Direct Answer
PDD Holdings reports revenue across 2 product and service lines in its fiscal 2025 Form 20-F. Online Marketing Services and Others is the largest, with $31.1 billion of revenue (50% of the total), followed by Transaction Services at $30.6 billion (50%).
How Does PDD Holdings Make Money?
No single line supplies a majority of revenue: the largest, Online Marketing Services and Others, is 50%, which spreads PDD Holdings's exposure across several demand drivers. Between fiscal 2024 and 2025, Online Marketing Services and Others grew fastest (-84.3%) and Transaction Services slowest (-84.4%), so the revenue mix tilts toward Online Marketing Services and Others while that gap lasts.
| Product or service | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
|---|---|---|---|---|
| Online Marketing Services and Others | $31.1 billion | $198 billion | 50.4% | -84.3% |
| Transaction Services | $30.6 billion | $196 billion | 49.6% | -84.4% |
What the Segment Figures Do Not Show
The rows above add up to 100% of PDD Holdings's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.
Where These Numbers Come From
Every figure on this page is a value PDD Holdings reported in the segment note and revenue disclosures of its Form 20-F filed April 29, 2026 (accession 0001104659-26-050727), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.
Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.
Frequently Asked Questions
What are PDD Holdings's main products and services?
In its fiscal 2025 Form 20-F, PDD Holdings reports revenue for Online Marketing Services and Others and Transaction Services.
Which part of PDD Holdings brings in the most revenue?
Online Marketing Services and Others, with $31.1 billion of revenue in fiscal 2025, or 50% of the total.
Where does PDD Holdings report its segment results?
In the segment note to the financial statements in its Form 20-F, most recently filed April 29, 2026, alongside management's discussion of each segment's results.