PDD Holdings (Temu) advertising spend, FY2025
PDD Holdings (Temu) (PDD) reported $10.7B of advertising expense for the fiscal year ended Dec 31, 2025. That is 17.4% of revenue of $61.8B. Up 14.2% from FY2024.
Key facts
- Ad spend is 1.8x its FY2020 level ($6B), slower than revenue (6.8x).
- The highest year on file is FY2023 at $10.8B; FY2025 is 0% below it.
- Largest increase +98.5% in FY2019; largest cut -12.9% in FY2024.
- Ad spend is 17.4% of revenue, down from 66.1% in FY2020.
- PDD Holdings (Temu) spends more on advertising than 99% of the 336 US-listed companies tracked. Its ad-to-revenue ratio is 3.3x the median of 5.2%.
Ad spend by fiscal year
Ad spend as % of revenue
History
Download CSV| Fiscal year | Period end | Ad spend | YoY | Revenue | Ad / revenue | Tag | Filing |
|---|---|---|---|---|---|---|---|
| FY2025 | Dec 31, 2025 | $10.7B | +14.2% | $61.8B | 17.4% | AdvertisingExpense | 20-F Apr 29, 2026 |
| FY2024 | Dec 31, 2024 | $9.4B | -12.9% | $54B | 17.4% | AdvertisingExpense | 20-F Apr 28, 2025 |
| FY2023 | Dec 31, 2023 | $10.8B | +48.6% | $34.9B | 30.9% | AdvertisingExpense | 20-F Apr 25, 2024 |
| FY2022 | Dec 31, 2022 | $7.2B | +11.4% | $18.9B | 38.3% | AdvertisingExpense | 20-F Apr 26, 2023 |
| FY2021 | Dec 31, 2021 | $6.5B | +8.0% | $14.7B | 44.1% | AdvertisingExpense | 20-F Apr 25, 2022 |
| FY2020 | Dec 31, 2020 | $6B | +62.1% | $9.1B | 66.1% | AdvertisingExpense | 20-F Apr 30, 2021 |
| FY2019 | Dec 31, 2019 | $3.7B | +98.5% | $4.3B | 85.8% | AdvertisingExpense | 20-F Apr 24, 2020 |
| FY2018 | Dec 31, 2018 | $1.9B | n/a | $1.9B | 98.1% | AdvertisingExpense | 20-F Apr 24, 2019 |
What the figure is
Advertising costs as disclosed in the annual report (XBRL tag AdvertisingExpense).
Compared with similar spenders
The 6 companies closest to PDD Holdings (Temu) in latest-year ad spend.
| Rank | Company | Ad spend | Ad / revenue | YoY | Fiscal year |
|---|---|---|---|---|---|
| 2 | JD.com | $12B | 6.4% | +82.7% | FY2025 |
| 3 | PDD Holdings (Temu) | $10.7B | 17.4% | +14.2% | FY2025 |
| 4 | Procter & Gamble | $10.2B | 11.7% | +10.9% | FY2026 |
| 5 | Alphabet (Google) | $9.9B | 2.5% | +13.8% | FY2025 |
| 6 | Comcast | $8.9B | 7.2% | +9.8% | FY2025 |
| 7 | Booking Holdings | $8.2B | 30.4% | +12.5% | FY2025 |
| 8 | Disney | $6.5B | 6.9% | +6.6% | FY2025 |
Full ranking of 336 companies · Biggest increases #96 · Highest ad-to-revenue #43
Questions
How much does PDD Holdings (Temu) spend on advertising?
PDD Holdings (Temu) spent $10.7B on advertising in fiscal 2025, the year ended Dec 31, 2025, according to its 20-F filed Apr 29, 2026.
What percentage of revenue does PDD Holdings (Temu) spend on advertising?
17.4% of revenue in fiscal 2025 ($10.7B of $61.8B). The median across the 336 companies tracked is 5.2%.
Is PDD Holdings (Temu) spending more on advertising?
Yes. Ad spend rose 14.2% in fiscal 2025 from fiscal 2024.
How does PDD Holdings (Temu) rank by advertising spend?
#3 of 336 US-listed companies with $100M or more in ad spend, ranked on each company's latest fiscal year.
What does PDD Holdings (Temu)'s advertising figure include?
Advertising costs as disclosed in the annual report (XBRL tag AdvertisingExpense).
Source
- Filing
- 20-F for FY2025, filed Apr 29, 2026
- Accession number
0001104659-26-050727- Company
- PDD Holdings Inc., CIK 1737806, SIC 7389 (Services-Business Services, NEC)
- Data
- SEC EDGAR XBRL company facts, retrieved Nov 4, 2026. Methodology.
- Cite
- PDD Holdings (Temu) advertising spend, FY2018-FY2025. Aleksei Trudov, io.trudov.com, from SEC EDGAR XBRL company facts (latest: 20-F filed Apr 29, 2026), retrieved Nov 4, 2026. https://io.trudov.com/company/pdd-holdings/advertising-spend/
- Download
- CSV, all years · CSV, all 336 companies