 12% to RMB26.3 billion (US$3.76 billion). Basic earnings per ADS dropped to RMB17.50 and diluted EPS to RMB16.51, while net cash generated from operating activities fell to RMB24.1 billion (US$3.45 billion).
3. Balance Sheet Strength and FY 2025 Revenue Growth
PDD’s liquidity improved as cash, cash equivalents and short-term investments rose 27% to RMB422.3 billion (US$60.4 billion), and other non-current assets grew to RMB104.7 billion (US$15.0 billion). For the full fiscal year, total revenues reached RMB431.8 billion (US$61.8 billion), up 10% from 2024, underscoring continued top-line expansion.