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Side-by-side financial comparison of Energy Transfer LP (ET) and PDD Holdings Inc. (PDD). Click either name above to swap in a different company.
Energy Transfer LP is the larger business by last-quarter revenue ($25.3B vs $15.2B, roughly 1.7× PDD Holdings Inc.). PDD Holdings Inc. runs the higher net margin — 27.1% vs 3.7%, a 23.4% gap on every dollar of revenue. Over the past eight quarters, PDD Holdings Inc.'s revenue compounded faster (74.6% CAGR vs 8.2%).
Energy Transfer LP is an American company engaged in the pipeline transportation, storage, and terminaling for natural gas, crude oil, natural gas liquids (NGLs), refined products and liquid natural gas, as well as NGL fractionation. It is a publicly traded limited partnership organized under Delaware state laws and headquartered in Dallas, Texas. It was founded in 1996 by Ray Davis and Kelcy Warren, who remains Executive Chairman.
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.
ET vs PDD — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $25.3B | $15.2B |
| Net Profit | $928.0M | $4.1B |
| Gross Margin | 23.3% | 56.7% |
| Operating Margin | 8.2% | 23.1% |
| Net Margin | 3.7% | 27.1% |
| Revenue YoY | 29.6% | — |
| Net Profit YoY | -13.8% | — |
| EPS (diluted) | — | — |
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 | $25.3B | — | ||
| Q3 25 | $20.0B | $15.2B | ||
| Q2 25 | $19.2B | $14.5B | ||
| Q1 25 | $21.0B | — | ||
| Q4 24 | $19.5B | — | ||
| Q3 24 | $20.8B | $14.2B | ||
| Q2 24 | $20.7B | — | ||
| Q1 24 | $21.6B | $12.0B |
| Q4 25 | $928.0M | — | ||
| Q3 25 | $1.0B | $4.1B | ||
| Q2 25 | $1.2B | $4.3B | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.2B | $3.6B | ||
| Q2 24 | $1.3B | — | ||
| Q1 24 | $1.2B | $3.9B |
| Q4 25 | 23.3% | — | ||
| Q3 25 | 27.0% | 56.7% | ||
| Q2 25 | 27.5% | 55.9% | ||
| Q1 25 | 25.9% | — | ||
| Q4 24 | 27.6% | — | ||
| Q3 24 | 24.8% | 60.0% | ||
| Q2 24 | 24.7% | — | ||
| Q1 24 | 23.3% | 62.3% |
| Q4 25 | 8.2% | — | ||
| Q3 25 | 10.8% | 23.1% | ||
| Q2 25 | 12.0% | 24.8% | ||
| Q1 25 | 11.9% | — | ||
| Q4 24 | 11.7% | — | ||
| Q3 24 | 10.5% | 24.5% | ||
| Q2 24 | 11.1% | — | ||
| Q1 24 | 11.0% | 29.9% |
| Q4 25 | 3.7% | — | ||
| Q3 25 | 5.1% | 27.1% | ||
| Q2 25 | 6.0% | 29.6% | ||
| Q1 25 | 6.3% | — | ||
| Q4 24 | 5.5% | — | ||
| Q3 24 | 5.7% | 25.1% | ||
| Q2 24 | 6.3% | — | ||
| Q1 24 | 5.7% | 32.3% |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.3B | $13.0B |
| Total DebtLower is stronger | $68.3B | — |
| Stockholders' EquityBook value | $49.0B | $55.0B |
| Total Assets | $141.3B | $86.2B |
| Debt / EquityLower = less leverage | 1.39× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.3B | — | ||
| Q3 25 | $3.6B | $13.0B | ||
| Q2 25 | $242.0M | $8.8B | ||
| Q1 25 | — | — | ||
| Q4 24 | $312.0M | — | ||
| Q3 24 | — | $9.3B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $7.7B |
| Q4 25 | $68.3B | — | ||
| Q3 25 | $63.1B | — | ||
| Q2 25 | $60.8B | — | ||
| Q1 25 | $59.8B | — | ||
| Q4 24 | $59.8B | — | ||
| Q3 24 | $59.3B | — | ||
| Q2 24 | $57.6B | — | ||
| Q1 24 | $53.5B | — |
| Q4 25 | $49.0B | — | ||
| Q3 25 | $45.3B | $55.0B | ||
| Q2 25 | $45.5B | $50.5B | ||
| Q1 25 | $46.2B | — | ||
| Q4 24 | $46.0B | — | ||
| Q3 24 | $46.2B | $39.7B | ||
| Q2 24 | $45.5B | — | ||
| Q1 24 | $43.8B | $30.3B |
| Q4 25 | $141.3B | — | ||
| Q3 25 | $129.3B | $86.2B | ||
| Q2 25 | $125.0B | $79.2B | ||
| Q1 25 | $126.4B | — | ||
| Q4 24 | $125.4B | — | ||
| Q3 24 | $124.4B | $66.5B | ||
| Q2 24 | $121.3B | — | ||
| Q1 24 | $115.8B | $52.3B |
| Q4 25 | 1.39× | — | ||
| Q3 25 | 1.39× | — | ||
| Q2 25 | 1.33× | — | ||
| Q1 25 | 1.30× | — | ||
| Q4 24 | 1.30× | — | ||
| Q3 24 | 1.28× | — | ||
| Q2 24 | 1.27× | — | ||
| Q1 24 | 1.22× | — |
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 | $1.9B | $6.4B |
| Free Cash FlowOCF − Capex | $-225.0M | — |
| FCF MarginFCF / Revenue | -0.9% | — |
| Capex IntensityCapex / Revenue | 8.4% | — |
| Cash ConversionOCF / Net Profit | 2.05× | 1.56× |
| TTM Free Cash FlowTrailing 4 quarters | $3.8B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | — | ||
| Q3 25 | $2.6B | $6.4B | ||
| Q2 25 | $2.8B | $3.0B | ||
| Q1 25 | $2.9B | — | ||
| Q4 24 | $2.6B | — | ||
| Q3 24 | $2.9B | $3.9B | ||
| Q2 24 | $2.3B | — | ||
| Q1 24 | $3.8B | $2.9B |
| Q4 25 | $-225.0M | — | ||
| Q3 25 | $1.3B | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $1.7B | — | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.8B | — | ||
| Q2 24 | $1.5B | — | ||
| Q1 24 | $3.0B | — |
| Q4 25 | -0.9% | — | ||
| Q3 25 | 6.4% | — | ||
| Q2 25 | 5.7% | — | ||
| Q1 25 | 8.1% | — | ||
| Q4 24 | 5.7% | — | ||
| Q3 24 | 8.6% | — | ||
| Q2 24 | 7.0% | — | ||
| Q1 24 | 13.8% | — |
| Q4 25 | 8.4% | — | ||
| Q3 25 | 6.5% | — | ||
| Q2 25 | 8.6% | — | ||
| Q1 25 | 5.8% | — | ||
| Q4 24 | 7.5% | — | ||
| Q3 24 | 5.2% | — | ||
| Q2 24 | 3.9% | — | ||
| Q1 24 | 3.7% | — |
| Q4 25 | 2.05× | — | ||
| Q3 25 | 2.52× | 1.56× | ||
| Q2 25 | 2.37× | 0.70× | ||
| Q1 25 | 2.20× | — | ||
| Q4 24 | 2.40× | — | ||
| Q3 24 | 2.43× | 1.10× | ||
| Q2 24 | 1.73× | — | ||
| Q1 24 | 3.04× | 0.75× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ET
| Investment In Sunoco LP | $8.6B | 34% |
| NG Landrefinedproductstransportationandservices | $6.2B | 24% |
| NG Lsales | $4.6B | 18% |
| Midstream | $2.7B | 11% |
| Other | $900.0M | 4% |
| External Customers | $805.0M | 3% |
| Interstate Transportation And Storage | $631.0M | 2% |
| Investment In USAC | $252.0M | 1% |
| Intersegment | $97.0M | 0% |
PDD
Segment breakdown not available.
