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Side-by-side financial comparison of ACV Auctions Inc. (ACVA) and PDD Holdings Inc. (PDD). Click either name above to swap in a different company.
PDD Holdings Inc. is the larger business by last-quarter revenue ($15.2B vs $183.6M, roughly 82.8× ACV Auctions Inc.). Over the past eight quarters, PDD Holdings Inc.'s revenue compounded faster (74.6% CAGR vs 12.3%).
ACV Auctions Inc.ACVAEarnings & Financial Report
ACV Auctions Inc. operates a leading digital wholesale vehicle auction platform serving automotive dealers across the U.S. and Canada. It offers end-to-end services including transparent vehicle inspections, secure payment processing, and logistics support, enabling efficient trading of used vehicles between registered wholesale buyers and sellers.
Pinduoduo is a Chinese online retailer, with a focus on the traditional agriculture industry. The business is the largest product of PDD Holdings, a company currently headquartered in Ireland that also owns the online marketplace Temu.
ACVA vs PDD — Head-to-Head
Income Statement — Q4 2025 vs Q3 2025
| Metric | | |
|---|---|---|
| Revenue | $183.6M | $15.2B |
| Net Profit | — | $4.1B |
| Gross Margin | — | 56.7% |
| Operating Margin | -9.7% | 23.1% |
| Net Margin | — | 27.1% |
| Revenue YoY | 15.1% | — |
| Net Profit YoY | — | — |
| EPS (diluted) | $-0.12 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $183.6M | — | ||
| Q3 25 | $199.6M | $15.2B | ||
| Q2 25 | $193.7M | $14.5B | ||
| Q1 25 | $182.7M | — | ||
| Q4 24 | $159.5M | — | ||
| Q3 24 | $171.3M | $14.2B | ||
| Q2 24 | $160.6M | — | ||
| Q1 24 | $145.7M | $12.0B |
| Q4 25 | — | — | ||
| Q3 25 | $-24.5M | $4.1B | ||
| Q2 25 | $-7.3M | $4.3B | ||
| Q1 25 | $-14.8M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $-16.0M | $3.6B | ||
| Q2 24 | $-17.1M | — | ||
| Q1 24 | $-20.5M | $3.9B |
| Q4 25 | — | — | ||
| Q3 25 | — | 56.7% | ||
| Q2 25 | — | 55.9% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 60.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 62.3% |
| Q4 25 | -9.7% | — | ||
| Q3 25 | -11.9% | 23.1% | ||
| Q2 25 | -3.7% | 24.8% | ||
| Q1 25 | -7.9% | — | ||
| Q4 24 | -16.2% | — | ||
| Q3 24 | -10.0% | 24.5% | ||
| Q2 24 | -11.6% | — | ||
| Q1 24 | -15.5% | 29.9% |
| Q4 25 | — | — | ||
| Q3 25 | -12.3% | 27.1% | ||
| Q2 25 | -3.8% | 29.6% | ||
| Q1 25 | -8.1% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -9.4% | 25.1% | ||
| Q2 24 | -10.6% | — | ||
| Q1 24 | -14.1% | 32.3% |
| Q4 25 | $-0.12 | — | ||
| Q3 25 | $-0.14 | — | ||
| Q2 25 | $-0.04 | — | ||
| Q1 25 | $-0.09 | — | ||
| Q4 24 | $-0.15 | — | ||
| Q3 24 | $-0.10 | — | ||
| Q2 24 | $-0.10 | — | ||
| Q1 24 | $-0.13 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $271.5M | $13.0B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $429.7M | $55.0B |
| Total Assets | $1.1B | $86.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $271.5M | — | ||
| Q3 25 | $265.3M | $13.0B | ||
| Q2 25 | $258.4M | $8.8B | ||
| Q1 25 | $291.9M | — | ||
| Q4 24 | $224.1M | — | ||
| Q3 24 | $252.5M | $9.3B | ||
| Q2 24 | $215.0M | — | ||
| Q1 24 | $209.8M | $7.7B |
| Q4 25 | $429.7M | — | ||
| Q3 25 | $434.4M | $55.0B | ||
| Q2 25 | $448.8M | $50.5B | ||
| Q1 25 | $439.6M | — | ||
| Q4 24 | $440.0M | — | ||
| Q3 24 | $456.2M | $39.7B | ||
| Q2 24 | $457.6M | — | ||
| Q1 24 | $458.3M | $30.3B |
| Q4 25 | $1.1B | — | ||
| Q3 25 | $1.2B | $86.2B | ||
| Q2 25 | $1.1B | $79.2B | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $984.1M | — | ||
| Q3 24 | $1.0B | $66.5B | ||
| Q2 24 | $1.0B | — | ||
| Q1 24 | $1.0B | $52.3B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-12.4M | $6.4B |
| Free Cash FlowOCF − Capex | $-14.7M | — |
| FCF MarginFCF / Revenue | -8.0% | — |
| Capex IntensityCapex / Revenue | 1.2% | — |
| Cash ConversionOCF / Net Profit | — | 1.56× |
| TTM Free Cash FlowTrailing 4 quarters | $69.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-12.4M | — | ||
| Q3 25 | $10.3M | $6.4B | ||
| Q2 25 | $13.7M | $3.0B | ||
| Q1 25 | $66.6M | — | ||
| Q4 24 | $-3.2M | — | ||
| Q3 24 | $21.1M | $3.9B | ||
| Q2 24 | $4.5M | — | ||
| Q1 24 | $43.0M | $2.9B |
| Q4 25 | $-14.7M | — | ||
| Q3 25 | $7.7M | — | ||
| Q2 25 | $10.9M | — | ||
| Q1 25 | $65.3M | — | ||
| Q4 24 | $-3.9M | — | ||
| Q3 24 | $20.2M | — | ||
| Q2 24 | $2.7M | — | ||
| Q1 24 | $41.9M | — |
| Q4 25 | -8.0% | — | ||
| Q3 25 | 3.8% | — | ||
| Q2 25 | 5.6% | — | ||
| Q1 25 | 35.7% | — | ||
| Q4 24 | -2.5% | — | ||
| Q3 24 | 11.8% | — | ||
| Q2 24 | 1.7% | — | ||
| Q1 24 | 28.8% | — |
| Q4 25 | 1.2% | — | ||
| Q3 25 | 1.3% | — | ||
| Q2 25 | 1.5% | — | ||
| Q1 25 | 0.7% | — | ||
| Q4 24 | 0.4% | — | ||
| Q3 24 | 0.6% | — | ||
| Q2 24 | 1.1% | — | ||
| Q1 24 | 0.7% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 1.56× | ||
| Q2 25 | — | 0.70× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.10× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.75× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ACVA
| Auction Marketplace Revenue | $77.6M | 42% |
| Other Marketplace Revenue | $72.4M | 39% |
| Customer Assurance | $24.1M | 13% |
| Data Services Revenue | $9.4M | 5% |
PDD
Segment breakdown not available.
