vs
Side-by-side financial comparison of JD.com, Inc. (JD) and PDD Holdings Inc. (PDD). Click either name above to swap in a different company.
JD.com, Inc. is the larger business by last-quarter revenue ($53.9B vs $15.2B, roughly 3.5× PDD Holdings Inc.). PDD Holdings Inc. runs the higher net margin — 27.1% vs -0.1%, a 27.2% gap on every dollar of revenue. Over the past eight quarters, PDD Holdings Inc.'s revenue compounded faster (74.6% CAGR vs 26.8%).
JD.com, Inc.JDEarnings & Financial Report
JD.com, Inc., also known as JINGDONG, formerly called 360buy, is a Chinese e-commerce company headquartered in Beijing. With revenues more than US158.8 billion in 2024, JD.com is China’s largest retailer by revenue, and ranks 47 on Fortune Global 500. It is one of the two massive B2C online retailers in China by transaction volume and revenue, and is a major competitor to Alibaba-run Tmall. JD.com’s portfolio spans across retail, technology, logistics, health care, industrials, property manag...
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.
JD vs PDD — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $53.9B | $15.2B |
| Net Profit | $-78.0M | $4.1B |
| Gross Margin | 14.6% | 56.7% |
| Operating Margin | -1.5% | 23.1% |
| Net Margin | -0.1% | 27.1% |
| Revenue YoY | 12.2% | — |
| Net Profit YoY | -105.0% | — |
| EPS (diluted) | $-0.15 | — |
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 | $53.9B | — | ||
| Q3 25 | $42.0B | $15.2B | ||
| Q2 25 | $49.8B | $14.5B | ||
| Q1 25 | $41.5B | — | ||
| Q4 24 | $48.0B | — | ||
| Q3 24 | $37.1B | $14.2B | ||
| Q2 24 | $40.1B | — | ||
| Q1 24 | $33.5B | $12.0B |
| Q4 25 | $-78.0M | — | ||
| Q3 25 | $896.0M | $4.1B | ||
| Q2 25 | $937.0M | $4.3B | ||
| Q1 25 | $1.6B | — | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.8B | $3.6B | ||
| Q2 24 | $1.9B | — | ||
| Q1 24 | $855.5M | $3.9B |
| Q4 25 | 14.6% | — | ||
| Q3 25 | 16.9% | 56.7% | ||
| Q2 25 | 15.9% | 55.9% | ||
| Q1 25 | 15.9% | — | ||
| Q4 24 | 15.2% | — | ||
| Q3 24 | 17.3% | 60.0% | ||
| Q2 24 | 15.8% | — | ||
| Q1 24 | 14.8% | 62.3% |
| Q4 25 | -1.5% | — | ||
| Q3 25 | -0.4% | 23.1% | ||
| Q2 25 | -0.2% | 24.8% | ||
| Q1 25 | 3.5% | — | ||
| Q4 24 | 2.6% | — | ||
| Q3 24 | 4.6% | 24.5% | ||
| Q2 24 | 3.6% | — | ||
| Q1 24 | 2.6% | 29.9% |
| Q4 25 | -0.1% | — | ||
| Q3 25 | 2.1% | 27.1% | ||
| Q2 25 | 1.9% | 29.6% | ||
| Q1 25 | 3.7% | — | ||
| Q4 24 | 3.3% | — | ||
| Q3 24 | 4.9% | 25.1% | ||
| Q2 24 | 4.7% | — | ||
| Q1 24 | 2.6% | 32.3% |
| Q4 25 | $-0.15 | — | ||
| Q3 25 | $0.24 | — | ||
| Q2 25 | $0.29 | — | ||
| Q1 25 | $0.50 | — | ||
| Q4 24 | $0.44 | — | ||
| Q3 24 | $0.55 | — | ||
| Q2 24 | $0.56 | — | ||
| Q1 24 | — | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $30.5B | $13.0B |
| Total DebtLower is stronger | $41.7B | — |
| Stockholders' EquityBook value | $32.2B | $55.0B |
| Total Assets | $99.4B | $86.2B |
| Debt / EquityLower = less leverage | 1.30× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $30.5B | — | ||
| Q3 25 | $27.9B | $13.0B | ||
| Q2 25 | $29.9B | $8.8B | ||
| Q1 25 | $26.8B | — | ||
| Q4 24 | $32.1B | — | ||
| Q3 24 | $27.2B | $9.3B | ||
| Q2 24 | $27.8B | — | ||
| Q1 24 | $3.3B | $7.7B |
| Q4 25 | $41.7B | — | ||
| Q3 25 | $8.4B | — | ||
| Q2 25 | $7.9B | — | ||
| Q1 25 | $7.8B | — | ||
| Q4 24 | $31.7B | — | ||
| Q3 24 | $7.7B | — | ||
| Q2 24 | $7.8B | — | ||
| Q1 24 | $2.1B | — |
| Q4 25 | $32.2B | — | ||
| Q3 25 | $42.8B | $55.0B | ||
| Q2 25 | $41.5B | $50.5B | ||
| Q1 25 | $42.5B | — | ||
| Q4 24 | $32.8B | — | ||
| Q3 24 | $42.2B | $39.7B | ||
| Q2 24 | $39.5B | — | ||
| Q1 24 | $5.5B | $30.3B |
| Q4 25 | $99.4B | — | ||
| Q3 25 | $100.2B | $86.2B | ||
| Q2 25 | $98.7B | $79.2B | ||
| Q1 25 | $93.4B | — | ||
| Q4 24 | $95.7B | — | ||
| Q3 24 | $91.7B | $66.5B | ||
| Q2 24 | $89.7B | — | ||
| Q1 24 | $11.5B | $52.3B |
| Q4 25 | 1.30× | — | ||
| Q3 25 | 0.20× | — | ||
| Q2 25 | 0.19× | — | ||
| Q1 25 | 0.18× | — | ||
| Q4 24 | 0.97× | — | ||
| Q3 24 | 0.18× | — | ||
| Q2 24 | 0.20× | — | ||
| Q1 24 | 0.37× | — |
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 | $3.0B | $6.4B |
| Free Cash FlowOCF − Capex | $2.7B | — |
| FCF MarginFCF / Revenue | 5.0% | — |
| Capex IntensityCapex / Revenue | 0.5% | — |
| Cash ConversionOCF / Net Profit | — | 1.56× |
| TTM Free Cash FlowTrailing 4 quarters | $2.2B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.0B | — | ||
| Q3 25 | $-1.1B | $6.4B | ||
| Q2 25 | $3.4B | $3.0B | ||
| Q1 25 | $-2.5B | — | ||
| Q4 24 | $3.4B | — | ||
| Q3 24 | $-886.0M | $3.9B | ||
| Q2 24 | $7.0B | — | ||
| Q1 24 | — | $2.9B |
| Q4 25 | $2.7B | — | ||
| Q3 25 | $-1.1B | — | ||
| Q2 25 | $3.3B | — | ||
| Q1 25 | $-2.6B | — | ||
| Q4 24 | $3.3B | — | ||
| Q3 24 | $-1.4B | — | ||
| Q2 24 | $6.8B | — | ||
| Q1 24 | — | — |
| Q4 25 | 5.0% | — | ||
| Q3 25 | -2.7% | — | ||
| Q2 25 | 6.5% | — | ||
| Q1 25 | -6.4% | — | ||
| Q4 24 | 6.9% | — | ||
| Q3 24 | -3.7% | — | ||
| Q2 24 | 16.9% | — | ||
| Q1 24 | — | — |
| Q4 25 | 0.5% | — | ||
| Q3 25 | 0.0% | — | ||
| Q2 25 | 0.3% | — | ||
| Q1 25 | 0.3% | — | ||
| Q4 24 | 0.2% | — | ||
| Q3 24 | 1.3% | — | ||
| Q2 24 | 0.5% | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | -1.26× | 1.56× | ||
| Q2 25 | 3.64× | 0.70× | ||
| Q1 25 | -1.62× | — | ||
| Q4 24 | 2.18× | — | ||
| Q3 24 | -0.48× | 1.10× | ||
| Q2 24 | 3.73× | — | ||
| Q1 24 | — | 0.75× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
JD
| JD Retail | $43.2B | 80% |
| JD Logistics | $9.1B | 17% |
| New Businesses | $2.0B | 4% |
PDD
Segment breakdown not available.
