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Side-by-side financial comparison of PDD Holdings Inc. (PDD) and Procter & Gamble (PG). Click either name above to swap in a different company.
Procter & Gamble is the larger business by last-quarter revenue ($21.2B vs $15.2B, roughly 1.4× PDD Holdings Inc.). PDD Holdings Inc. runs the higher net margin — 27.1% vs 18.6%, a 8.5% gap on every dollar of revenue. Over the past eight quarters, PDD Holdings Inc.'s revenue compounded faster (74.6% CAGR vs 1.7%).
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.
The Procter & Gamble Company (P&G) is an American multinational consumer goods corporation incorporated and headquartered in Cincinnati, Ohio.
PDD vs PG — Head-to-Head
Income Statement — Q3 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $15.2B | $21.2B |
| Net Profit | $4.1B | $4.0B |
| Gross Margin | 56.7% | 49.5% |
| Operating Margin | 23.1% | 21.5% |
| Net Margin | 27.1% | 18.6% |
| Revenue YoY | — | 7.0% |
| Net Profit YoY | — | 4.0% |
| EPS (diluted) | — | $1.63 |
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 | — | $21.2B | ||
| Q4 25 | — | $22.2B | ||
| Q3 25 | $15.2B | $22.4B | ||
| Q2 25 | $14.5B | $20.9B | ||
| Q1 25 | — | $19.8B | ||
| Q4 24 | — | $21.9B | ||
| Q3 24 | $14.2B | $21.7B | ||
| Q2 24 | — | $20.5B |
| Q1 26 | — | $4.0B | ||
| Q4 25 | — | $4.3B | ||
| Q3 25 | $4.1B | $4.8B | ||
| Q2 25 | $4.3B | $3.6B | ||
| Q1 25 | — | $3.8B | ||
| Q4 24 | — | $4.6B | ||
| Q3 24 | $3.6B | $4.0B | ||
| Q2 24 | — | $3.1B |
| Q1 26 | — | 49.5% | ||
| Q4 25 | — | 51.2% | ||
| Q3 25 | 56.7% | 51.4% | ||
| Q2 25 | 55.9% | 49.1% | ||
| Q1 25 | — | 51.0% | ||
| Q4 24 | — | 52.4% | ||
| Q3 24 | 60.0% | 52.1% | ||
| Q2 24 | — | 49.6% |
| Q1 26 | — | 21.5% | ||
| Q4 25 | — | 24.2% | ||
| Q3 25 | 23.1% | 26.2% | ||
| Q2 25 | 24.8% | 20.8% | ||
| Q1 25 | — | 23.0% | ||
| Q4 24 | — | 26.2% | ||
| Q3 24 | 24.5% | 26.7% | ||
| Q2 24 | — | 18.9% |
| Q1 26 | — | 18.6% | ||
| Q4 25 | — | 19.4% | ||
| Q3 25 | 27.1% | 21.2% | ||
| Q2 25 | 29.6% | 17.3% | ||
| Q1 25 | — | 19.1% | ||
| Q4 24 | — | 21.2% | ||
| Q3 24 | 25.1% | 18.2% | ||
| Q2 24 | — | 15.3% |
| Q1 26 | — | $1.63 | ||
| Q4 25 | — | $1.78 | ||
| Q3 25 | — | $1.95 | ||
| Q2 25 | — | $1.48 | ||
| Q1 25 | — | $1.54 | ||
| Q4 24 | — | $1.88 | ||
| Q3 24 | — | $1.61 | ||
| Q2 24 | — | $1.27 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $13.0B | $12.3B |
| Total DebtLower is stronger | — | $23.9B |
| Stockholders' EquityBook value | $55.0B | $54.7B |
| Total Assets | $86.2B | $128.4B |
| Debt / EquityLower = less leverage | — | 0.44× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $12.3B | ||
| Q4 25 | — | — | ||
| Q3 25 | $13.0B | — | ||
| Q2 25 | $8.8B | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $9.3B | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $23.9B | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $54.7B | ||
| Q4 25 | — | $53.3B | ||
| Q3 25 | $55.0B | $53.6B | ||
| Q2 25 | $50.5B | $52.3B | ||
| Q1 25 | — | $52.5B | ||
| Q4 24 | — | $51.4B | ||
| Q3 24 | $39.7B | $52.1B | ||
| Q2 24 | — | $50.6B |
| Q1 26 | — | $128.4B | ||
| Q4 25 | — | $127.3B | ||
| Q3 25 | $86.2B | $127.6B | ||
| Q2 25 | $79.2B | $125.2B | ||
| Q1 25 | — | $123.0B | ||
| Q4 24 | — | $122.6B | ||
| Q3 24 | $66.5B | $126.5B | ||
| Q2 24 | — | $122.4B |
| Q1 26 | — | 0.44× | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 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 | $6.4B | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 15.9% |
| Cash ConversionOCF / Net Profit | 1.56× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $5.0B | ||
| Q3 25 | $6.4B | $5.4B | ||
| Q2 25 | $3.0B | $5.0B | ||
| Q1 25 | — | $3.7B | ||
| Q4 24 | — | $4.8B | ||
| Q3 24 | $3.9B | $4.3B | ||
| Q2 24 | — | $5.8B |
| Q1 26 | — | — | ||
| Q4 25 | — | $3.8B | ||
| Q3 25 | — | $4.2B | ||
| Q2 25 | — | $4.0B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | — | $3.9B | ||
| Q3 24 | — | $3.3B | ||
| Q2 24 | — | $5.0B |
| Q1 26 | — | — | ||
| Q4 25 | — | 17.1% | ||
| Q3 25 | — | 18.8% | ||
| Q2 25 | — | 19.1% | ||
| Q1 25 | — | 14.4% | ||
| Q4 24 | — | 17.8% | ||
| Q3 24 | — | 15.2% | ||
| Q2 24 | — | 24.2% |
| Q1 26 | — | 15.9% | ||
| Q4 25 | — | 5.3% | ||
| Q3 25 | — | 5.4% | ||
| Q2 25 | — | 4.8% | ||
| Q1 25 | — | 4.3% | ||
| Q4 24 | — | 4.2% | ||
| Q3 24 | — | 4.6% | ||
| Q2 24 | — | 3.8% |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.15× | ||
| Q3 25 | 1.56× | 1.14× | ||
| Q2 25 | 0.70× | 1.38× | ||
| Q1 25 | — | 0.98× | ||
| Q4 24 | — | 1.04× | ||
| Q3 24 | 1.10× | 1.09× | ||
| Q2 24 | — | 1.83× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PDD
Segment breakdown not available.
PG
| Fabric & Home Care | $7.4B | 35% |
| Baby, Feminine & Family Care | $5.1B | 24% |
| Beauty | $3.9B | 18% |
| Health Care | $3.1B | 14% |
| Grooming | $1.6B | 8% |
| Corporate | $225.0M | 1% |
