拼多多控股发布2026年二季度财报：收入低于预期但EPS与现金流部分抵消

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DUBLIN and SHANGHAI, Aug. 24, 2026 (GLOBE NEWSWIRE) -- PDD Holdings Inc. (“PDD Holdings” or the “Company”) (NASDAQ: PDD), today announced its unaudited financial results for the second quarter ended June 30, 2026.
Second
Quarter
2026
Highlights
Total
revenues
in the quarter were RMB112.4 billion (US$
1
16.6 billion), an increase of 8% from RMB104.0 billion in the same quarter of 2025.
Operating
profit
in the quarter was RMB27.8 billion (US$4.1 billion), an increase of 8% from RMB25.8 billion in the same quarter of 2025.
Non-GAAP
2
operating
profit
in the quarter was RMB29.1 billion (US$4.3 billion), an increase of 5% from RMB27.7 billion in the same quarter of 2025.
Net
income
attributable
to
ordinary
shareholders
in the quarter was RMB27.2 billion (US$4.0 billion), a decrease of 12% from RMB30.8 billion in the same quarter of 2025.
Non-GAAP net income attributable to ordinary shareholders
in the quarter was RMB28.5 billion (US$4.2 billion), a decrease of 13% from RMB32.7 billion in the same quarter of 2025.
“Since the start of the year, global trade and regulatory landscapes have continued to evolve, creating significant challenges while also presenting new opportunities,” said Mr. Lei Chen, Co-Chairman and Co-Chief Executive Officer of PDD Holdings. “We feel a strong sense of responsibility that comes with our unique position in global trade and will work diligently to build a trustworthy platform that consumers can rely on over the long run.”
“During the first half of the year, we continued to strengthen ecosystem governance within our daily operations, rolling out targeted trust and safety initiatives across categories,” said Mr. Jiazhen Zhao, Co-Chairman and Co-Chief Executive Officer of PDD Holdings. “We view compliance as a fundamental priority and are fully committed to safeguarding consumer rights and building lasting trust.”
“We stepped up our ecosystem investments in the second quarter,” said Ms. Jun Liu, VP of Finance of PDD Holdings. “At this stage, our priority is helping merchants thrive and strengthening the broader industry ecosystem. We will continue to focus on these fundamentals to drive the platform’s sustainable development over the long term.”
_______________________________
1
This announcement contains translations of certain Renminbi (“RMB”) amounts into U.S. dollars (“US$”) at a specified rate solely for the convenience of the reader. Unless otherwise noted, 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 as set forth in the H.10 Statistical Release of the Federal Reserve Board.
2
The Company’s non-GAAP financial measures exclude share-based compensation expenses. See “Reconciliation of Non-GAAP Measures to the Most Directly Comparable GAAP Measures” set forth at the end of this press release.
Second
Quarter
2026
Unaudited
Financial
Results
Total
revenues
were RMB112.4 billion (US$16.6 billion), an increase of 8% from RMB104.0 billion in the same quarter of 2025. The increase was primarily due to the increase in revenues from transaction services.
Revenues
from
online
marketing
services
and
others
were RMB57.6 billion (US$8.5 billion), compared with RMB55.7 billion in the same quarter of 2025.
Revenues from transaction services
were RMB54.7 billion (US$8.1 billion), an increase of 13% from RMB48.3 billion in the same quarter of 2025.
Total
costs
of
revenues
were RMB48.0 billion (US$7.1 billion), compared with RMB45.9 billion in the same quarter of 2025.
Total
operating
expenses
were RMB36.6 billion (US$5.4 billion), an increase of 13% from RMB32.3 billion in the same quarter of 2025. The increase was primarily due to the increase in sales and marketing expenses.
Sales
and
marketing
expenses
were RMB29.7 billion (US$4.4 billion), compared with RMB27.2 billion in the same quarter of 2025.
General
and
administrative
expenses
were RMB2.3 billion (US$345 million), compared with RMB1.5 billion in the same quarter of 2025.
Research
and
development
expenses
were RMB4.6 billion (US$673 million), compared with RMB3.6 billion in the same quarter of 2025.
Operating profit
in the quarter was RMB27.8 billion (US$4.1 billion), an increase of 8% from RMB25.8 billion in the same quarter of 2025.
Non-GAAP
operating
profit
in the quarter was RMB29.1 billion (US$4.3 billion), an increase of 5% from RMB27.7 billion in the same quarter of 2025.
Net income attributable to ordinary shareholders
in the quarter was RMB27.2 billion (US$4.0 billion), a decrease of 12% from RMB30.8 billion in the same quarter of 2025.
Non-GAAP
net
income
attributable
to
ordinary
shareholders
in the quarter was RMB28.5 billion (US$4.2 billion), a decrease of 13% from RMB32.7 billion in the same quarter of 2025.
Basic
earnings
per
ADS
was RMB19.32 (US$2.85) and diluted earnings per ADS was RMB18.45 (US$2.72), compared with basic earnings per ADS of RMB22.01 and diluted earnings per ADS of RMB20.75 in the same quarter of 2025.
Non-GAAP
diluted
earnings
per ADS
was RMB19.33 (US$2.85), compared with RMB22.07 in the same quarter of 2025.
Net
cash
generated
from
operating
activities
was RMB25.7 billion (US$3.8 billion), compared with RMB21.6 billion in the same quarter of 2025.
Cash,
cash
equivalents
and
short-term
investments
were RMB456.4 billion (US$67.3 billion) as of June 30, 2026, compared with RMB422.3 billion as of December 31, 2025.
Other
non-current
assets
were RMB96.4 billion (US$14.2 billion) as of June 30, 2026, compared with RMB104.7 billion as of December 31, 2025, which mainly included time deposits, held-to-maturity debt securities, and available-for-sale debt securities.
Conference
Call
The Company’s management will hold an earnings conference call at 7:30 AM ET on August 24, 2026 (12:30 PM IST and 7:30 PM HKT on the same day).
The conference call will be webcast live at
https://investor.pddholdings.com/investor-events
. The webcast will be available for replay at the same website following the conclusion of the call.
Use
of
Non-GAAP
Financial
Measures
In evaluating the business, the Company considers and uses non-GAAP measures, such as non-GAAP operating profit, non-GAAP net income attributable to ordinary shareholders, non-GAAP diluted earnings per ordinary share, and non-GAAP diluted earnings per ADS, as supplemental measures to review and assess operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company’s non-GAAP financial measures exclude the impact of share-based compensation expenses.
The Company presents these non-GAAP financial measures because they are used by management to evaluate operating performance and formulate business plans. The Company believes that the non-GAAP financial measures help identify underlying trends in its business by excluding the impact of share-based compensation expenses, which are non-cash charges. The Company also believes that the non-GAAP financial measures may provide further information about the Company’s results of operations, and enhance the overall understanding of the Company’s past performance and future prospects.
The Company’s non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. These non-GAAP financial measures do not reflect all items of income and expenses that affect the Company’s operations and do not represent the residual cash flow available for discretionary expenditures. Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating performance. The Company encourages you to review the Company’s financial information in its entirety and not rely on a single financial measure.
For more information on the non-GAAP financial measures, please see the table captioned “Reconciliation of Non-GAAP Measures to the Most Directly Comparable GAAP Measures” set forth at the end of this press release.
Safe
Harbor
Statements
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue” or other similar expressions. Among other things, the business outlook and quotations from management in this announcement, as well as the Company’s strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s growth strategies; its future business development, results of operations and financial condition; its ability to understand buyer needs and provide products and services to attract and retain buyers; its ability to maintain and enhance the recognition and reputation of its brand; its ability to rely on merchants and third-party logistics service providers to provide delivery services to buyers; its ability to maintain and improve quality control policies and measures; its ability to establish and maintain relationships with merchants; trends and competition in the e-commerce markets globally and in the countries or regions where the Company has operations; changes in its revenues and certain cost or expense items; the expected growth of e-commerce markets globally and in the countries or regions where the Company has operations; developments in the relevant governmental policies and regulations relating to the Company’s industry; and general economic and business conditions globally and in the countries or regions where the Company has operations; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.
About
PDD
Holdings
PDD Holdings is a multinational commerce group that owns and operates a portfolio of businesses. PDD Holdings aims to bring more businesses and people into the digital economy so that local communities and small businesses can benefit from the increased productivity and new opportunities.
PDD HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in millions of Renminbi (“RMB”) and U.S. dollars (“US$”))
As of
December 31, 2025
June 30, 2026
RMB
RMB
(Unaudited)
US$
(Unaudited)
ASSETS
Current
assets
Cash and cash equivalents
108,901
128,918
19,000
Restricted cash
73,831
77,274
11,389
Receivables from online payment platforms
5,109
6,079
896
Short-term investments
313,408
327,496
48,267
Amounts due from related parties
10,205
8,432
1,243
Prepayments and other current assets
7,527
8,581
1,265
Total
current
assets
518,981
556,780
82,060
Non-current
assets
Property, equipment and software, net
1,306
4,752
700
Intangible assets
15
14
2
Right-of-use assets
4,863
4,316
636
Deferred tax assets
172
1,162
171
Other non-current assets
104,708
96,383
14,205
Total
non-current
assets
111,064
106,627
15,714
Total
Assets
630,045
663,407
97,774
PDD HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in millions of Renminbi (“RMB”) and U.S. dollars (“US$”))
As of
December 31, 2025
June 30, 2026
RMB
RMB
(Unaudited)
US$
(Unaudited)
LIABILITIES
AND
SHAREHOLDERS’
EQUITY
Current liabilities
Amounts due to related parties
1,087
1,266
187
Customer advances and deferred revenues
3,379
3,641
537
Payable to merchants
107,407
109,924
16,201
Accrued expenses and other liabilities
81,658
76,883
11,330
Merchant deposits
17,708
18,545
2,733
Lease liabilities
2,499
2,455
362
Total
current liabilities
213,738
212,714
31,350
Non-current liabilities
Lease liabilities
2,880
2,389
352
Other non-current liabilities
42
517
76
Total
non-current liabilities
2,922
2,906
428
Total Liabilities
216,660
215,620
31,778
Shareholders’ equity
Ordinary shares
-*
-*
-*
Additional paid-in capital
125,768
128,599
18,953
Statutory reserves
1,338
1,338
197
Accumulated other comprehensive income/(loss)
2,116
(6,042)
(890)
Retained earnings
284,163
323,892
47,736
Total Shareholders’ Equity
413,385
447,787
65,996
Total Liabilities and Shareholders’ Equity
630,045
663,407
97,774
* Absolute value is less than RMB1 million or US$1 million.
PDD HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Amounts in millions of RMB and US$)
For
the
three
months
ended
June 30,
For
the
six
months
ended
June 30,
2025
2026
2025
2026
RMB
RMB
US$
RMB
RMB
US$
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Revenues
103,985
112,358
16,560
199,657
218,587
32,216
Costs of revenues
(45,859
)
(48,017
)
(7,077
)
(86,805
)
(94,910
)
(13,988
)
Sales and marketing expenses
(27,210
)
(29,668
)
(4,373
)
(60,613
)
(63,441
)
(9,350
)
General and administrative expenses
(1,532
)
(2,342
)
(345
)
(3,191
)
(3,921
)
(578
)
Research and development expenses
(3,591
)
(4,567
)
(673
)
(7,169
)
(8,985
)
(1,324
)
Total
operating
expenses
(32,333
)
(36,577
)
(5,391
)
(70,973
)
(76,347
)
(11,252
)
Operating
profit
25,793
27,764
4,092
41,879
47,330
6,976
Interest and investment income, net
10,423
13,505
1,990
10,646
12,873
1,897
Foreign exchange loss
(799
)
(558
)
(82
)
(1,041
)
(703
)
(104
)
Other income/(loss), net
119
(7,399
)
(1,090
)
3,380
(9,430
)
(1,390
)
Profit
before
income tax
and
share
of
results
of
equity
investees
35,536
33,312
4,910
54,864
50,070
7,379
Share of results of equity investees
37
(38
)
(6
)
(68
)
(134
)
(20
)
Income tax expenses
(4,819
)
(6,092
)
(898
)
(9,300
)
(10,207
)
(1,504
)
Net
income
30,754
27,182
4,006
45,496
39,729
5,855
PDD HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Amounts in millions of RMB and US$, except for per share data)
For
the
three
months
ended
June 30,
For
the
six
months
ended
June
30,
2025
2026
2025
2026
RMB
RMB
US$
RMB
RMB
US$
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Net income
30,754
27,182
4,006
45,496
39,729
5,855
Net income attributable to ordinary shareholders
30,754
27,182
4,006
45,496
39,729
5,855
Earnings per ordinary share:
-Basic
5.50
4.83
0.71
8.16
7.07
1.04
-Diluted
5.19
4.61
0.68
7.67
6.73
0.99
Earnings per ADS (4 ordinary shares equals 1 ADS):
-Basic
22.01
19.32
2.85
32.63
28.27
4.17
-Diluted
20.75
18.45
2.72
30.69
26.90
3.96
Weighted-average number of ordinary shares outstanding
(in millions):
-Basic
5,588
5,627
5,627
5,578
5,622
5,622
-Diluted
5,928
5,894
5,894
5,930
5,907
5,907
PDD HOLDINGS INC.
NOTES TO FINANCIAL INFORMATION
(Amounts in millions of RMB and US$)
For
the
three
months
ended
June 3
0,
For
the
six month
s
ended
June 3
0,
2025
2026
2025
2026
RMB
RMB
US$
RMB
RMB
US$
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Revenues
- Online marketing services and others
55,703
57,637
8,494
104,425
107,573
15,855
- Transaction services
48,282
54,721
8,066
95,232
111,014
16,361
Total
103,985
112,358
16,560
199,657
218,587
32,216
PDD HOLDINGS INC.
NOTES TO FINANCIAL INFORMATION
(Amounts in millions of RMB and US$)
For
the
three
months
ended
June
30
,
For
the
six
months
ended
June
30
,
2025
2026
2025
2026
RMB
RMB
US$
RMB
RMB
US$
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Share-based
compensation
expenses included
in:
Costs of revenues
65
46
7
122
74
11
Sales and marketing expenses
485
319
47
1,122
680
100
General and administrative expenses
865
645
95
1,789
1,352
199
Research and development expenses
540
297
44
1,096
725
107
Total
1,955
1,307
193
4,129
2,831
417
PDD HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in millions of RMB and US$)
For
the
three
months
ended
June 30,
For the six months ended June 30,
2025
2026
2025
2026
RMB
RMB
RMB
RMB
RMB
RMB
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Net cash generated from operating activities
21,642
25,670
3,783
37,159
42,115
6,207
Net cash used in investing activities
(27,022
)
(19,974
)
(2,944
)
(33,406
)
(17,892
)
(2,638
)
Net cash generated from financing activities
-*
-*
-*
-*
-*
-*
Effect of exchange rate changes on cash, cash
equivalents and restricted cash
22
1,242
184
(47
)
(763
)
(111
)
(Decrease)/increase in cash, cash equivalents and restricted cash
(5,358
)
6,938
1,023
3,706
23,460
3,458
Cash, cash equivalents and restricted cash at beginning of period
135,258
199,254
29,366
126,194
182,732
26,931
Cash, cash equivalents and restricted cash at
end of period
129,900
206,192
30,389
129,900
206,192
30,389
* Absolute value is less than RMB1 million or US$1 million.
PDD HOLDINGS INC.
RECONCILIATION OF NON-GAAP MEASURES TO THE MOST DIRECTLY COMPARABLE GAAP MEASURES
(Amounts in millions of RMB and US$, except for per share data)
For
the
three
months
ended
June 30
,
For
the
six
months
ended
June
30
,
2025
2026
2025
2026
RMB
RMB
US$
RMB
RMB
US$
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Operating profit
25,793
27,764
4,092
41,879
47,330
6,976
Add: Share-based compensation expenses
1,955
1,307
193
4,129
2,831
417
Non-GAAP
operating profit
27,748
29,071
4,285
46,008
50,161
7,393
Net income attributable to ordinary shareholders
30,754
27,182
4,006
45,496
39,729
5,855
Add: Share-based compensation expenses
1,955
1,307
193
4,129
2,831
417
Non-GAAP
net
income attributable
to
ordinary
shareholders
32,709
28,489
4,199
49,625
42,560
6,272
Non-GAAP diluted weighted-average number of ordinary shares outstanding (in millions)
5,928
5,894
5,894
5,930
5,907
5,907
Diluted earnings per ordinary share
5.19
4.61
0.68
7.67
6.73
0.99
Add: Non-GAAP adjustments to earnings per ordinary share
0.33
0.22
0.03
0.70
0.47
0.07
Non-GAAP diluted earnings per ordinary share
5.52
4.83
0.71
8.37
7.20
1.06
Non-GAAP diluted earnings per ADS
22.07
19.33
2.85
33.47
28.82
4.24
For investor and media inquiries, please contact:

investor@pddholdings.com
media@pddholdings.com