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

PDD Holdings' Cost of Revenue history runs 9 years deep, the most recent figure standing at $4.9 billion for Q4 2025.

• In Q4 2025, Cost of Revenue rose 14.35% year-over-year to $4.9 billion; the TTM figure through Dec 2025 stood at $17.6 billion (up 13.62% YoY), while the FY2025 annual figure 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.
• A 5-year average of $3.0 billion and a median of $2.8 billion in 2022 frame the typical range for Cost of Revenue.
• On a YoY basis, Cost of Revenue climbed as much as 92.51% in 2021 and fell as far as 20.9% in 2021.
• PDD Holdings' Cost of Revenue stood at $1.8 billion in 2021, then soared by 44.15% to $2.6 billion in 2022, then jumped by 45.94% to $3.8 billion in 2023, then climbed by 14.5% to $4.3 billion in 2024, then increased by 14.35% to $4.9 billion in 2025.
• According to Business Quant data, Cost of Revenue over the past three periods registered $4.9 billion, $4.3 billion, and $3.8 billion for Q4 2025, Q3 2025, and Q2 2025 respectively.

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