PDD 2025Q4 Income Statement

RMB bn, YoY versus the same quarter last year

Notes

  • The dashboard covers eight quarters from 2024Q1 to 2025Q4.
  • Gross profit = Revenue - Cost of revenue.
  • Operating expenses = S&M + R&D + G&A.
  • Pre-tax income = Net income + Income tax expense.
  • Non-operating & investment income = Pre-tax income - Operating profit.

Source

All figures come from PDD Holdings official quarterly earnings releases and SEC filing materials. Revenue split, cost of revenue, S&M, G&A, R&D, operating profit, pre-tax income, income tax expense and net income are extracted from the official release tables.