PDD Holdings (PDD) Research & Development (2017 - 2025)

PDD Holdings has reported Research & Development for 9 years, with the latest figure at -$714.3 million in Q4 2025.

• Quarterly Research & Development fell 38.03% year-over-year to -$714.3 million in Q4 2025, while the trailing twelve-month figure through Dec 2025 was -$2.3 billion (down 31.86% YoY) and the FY2025 annual result came in at $17.9 billion, up 17.5% from the prior year.
• Research & Development retreated to -$714.3 million in Q4 2025 per PDD's latest filing, from -$608.5 million in the prior quarter.
• Over five years, Research & Development peaked at -$317.4 million in Q4 2021 and troughed at -$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.
• The sharpest annual moves came in 2021 and 2023: Research & Development sank 262.77% in 2021, then increased 13.29% in 2023.
• Over 5 years, Research & Development stood at -$317.4 million in 2021, then slipped by 9.94% to -$348.9 million in 2022, then decreased by 15.62% to -$403.4 million in 2023, then fell by 28.26% to -$517.5 million in 2024, then tumbled 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.