Analyst Consensus ?
ConsensusHold26 ratings
Bullish1350.0%
Neutral1246.2%
Bearish13.8%
1 unmapped firm rating excluded from the percentages.
PDD Holdings Inc. · PDD · FY2026 Q2 · Calendar Q3 2026
PDD growth continues as investment and regulation pressure profits
PDD's Q2 analysis supports a mixed view of the growth thesis: demand and platform expansion remain supported by transaction services, rural logistics, and supply-chain upgrades, but profitability is under pressure and the first-party brand strategy has yet to scale decisively. Evidence for durable growth is present; evidence for near-term earnings resilience is weaker.
Reported Before market openNASDAQConsumer Cyclical
$112.31B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$2.85
Consensus $2.72
EPS surprise
+4.8%
Reported versus consensus
Reported revenue
$16.54B
Consensus $16.94B
Revenue surprise
-2.4%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-1.5%
Event window
SPY move
-0.3%
Same window
Abnormal move
-1.2%
Stock minus SPY
Volume
2.3×
Versus trailing sessions
Subsequent drift
-9.4%
Up to 20 sessions
PDDSPY benchmark
Ask FN2 about PDD FY2026 Q2
Transcript, numbers and history already loaded
Why did PDD fall 1.5% after beating EPS estimates in FY2026 Q2?What changed in PDD's guidance and outlook in FY2026 Q2?Give me the bull and bear case for PDD after FY2026 Q2 earnings.
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Transcript intelligence
What changed
Relative to the prior quarter, the analysis shows continued revenue growth alongside a sharper focus on investment-related profitability pressure, EU low-value customs duties, and the slower-than-expected first-party brand rollout. Management also highlighted expanded trust-and-safety work and additional supply-chain and rural-commerce initiatives.
Guidance delta
No formal guidance was provided; the analysis describes management as confident in its long-term strategy while highlighting ongoing investment and execution demands.
Key takeaways
- Q2 revenue growth continued, but net income declined as investment in the CNY 100 billion support program and platform governance weighed on profitability.
- Supply-chain upgrades and free shipping to villages remain central to the growth strategy.
- The first-party brand rollout is a strategic priority but is progressing more slowly than expected.
- EU customs duties and stronger compliance requirements add near-term operating complexity.
Management priorities
- Build out supply-chain capabilities, including local warehousing and transit hubs.
- Expand free shipping to villages and rural commerce infrastructure.
- Develop first-party brand offerings in core categories.
- Advance platform governance, intellectual-property protection, and trust-and-safety programs.
- Continue the three-year initiative to build another PDD platform.
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Beat
Miss
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Analyst 52W Price Targets
$78.9Previous close
$80Low
$137.26Average
$248High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Sep 21, 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 $78.9. 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 | +17.9% | Sep 7, 2026 |
| Deutsche Bank | Peter Milliken | $105 | $86.77 | +33.1% | Aug 24, 2026 |
| Daiwa | Analyst unavailable | $80 | $76.15 | +1.4% | Jun 23, 2026 |
| Barclays | Jiong Shao | $89 | $86.61 | +12.8% | May 28, 2026 |
| Macquarie | Analyst unavailable | $87 | $86.61 | +10.3% | May 27, 2026 |
| Bernstein | Analyst unavailable | $110 | $86.61 | +39.4% | May 27, 2026 |
| Morgan Stanley | Analyst unavailable | $129 | $85.09 | +63.5% | May 27, 2026 |
| US Tiger Securities | Bo Pei | $100 | $85.28 | +26.7% | May 27, 2026 |
| Arete Research | Analyst unavailable | $121 | $105.44 | +53.4% | Apr 17, 2026 |
| Nomura | Analyst unavailable | $136 | $100.62 | +72.4% | Mar 26, 2026 |
| Morgan Stanley | Analyst unavailable | $148 | $107.85 | +87.6% | Jan 15, 2026 |
| Loop Capital Markets | Roman Lukianchikov | $170 | $123.34 | +115.5% | Jan 6, 2026 |
| Arete Research | Zixiao Yang | $130 | $117.62 | +64.8% | Dec 9, 2025 |
| Bernstein | Robin Zhu | $135 | $119.58 | +71.1% | Nov 18, 2025 |
| Barclays | Analyst unavailable | $165 | $128.03 | +109.1% | Aug 26, 2025 |
| New Street | Jin Yoon | $120 | $128.03 | +52.1% | Aug 26, 2025 |
| Macquarie | Ellie Jiang | $165 | $128.21 | +109.1% | Aug 25, 2025 |
| Jefferies | Thomas Chong | $146 | $128.21 | +85.0% | Aug 25, 2025 |
| Jefferies | Thomas Chong | $121 | $102.98 | +53.4% | May 27, 2025 |
| Jefferies | Thomas Chong | $171 | $104.09 | +116.7% | Nov 21, 2024 |
| Macquarie | Ellie Jiang | $224 | $154.27 | +183.9% | Oct 7, 2024 |
| Citigroup | Alicia Yap | $143 | $135.38 | +81.2% | Sep 30, 2024 |
| CFRA | Jian Xiong Lim | $130 | $96.26 | +64.8% | Aug 27, 2024 |
| Bernstein | Robin Zhu | $170 | $96.64 | +115.5% | Aug 27, 2024 |
| Bank of America Securities | Joyce Ju | $170 | $100 | +115.5% | Aug 27, 2024 |
| Jefferies | Thomas Chong | $151 | $100 | +91.4% | Aug 26, 2024 |
| Citigroup | Alicia Yap | $194 | $127.59 | +145.9% | Jul 29, 2024 |
| CFRA | Jian Xiong Lim | $200 | $157.57 | +153.5% | May 28, 2024 |
| Goldman Sachs | Ronald Keung | $184 | $160.71 | +133.2% | May 24, 2024 |
| Goldman Sachs | Ronald Keung | $145 | $153.63 | +83.8% | May 23, 2024 |
| Bernstein | Robin Zhu | $235 | $147.09 | +197.8% | May 23, 2024 |
| Morgan Stanley | Eddy Wang | $220 | $147.09 | +178.8% | May 22, 2024 |
| Jefferies | Thomas Chong | $193 | $146.85 | +144.6% | May 22, 2024 |
| UBS | Kenneth Fong | $248 | $143.38 | +214.3% | May 17, 2024 |
| HSBC | Charlene Liu | $190 | $122.3 | +140.8% | Mar 21, 2024 |
| CMB International Securities | Saiyi He | $155.4 | $122.3 | +97.0% | Mar 21, 2024 |
| Barclays | Jiong Shao | $178 | $132.17 | +125.6% | Mar 20, 2024 |
| Morgan Stanley | Eddy Wang | $181 | $132.17 | +129.4% | Mar 20, 2024 |
| Jefferies | Thomas Chong | $157 | $111.89 | +99.0% | Mar 11, 2024 |
| Goldman Sachs | Ronald Keung | $129 | $97.96 | +63.5% | Aug 30, 2023 |
| J.P. Morgan | Andre Chang | $110 | $71.42 | +39.4% | May 30, 2023 |
| UBS | Jerry Liu | $115 | $79.55 | +45.8% | Mar 21, 2023 |
| Goldman Sachs | Analyst unavailable | $123 | $95.97 | +55.9% | Jan 9, 2023 |
| Citigroup | Analyst unavailable | $111 | $74.05 | +40.7% | Nov 29, 2022 |
| Barclays | Jiong Shao | $70 | $74.05 | -11.3% | Nov 29, 2022 |
| US Tiger Securities | Bo Pei | $80 | $66.04 | +1.4% | Aug 30, 2022 |
| Goldman Sachs | Ronald Keung | $95 | $55.12 | +20.4% | Jul 19, 2022 |
| Morgan Stanley | Eddy Wang | $54.7 | $54.7 | -30.7% | Jul 11, 2022 |
| Benchmark Co. | Fawne Jiang | $85 | $42.65 | +7.7% | Apr 1, 2022 |
| Citigroup | Alicia Yap | $80 | $60.2 | +1.4% | Feb 16, 2022 |
| Macquarie | Ellie Jiang | $95 | $63.03 | +20.4% | Dec 7, 2021 |
| Bank of America Securities | Joyce Ju | $120 | $71.96 | +52.1% | Nov 29, 2021 |
| Morgan Stanley | Eddy Wang | $130 | $97.15 | +64.8% | Oct 21, 2021 |
| UOB Kay Hian | Julia Pan | $88 | $97.84 | +11.5% | Aug 25, 2021 |
| US Tiger Securities | Bo Pei CFA | $180 | $123.57 | +128.1% | May 26, 2021 |
| Daiwa | John Choi | $180 | $131.11 | +128.1% | 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.
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| 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 |
| FIVE Five Below, Inc. | FY2027 Q2 · Calendar Q3 2026 | +20.0% | -1.3% | Five Below raises outlook as its retail flywheel gains momentum |
Latest beats and misses
Who reports nextBeat on EPS
- 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
- ORCLFY2027 Q1 · September 10, 2026+10.3% EPS-1.7% move
- CASYFY2027 Q1 · September 8, 2026+8.7% EPS-14.2% 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 · 2026-08-24T18:19:43.532077+00:00
- FN2 earnings calendar · 2026-09-21T01:23:13.071796+00:00
- Polygon adjusted daily market bars · 2026-09-21T09:40:50.577530+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-21T09:40:50.575043+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 . For educational purposes only; not investment advice.