PDD Holdings (PDD) Cost of Revenue (2017 - 2026)

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.