PDD Holdings (PDD) Operating Leases (2018 - 2026)

As of Dec 31, 2025, PDD Holdings posted Operating Leases of $357.3 million, up 23.8% from the prior year.

• Operating Leases has increased for three consecutive years, though with a five-year compound annual growth rate of -30.6% (years ended Dec 2020 to Dec 2025).
• By year, Operating Leases came in at $288.52 million in the year ended Dec 31, 2024 (+24.8%), $231.21 million in the year ended Dec 31, 2023 (+1.2%), $228.46 million in the year ended Dec 31, 2022 (-73.8%) and $870.78 million in the year ended Dec 31, 2021 (-60.6%).
• Five-year quarterly Operating Leases spans a low of $52.57 million in the quarter ended Sep 30, 2021 and a high of $1.84 billion in the quarter ended Dec 31, 2021.
• Year over year, Operating Leases has now increased in each of the last 14 quarters, with growth averaging 25.4% over the last eight quarters.
• The high point for year-over-year Operating Leases in five years was the quarter ended Dec 31, 2023 (growth of 169.3%); the low point was the quarter ended Dec 31, 2022 (a decline of 95.4%).
• Per Business Quant data, the three quarters before the quarter ended Jun 30, 2026 came in at $363 million (quarter ended Mar 31, 2026), $352.34 million (quarter ended Dec 31, 2025) and $335.11 million (quarter ended Sep 30, 2025).