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Top analysts & firms
All analyzed callsNot limited to the selected quarter · analysts and firms with 2 or more questions
What does “challenging” mean?
Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Most active analysts
Analyst
Firm
Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
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.
Key Themes7
positive📊 company
Revenue +11%, Transaction Services Up 20%
Total revenues increased 11% year-over-year to RMB 106.2 billion, led by transaction services revenue of RMB 56.3 billion, up 20% from the same quarter last year.
Revenue GrowthDemand
negative📊 company
Online Marketing Services Revenue Stalls
Revenues from online marketing services and others were RMB 49.9 billion, roughly flat versus the prior-year quarter, a sharp slowdown that analysts pressed management on.
Revenue GrowthCompetitive Dynamics
positive📊 company
Operating Margin Expands On S&M Leverage
Non-GAAP operating profit margin rose to 20% from 19%, with non-GAAP sales and marketing expense falling to 31% of revenue from 34% and total non-GAAP operating expenses at 36% versus 38%.
MarginCost Pressure
negative📊 company
GAAP Net Income And EPS Decline
GAAP diluted earnings per ADS fell to RMB 8.48 from RMB 9.94 and net income attributable to ordinary shareholders was RMB 12.5 billion, as lower non-operating income offset a 22% rise in GAAP operating profit.
MarginGuidance Reliability
mixed📊 company
First-Party Brand Business Launched
In March PDD incorporated a dedicated company with an initial cash injection of RMB 15 billion and a plan to invest RMB 100 billion over the next few years to build a first-party brand model, a large bet with uncertain near-term payoff.
Capital AllocationProduct Launch
mixed📊 company
$100 Billion Support Program Drives Heavy Reinvestment
The $100 billion support program saw continued high investment in agriculture, new quality supply and rural logistics, with management prioritizing long-term ecosystem value over short-term results.
Capex InvestmentCapital Allocation
mixed📊 company
Compliance, Governance And Organizational Reset
Leadership acknowledged shortcomings and is restructuring internal management around safety and compliance, introducing over 20 food safety initiatives and strengthening platform governance.
CompanyFiscal year ends DecMost recent earnings call: Aug 24, 2026 (FY2026 Q2)Est. next earnings call: Nov 18, 2026
6/ 10
FY2026 Q1Mixed−1.0 vs FY2025 Q4
Calendar quarter Q1 2026Earnings call May 27, 2026
FY2026 Q1 in brief
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…
Analyst challenge ratePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. · all analyzed quarters
5%
Share price · trailing year
daily closes, last 12 months — not scoped to the selected quarter · dots mark earnings calls, colored by that quarter’s score
Sources.Tellvest earnings-call sentiment score for PDD Holdings (PDD), FY2026 Q1: 6/10. Scores: PDD Holdings’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: PDD daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
Quarter
company-level, not the selected quarter
GAAP revenue YoY +10.4% → base 7. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
▸How this score was built
Base7Base 7GAAP revenue YoY +10.4% → base 7. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0PDD e-commerce GAAP revenue (online marketing + transaction services) is clean real revenue with no structural distortion; sector not in the Sector Rules Table. No adjustment.+EPS+1EPS +1GAAP EPS YoY -15.66%, spread vs rev (10.36%) = -26.02 percentage points (outside -5 percentage points, implies -1). Mandatory Operating income cross-check: GAAP operating income YoY +30.66%, operating income spread = +20.30 percentage points (outside +5 percentage points, opposite direction). Disagree case -> OI wins. OI is uncontaminated (margin expansion from S&M leverage, no qualifying one-time charge); transcript GAAP operating profit +22% (RMB 19.6B vs 16.1B) confirms operating-line strength while the EPS decline is below-the-line (lower non-operating income on RMB 436.1 billion cash/investments). EPS adjustment = +1, override flag set because OI overrode GAAP EPS.+Guidance0Guidance 0PDD provides no forward revenue or EPS guidance and declined a steady-state margin outlook ('it is normal to see some fluctuation in our quarter-to-quarter financial results'). No guidance change -> 0.=Final6Hard cap6Hard cap 6Calculated total was 8; capped at 6. Majority of themes were negative or mixed, which caps the score at 6. See the Hard caps section on the About page for the full rules.
How this score was built
Base7Base 7GAAP revenue YoY +10.4% → base 7. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0PDD e-commerce GAAP revenue (online marketing + transaction services) is clean real revenue with no structural distortion; sector not in the Sector Rules Table. No adjustment.+
138.13
73.30
6
7
6
Oct 25Oct 26
Key financials
FY2026 Q1 selectedReported GAAP figures from SEC filings
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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 Q1Selected
$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%
—
As stated by management
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
EPS
“diluted earnings per ADS was RMB 8.48 versus basic earnings per ADS of RMB 10.5 and diluted earnings per ADS of RMB 9.94 in the same quarter of 2025”
EPS
+1
EPS +1GAAP EPS YoY -15.66%, spread vs rev (10.36%) = -26.02 percentage points (outside -5 percentage points, implies -1). Mandatory Operating income cross-check: GAAP operating income YoY +30.66%, operating income spread = +20.30 percentage points (outside +5 percentage points, opposite direction). Disagree case -> OI wins. OI is uncontaminated (margin expansion from S&M leverage, no qualifying one-time charge); transcript GAAP operating profit +22% (RMB 19.6B vs 16.1B) confirms operating-line strength while the EPS decline is below-the-line (lower non-operating income on RMB 436.1 billion cash/investments). EPS adjustment = +1, override flag set because OI overrode GAAP EPS.
+
Guidance0Guidance 0PDD provides no forward revenue or EPS guidance and declined a steady-state margin outlook ('it is normal to see some fluctuation in our quarter-to-quarter financial results'). No guidance change -> 0.
=
Final6
Hard cap6Hard cap 6Calculated total was 8; capped at 6. Majority of themes were negative or mixed, which caps the score at 6. See the Hard caps section on the About page for the full rules.
Revenue
“total revenues increased 11% year-over-year to RMB 106.2 billion”
Guidance
“it is normal to see some fluctuation in our quarter-to-quarter financial results”
Key metric
“On a GAAP basis, operating profit for the quarter was RMB 19.6 billion versus RMB 16.1 billion in the same quarter last year, up 22% year-over-year”
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
Alibaba closed fiscal 2026 with reported group revenue of RMB 243.4 billion, held to low single-digit GAAP growth by the divestitures of Sun Art and Intime; excluding those units, management said revenue grew 11% year-over-year
CASY delivered a standout Q3 with EPS up 50% to $3.49 and EBITDA surging 27.5% to $309 million, aided by favorable prior-year comparisons (which included $13 million in integration costs and a tax benefit)