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

PDD Holdings (PDD) has 9 years of Research & Development data on file, last reported 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 $2.4 billion, up 36.01% 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.
• The five-year high for Research & Development was -$317.4 million in Q4 2021, with the low at -$714.3 million in Q4 2025.
• Average Research & Development over 5 years is -$427.1 million, with a median of -$395.3 million recorded in 2023.
• Year-over-year, Research & Development tumbled 262.77% in 2021 and gained 13.29% in 2023.
• PDD Holdings' Research & Development stood at -$317.4 million in 2021, then dropped by 9.94% to -$348.9 million in 2022, then slipped by 15.62% to -$403.4 million in 2023, then retreated by 28.26% to -$517.5 million in 2024, then plunged by 38.03% to -$714.3 million in 2025.
• Business Quant data shows PDD's Research & Development at -$714.3 million in Q4 2025, -$608.5 million in Q3 2025, and -$501.3 million in Q2 2025.