$PDD Holdings Q2 2026 Earnings: Revenue Up 8% YoY, Net Income Falls 13%

PDD Holdings reported Q2 2026 revenue of RMB112.4 billion, up 8% year-over-year and below the RMB116.35 billion estimate. Adjusted EPS came in at RMB19.33, ahead of the RMB18.22 estimate.
Key figures:
- Adjusted operating profit: RMB29.1 billion, +5% YoY (est. RMB27.12 billion)
- Adjusted net income: RMB28.5 billion, -13% YoY (est. RMB27.19 billion)
- Online marketing services revenue: RMB57.6 billion, vs RMB55.7 billion a year earlier
- Transaction services revenue: RMB54.7 billion, +13% YoY
- Sales & marketing expense: RMB29.7 billion, vs RMB27.2 billion a year earlier
- R&D expense: RMB4.6 billion, vs RMB3.6 billion a year earlier
- Operating cash flow: RMB25.7 billion, vs RMB21.6 billion a year earlier
- Cash & short-term investments: RMB456.4 billion
The company said net income fell 12% year-over-year even as operating profit rose 8%, driven by a net other loss of RMB7.4 billion compared with RMB119 million of income a year earlier.
PDD said it "stepped up our ecosystem investments in the second quarter," adding that "global trade and regulatory landscapes have continued to evolve, creating significant challenges while also presenting new opportunities."