PDD Holdings (PDD) Gross Margin (2017 - 2025)
PDD Holdings recorded quarterly Gross Margin of 72.28% in Q4 2025, little changed quarter-over-quarter from 71.99% in Q3 2025, and up 63.0% year-over-year from 44.34% in Q4 2024.
PDD Holdings' Gross Margin history runs 9 years deep, the most recent figure standing at 72.28% for Q4 2025.
- In Q4 2025, Gross Margin rose 63.0% year-over-year to 72.28%; the TTM figure through Dec 2025 stood at 70.82% (down 90.0% YoY), while the FY2025 annual figure was 55.49%, down 1625.0% from the prior year.
- Gross Margin came in at 72.28% for Q4 2025 at PDD Holdings, roughly flat from 71.99% 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.
- A 5-year average of 70.37% and a median of 71.05% in 2023 frame the typical range for Gross Margin.
- On a YoY basis, Gross Margin climbed as much as 1949 bps in 2021 and fell as far as 2050 bps in 2021.
- PDD Holdings' Gross Margin stood at 76.07% in 2021, then rose by 2 bps to 77.58% in 2022, then decreased by 10 bps to 70.03% in 2023, then advanced by 2 bps to 71.65% in 2024, then advanced by 1 bps to 72.28% in 2025.
- According to Business Quant data, Gross Margin over the past three periods registered 72.28%, 71.99%, and 73.12% for Q4 2025, Q3 2025, and Q2 2025 respectively.
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | 72.28% |
| Sep 30, 2025 | 71.99% |
| Jun 30, 2025 | 73.12% |
| Mar 31, 2025 | 64.97% |
| Dec 31, 2024 | 71.65% |
| Sep 30, 2024 | 69.32% |
| Jun 30, 2024 | 73.16% |
| Mar 31, 2024 | 73.03% |
| Dec 31, 2023 | 70.03% |
| Sep 30, 2023 | 69.00% |
| 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% |
| Dec 31, 2020 | 56.58% |
| Sep 30, 2020 | 77.06% |
| Jun 30, 2020 | 78.17% |
| Mar 31, 2020 | 72.02% |
| Dec 31, 2019 | 81.12% |
| Sep 30, 2019 | 75.60% |
| Jun 30, 2019 | 78.12% |
| Mar 31, 2019 | 80.79% |
| Dec 31, 2018 | 74.81% |
| Sep 30, 2018 | 77.03% |
| Jun 30, 2018 | 85.68% |
| Mar 31, 2018 | 76.98% |
| Dec 31, 2017 | 68.29% |
| Sep 30, 2017 | 55.85% |
| Jun 30, 2017 | -2.86% |