Jun 2026 (Q2 FY26) — Aug 24, 2026
PDD Holdings Q2 FY26 — Strategic Investments Weigh on Net Income Amidst Strong Revenue Growth
Read the full callPDD Holdings (PDD) earnings
- Jun 2026 (Q2 FY26)
- Dec 2025
PDD Holdings earnings: last reported Mon, 24 Aug 2026, for the quarter ended Jun 2026.
Guidance
What management said, and what became of it
1 of 1 judged target kept · 4 open · verdicts reflect calls analysed to Mar 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Investment in the new first-party brand business (dedicated company) | RMB 100 billion over the next few years | Mar 2026 | In March, we incorporated a dedicated company in Changan, marking the official launch of our [first]-party brand business with an initial cash injection of RMB 15 billion and plan to invest RMB 100 billion over the next few years | New |
4 of PDD Holdings Inc.'s 5 targets are still open. See which are on track and which have gone quiet. The 1 above are the free sample; 4 more targets are in the full ledger.
Claimed
- Group revenue increased 8% year-over-year to RMB 112.4 billion.
- Revenues from transaction services grew 13% year-over-year to RMB 54.7 billion.
- Net cash generated from operating activities increased to RMB 25.7 billion from RMB 21.6 billion in Q2 2025.
- The CNY 100 billion support program is yielding tangible results, improving quality and efficiency across the supply and demand sides.
- Free shipping to villages program has established last-mile delivery networks across more than 10 provinces, significantly increasing order volumes in pilot villages.
Qualified
- Group net income declined 12% year-over-year to RMB 27.2 billion, mainly due to continued investments.
- Non-GAAP net income attributable to ordinary shareholders decreased to RMB 28.5 billion from RMB 32.7 billion in Q2 2025.
- Initial rollout of the third-party brand model was slower than expected due to external factors.
- Cross-border orders in affected markets face lower fulfillment efficiency and higher costs due to EU customs duty changes, impacting parts of the global business.
- Non-GAAP operating profit margin decreased to 26% from 27% in Q2 2025.
Price
$81.39 +0.52% · +$0.42
Performance −36.7% 1Y
1Y: $128.48 on 17 Oct 2025 → $81.39. High $138.13 (10 Nov 2025), low $73.3 (25 Jun 2026).
- Previous close
- $80.97
- 52-week range
- $73.3 – $138.13
- One year
- −38.13%
Overview
- Symbol
- PDD
- Sector
- Industrials
- Industry
- Services-Business Services, NEC
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
1 of 1 judged target kept · 4 open · verdicts reflect calls analysed to Mar 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Investment in the new first-party brand business (dedicated company) | RMB 100 billion over the next few years | Mar 2026 | In March, we incorporated a dedicated company in Changan, marking the official launch of our [first]-party brand business with an initial cash injection of RMB 15 billion and plan to invest RMB 100 billion over the next few years | New |
Claimed
- Group revenue increased 8% year-over-year to RMB 112.4 billion.
- Revenues from transaction services grew 13% year-over-year to RMB 54.7 billion.
- Net cash generated from operating activities increased to RMB 25.7 billion from RMB 21.6 billion in Q2 2025.
- The CNY 100 billion support program is yielding tangible results, improving quality and efficiency across the supply and demand sides.
- Free shipping to villages program has established last-mile delivery networks across more than 10 provinces, significantly increasing order volumes in pilot villages.
Qualified
- Group net income declined 12% year-over-year to RMB 27.2 billion, mainly due to continued investments.
- Non-GAAP net income attributable to ordinary shareholders decreased to RMB 28.5 billion from RMB 32.7 billion in Q2 2025.
- Initial rollout of the third-party brand model was slower than expected due to external factors.
- Cross-border orders in affected markets face lower fulfillment efficiency and higher costs due to EU customs duty changes, impacting parts of the global business.
- Non-GAAP operating profit margin decreased to 26% from 27% in Q2 2025.
The full ledger
Open PDD Holdings Inc.’s full ledger
A free account opens 5 company ledgers a month. All 5 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 27, 2026
PDD Holdings Inc. Q1 FY26 — Strategic Shift to First-Party Brand Business and Supply Chain Investment
Read the full callDec 2025 (Q4 FY25) — Mar 25, 2026
PDD Holdings Inc. Q4 FY25 — Sustained Investments in Supply Chain Drive Steady Growth
Read the full callEvery analysed call
PDD Holdings earnings calls (PDD)
Financials
What the filings say
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | — | — | — | — | 0 | 0 | 0 | 0 |
| Reserves | -1,648 | -2,628 | -3,904 | -2,779 | 2,203 | 10,580 | 25,677 | 40,635 |
| Total liabilities | 3,543 | 7,385 | 15,131 | 16,649 | 17,304 | 22,653 | 26,266 | 30,982 |
| Fixed assets | 4 | 6 | 31 | 346 | 151 | 138 | 120 | 187 |
| Investments | 1,110 | 2 | 9,893 | 13,576 | 7 | 2,416 | 6,094 | 9,443 |
| Total assets | 6,281 | 10,925 | 24,354 | 28,436 | 34,379 | 49,026 | 69,189 | 90,095 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,130 | 2,129 | 4,321 | 4,517 | 7,033 | 13,263 | 16,704 | 15,292 |
| Cash from investing | -1,098 | -4,068 | -5,879 | -5,581 | -3,242 | -7,807 | -16,215 | -6,209 |
| Cash from financing | 2,523 | 2,277 | 7,939 | -294 | 1 | -1,262 | 0 | -748 |
| Net cash flow | 2,634 | 403 | 6,360 | -1,381 | 3,807 | 4,152 | 605 | 8,085 |
| Capital expenditure | -4 | -4 | -7 | — | — | — | — | — |
| Free cash flow | 1,126 | 2,125 | 4,315 | — | — | — | — | — |
Insider filings
5 filings between Mar 30, 2026 and Sep 3, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$348.3K
3 sales by 2 insiders
Compensation
not trading decisions- 2
- Option exercise — converted options into shares
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Kam Anthony Ping Leung | — | $292.6K | Sep 3, 2026 |
| Rietjens Ivonne MCM | — | $55.8K | Mar 30, 2026 |
Latest filings (5)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 3, 2026 | Kam Anthony Ping Leung Director | Sale | 1,705 | $140.2K |
| Sep 1, 2026 | Kam Anthony Ping Leung Director | Option exercise | 1,705 | — |
| Aug 1, 2026 | Yeo George Yong-Boon Director | Option exercise | 1,584 | — |
| Mar 30, 2026 | Kam Anthony Ping Leung Director | Sale | 1,533 | $152.4K |
| Mar 30, 2026 | Rietjens Ivonne MCM Director | Sale | 560 | $55.8K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
Your own record
Start an Inve Case for PDD Holdings Inc.
Free account. Everything above stays public.
Write why you follow PDD Holdings Inc. and the condition you want checked. Inve compares your numeric conditions with available results and management guidance; your own conditions remain yours to review.
Keep reading