PDD Holdings (PDD) FCF Margin (2017 - 2026)
PDD Holdings' (PDD) quarterly FCF Margin came in at 22.77% in Q2 2026, up 215.0% year-over-year from 7.23% in Q2 2025, and up 47.66% quarter-over-quarter from 15.42% in Q1 2026.
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PDD Holdings (PDD) FCF Margin (2017 - 2026) Analysis & Trends
PDD Holdings has disclosed FCF Margin across 10 years of filings, most recently posting 22.77% for Q2 2026.
- In Q2 2026, FCF Margin rose 215.0% year-over-year to 22.77%; the TTM figure through Jun 2026 stood at 24.62% (up 179.0% YoY), while the FY2025 annual figure was 24.74%, down 620.0% from the prior year.
- FCF Margin came in at 22.77% for Q2 2026 at PDD Holdings, up from 15.42% in the prior quarter.
- In the past five years, FCF Margin ranged from a high of 66.68% in Q4 2022 to a low of 38.07% in Q1 2022.
- Average FCF Margin over 5 years is 29.14%, with a median of 26.92% recorded in 2024.
- The largest YoY upside for FCF Margin was 4164 bps in 2023 against a maximum downside of 2517 bps in 2023.
- Over 5 years, FCF Margin stood at 66.68% in 2022, then tumbled by 38 bps to 41.51% in 2023, then tumbled by 36 bps to 26.71% in 2024, then declined by 27 bps to 19.47% in 2025, then rose by 17 bps to 22.77% in 2026.
- Per Business Quant data, the three most recent FCF Margin figures were 22.77% in Q2 2026, 15.42% in Q1 2026, and 19.47% in Q4 2025.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alibaba Group Holding | 263.05 Bn | 227.79 Bn | 15.11 Bn | 33.57% |
| 2 | Booking Holdings | 126.16 Bn | 108.94 Bn | 4.98 Bn | 49.55% |
| 3 | PDD Holdings | 112.31 Bn | 82.02 Bn | 9.45 Bn | 22.77% |
| 4 | Airbnb | 98.07 Bn | 86.00 Bn | 2.98 Bn | 35.20% |
| 5 | Mercadolibre | 90.61 Bn | 75.42 Bn | 4.16 Bn | 31.67% |
| 6 | Ebay | 49.77 Bn | 46.46 Bn | 2.30 Bn | 10.40% |
| 7 | Expedia | 31.98 Bn | 24.85 Bn | 3.91 Bn | 29.64% |
| 8 | Maplebear | 10.57 Bn | 9.72 Bn | 751.00 Mn | 46.12% |
| 9 | Full Truck Alliance | 7.59 Bn | 6.63 Bn | - | - |
| 10 | Etsy | 6.70 Bn | 5.58 Bn | 484.05 Mn | 23.85% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 22.77% |
| Mar 31, 2026 | 15.42% |
| Dec 31, 2025 | 19.47% |
| Sep 30, 2025 | 41.94% |
| Jun 30, 2025 | 20.61% |
| Mar 31, 2025 | 16.19% |
| Dec 31, 2024 | 26.71% |
| Sep 30, 2024 | 27.12% |
| Jun 30, 2024 | 45.29% |
| Mar 31, 2024 | 24.50% |
| Dec 31, 2023 | 41.51% |
| Sep 30, 2023 | 47.68% |
| Jun 30, 2023 | 46.33% |
| Mar 31, 2023 | 3.57% |
| Dec 31, 2022 | 66.68% |
| Sep 30, 2022 | 34.13% |
| Jun 30, 2022 | 62.59% |
| Mar 31, 2022 | -38.07% |
| Dec 31, 2021 | 60.22% |
| Sep 30, 2021 | 40.46% |
API Access
PDD Holdings FCF Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=fcf-margin&ticker=PDD&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "fcf-margin", "ticker": "PDD", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=fcf-margin&ticker=PDD&period=max&api_key=YOUR_API_KEY");
const data = await res.json();