PDD Holdings (PDD) FCF Margin (2017 - 2026)

PDD Holdings has reported FCF Margin for 9 years, with the latest figure at 19.47% in Q4 2025.

• Quarterly FCF Margin fell 725.0% year-over-year to 19.47% in Q4 2025, while the trailing twelve-month figure through Dec 2025 was 24.71% (down 606.0% YoY) and the FY2025 annual result came in at 23.84%, down 736.0% from the prior year.
• FCF Margin eased to 19.47% in Q4 2025 per PDD's latest filing, from 41.94% in the prior quarter.
• Over five years, FCF Margin peaked at 66.68% in Q4 2022 and troughed at 38.11% in Q1 2022.
• A 5-year average of 30.04% and a median of 33.06% in 2021 frame the typical range for FCF Margin.
• The widest YoY moves for FCF Margin: up 4168 bps in 2023, down 2517 bps in 2023.
• Over 5 years, FCF Margin stood at 60.22% in 2021, then rose by 11 bps to 66.68% in 2022, then sank by 38 bps to 41.51% in 2023, then sank by 36 bps to 26.71% in 2024, then retreated by 27 bps to 19.47% in 2025.
• According to Business Quant data, FCF Margin over the past three periods registered 19.47%, 41.94%, and 20.81% for Q4 2025, Q3 2025, and Q2 2025 respectively.