PDD Holdings (PDD) Operating Expenses (2017 - 2026)
PDD Holdings' (PDD) quarterly Operating Expenses came in at -$5.4 billion in Q2 2026, down 19.44% year-over-year from -$6.7 billion in Q2 2025, and up 6.49% quarter-over-quarter from -$5.8 billion in Q1 2026.
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Analysis
PDD Holdings (PDD) Operating Expenses (2017 - 2026) Analysis & Trends
PDD Holdings has disclosed Operating Expenses across 10 years of filings, most recently posting -$5.4 billion for Q2 2026.
- In Q2 2026, Operating Expenses fell 19.44% year-over-year to -$5.4 billion; the TTM figure through Jun 2026 stood at -$22.1 billion (down 10.83% YoY), while the FY2025 annual figure was -$21.4 billion, down 19.01% from the prior year.
- Operating Expenses came in at -$5.4 billion for Q2 2026 at PDD Holdings, up from -$5.8 billion in the prior quarter.
- In the past five years, Operating Expenses ranged from a high of -$2.2 billion in Q2 2022 to a low of -$5.9 billion in Q4 2025.
- Average Operating Expenses over 5 years is -$4.1 billion, with a median of -$4.3 billion recorded in 2023.
- Year-over-year, Operating Expenses rose 3.87% in 2022 and sank 47.23% in 2024.
- Over 5 years, Operating Expenses stood at -$3.2 billion in 2022, then plunged by 40.09% to -$4.4 billion in 2023, then decreased by 15.27% to -$5.1 billion in 2024, then decreased by 15.08% to -$5.9 billion in 2025, then advanced by 8.13% to -$5.4 billion in 2026.
- Per Business Quant data, the three most recent Operating Expenses figures were -$5.4 billion in Q2 2026, -$5.8 billion in Q1 2026, and -$5.9 billion in Q4 2025.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Alibaba Group Holding | 263.05 Bn | 227.79 Bn | 15.11 Bn | -8.86 Bn |
| 2 | Booking Holdings | 126.16 Bn | 108.94 Bn | 4.98 Bn | 4.85 Bn |
| 3 | PDD Holdings | 112.31 Bn | 82.02 Bn | 9.45 Bn | -5.39 Bn |
| 4 | Airbnb | 98.07 Bn | 86.00 Bn | 2.98 Bn | 2.85 Bn |
| 5 | Mercadolibre | 90.61 Bn | 75.42 Bn | 4.16 Bn | 3.48 Bn |
| 6 | Ebay | 49.77 Bn | 46.46 Bn | 2.30 Bn | 1.63 Bn |
| 7 | Expedia | 31.98 Bn | 24.85 Bn | 3.91 Bn | 2.55 Bn |
| 8 | Maplebear | 10.57 Bn | 9.72 Bn | 751.00 Mn | 608.00 Mn |
| 9 | Full Truck Alliance | 7.59 Bn | 6.63 Bn | - | -279.73 Mn |
| 10 | Etsy | 6.70 Bn | 5.58 Bn | 484.05 Mn | 358.78 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | -5.39 Bn |
| Mar 31, 2026 | -5.77 Bn |
| 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 |
API Access
PDD Holdings Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=PDD&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "PDD", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=PDD&period=max&api_key=YOUR_API_KEY");
const data = await res.json();