PDD Holdings (NASDAQ: PDD) — Q2 2026 Post Earnings

Post earnings note company quarterly analysis

Operations

As of August 25, 2026
Q2 Revenue ↑ 8% YoY ¥112.4B
Divisions
Online Marketing Services and Others 51.3%
Transaction Services 48.7%

Key Earnings Driver

Transaction Services Online Marketing Services and Others revenue increased 3.4% year over year to RMB57.6B and rebounded 15.4% sequentially. Transaction Services revenue increased 13% to RMB54.7 billion.

Key Operating Metrics¹

METRIC

STATUS

Online Marketing Services and Others↑ 3.4%

Transaction Services↑ 13%

🟢 Scaling

Key Financial Metrics

Gross Margin 57.26% +1.37 pp YoY
Backlog / Revenue N/A
CapEx Intensity N/A

Key Operating Metrics¹: Core operating metrics relevant to revenue, sourced from website and/or SEC filings for Q, with status based on reported data.

PDD Holdings (NASDAQ: PDD) — Q2 2026 Pre Earnings

Pre earnings note company quarterly analysis

Operations

As of August 23, 2026
Q1 Revenue ↑ 11% YoY ¥106.2B
Divisions
Online Marketing Services and Others 47.0%
Transaction Services 53.0%

Key Earnings Driver

Transaction Services Online Marketing Services and Others revenue increased 2.5% year over year to RMB49.9B, but declined 16.8% sequentially. Transaction Services revenue increased 20% to RMB56.3B

Key Operating Metrics¹

METRIC

STATUS

Online Marketing Services and Others↑ 2.5%

Transaction Services↑ 20%

🟢 Scaling

Key Financial Metrics

Gross Margin 55.86% -1.35 pp YoY
Backlog / Revenue N/A
CapEx Intensity N/A

Key Operating Metrics¹: Core operating metrics relevant to revenue, sourced from website and/or SEC filings for Q, with status based on reported data.