PDD Holdings (PDD) Payables (2017 - 2025)
PDD Holdings (PDD) posted Payables of $14.0 billion for Q4 2025, down 5.84% sequentially from $14.9 billion in Q3 2025, and up 17.56% YoY from $11.9 billion in Q4 2024.
PDD Holdings (PDD) Payables (2017 - 2025) Analysis & Trends
PDD Holdings has reported Payables for 9 years, with the latest figure at $14.0 billion in Q4 2025.
- Quarterly Payables rose 17.56% year-over-year to $14.0 billion in Q4 2025, while the trailing twelve-month figure through Dec 2025 was $14.0 billion (up 17.56% YoY) and the FY2025 annual result came in at $13.8 billion, up 16.06% from the prior year.
- Payables eased to $14.0 billion in Q4 2025 per PDD's latest filing, from $14.9 billion in the prior quarter.
- Over five years, Payables peaked at $14.9 billion in Q3 2025 and troughed at $1.7 billion in Q1 2021.
- A 5-year average of $8.1 billion and a median of $7.5 billion in 2023 frame the typical range for Payables.
- The sharpest annual moves came in 2021 and 2025: Payables soared 174.79% in 2021, then gained 9.97% in 2025.
- Over 5 years, Payables stood at $4.3 billion in 2021, then advanced by 17.05% to $5.1 billion in 2022, then soared by 98.09% to $10.0 billion in 2023, then increased by 18.79% to $11.9 billion in 2024, then climbed by 17.56% to $14.0 billion in 2025.
- According to Business Quant data, Payables over the past three periods registered $14.0 billion, $14.9 billion, and $13.1 billion for Q4 2025, Q3 2025, and Q2 2025 respectively.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Payables (Qtr) |
|---|---|---|---|---|---|
| 1 | Amazon Com | 2,942.84 Bn | 2,819.86 Bn | 198.88 Bn | 147.44 Bn |
| 2 | PDD Holdings | 507.66 Bn | 448.11 Bn | 9.83 Bn | 14.01 Bn |
| 3 | Mercadolibre | 97.39 Bn | 82.19 Bn | 4.16 Bn | 5.74 Bn |
| 4 | DoorDash | 93.67 Bn | 88.33 Bn | 2.35 Bn | 301.00 Mn |
| 5 | JD.com | 87.53 Bn | 58.35 Bn | 7.66 Bn | 28.22 Bn |
| 6 | Sea | 77.98 Bn | 69.46 Bn | 3.15 Bn | 1.24 Bn |
| 7 | Ebay | 47.41 Bn | 44.11 Bn | 2.30 Bn | 353.00 Mn |
| 8 | Coupang | 29.58 Bn | 23.47 Bn | 2.49 Bn | 8.31 Bn |
| 9 | Zkh | 15.88 Bn | 15.88 Bn | 51.11 Mn | 359,133.42 |
| 10 | Wayfair | 13.67 Bn | 12.52 Bn | 1.05 Bn | 1.32 Bn |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | 14.01 Bn |
| Sep 30, 2025 | 14.88 Bn |
| Jun 30, 2025 | 13.12 Bn |
| Mar 31, 2025 | 12.77 Bn |
| Dec 31, 2024 | 11.92 Bn |
| Sep 30, 2024 | 12.72 Bn |
| Jun 30, 2024 | 11.93 Bn |
| Mar 31, 2024 | 9.90 Bn |
| Dec 31, 2023 | 10.03 Bn |
| Sep 30, 2023 | 8.33 Bn |
| Jun 30, 2023 | 6.71 Bn |
| Mar 31, 2023 | 5.44 Bn |
| Dec 31, 2022 | 5.06 Bn |
| Sep 30, 2022 | 4.29 Bn |
| Jun 30, 2022 | 4.27 Bn |
| Mar 31, 2022 | 4.23 Bn |
| Dec 31, 2021 | 4.33 Bn |
| Sep 30, 2021 | 3.78 Bn |
| Jun 30, 2021 | 3.36 Bn |
| Mar 31, 2021 | 1.73 Bn |