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Side-by-side financial comparison of iQIYI, Inc. (IQ) 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 $971.6M, roughly 15.7× iQIYI, Inc.).
iQIYI, Inc.IQEarnings & Financial Report
iQIYI, formerly Qiyi, is a Chinese subscription video on-demand over-the-top streaming service owned by Baidu. Headquartered in Beijing, iQIYI primarily produces and distributes films and television series.
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.
IQ vs PDD — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $971.6M | $15.2B |
| Net Profit | — | $4.1B |
| Gross Margin | — | 56.7% |
| Operating Margin | 0.8% | 23.1% |
| Net Margin | — | 27.1% |
| Revenue YoY | — | — |
| Net Profit YoY | — | — |
| 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.
| Q1 26 | $971.6M | — | ||
| Q3 25 | — | $15.2B | ||
| Q2 25 | — | $14.5B | ||
| Q1 25 | $906.0M | — | ||
| Q3 24 | — | $14.2B | ||
| Q1 24 | $1.1B | $12.0B | ||
| Q3 23 | — | $9.4B | ||
| Q2 23 | — | $7.2B |
| Q1 26 | — | — | ||
| Q3 25 | — | $4.1B | ||
| Q2 25 | — | $4.3B | ||
| Q1 25 | — | — | ||
| Q3 24 | — | $3.6B | ||
| Q1 24 | — | $3.9B | ||
| Q3 23 | — | $2.1B | ||
| Q2 23 | — | $1.8B |
| Q1 26 | — | — | ||
| Q3 25 | — | 56.7% | ||
| Q2 25 | — | 55.9% | ||
| Q1 25 | — | — | ||
| Q3 24 | — | 60.0% | ||
| Q1 24 | — | 62.3% | ||
| Q3 23 | — | 61.0% | ||
| Q2 23 | — | 64.3% |
| Q1 26 | 0.8% | — | ||
| Q3 25 | — | 23.1% | ||
| Q2 25 | — | 24.8% | ||
| Q1 25 | 4.3% | — | ||
| Q3 24 | — | 24.5% | ||
| Q1 24 | 9.9% | 29.9% | ||
| Q3 23 | — | 24.2% | ||
| Q2 23 | — | 24.3% |
| Q1 26 | — | — | ||
| Q3 25 | — | 27.1% | ||
| Q2 25 | — | 29.6% | ||
| Q1 25 | — | — | ||
| Q3 24 | — | 25.1% | ||
| Q1 24 | — | 32.3% | ||
| Q3 23 | — | 22.6% | ||
| Q2 23 | — | 25.1% |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $4.4M | $13.0B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $13.3M | $55.0B |
| Total Assets | $46.7M | $86.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $4.4M | — | ||
| Q3 25 | — | $13.0B | ||
| Q2 25 | — | $8.8B | ||
| Q1 25 | $3.5M | — | ||
| Q3 24 | — | $9.3B | ||
| Q1 24 | $4.4M | $7.7B | ||
| Q3 23 | — | $7.5B | ||
| Q2 23 | — | $4.3B |
| Q1 26 | $13.3M | — | ||
| Q3 25 | — | $55.0B | ||
| Q2 25 | — | $50.5B | ||
| Q1 25 | $13.4M | — | ||
| Q3 24 | — | $39.7B | ||
| Q1 24 | $12.2M | $30.3B | ||
| Q3 23 | — | $22.2B | ||
| Q2 23 | — | $20.0B |
| Q1 26 | $46.7M | — | ||
| Q3 25 | — | $86.2B | ||
| Q2 25 | — | $79.2B | ||
| Q1 25 | $45.8M | — | ||
| Q3 24 | — | $66.5B | ||
| Q1 24 | $44.6M | $52.3B | ||
| Q3 23 | — | $43.1B | ||
| Q2 23 | — | $37.8B |
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 | — | $6.4B |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | 1.56× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q3 25 | — | $6.4B | ||
| Q2 25 | — | $3.0B | ||
| Q1 25 | — | — | ||
| Q3 24 | — | $3.9B | ||
| Q1 24 | — | $2.9B | ||
| Q3 23 | — | $4.5B | ||
| Q2 23 | — | $3.2B |
| Q1 26 | — | — | ||
| Q3 25 | — | 1.56× | ||
| Q2 25 | — | 0.70× | ||
| Q1 25 | — | — | ||
| Q3 24 | — | 1.10× | ||
| Q1 24 | — | 0.75× | ||
| Q3 23 | — | 2.09× | ||
| Q2 23 | — | 1.78× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
