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

PDD Holdings has reported Gross Margin for 9 years, with the latest figure at 55.49% in Q4 2025.

• Quarterly Gross Margin fell 130.0% year-over-year to 55.49% in Q4 2025, while the trailing twelve-month figure through Dec 2025 was 56.18% (down 442.0% YoY) and the FY2025 annual result came in at 54.77%, down 712.0% from the prior year.
• Gross Margin fell to 55.49% in Q4 2025 per PDD's latest filing, from 56.44% in the prior quarter.
• Over five years, Gross Margin peaked at 79.12% in Q3 2022 and troughed at 51.52% in Q1 2021.
• A 5-year average of 64.45% and a median of 63.29% in 2023 frame the typical range for Gross Margin.
• The widest YoY moves for Gross Margin: up 1949 bps in 2021, down 2050 bps in 2021.
• Over 5 years, Gross Margin stood at 76.07% in 2021, then gained by 2 bps to 77.58% in 2022, then dropped by 22 bps to 60.53% in 2023, then decreased by 6 bps to 56.79% in 2024, then retreated by 2 bps to 55.49% in 2025.
• According to Business Quant data, Gross Margin over the past three periods registered 55.49%, 56.44%, and 55.9% for Q4 2025, Q3 2025, and Q2 2025 respectively.