PDD Holdings (PDD) Gross Margin (2017 - 2026)
PDD Holdings' Gross Margin was 57.06% in the quarter ended Jun 30, 2026, up 1.70 percentage points from 55.36% a year earlier and up 1.43 percentage points from the prior quarter.
PDD Holdings (PDD) Gross Margin (2017 - 2026) Analysis & Trends
On a trailing twelve-month basis, PDD Holdings' Gross Margin was 56.14% through Jun 30, 2026, down 0.85 percentage points year-over-year; for the year ended Dec 31, 2025, it came in at 56.28%, down 5.61 percentage points from the prior year.
- Gross Margin shows a five-year change of +23.72 percentage points (years ended Dec 2020 to Dec 2025).
- In earlier years, Gross Margin was 61.89% in the year ended Dec 31, 2024 (-16.05 pp), 77.94% in the year ended Dec 31, 2023 (+51.31 pp), 26.63% in the year ended Dec 31, 2022 (-1.37 pp) and 28.00% in the year ended Dec 31, 2021 (-4.56 pp).
- The figure for the quarter ended Jun 30, 2026 marks the highest quarterly Gross Margin since the quarter ended Mar 31, 2025.
- Compared with a year earlier, Gross Margin was higher in 1 of the last eight quarters, with an average year-over-year change of -3.24 percentage points.
- The best year-over-year quarter for Gross Margin over five years was the quarter ended Dec 31, 2021 (a gain of 19.49 percentage points); the worst was the quarter ended Sep 30, 2023 (a drop of 17.56 percentage points).
- Per Business Quant data, PDD's Gross Margin in the three quarters before the quarter ended Jun 30, 2026 was 55.63% (quarter ended Mar 31, 2026), 55.49% (quarter ended Dec 31, 2025) and 56.44% (quarter ended Sep 30, 2025).
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 3,394.62 Bn | 3,078.49 Bn | - | - |
| 2 | Meta Platforms | 1,562.01 Bn | 1,562.01 Bn | - | - |
| 3 | Netflix | 255.92 Bn | 217.22 Bn | 6.80 Bn | 52.78% |
| 4 | Alibaba Group Holding | 227.02 Bn | 40.65 Bn | 15.16 Bn | 38.24% |
| 5 | Shopify | 203.21 Bn | 180.40 Bn | 1.71 Bn | 47.67% |
| 6 | Uber Technologies | 132.34 Bn | 104.14 Bn | 6.38 Bn | 44.93% |
| 7 | Spotify Technology | 121.64 Bn | 78.55 Bn | 1.89 Bn | 32.98% |
| 8 | Booking Holdings | 113.63 Bn | 46.68 Bn | - | - |
| 9 | PDD Holdings | 109.85 Bn | -134.20 Bn | 9.48 Bn | 57.26% |
| 10 | Airbnb | 97.28 Bn | 50.51 Bn | 2.98 Bn | 82.46% |
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 57.26% |
| Mar 31, 2026 | 55.86% |
| Dec 31, 2025 | 55.49% |
| Sep 30, 2025 | 56.74% |
| Jun 30, 2025 | 55.90% |
| Mar 31, 2025 | 57.20% |
| Dec 31, 2024 | 56.79% |
| Sep 30, 2024 | 60.03% |
| Jun 30, 2024 | 65.28% |
| Mar 31, 2024 | 62.34% |
| Dec 31, 2023 | 60.53% |
| Sep 30, 2023 | 61.03% |
| 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% |
PDD Holdings Gross Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=gross-margin&ticker=PDD&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "gross-margin", "ticker": "PDD", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=gross-margin&ticker=PDD&period=max&api_key=YOUR_API_KEY");
const data = await res.json();