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Sentiment · FY2026 Q2
As of FY2026 Q1, the Tellvest earnings-call sentiment score for PDD Holdings (PDD) is 6/10.
PDD Holdings reported first quarter 2026 (ended March 31, 2026) total revenue of RMB 106.2 billion, up 11% year over year, as transaction services revenue grew 20% to RMB 56.3 billion while online marketing services and other revenue was roughly flat at RMB 49.9 billion. GAAP operating profit rose 22% to RMB 19.6 billion and the non-GAAP operating margin expanded to 20% from 19%, reflecting sales-and-marketing leverage as that expense fell to 31% of revenue from 34%. Despite the operating-line strength, GAAP net income attributable to ordinary shareholders was RMB 12.5 billion and GAAP diluted earnings per ADS declined to RMB 8.48 from RMB 9.94, pressured by lower non-operating income. Management deprioritized near-term results, launching a dedicated first-party brand company with an initial RMB 15 billion injection and a planned RMB 100 billion of investment over the next few years on top of the ongoing $100 billion merchant-support program. The tone was reform-minded and defensive, with leadership acknowledging shortcomings, emphasizing compliance and platform governance, and declining to provide margin or revenue guidance.
Scored from PDD Holdings’s FY2026 Q1 earnings call. The newest quarter is available with Tellvest Pro.
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $110.61B | +24.4% | $18.52 | +16.9% | 56.8% | 23.1% | 24.8% | $28.58B |
| FY2025 Q1 | $95.67B | +10.2% | $9.96 | -47.5% | 57.2% | 16.8% | 15.4% | $15.52B |
| FY2025 Q2 | $103.98B | +7.1% | $20.76 | -3.9% | 55.9% | 24.8% | 29.6% | $21.64B |
| FY2025 Q3 | $108.28B | +9.0% | $19.72 | +16.5% | 56.7% | 23.1% | 27.1% | $45.66B |
| FY2025 Q4 | $123.91B | +12.0% | $16.52 | -10.8% | 55.5% | 21.1% | 18.6% | $24.12B |
| FY2026 Q1 | $105.59B | +10.4% | $8.40 | -15.7% | 55.9% | 19.9% | 11.8% | $16.45B |
| FY2026 Q2 | $112.36B | +8.1% | $18.45 | -11.1% | 57.3% | 24.7% | 24.2% | — |