PDD Holdings (Nasdaq: PDD) reported unaudited financial results for the second quarter ended June 30, 2026. Total revenue was RMB 112.4 billion, or about $16.6 billion, up 8% from RMB 104.0 billion in the same period of 2025. The company said the gain was mainly driven by an increase in transaction services revenue.
Revenue and profit in the second quarter
Online marketing services and other revenue totaled RMB 57.6 billion. Transaction services revenue reached RMB 54.7 billion, up 13% year over year.
Operating profit came in at RMB 27.8 billion, up 8%, while non-GAAP operating profit was RMB 29.1 billion, up 5%.
Net income attributable to ordinary shareholders was RMB 27.2 billion, down 12% from a year earlier. Non-GAAP net income was RMB 28.5 billion, down 13%.
Basic earnings per American depositary share were RMB 19.32, and diluted earnings per ADS were RMB 18.45.
Cash flow and balance sheet position
Cash generated from operating activities was RMB 25.7 billion during the quarter. As of the end of the quarter, cash, cash equivalents, and short-term investments totaled RMB 456.4 billion.
What management said
Co-Chairman and Co-CEO Lei Chen said changing global trade and regulatory conditions were creating both challenges and opportunities, and that the company would work to build a platform consumers can trust over the long term.
Co-Chairman and Co-CEO Jiazhen Zhao said the company continued to strengthen ecosystem governance and advance trust and safety measures in the first half of the year, adding that compliance is treated as a fundamental priority.
Vice President of Finance Jun Liu said PDD increased ecosystem investment in the second quarter, prioritizing support for merchants and strengthening the broader industry ecosystem to support the platform’s long-term sustainable development.