PDD Holdings (PDD) Gross Margin (2017 - 2025)

PDD Holdings has disclosed Gross Margin across 9 years of filings, most recently posting 72.28% for Q4 2025.

• Gross Margin for Q4 2025 came in at 72.28%, up 63.0% year-over-year; the trailing twelve-month figure through Dec 2025 was 70.72% (down 100.0% YoY), and the FY2025 annual result was 55.49%, down 1625.0% from the prior year.
• Gross Margin came in at 72.28% for Q4 2025 at PDD Holdings, up from 71.61% in the prior quarter.
• In the past five years, Gross Margin ranged from a high of 79.12% in Q3 2022 to a low of 51.52% in Q1 2021.
• The 5-year median for Gross Margin is 71.03% (2023), against an average of 70.32%.
• Peak annual rise in Gross Margin reached 1949 bps in 2021, while the deepest fall reached 2050 bps in 2021.
• PDD Holdings' Gross Margin stood at 76.07% in 2021, then increased by 2 bps to 77.58% in 2022, then retreated by 10 bps to 70.03% in 2023, then gained by 2 bps to 71.65% in 2024, then gained by 1 bps to 72.28% in 2025.
• The last three Gross Margin figures came in at 72.28% (Q4 2025), 71.61% (Q3 2025), and 73.12% (Q2 2025), per Business Quant data.