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Earnings are out

PDD · NASDAQ · Specialty Retail

PDD (ADR)

Operates Pinduoduo in China and Temu for international value-focused commerce.

$85.92

After-hours close+0.18 (+0.20%)

At close$85.74(+1.24%)

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Profile

PDD Holdings Inc.PDDConsumer Discretionary

Runs Pinduoduo for interactive, value-focused commerce in China and Temu for international consumers. Revenue comes mainly from online marketing and transaction services provided to third-party merchants, while the group depends on external logistics partners and an ADS/VIE structure.

Operates Pinduoduo, an interactive China-facing marketplace built around team purchasing and demand aggregation, and Temu, an international marketplace connecting consumers with merchants, manufacturers, and brands. Duo Duo Grocery adds next-day pickup within the Pinduoduo app.

Earns primarily from online marketing and transaction services supplied to third-party merchants. The platforms use aggregated demand, merchant networks, and external logistics and fulfillment partners to match value-focused shoppers with merchandise across China and international markets.

Relies on a Cayman holding company, contractual arrangements with a Chinese variable-interest entity, and ADS ownership that does not confer equity in that entity. Temu also operates under local marketplace, product-safety, consumer-protection, tax, data, and customs regimes.

Company facts

CEOLei Chen and Jiazhen Zhao

ListedJul 26, 2018

ExchangeNASDAQ

HeadquartersDublin, Ireland

CountryIreland

Employees23,465

CIK0001737806

ISINUS7223041028

Key statistics

Market cap$121.97B

EPS (ttm)$9.38

P/E (ttm)9.14

ROE22.0%

P/B1.81

P/S1.82

Dividend yield—

Beta0.99vs XLY 0.18

Year to date −25.9% · Average volume (30d) 6.1M

Analysts

Price target, next 12 months$105.00+22.5%Median of 28 analysts · vs the Aug 28 close

ConsensusHold13 of 28 analysts rate it buy or better

Ratings

Strong buyBuyHoldSellStrong sell

Target range

Last close $85.69

High$136.00+58.7%

Median$105.00+22.5%

Low$80.00−6.6%

12 months agoNowIn 12 months

Latest analyst notes

Date	Firm	Action	Prior rating	Rating	Prior target	Target
Aug 24, 2026	Deutsche Bank	Reiterate		Hold		$105
Jun 24, 2026	Daiwa	Downgrade	Hold	Neutral
Jun 24, 2026	Daiwa Capital	Downgrade	Buy	Hold
Jun 23, 2026	Daiwa	Downgrade		Hold	$180	$80
Jun 23, 2026	Daiwa Capital	Downgrade	Buy	Hold

Earnings

EPS

Estimate$2.79

ReportedDue Nov 18, 2026

Revenue

Estimate$17.27B

ReportedDue Nov 18, 2026

History

Report date	EPS est	EPS	Surprise	Revenue est	Revenue	Surprise	Next session
Aug 24, 2026Q2 FY26	$2.76	$2.85	+3.3%	$16.94B	$16.54B	−2.4%	−1.48%
May 27, 2026Q1 FY26	$2.40	$1.38	−42.5%	$15.92B	$15.40B	−3.3%	−4.13%
Mar 25, 2026Q4 FY25	$2.98	$2.53	−15.1%	$17.80B	$17.71B	−0.5%	−1.94%
Nov 18, 2025Q3 FY25	$2.21	$2.96	+33.9%	$17.57B	$15.21B	−13.5%	−1.30%

View details

Financial highlights

	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
Revenue	$14.24B	$15.47B	$16.11B	$18.44B	$15.81B	$16.72B
Gross profit	$8.14B	$8.65B	$9.14B	$10.23B	$8.83B	$9.57B
Operating income	$2.39B	$3.84B	$3.72B	$3.90B	$2.91B	$4.13B
Net income	$2.19B	$4.58B	$4.36B	$3.43B	$1.87B	$4.04B
Diluted EPS	$1.48	$3.09	$2.93	$2.46	$1.25	$2.74
Gross margin	57.2%	55.9%	56.7%	55.5%	55.9%	57.3%
Operating margin	16.8%	24.8%	23.1%	21.1%	18.4%	24.7%

Fiscal years (4-quarter sums)FY21 $13.98B · FY22 $19.43B · FY23 $36.85B · FY24 $58.60B · FY25 $64.26B

Revenue by product · FY25

Online Marketing Services And Others$32.40B · 50%

Transaction Services$31.85B · 50%

Balance sheet, Jun 30, 2026Cash & short-term investments $67.91B · Total debt $720.7M · Total assets $98.71B · Shareholders' equity $66.63B

Dividends

No dividends on record.

Ownership

Institutions 32.36%Insiders —

Shares outstanding — · Float —

Shares outstanding and float — provider count disagrees with the price.

Insiders — filings are in the shares behind the receipt.

The provider's share count does not square with the market price, so neither it nor anything divided by it is shown.

This listing is a depositary receipt and the Form 4 positions here are filed in the shares behind it, a different unit from the share count and in a ratio the filings never state, so no insider percentage is shown.

The institutional figure is the one the filers report, not a quotient recomputed on the share count.

Top shareholders13F · 13D/G · Form 4

Holder	Shares	Form	Filed
BlackRock, Inc.	31.97M	13F	Aug 7, 2026
Baillie Gifford & Co	26.59M	13F	Aug 6, 2026
H&H International Investment, LLC	25.02M	13F	Aug 14, 2026
Vanguard Capital Management LLC	24.65M	13F	Aug 13, 2026
Invesco Ltd.	22.23M	13F	Aug 14, 2026

Insider tradesForm 4

Date	Insider	Role	Shares	Avg price
Mar 30, 2026	Anthony Ping Leung Kam	director	−1,533	$99.43
Mar 30, 2026	Ivonne MCM Rietjens	director	−560	$99.59