PDD Holdings (PDD) Operating Expenses (2017 - 2025)

PDD Holdings' Operating Expenses history runs 9 years deep, the most recent figure standing at -$5.9 billion for Q4 2025.

• In Q4 2025, Operating Expenses fell 15.08% year-over-year to -$5.9 billion; the TTM figure through Dec 2025 stood at -$20.8 billion (down 13.95% YoY), while the FY2025 annual figure was $21.4 billion, up 19.01% from the prior year.
• Operating Expenses came in at -$5.9 billion for Q4 2025 at PDD Holdings, down from -$5.1 billion in the prior quarter.
• In the past five years, Operating Expenses ranged from a high of -$2.0 billion in Q3 2021 to a low of -$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.
• Across the five-year window, Operating Expenses sank 284.73% in 2021 and rose 3.87% in 2022, its largest moves.
• PDD Holdings' Operating Expenses stood at -$2.2 billion in 2021, then slumped by 45.73% to -$3.2 billion in 2022, then sank by 40.09% to -$4.4 billion in 2023, then slipped by 15.27% to -$5.1 billion in 2024, then slipped 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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