PDD Holdings (PDD) Cost of Revenue (2017 - 2025)
PDD Holdings (PDD) posted Cost of Revenue of $7.9 billion for Q4 2025, up 19.87% sequentially from $6.6 billion in Q3 2025, and up 20.44% YoY from $6.5 billion in Q4 2024.
PDD Holdings (PDD) Cost of Revenue (2017 - 2025) Analysis & Trends
PDD Holdings has reported Cost of Revenue for 9 years, with the latest figure at $7.9 billion in Q4 2025.
- Quarterly Cost of Revenue rose 20.44% year-over-year to $7.9 billion in Q4 2025, while the trailing twelve-month figure through Dec 2025 was $26.5 billion (up 24.05% YoY) and the FY2025 annual result came in at $27.0 billion, up 28.05% from the prior year.
- Cost of Revenue grew to $7.9 billion in Q4 2025 per PDD's latest filing, from $6.6 billion in the prior quarter.
- Over five years, Cost of Revenue peaked at $7.9 billion in Q4 2025 and troughed at $1.0 billion in Q3 2021.
- A 5-year average of $3.5 billion and a median of $3.1 billion in 2023 frame the typical range for Cost of Revenue.
- The widest YoY moves for Cost of Revenue: up 534.54% in 2021, down 42.12% in 2021.
- Over 5 years, Cost of Revenue stood at $1.0 billion in 2021, then gained by 26.59% to $1.3 billion in 2022, then surged by 281.74% to $4.9 billion in 2023, then jumped by 32.54% to $6.5 billion in 2024, then rose by 20.44% to $7.9 billion in 2025.
- According to Business Quant data, Cost of Revenue over the past three periods registered $7.9 billion, $6.6 billion, and $6.4 billion for Q4 2025, Q3 2025, and Q2 2025 respectively.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Amazon Com | 2,966.86 Bn | 2,843.87 Bn | 198.88 Bn | 183.24 Bn |
| 2 | PDD Holdings | 507.49 Bn | 447.95 Bn | 9.83 Bn | 7.89 Bn |
| 3 | Mercadolibre | 95.76 Bn | 80.56 Bn | 4.16 Bn | 6.01 Bn |
| 4 | DoorDash | 91.54 Bn | 86.19 Bn | 2.35 Bn | 2.11 Bn |
| 5 | JD.com | 87.38 Bn | 58.20 Bn | 7.66 Bn | 38.08 Bn |
| 6 | Sea | 75.71 Bn | 67.19 Bn | 3.15 Bn | 587.04 Mn |
| 7 | Ebay | 47.33 Bn | 44.02 Bn | 2.30 Bn | 832.00 Mn |
| 8 | Coupang | 29.45 Bn | 23.34 Bn | 2.49 Bn | 6.36 Bn |
| 9 | Zkh | 15.91 Bn | 15.91 Bn | 51.11 Mn | 255.12 Mn |
| 10 | Wayfair | 13.95 Bn | 12.80 Bn | 1.05 Bn | 2.47 Bn |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | 7.89 Bn |
| Dec 31, 2025 | 7.89 Bn |
| Sep 30, 2025 | 6.58 Bn |
| Sep 30, 2025 | 6.58 Bn |
| Jun 30, 2025 | 6.40 Bn |
| Jun 30, 2025 | 6.40 Bn |
| Mar 31, 2025 | 5.64 Bn |
| Mar 31, 2025 | 5.64 Bn |
| Dec 31, 2024 | 6.55 Bn |
| Dec 31, 2024 | 6.55 Bn |
| Sep 30, 2024 | 5.66 Bn |
| Sep 30, 2024 | 5.66 Bn |
| Jun 30, 2024 | 4.64 Bn |
| Jun 30, 2024 | 4.64 Bn |
| Mar 31, 2024 | 4.53 Bn |
| Mar 31, 2024 | 4.53 Bn |
| Dec 31, 2023 | 4.94 Bn |
| Dec 31, 2023 | 4.94 Bn |
| Sep 30, 2023 | 3.68 Bn |
| Sep 30, 2023 | 3.68 Bn |