PDD Holdings (PDD) Research & Development (2017 - 2025)
PDD Holdings recorded quarterly Research & Development of -$714.3 million in Q4 2025, down 17.37% quarter-over-quarter from -$608.5 million in Q3 2025, and down 38.03% year-over-year from -$1.2 billion in Q4 2024.
PDD Holdings' Research & Development history runs 9 years deep, the most recent figure standing at -$714.3 million for Q4 2025.
- In Q4 2025, Research & Development fell 38.03% year-over-year to -$714.3 million; the TTM figure through Dec 2025 stood at -$2.3 billion (down 31.86% YoY), while the FY2025 annual figure was $2.4 billion, up 36.01% from the prior year.
- Research & Development came in at -$714.3 million for Q4 2025 at PDD Holdings, down from -$608.5 million in the prior quarter.
- In the past five years, Research & Development ranged from a high of -$317.4 million in Q4 2021 to a low of -$714.3 million in Q4 2025.
- A 5-year average of -$427.1 million and a median of -$395.3 million in 2023 frame the typical range for Research & Development.
- Across the five-year window, Research & Development plunged 262.77% in 2021 and grew 13.29% in 2023, its largest moves.
- PDD Holdings' Research & Development stood at -$317.4 million in 2021, then decreased by 9.94% to -$348.9 million in 2022, then retreated by 15.62% to -$403.4 million in 2023, then declined by 28.26% to -$517.5 million in 2024, then slumped by 38.03% to -$714.3 million in 2025.
- According to Business Quant data, Research & Development over the past three periods registered -$714.3 million, -$608.5 million, and -$501.3 million for Q4 2025, Q3 2025, and Q2 2025 respectively.
Historic Data
Download Data| Date | Value |
|---|---|
| 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 |
| Jun 30, 2021 | -360.69 Mn |
| Mar 31, 2021 | -338.65 Mn |
| Dec 31, 2020 | 299.04 Mn |
| Sep 30, 2020 | 265.83 Mn |
| Jun 30, 2020 | 235.29 Mn |
| Mar 31, 2020 | 208.05 Mn |
| Dec 31, 2019 | 182.77 Mn |
| Sep 30, 2019 | 157.71 Mn |
| Jun 30, 2019 | 117.07 Mn |
| Mar 31, 2019 | 99.40 Mn |
| Dec 31, 2018 | 76.39 Mn |
| Sep 30, 2018 | 48.34 Mn |
| Jun 30, 2018 | 28.11 Mn |
| Mar 31, 2018 | -11.45 Mn |
| Dec 31, 2017 | -7.93 Mn |
| Sep 30, 2017 | -5.37 Mn |
| Jun 30, 2017 | -3.63 Mn |