PDD Holdings (PDD) Operating Expenses (2017 - 2025)
PDD Holdings (PDD) posted Operating Expenses of -$5.9 billion for Q4 2025, down 14.74% sequentially from -$5.1 billion in Q3 2025, and down 15.08% YoY from -$6.9 billion in Q4 2024.
PDD Holdings (PDD) Operating Expenses (2017 - 2025) Analysis & Trends
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.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Amazon Com | 2,931.64 Bn | 2,808.66 Bn | 198.88 Bn | 330.81 Bn |
| 2 | PDD Holdings | 506.17 Bn | 446.63 Bn | 9.83 Bn | -5.87 Bn |
| 3 | Mercadolibre | 98.29 Bn | 83.09 Bn | 4.16 Bn | 3.48 Bn |
| 4 | DoorDash | 92.11 Bn | 86.76 Bn | 2.35 Bn | 4.30 Bn |
| 5 | JD.com | 87.50 Bn | 58.32 Bn | 7.66 Bn | -1.51 Bn |
| 6 | Sea | 78.22 Bn | 69.70 Bn | 3.15 Bn | -2.55 Bn |
| 7 | Ebay | 47.18 Bn | 43.87 Bn | 2.30 Bn | 1.63 Bn |
| 8 | Coupang | 29.74 Bn | 23.63 Bn | 2.49 Bn | 9.41 Bn |
| 9 | Zkh | 16.36 Bn | 16.36 Bn | 51.11 Mn | -23.28 Mn |
| 10 | Wayfair | 13.66 Bn | 12.51 Bn | 1.05 Bn | 950.00 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | -5.87 Bn |
| Sep 30, 2025 | -5.11 Bn |
| Jun 30, 2025 | -4.51 Bn |
| Mar 31, 2025 | -5.32 Bn |
| Dec 31, 2024 | -5.10 Bn |
| Sep 30, 2024 | -5.04 Bn |
| Jun 30, 2024 | -4.24 Bn |
| Mar 31, 2024 | -3.90 Bn |
| Dec 31, 2023 | -4.42 Bn |
| Sep 30, 2023 | -3.48 Bn |
| Jun 30, 2023 | -2.88 Bn |
| Mar 31, 2023 | -2.85 Bn |
| Dec 31, 2022 | -3.16 Bn |
| Sep 30, 2022 | -2.48 Bn |
| Jun 30, 2022 | -2.21 Bn |
| Mar 31, 2022 | -2.28 Bn |
| Dec 31, 2021 | -2.17 Bn |
| Sep 30, 2021 | -1.99 Bn |
| Jun 30, 2021 | -2.04 Bn |
| Mar 31, 2021 | -2.38 Bn |