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PDD Holdings Inc.

PDDNasdaqServices-Business Services, NECFiscal year ends December 31
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 29, 2026Score 11/30
$81.68+3.07 (+3.91%)

Close on Nov 2, 2026Market cap $116.26BP/E 8.3Yield –

PDD Working Capital & Platform Merchant Ecosystem by Quarter

Working Capital & Platform Merchant Ecosystem Balances: Payable to Merchants (RMB million) (M)

QuarterlyAnnual

PDD Working Capital & Platform Merchant Ecosystem: 109,924M in Q2 2026, up 15.1% from a year earlier. That is the highest of the 34 quarters on record here.

Latest, Q2 2026
109,924
Period ended Jun 30, 2026
Change on a year earlier
+15.1%
95,522 in Q2 2025
History
34 quarters
Since Q4 2017
Sources
33
Documents cited below

Where the Q2 2026 figure comes from

“|| Payable to merchants | 107,407 | 109,924 | 16,201”

Source: PDD Holdings Inc. Form 6-K (tm2623874d1_ex99-1.htm, filed 2026-08-25) ↗

Consumer payments for orders held in escrow pending successful delivery confirmation before disbursement to merchants — a direct indicator reflecting transaction volume float (GMV float) at the end of each quarter.

Quarterly history

Hover a value to see the sentence it was read from; calculated values show their formula

PeriodEndedWorking Capital & Platform Merchant Ecosystem Balances: Payable to Merchants (RMB million) (M)Year on yearSource
Q2 2026Jun 30, 2026109,924+15.1%PDD Holdings Inc. Form 6-K (tm2623874d1_ex99-1.htm, filed 2026-08-25) ↗
Q1 2026Mar 31, 2026109,151+18.0%PDD Holdings Inc. Form 6-K (tm2615739d1_ex99-1.htm, filed 2026-05-28) ↗
Q4 2025Dec 31, 2025107,407+17.2%PDD Holdings Inc. Form 6-K (tm2623874d1_ex99-1.htm, filed 2026-08-25) ↗
Q3 2025Sep 30, 2025100,578+21.5%PDD Holdings Inc. Form 6-K (tm2531580d1_ex99-1.htm, filed 2025-11-18) ↗
Q2 2025Jun 30, 202595,522+21.4%PDD Holdings Inc. Form 6-K (tm2524268d1_ex99-1.htm, filed 2025-08-25) ↗
Q1 2025Mar 31, 202592,515+24.2%PDD Holdings Inc. Form 6-K (tm2516198d1_ex99-1.htm, filed 2025-05-27) ↗
Q4 2024Dec 31, 202491,656+22.2%PDD Holdings Inc. Form 6-K (tm269789d1_ex99-1.htm, filed 2026-03-26) ↗
Q3 2024Sep 30, 202482,780+21.6%PDD Holdings Inc. Form 6-K (tm2429127d1_ex99-1.htm, filed 2024-11-21) ↗
Q2 2024Jun 30, 202478,708+30.9%PDD Holdings Inc. Form 6-K (tm2422641d1_ex99-1.htm, filed 2024-08-26) ↗
Q1 2024Mar 31, 202474,494+33.3%PDD Holdings Inc. Form 6-K (tm2415048d1_ex99-1.htm, filed 2024-05-22) ↗
Q4 2023Dec 31, 202374,997+18.4%PDD Holdings Inc. Form 6-K (tm259886d1_ex99-1.htm, filed 2025-03-20) ↗
Q3 2023Sep 30, 202368,100+32.1%PDD Holdings Inc. Form 6-K (tm2331648d1_ex99-1.htm, filed 2023-11-28) ↗
Q2 2023Jun 30, 202360,116+13.6%PDD Holdings Inc. Form 6-K (tm2325046d1_ex99-1.htm, filed 2023-08-29) ↗
Q1 2023Mar 31, 202355,879+18.5%PDD Holdings Inc. Form 6-K (tm2317221d1_ex99-1.htm, filed 2023-05-30) ↗
Q4 2022Dec 31, 202263,317+1.3%PDD Holdings Inc. Form 6-K (tm249325d1_ex99-1.htm, filed 2024-03-21) ↗
Q3 2022Sep 30, 202251,563-3.1%PDD Holdings Inc. Form 6-K (tm2231418d1_ex99-1.htm, filed 2022-11-28) ↗

Breakdown

What makes up working Capital & Platform Merchant Ecosystem

Cite this data

StockData. (2026). PDD Working Capital & Platform Merchant Ecosystem (M), quarterly Q4 2017–Q2 2026 [Data set]. Compiled from PDD SEC filings and investor materials. https://stockdatahq.com/stocks/pdd/kpis/sec-bs-payable-to-merchants-rmb-m-22

See every metric in the PDD KPI table. Data updated Oct 27, 2026.