PDD Holdings (PDD) EBITDA Margin (2017 - 2025)

PDD Holdings' EBITDA Margin history runs 9 years deep, the most recent figure standing at 22.37% for Q4 2025.

• In Q4 2025, EBITDA Margin fell 77.0% year-over-year to 22.37%; the TTM figure through Dec 2025 stood at 21.87% (down 564.0% YoY), while the FY2025 annual figure was 21.33%, down 848.0% from the prior year.
• EBITDA Margin came in at 22.37% for Q4 2025 at PDD Holdings, down from 23.11% in the prior quarter.
• In the past five years, EBITDA Margin ranged from a high of 33.55% in Q2 2024 to a low of 18.71% in Q1 2021.
• A 5-year average of 20.27% and a median of 23.77% in 2023 frame the typical range for EBITDA Margin.
• Across the five-year window, EBITDA Margin tumbled 8593 bps in 2021 and surged 2776 bps in 2022, its largest moves.
• PDD Holdings' EBITDA Margin stood at 25.36% in 2021, then declined by 10 bps to 22.89% in 2022, then rose by 10 bps to 25.2% in 2023, then slipped by 8 bps to 23.14% in 2024, then decreased by 3 bps to 22.37% in 2025.
• According to Business Quant data, EBITDA Margin over the past three periods registered 22.37%, 23.11%, and 24.57% for Q4 2025, Q3 2025, and Q2 2025 respectively.

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