Analyst Consensus ?
ConsensusHold26 ratings
Bullish1350.0%
Neutral1246.2%
Bearish13.8%
1 unmapped firm rating excluded from the percentages.
PDD Holdings Inc. · PDD · FY2026 Q1 · Calendar Q2 2026
PDD: Growth Continues as Supply-Chain Investment Pressures Profit
PDD's latest results support a mixed version of the growth thesis: demand and transaction services remained resilient, but the cost and execution burden of supply-chain and brand investment is weighing on near-term earnings.
Reported Before market openNASDAQConsumer Cyclical
$112.73B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.38
Consensus $2.40
EPS surprise
-42.5%
Reported versus consensus
Reported revenue
$15.40B
Consensus $15.92B
Revenue surprise
-3.3%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-10.4%
Event window
SPY move
-0.0%
Same window
Abnormal move
-10.4%
Stock minus SPY
Volume
6.0×
Versus trailing sessions
Subsequent drift
-15.4%
Up to 20 sessions
PDDSPY benchmark
Ask FN2 about PDD FY2026 Q1
Transcript, numbers and history already loaded
Why did PDD fall 10.4% after missing EPS estimates in FY2026 Q1?What changed in PDD's guidance and outlook in FY2026 Q1?Give me the bull and bear case for PDD after FY2026 Q1 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Revenue growth remained positive and operating profit improved, but net income and EPS declined. Management also advanced a first-party brand strategy, expanded rural logistics, and placed greater emphasis on compliance.
Guidance delta
No formal guidance was provided in the supplied analysis. Management emphasized long-term supply-chain, brand, logistics, and compliance investment.
Key takeaways
- Revenue grew 11% year over year to RMB 106.2 billion, led mainly by transaction services.
- Management is shifting toward first-party brands and supply-chain integration, supported by a RMB 100 billion multi-year program.
- Operating profit improved, but net income and EPS declined year over year.
- Rural logistics, free-shipping initiatives, and premium agricultural products remain central growth priorities.
Management priorities
- Expand first-party brands and supply-chain integration
- Broaden rural logistics, free-shipping coverage, and village digital hubs
- Strengthen platform governance, food safety, and compliance
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$79.2Previous close
$80Low
$137.26Average
$248High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Sep 24, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| JP Morgan | Neutral | Neutral | Maintain | Sep 10, 2026 |
| Benchmark | Buy | Buy | Maintain | Aug 25, 2026 |
| Daiwa Capital | Hold | Buy | Downgrade | Jun 24, 2026 |
| Macquarie | Neutral | Outperform | Downgrade | May 28, 2026 |
| Bernstein | Market Perform | Market Perform | Maintain | May 28, 2026 |
| Barclays | Equal Weight | Overweight | Downgrade | May 28, 2026 |
| Citigroup | Buy | Buy | Maintain | May 27, 2026 |
| Freedom Capital Markets | Buy | Buy | Maintain | Jan 6, 2026 |
| Freedom Broker | Buy | Buy | Maintain | Jan 6, 2026 |
| B of A Securities | Neutral | Neutral | Maintain | Nov 19, 2025 |
| New Street Research | Neutral | Buy | Downgrade | Aug 26, 2025 |
| China Renaissance | Hold | Buy | Downgrade | May 28, 2025 |
| Jefferies | Buy | Buy | Maintain | May 27, 2025 |
| US Tiger Securities, Inc | Hold | Buy | Downgrade | Mar 20, 2025 |
| Nomura | Neutral | Buy | Downgrade | Mar 20, 2025 |
| Goldman Sachs | Buy | Buy | Maintain | Aug 27, 2024 |
| UBS | Buy | Buy | Maintain | May 22, 2024 |
| HSBC | Buy | Buy | Maintain | Mar 21, 2023 |
| Morgan Stanley | Overweight | Equal Weight | Upgrade | Mar 2, 2023 |
| Nomura Instinet | Neutral | Buy | Downgrade | Mar 22, 2022 |
| DBS Bank | Buy | Hold | Upgrade | Jan 14, 2022 |
| KeyBanc | Overweight | Downgrade | Jan 26, 2021 | |
| CLSA | Outperform | Buy | Maintain | Aug 24, 2020 |
| BOCOM International | Neutral | Buy | Downgrade | Aug 24, 2020 |
| Credit Suisse | Outperform | Neutral | Upgrade | Apr 20, 2020 |
| Bank of America | Buy | Buy | Maintain | Aug 22, 2019 |
| 86 Research | Sell | Hold | Downgrade | Aug 6, 2019 |
Named analyst price targets
Upside is calculated against the persisted previous close $79.2. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Arete Research | Analyst unavailable | $93 | $82.21 | +17.4% | Sep 7, 2026 |
| Deutsche Bank | Peter Milliken | $105 | $86.77 | +32.6% | Aug 24, 2026 |
| Daiwa | Analyst unavailable | $80 | $76.15 | +1.0% | Jun 23, 2026 |
| Barclays | Jiong Shao | $89 | $86.61 | +12.4% | May 28, 2026 |
| Macquarie | Analyst unavailable | $87 | $86.61 | +9.8% | May 27, 2026 |
| Bernstein | Analyst unavailable | $110 | $86.61 | +38.9% | May 27, 2026 |
| Morgan Stanley | Analyst unavailable | $129 | $85.09 | +62.9% | May 27, 2026 |
| US Tiger Securities | Bo Pei | $100 | $85.28 | +26.3% | May 27, 2026 |
| Arete Research | Analyst unavailable | $121 | $105.44 | +52.8% | Apr 17, 2026 |
| Nomura | Analyst unavailable | $136 | $100.62 | +71.7% | Mar 26, 2026 |
| Morgan Stanley | Analyst unavailable | $148 | $107.85 | +86.9% | Jan 15, 2026 |
| Loop Capital Markets | Roman Lukianchikov | $170 | $123.34 | +114.6% | Jan 6, 2026 |
| Arete Research | Zixiao Yang | $130 | $117.62 | +64.1% | Dec 9, 2025 |
| Bernstein | Robin Zhu | $135 | $119.58 | +70.5% | Nov 18, 2025 |
| Barclays | Analyst unavailable | $165 | $128.03 | +108.3% | Aug 26, 2025 |
| New Street | Jin Yoon | $120 | $128.03 | +51.5% | Aug 26, 2025 |
| Macquarie | Ellie Jiang | $165 | $128.21 | +108.3% | Aug 25, 2025 |
| Jefferies | Thomas Chong | $146 | $128.21 | +84.3% | Aug 25, 2025 |
| Jefferies | Thomas Chong | $121 | $102.98 | +52.8% | May 27, 2025 |
| Jefferies | Thomas Chong | $171 | $104.09 | +115.9% | Nov 21, 2024 |
| Macquarie | Ellie Jiang | $224 | $154.27 | +182.8% | Oct 7, 2024 |
| Citigroup | Alicia Yap | $143 | $135.38 | +80.6% | Sep 30, 2024 |
| CFRA | Jian Xiong Lim | $130 | $96.26 | +64.1% | Aug 27, 2024 |
| Bernstein | Robin Zhu | $170 | $96.64 | +114.6% | Aug 27, 2024 |
| Bank of America Securities | Joyce Ju | $170 | $100 | +114.6% | Aug 27, 2024 |
| Jefferies | Thomas Chong | $151 | $100 | +90.7% | Aug 26, 2024 |
| Citigroup | Alicia Yap | $194 | $127.59 | +144.9% | Jul 29, 2024 |
| CFRA | Jian Xiong Lim | $200 | $157.57 | +152.5% | May 28, 2024 |
| Goldman Sachs | Ronald Keung | $184 | $160.71 | +132.3% | May 24, 2024 |
| Goldman Sachs | Ronald Keung | $145 | $153.63 | +83.1% | May 23, 2024 |
| Bernstein | Robin Zhu | $235 | $147.09 | +196.7% | May 23, 2024 |
| Morgan Stanley | Eddy Wang | $220 | $147.09 | +177.8% | May 22, 2024 |
| Jefferies | Thomas Chong | $193 | $146.85 | +143.7% | May 22, 2024 |
| UBS | Kenneth Fong | $248 | $143.38 | +213.1% | May 17, 2024 |
| HSBC | Charlene Liu | $190 | $122.3 | +139.9% | Mar 21, 2024 |
| CMB International Securities | Saiyi He | $155.4 | $122.3 | +96.2% | Mar 21, 2024 |
| Barclays | Jiong Shao | $178 | $132.17 | +124.7% | Mar 20, 2024 |
| Morgan Stanley | Eddy Wang | $181 | $132.17 | +128.5% | Mar 20, 2024 |
| Jefferies | Thomas Chong | $157 | $111.89 | +98.2% | Mar 11, 2024 |
| Goldman Sachs | Ronald Keung | $129 | $97.96 | +62.9% | Aug 30, 2023 |
| J.P. Morgan | Andre Chang | $110 | $71.42 | +38.9% | May 30, 2023 |
| UBS | Jerry Liu | $115 | $79.55 | +45.2% | Mar 21, 2023 |
| Goldman Sachs | Analyst unavailable | $123 | $95.97 | +55.3% | Jan 9, 2023 |
| Citigroup | Analyst unavailable | $111 | $74.05 | +40.2% | Nov 29, 2022 |
| Barclays | Jiong Shao | $70 | $74.05 | -11.6% | Nov 29, 2022 |
| US Tiger Securities | Bo Pei | $80 | $66.04 | +1.0% | Aug 30, 2022 |
| Goldman Sachs | Ronald Keung | $95 | $55.12 | +19.9% | Jul 19, 2022 |
| Morgan Stanley | Eddy Wang | $54.7 | $54.7 | -30.9% | Jul 11, 2022 |
| Benchmark Co. | Fawne Jiang | $85 | $42.65 | +7.3% | Apr 1, 2022 |
| Citigroup | Alicia Yap | $80 | $60.2 | +1.0% | Feb 16, 2022 |
| Macquarie | Ellie Jiang | $95 | $63.03 | +19.9% | Dec 7, 2021 |
| Bank of America Securities | Joyce Ju | $120 | $71.96 | +51.5% | Nov 29, 2021 |
| Morgan Stanley | Eddy Wang | $130 | $97.15 | +64.1% | Oct 21, 2021 |
| UOB Kay Hian | Julia Pan | $88 | $97.84 | +11.1% | Aug 25, 2021 |
| US Tiger Securities | Bo Pei CFA | $180 | $123.57 | +127.3% | May 26, 2021 |
| Daiwa | John Choi | $180 | $131.11 | +127.3% | May 5, 2021 |
Track every rating change on PDD the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationPDD Holdings, Inc. is a multinational commerce group that owns and operates a portfolio of businesses. The company aims to bring more businesses and people into the digital economy so that local communities and small businesses can benefit from increased productivity and new opportunities. It has built a network of sourcing, logistics, and fulfillment capabilities, that support its underlying businesses. PDD Holdings was founded by Hua Lin Cai and Zheng Huang in 2015 and is headquartered in Dublin, Ireland.
Historical context
All PDD earningsConsumer Cyclical peers this season
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|---|---|---|---|---|
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| LEN Lennar Corporation | FY2026 Q3 · Calendar Q3 2026 | — | -4.1% | Lennar Holds Volume Guidance as Margins Improve Despite Housing Headwinds |
| TCOM Trip.com Group Limited | FY2026 Q2 · Calendar Q3 2026 | +22.3% | +3.0% | Trip.com pairs international growth with heavier AI investment |
| CASY Casey's General Stores, Inc. | FY2027 Q1 · Calendar Q3 2026 | +8.7% | -14.2% | Casey's Q1: Prepared Food Drives Growth as Fuel Margins Stay Volatile |
| LULU Lululemon Athletica Inc. | FY2026 Q2 · Calendar Q3 2026 | +63.1% | -17.4% | Lululemon lowers FY2026 outlook as North America weakens |
Latest beats and misses
Who reports nextBeat on EPS
- GISFY2027 Q1 · September 23, 2026+4.6% EPS+1.0% move
- AZOFY2026 Q4 · September 22, 2026+3.6% EPS+3.3% move
- FPSFY2026 Q4 · September 15, 2026+4.3% EPS+9.5% move
- TCOMFY2026 Q2 · September 15, 2026+22.3% EPS+3.0% move
- KRFY2026 Q2 · September 11, 2026+2.8% EPS+2.7% move
- ADBEFY2026 Q3 · September 10, 2026+0.8% EPS+1.4% move
Get the PDD recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-27T17:23:22.635765+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-09-24T09:30:54.593910+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-24T09:30:54.591144+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-09-24. For educational purposes only; not investment advice.