PDD Holdings (PDD) Research & Development (2017 - 2026)
PDD Holdings' (PDD) quarterly Research & Development came in at -$673.0 million in Q2 2026, down 34.24% year-over-year from -$1.0 billion in Q2 2025, and down 5.16% quarter-over-quarter from -$640.0 million in Q1 2026.
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PDD Holdings (PDD) Research & Development (2017 - 2026) Analysis & Trends
PDD Holdings has disclosed Research & Development across 10 years of filings, most recently posting -$673.0 million for Q2 2026.
- In Q2 2026, Research & Development fell 34.24% year-over-year to -$673.0 million; the TTM figure through Jun 2026 stood at -$2.6 billion (down 35.28% YoY), while the FY2025 annual figure was $17.9 billion, up 17.5% from the prior year.
- Research & Development came in at -$673.0 million for Q2 2026 at PDD Holdings, down from -$640.0 million in the prior quarter.
- In the past five years, Research & Development ranged from a high of -$348.9 million in Q4 2022 to a low of -$714.3 million in Q4 2025.
- Average Research & Development over 5 years is -$470.1 million, with a median of -$412.2 million recorded in 2022.
- Year-over-year, Research & Development grew 13.29% in 2023 and tumbled 39.41% in 2025.
- Over 5 years, Research & Development stood at -$348.9 million in 2022, then fell by 15.62% to -$403.4 million in 2023, then dropped by 28.26% to -$517.5 million in 2024, then sank by 38.03% to -$714.3 million in 2025, then climbed by 5.78% to -$673.0 million in 2026.
- Per Business Quant data, the three most recent Research & Development figures were -$673.0 million in Q2 2026, -$640.0 million in Q1 2026, and -$714.3 million in Q4 2025.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | Alibaba Group Holding | 263.05 Bn | 227.79 Bn | 15.11 Bn | -7.02 Bn |
| 2 | Booking Holdings | 126.16 Bn | 108.94 Bn | 4.98 Bn | 263.00 Mn |
| 3 | PDD Holdings | 112.31 Bn | 82.02 Bn | 9.45 Bn | -673.00 Mn |
| 4 | Airbnb | 98.07 Bn | 86.00 Bn | 2.98 Bn | 875.00 Mn |
| 5 | Mercadolibre | 90.61 Bn | 75.42 Bn | 4.16 Bn | 1.13 Bn |
| 6 | Ebay | 49.77 Bn | 46.46 Bn | 2.30 Bn | 697.00 Mn |
| 7 | Expedia | 31.98 Bn | 24.85 Bn | 3.91 Bn | 2.12 Bn |
| 8 | Maplebear | 10.57 Bn | 9.72 Bn | 751.00 Mn | 233.00 Mn |
| 9 | Full Truck Alliance | 7.59 Bn | 6.63 Bn | - | -38.45 Mn |
| 10 | Etsy | 6.70 Bn | 5.58 Bn | 484.05 Mn | 190.93 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | -673.00 Mn |
| Mar 31, 2026 | -640.00 Mn |
| Dec 31, 2025 | -714.26 Mn |
| Sep 30, 2025 | -608.54 Mn |
| Jun 30, 2025 | -501.32 Mn |
| Mar 31, 2025 | -493.04 Mn |
| Dec 31, 2024 | -517.47 Mn |
| Sep 30, 2024 | -436.52 Mn |
| Jun 30, 2024 | -400.32 Mn |
| Mar 31, 2024 | -402.98 Mn |
| Dec 31, 2023 | -403.45 Mn |
| Sep 30, 2023 | -390.26 Mn |
| Jun 30, 2023 | -377.03 Mn |
| Mar 31, 2023 | -365.00 Mn |
| Dec 31, 2022 | -348.94 Mn |
| Sep 30, 2022 | -379.30 Mn |
| Jun 30, 2022 | -389.87 Mn |
| Mar 31, 2022 | -420.95 Mn |
| Dec 31, 2021 | -317.39 Mn |
| Sep 30, 2021 | -375.95 Mn |
API Access
PDD Holdings Research & Development 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=research-and-development&ticker=PDD&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "research-and-development", "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=research-and-development&ticker=PDD&period=max&api_key=YOUR_API_KEY");
const data = await res.json();