PDD Holdings (PDD) Gross Margin (2017 - 2025)
PDD Holdings (PDD) posted Gross Margin of 55.49% for Q4 2025, down 1.68% sequentially from 56.44% in Q3 2025, and down 130.0% YoY from 184.96% in Q4 2024.
PDD Holdings (PDD) Gross Margin (2017 - 2025) Analysis & Trends
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.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Amazon Com | 2,942.84 Bn | 2,819.86 Bn | 198.88 Bn | 52.05% |
| 2 | PDD Holdings | 507.66 Bn | 448.11 Bn | 9.83 Bn | 55.49% |
| 3 | Mercadolibre | 97.39 Bn | 82.19 Bn | 4.16 Bn | 40.90% |
| 4 | DoorDash | 93.67 Bn | 88.33 Bn | 2.35 Bn | 52.69% |
| 5 | JD.com | 87.53 Bn | 58.35 Bn | 7.66 Bn | 16.73% |
| 6 | Sea | 77.98 Bn | 69.46 Bn | 3.15 Bn | 44.32% |
| 7 | Ebay | 47.41 Bn | 44.11 Bn | 2.30 Bn | 73.45% |
| 8 | Coupang | 29.58 Bn | 23.47 Bn | 2.49 Bn | 28.16% |
| 9 | Zkh | 15.88 Bn | 15.88 Bn | 51.11 Mn | 16.68% |
| 10 | Wayfair | 13.67 Bn | 12.52 Bn | 1.05 Bn | 29.95% |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | 55.49% |
| Sep 30, 2025 | 56.44% |
| Jun 30, 2025 | 55.90% |
| Mar 31, 2025 | 57.10% |
| Dec 31, 2024 | 56.79% |
| Sep 30, 2024 | 58.78% |
| Jun 30, 2024 | 65.28% |
| Mar 31, 2024 | 62.34% |
| Dec 31, 2023 | 60.53% |
| Sep 30, 2023 | 61.55% |
| Jun 30, 2023 | 64.25% |
| Mar 31, 2023 | 70.44% |
| Dec 31, 2022 | 77.58% |
| Sep 30, 2022 | 79.12% |
| Jun 30, 2022 | 74.68% |
| Mar 31, 2022 | 69.91% |
| Dec 31, 2021 | 76.07% |
| Sep 30, 2021 | 69.50% |
| Jun 30, 2021 | 65.73% |
| Mar 31, 2021 | 51.52% |