PDD Holdings (PDD) Operating Expenses (2017 - 2026)

PDD Holdings has reported Operating Expenses for 9 years, with the latest figure at -$5.9 billion in Q4 2025.

• Quarterly Operating Expenses fell 15.08% year-over-year to -$5.9 billion in Q4 2025, while the trailing twelve-month figure through Dec 2025 was -$20.8 billion (down 13.95% YoY) and the FY2025 annual result came in at $21.4 billion, up 19.01% from the prior year.
• Operating Expenses eased to -$5.9 billion in Q4 2025 per PDD's latest filing, from -$5.1 billion in the prior quarter.
• Over five years, Operating Expenses peaked at -$2.0 billion in Q3 2021 and troughed at -$5.9 billion in Q4 2025.
• A 5-year average of -$3.6 billion and a median of -$3.3 billion in 2022 frame the typical range for Operating Expenses.
• The sharpest annual moves came in 2021 and 2022: Operating Expenses slumped 284.73% in 2021, then gained 3.87% in 2022.
• Over 5 years, Operating Expenses stood at -$2.2 billion in 2021, then tumbled by 45.73% to -$3.2 billion in 2022, then slumped by 40.09% to -$4.4 billion in 2023, then dropped by 15.27% to -$5.1 billion in 2024, then dropped by 15.08% to -$5.9 billion in 2025.
• According to Business Quant data, Operating Expenses over the past three periods registered -$5.9 billion, -$5.1 billion, and -$4.5 billion for Q4 2025, Q3 2025, and Q2 2025 respectively.