PDD Holdings (PDD) Cost of Revenue (2017 - 2025)

PDD Holdings has disclosed Cost of Revenue across 9 years of filings, most recently posting $4.9 billion for Q4 2025.

• Cost of Revenue for Q4 2025 came in at $4.9 billion, up 14.35% year-over-year; the trailing twelve-month figure through Dec 2025 was $17.6 billion (up 13.62% YoY), and the FY2025 annual result was $17.9 billion, up 17.5% from the prior year.
• Cost of Revenue came in at $4.9 billion for Q4 2025 at PDD Holdings, up from $4.3 billion in the prior quarter.
• In the past five years, Cost of Revenue ranged from a high of $4.9 billion in Q4 2025 to a low of $1.6 billion in Q3 2021.
• The 5-year median for Cost of Revenue is $2.8 billion (2022), against an average of $3.0 billion.
• Peak annual rise in Cost of Revenue reached 92.51% in 2021, while the deepest fall reached 20.9% in 2021.
• PDD Holdings' Cost of Revenue stood at $1.8 billion in 2021, then surged by 44.15% to $2.6 billion in 2022, then soared by 45.94% to $3.8 billion in 2023, then advanced by 14.5% to $4.3 billion in 2024, then grew by 14.35% to $4.9 billion in 2025.
• The last three Cost of Revenue figures came in at $4.9 billion (Q4 2025), $4.3 billion (Q3 2025), and $3.8 billion (Q2 2025), per Business Quant data.