PDD (PDD) Q4 2025 earnings summary

Executive summary

• Celebrated 10th anniversary with largest investment in high-quality development, focusing on supply chain and brand-oriented growth.

• Fourth quarter 2025 revenues rose 12% year-over-year to RMB123.9 billion, driven by growth in online marketing and transaction services.

• Operating profit increased 8% year-over-year to RMB27.7 billion, while net income attributable to shareholders fell 11% to RMB24.5 billion.

• Fiscal year 2025 revenues grew 10% to RMB431.8 billion, but annual net income declined 12% to RMB99.4 billion.

• Management emphasized long-term investments in supply chain and ecosystem, acknowledging these will impact near-term financials.

Financial highlights

• Q4 revenue reached RMB123.9 billion, up 12% year-over-year; full-year revenue was RMB431.8 billion, up 10%.

• Q4 net income attributable to shareholders was RMB24.5 billion; full-year net income was RMB99.4 billion.

• Q4 non-GAAP net income was RMB26.3 billion; full-year non-GAAP net income was RMB107.3 billion.

• Q4 non-GAAP operating profit was RMB29.5 billion (24% margin); full-year non-GAAP operating profit was RMB102.6 billion.

• Cash, cash equivalents, and short-term investments reached RMB422.3 billion at year-end 2025.

Outlook and guidance

• Will dedicate more talent and resources to accelerate supply chain upgrade and transformation over the next three years.

• Strategic priority is high-quality supply chain development, not business diversification.

• Management expects continued fluctuations in profit margins due to ongoing investments and a volatile macro environment.

• Management reiterated commitment to high-quality development and significant supply chain investment for long-term growth.

• Acknowledged that ongoing investments will continue to affect financial performance in the near term.