PDD Holdings (PDD) EBITDA Margin (2017 - 2025)
PDD Holdings (PDD) posted EBITDA Margin of 22.37% for Q4 2025, down 2.69% sequentially from 22.99% in Q3 2025, and down 77.0% YoY from 97.26% in Q4 2024.
PDD Holdings (PDD) EBITDA Margin (2017 - 2025) Analysis & Trends
PDD Holdings has reported EBITDA Margin for 9 years, with the latest figure at 22.37% in Q4 2025.
- Quarterly EBITDA Margin fell 77.0% year-over-year to 22.37% in Q4 2025, while the trailing twelve-month figure through Dec 2025 was 21.89% (down 549.0% YoY) and the FY2025 annual result came in at 20.98%, down 699.0% from the prior year.
- EBITDA Margin fell to 22.37% in Q4 2025 per PDD's latest filing, from 22.99% in the prior quarter.
- Over five years, EBITDA Margin peaked at 37378.78% in Q4 2021 and troughed at 18.91% in Q1 2021.
- A 5-year average of 1887.97% and a median of 23.54% in 2024 frame the typical range for EBITDA Margin.
- The sharpest annual moves came in 2021 and 2022: EBITDA Margin soared 3737107 bps in 2021, then plunged 3735589 bps in 2022.
- Over 5 years, EBITDA Margin stood at 37378.78% in 2021, then slumped by 100 bps to 22.89% in 2022, then gained by 10 bps to 25.2% in 2023, then dropped by 8 bps to 23.14% in 2024, then slipped by 3 bps to 22.37% in 2025.
- According to Business Quant data, EBITDA Margin over the past three periods registered 22.37%, 22.99%, and 24.8% for Q4 2025, Q3 2025, and Q2 2025 respectively.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBITDA Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Amazon Com | 2,942.84 Bn | 2,819.86 Bn | 198.88 Bn | 13.43% |
| 2 | PDD Holdings | 507.66 Bn | 448.11 Bn | 9.83 Bn | 22.37% |
| 3 | Mercadolibre | 97.39 Bn | 82.19 Bn | 4.16 Bn | 6.72% |
| 4 | DoorDash | 93.67 Bn | 88.33 Bn | 2.35 Bn | 3.50% |
| 5 | JD.com | 87.53 Bn | 58.35 Bn | 7.66 Bn | 1.20% |
| 6 | Sea | 77.98 Bn | 69.46 Bn | 3.15 Bn | 8.08% |
| 7 | Ebay | 47.41 Bn | 44.11 Bn | 2.30 Bn | 21.57% |
| 8 | Coupang | 29.58 Bn | 23.47 Bn | 2.49 Bn | -6.28% |
| 9 | Zkh | 15.88 Bn | 15.88 Bn | 51.11 Mn | -1.06% |
| 10 | Wayfair | 13.67 Bn | 12.52 Bn | 1.05 Bn | 2.96% |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | 22.37% |
| Sep 30, 2025 | 22.99% |
| Jun 30, 2025 | 24.80% |
| Mar 31, 2025 | 16.78% |
| Dec 31, 2024 | 23.14% |
| Sep 30, 2024 | 23.94% |
| Jun 30, 2024 | 33.55% |
| Mar 31, 2024 | 29.92% |
| Dec 31, 2023 | 25.20% |
| Sep 30, 2023 | 24.40% |
| Jun 30, 2023 | 25.19% |
| Mar 31, 2023 | 18.48% |
| Dec 31, 2022 | 22.89% |
| Sep 30, 2022 | 30.57% |
| Jun 30, 2022 | 27.66% |
| Mar 31, 2022 | 9.05% |
| Dec 31, 2021 | 37,378.78% |
| Sep 30, 2021 | 9.95% |
| Jun 30, 2021 | 8.67% |
| Mar 31, 2021 | -18.91% |