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

PDD Holdings has disclosed Research & Development across 9 years of filings, most recently posting -$714.3 million for Q4 2025.

• Research & Development for Q4 2025 came in at -$714.3 million, down 38.03% year-over-year; the trailing twelve-month figure through Dec 2025 was -$2.3 billion (down 31.86% YoY), and the FY2025 annual result 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.
• The 5-year median for Research & Development is -$395.3 million (2023), against an average of -$427.1 million.
• Across the five-year window, Research & Development sank 262.77% in 2021 and climbed 13.29% in 2023, its largest moves.
• PDD Holdings' Research & Development stood at -$317.4 million in 2021, then retreated by 9.94% to -$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 tumbled by 38.03% to -$714.3 million in 2025.
• The last three Research & Development figures came in at -$714.3 million (Q4 2025), -$608.5 million (Q3 2025), and -$501.3 million (Q2 2025), per Business Quant data.