PDD Holdings Inc. (PDD) Revenue History
Annual and quarterly revenue from 2016 to present
PDD Revenue Over Time (2016–2025)
PDD Revenue Growth History
9 of 9 years with positive growth- FY2016 revenue growth
- N/A
- FY2017 revenue growth
- +245.5%
- FY2018 revenue growth
- +652.3%
- FY2019 revenue growth
- +129.7%
- FY2020 revenue growth
- +97.4%
- FY2021 revenue growth
- +57.9%
- FY2022 revenue growth
- +39.0%
- FY2023 revenue growth
- +89.7%
- FY2024 revenue growth
- +59.0%
- FY2025 revenue growth
- +9.7%
| Quarter | Revenue | YoY |
|---|---|---|
| Q4 2025 | $123.91B | +12.0% |
| Q3 2025 | $108.28B | +9.0% |
| Q2 2025 | $103.98B | +7.1% |
| Q1 2025 | $95.67B | +10.2% |
| Q4 2024 | $110.61B | +24.4% |
| Q3 2024 | $99.35B | +44.3% |
| Q2 2024 | $97.06B | +85.7% |
| Q1 2024 | $86.81B | +130.7% |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2025)
PDD's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
PDD Revenue Analysis (2016–2025)
Current Revenue & Growth
As of June 23, 2026, PDD Holdings Inc. (PDD) generated trailing twelve-month (TTM) revenue of $431.85 billion, reflecting strong growth of +12.0% year-over-year. The most recent quarter (Q4 2025) recorded $123.91 billion in revenue, up 14.4% sequentially.
Historical Growth Trajectory
PDD's 5-year compound annual growth rate (CAGR) stands at +48.7%, indicating outstanding long-term growth trajectory. The 3-year CAGR of +49.0% is in line with the 5-year average, suggesting consistent growth. PDD Holdings Inc.'s highest annual revenue of $431.85 billion was recorded in 2025, an all-time high.
Revenue by Segment
PDD's revenue is primarily driven by Online marketing services and others (50%), and Transaction services (50%). With over half of revenue concentrated in Online marketing services and others, the company has a focused business model while developing other growth vectors.
Peer Comparison
Compared to Consumer Cyclical sector peers — including BABA (+2.7% YoY), JD (+13.0% YoY), and VIPS (-2.3% YoY) — PDD has underperformed the peer group in revenue growth. Compare PDD vs BABA →
PDD Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| PDDCurrent | $431.8B | +12.0% | +48.7% | 21.6% | |
 BABA | $1.02T | +2.7% | +7.4% | 5.8% | |
 JD | $1.31T | +13.0% | +11.9% | 0.2% | |
 VIPS | $105.9B | -2.3% | +0.8% | 7.7% | |
 SE | $22.9B | +36.4% | +39.3% | 8.1% | |
 MELI | $28.9B | +42.1% | +48.7% | 11.1% |
PDD Historical Revenue Data (2016–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $431.85B | +9.7% | $243.04B | 56.3% | $93.10B | 21.6% |
| 2024 | $393.84B | +59.0% | $239.94B | 60.9% | $108.42B | 27.5% |
| 2023 | $247.64B | +89.7% | $155.92B | 63.0% | $58.70B | 23.7% |
| 2022 | $130.56B | +39.0% | $99.10B | 75.9% | $30.40B | 23.3% |
| 2021 | $93.95B | +57.9% | $62.23B | 66.2% | $6.90B | 7.3% |
| 2020 | $59.49B | +97.4% | $40.21B | 67.6% | $-9,380,325,000 | -15.8% |
| 2019 | $30.14B | +129.7% | $23.80B | 79.0% | $-8,538,211,000 | -28.3% |
| 2018 | $13.12B | +652.3% | $10.21B | 77.9% | $-10,799,741,000 | -82.3% |
| 2017 | $1.74B | +245.5% | $1.02B | 58.6% | $-595,724,000 | -34.2% |
| 2016 | $504.9M | - | $-73,006,000 | -14.5% | $-286,210,000 | -56.7% |
Full Stock Analysis
Deep dive into PDD consensus models and risk factors.
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
10+ years return with dividends reinvested.
DCA Calculator
See how regular investing compounds over time.
Peer Comparison
Compare growth, multiples, and margins vs sector.
PDD — Frequently Asked Questions
Quick answers to the most common questions about buying PDD stock.
Is PDD's revenue growth accelerating or slowing?
PDD revenue growth is holding steady at +12.0% year-over-year. TTM revenue is $431.8B. The current growth rate closely tracks the 5-year CAGR of +48.7%, signalling consistent execution.
What is PDD's revenue history from 2016 to 2026?
PDD Holdings Inc. (PDD) revenue history spans 2016 to 2026. TTM revenue as of 2026 is $431.8B, growing at +12.0% YoY. The 5-year CAGR is +48.7%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is PDD's long-term revenue growth rate (CAGR)?
PDD Holdings Inc.'s 5-year revenue CAGR of +48.7% reflects the sustained nature of its business expansion. As of 2026, the current YoY growth rate of +12.0% is in line with this long-term average. CAGR is the most reliable measure of sustained revenue momentum for PDD.
Why does PDD's quarterly revenue fluctuate?
PDD quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. PDD Holdings Inc.'s revenue data from 2016 to 2026 shows full historical quarterly detail on this page.
How is PDD's revenue distributed by segment?
PDD reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does PDD's revenue compare to industry peers?
PDD Holdings Inc. (PDD) with TTM revenue of $431.8B and +12.0% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.