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

PDD Holdings has disclosed Operating Expenses across 9 years of filings, most recently posting -$5.9 billion for Q4 2025.

• Operating Expenses for Q4 2025 came in at -$5.9 billion, down 15.08% year-over-year; the trailing twelve-month figure through Dec 2025 was -$20.8 billion (down 13.95% YoY), and the FY2025 annual result 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.
• The 5-year median for Operating Expenses is -$3.3 billion (2022), against an average of -$3.6 billion.
• Across the five-year window, Operating Expenses slumped 284.73% in 2021 and increased 3.87% in 2022, its largest moves.
• PDD Holdings' 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 decreased by 15.27% to -$5.1 billion in 2024, then decreased by 15.08% to -$5.9 billion in 2025.
• The last three Operating Expenses figures came in at -$5.9 billion (Q4 2025), -$5.1 billion (Q3 2025), and -$4.5 billion (Q2 2025), per Business Quant data.