PDD Holdings (PDD) EBT Margin (2017 - 2025)
PDD Holdings (PDD) posted EBT Margin of 23.04% for Q4 2025, down 25.34% sequentially from 30.86% in Q3 2025, and down 483.0% YoY from 6.02% in Q4 2024.
PDD Holdings (PDD) EBT Margin (2017 - 2025) Analysis & Trends
PDD Holdings has reported EBT Margin for 9 years, with the latest figure at 23.04% in Q4 2025.
- Quarterly EBT Margin fell 483.0% year-over-year to 23.04% in Q4 2025, while the trailing twelve-month figure through Dec 2025 was 26.51% (down 606.0% YoY) and the FY2025 annual result came in at 27.66%, down 603.0% from the prior year.
- EBT Margin retreated to 23.04% in Q4 2025 per PDD's latest filing, from 30.86% in the prior quarter.
- Over five years, EBT Margin peaked at 38.55% in Q2 2024 and troughed at 13.77% in Q1 2021.
- A 5-year average of 24.38% and a median of 28.04% in 2024 frame the typical range for EBT Margin.
- The sharpest annual moves came in 2021 and 2022: EBT Margin tumbled 7674 bps in 2021, then jumped 2721 bps in 2022.
- Over 5 years, EBT Margin stood at 28.21% in 2021, then dropped by 11 bps to 24.99% in 2022, then climbed by 17 bps to 29.15% in 2023, then decreased by 4 bps to 27.87% in 2024, then fell by 17 bps to 23.04% in 2025.
- According to Business Quant data, EBT Margin over the past three periods registered 23.04%, 30.86%, and 34.83% for Q4 2025, Q3 2025, and Q2 2025 respectively.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBT Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Amazon Com | 2,924.81 Bn | 2,801.82 Bn | 198.88 Bn | 31.58% |
| 2 | PDD Holdings | 507.43 Bn | 447.89 Bn | 9.83 Bn | 25.49% |
| 3 | Mercadolibre | 97.63 Bn | 82.44 Bn | 4.16 Bn | 5.96% |
| 4 | DoorDash | 92.84 Bn | 87.49 Bn | 2.35 Bn | 4.65% |
| 5 | JD.com | 87.50 Bn | 58.32 Bn | 7.66 Bn | 2.25% |
| 6 | Sea | 78.11 Bn | 69.60 Bn | 3.15 Bn | 9.23% |
| 7 | Ebay | 47.53 Bn | 44.23 Bn | 2.30 Bn | 21.22% |
| 8 | Coupang | 29.77 Bn | 23.66 Bn | 2.49 Bn | -6.02% |
| 9 | Zkh | 16.08 Bn | 16.08 Bn | 51.11 Mn | -0.45% |
| 10 | Wayfair | 13.71 Bn | 12.57 Bn | 1.05 Bn | 0.06% |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | 23.04% |
| Sep 30, 2025 | 30.86% |
| Jun 30, 2025 | 34.83% |
| Mar 31, 2025 | 17.02% |
| Dec 31, 2024 | 27.87% |
| Sep 30, 2024 | 29.28% |
| Jun 30, 2024 | 38.55% |
| Mar 31, 2024 | 35.73% |
| Dec 31, 2023 | 29.15% |
| Sep 30, 2023 | 27.52% |
| Jun 30, 2023 | 29.72% |
| Mar 31, 2023 | 22.38% |
| Dec 31, 2022 | 24.99% |
| Sep 30, 2022 | 33.77% |
| Jun 30, 2022 | 33.42% |
| Mar 31, 2022 | 13.44% |
| Dec 31, 2021 | 28.21% |
| Sep 30, 2021 | 11.20% |
| Jun 30, 2021 | 10.48% |
| Mar 31, 2021 | -13.77% |