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

PDD Holdings (PDD) has 9 years of Gross Margin data on file, last reported at 72.28% in Q4 2025.

• Quarterly Gross Margin rose 63.0% year-over-year to 72.28% in Q4 2025, while the trailing twelve-month figure through Dec 2025 was 70.72% (down 85.0% YoY) and the FY2025 annual result came in at 54.77%, down 1697.0% from the prior year.
• Gross Margin grew to 72.28% in Q4 2025 per PDD's latest filing, from 71.61% in the prior quarter.
• The five-year high for Gross Margin was 79.12% in Q3 2022, with the low at 51.52% in Q1 2021.
• Average Gross Margin over 5 years is 70.33%, with a median of 71.03% recorded in 2023.
• The widest YoY moves for Gross Margin: up 1949 bps in 2021, down 2050 bps in 2021.
• PDD Holdings' Gross Margin stood at 76.07% in 2021, then advanced by 2 bps to 77.58% in 2022, then dropped by 10 bps to 70.03% in 2023, then grew by 2 bps to 71.65% in 2024, then grew by 1 bps to 72.28% in 2025.
• Business Quant data shows PDD's Gross Margin at 72.28% in Q4 2025, 71.61% in Q3 2025, and 73.12% in Q2 2025.