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Side-by-side financial comparison of Nike, Inc. (NKE) 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 $12.4B, roughly 1.2× Nike, Inc.). PDD Holdings Inc. runs the higher net margin — 27.1% vs 6.4%, a 20.7% gap on every dollar of revenue. Over the past eight quarters, PDD Holdings Inc.'s revenue compounded faster (74.6% CAGR vs -0.0%).
Nike often refers to:Nike, Inc., a major American producer of athletic shoes, apparel, and sports equipment Nike (mythology), a Greek goddess who personifies victory
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.
NKE vs PDD — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $12.4B | $15.2B |
| Net Profit | $792.0M | $4.1B |
| Gross Margin | 40.6% | 56.7% |
| Operating Margin | — | 23.1% |
| Net Margin | 6.4% | 27.1% |
| Revenue YoY | 0.6% | — |
| Net Profit YoY | -31.9% | — |
| EPS (diluted) | $0.53 | — |
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 | $12.4B | — | ||
| Q3 25 | $11.7B | $15.2B | ||
| Q2 25 | $11.1B | $14.5B | ||
| Q1 25 | $11.3B | — | ||
| Q4 24 | $12.4B | — | ||
| Q3 24 | $11.6B | $14.2B | ||
| Q2 24 | $12.6B | — | ||
| Q1 24 | $12.4B | $12.0B |
| Q4 25 | $792.0M | — | ||
| Q3 25 | $727.0M | $4.1B | ||
| Q2 25 | $211.0M | $4.3B | ||
| Q1 25 | $794.0M | — | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.1B | $3.6B | ||
| Q2 24 | $1.5B | — | ||
| Q1 24 | $1.2B | $3.9B |
| Q4 25 | 40.6% | — | ||
| Q3 25 | 42.2% | 56.7% | ||
| Q2 25 | 40.3% | 55.9% | ||
| Q1 25 | 41.5% | — | ||
| Q4 24 | 43.6% | — | ||
| Q3 24 | 45.4% | 60.0% | ||
| Q2 24 | 44.7% | — | ||
| Q1 24 | 44.8% | 62.3% |
| Q4 25 | — | — | ||
| Q3 25 | — | 23.1% | ||
| Q2 25 | 2.9% | 24.8% | ||
| Q1 25 | 7.5% | — | ||
| Q4 24 | 11.5% | — | ||
| Q3 24 | 11.3% | 24.5% | ||
| Q2 24 | 13.7% | — | ||
| Q1 24 | 11.3% | 29.9% |
| Q4 25 | 6.4% | — | ||
| Q3 25 | 6.2% | 27.1% | ||
| Q2 25 | 1.9% | 29.6% | ||
| Q1 25 | 7.0% | — | ||
| Q4 24 | 9.4% | — | ||
| Q3 24 | 9.1% | 25.1% | ||
| Q2 24 | 11.9% | — | ||
| Q1 24 | 9.4% | 32.3% |
| Q4 25 | $0.53 | — | ||
| Q3 25 | $0.49 | — | ||
| Q2 25 | $0.14 | — | ||
| Q1 25 | $0.54 | — | ||
| Q4 24 | $0.78 | — | ||
| Q3 24 | $0.70 | — | ||
| Q2 24 | $0.99 | — | ||
| Q1 24 | $0.77 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $7.0B | $13.0B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $14.1B | $55.0B |
| Total Assets | $37.8B | $86.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.0B | — | ||
| Q3 25 | $7.0B | $13.0B | ||
| Q2 25 | $7.5B | $8.8B | ||
| Q1 25 | $8.6B | — | ||
| Q4 24 | $8.0B | — | ||
| Q3 24 | $8.5B | $9.3B | ||
| Q2 24 | $9.9B | — | ||
| Q1 24 | $9.0B | $7.7B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $8.0B | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $8.9B | — | ||
| Q1 24 | — | — |
| Q4 25 | $14.1B | — | ||
| Q3 25 | $13.5B | $55.0B | ||
| Q2 25 | $13.2B | $50.5B | ||
| Q1 25 | $14.0B | — | ||
| Q4 24 | $14.0B | — | ||
| Q3 24 | $13.9B | $39.7B | ||
| Q2 24 | $14.4B | — | ||
| Q1 24 | $14.2B | $30.3B |
| Q4 25 | $37.8B | — | ||
| Q3 25 | $37.3B | $86.2B | ||
| Q2 25 | $36.6B | $79.2B | ||
| Q1 25 | $37.8B | — | ||
| Q4 24 | $38.0B | — | ||
| Q3 24 | $37.9B | $66.5B | ||
| Q2 24 | $38.1B | — | ||
| Q1 24 | $37.4B | $52.3B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.60× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.62× | — | ||
| Q1 24 | — | — |
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 | $579.0M | $6.4B |
| Free Cash FlowOCF − Capex | $386.0M | — |
| FCF MarginFCF / Revenue | 3.1% | — |
| Capex IntensityCapex / Revenue | 1.6% | — |
| Cash ConversionOCF / Net Profit | 0.73× | 1.56× |
| TTM Free Cash FlowTrailing 4 quarters | $2.5B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $579.0M | — | ||
| Q3 25 | $222.0M | $6.4B | ||
| Q2 25 | $463.0M | $3.0B | ||
| Q1 25 | $1.8B | — | ||
| Q4 24 | $1.0B | — | ||
| Q3 24 | $394.0M | $3.9B | ||
| Q2 24 | $2.6B | — | ||
| Q1 24 | $2.1B | $2.9B |
| Q4 25 | $386.0M | — | ||
| Q3 25 | $15.0M | — | ||
| Q2 25 | $363.0M | — | ||
| Q1 25 | $1.7B | — | ||
| Q4 24 | $920.0M | — | ||
| Q3 24 | $274.0M | — | ||
| Q2 24 | $2.4B | — | ||
| Q1 24 | $1.9B | — |
| Q4 25 | 3.1% | — | ||
| Q3 25 | 0.1% | — | ||
| Q2 25 | 3.3% | — | ||
| Q1 25 | 15.2% | — | ||
| Q4 24 | 7.4% | — | ||
| Q3 24 | 2.4% | — | ||
| Q2 24 | 19.1% | — | ||
| Q1 24 | 15.4% | — |
| Q4 25 | 1.6% | — | ||
| Q3 25 | 1.8% | — | ||
| Q2 25 | 0.9% | — | ||
| Q1 25 | 0.7% | — | ||
| Q4 24 | 1.0% | — | ||
| Q3 24 | 1.0% | — | ||
| Q2 24 | 1.7% | — | ||
| Q1 24 | 1.1% | — |
| Q4 25 | 0.73× | — | ||
| Q3 25 | 0.31× | 1.56× | ||
| Q2 25 | 2.19× | 0.70× | ||
| Q1 25 | 2.26× | — | ||
| Q4 24 | 0.90× | — | ||
| Q3 24 | 0.37× | 1.10× | ||
| Q2 24 | 1.75× | — | ||
| Q1 24 | 1.76× | 0.75× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NKE
| Footwear | $7.7B | 62% |
| Apparel | $3.9B | 31% |
| Sporting Equipment | $550.0M | 4% |
| Converse Segment | $300.0M | 2% |
| Sales Channel Other | $9.0M | 0% |
PDD
Segment breakdown not available.
