PDD Holdings (PDD) Gross Margin (2017 - 2026)
PDD Holdings' (PDD) quarterly Gross Margin came in at 57.06% in Q2 2026, up 170.0% year-over-year from 21.13% in Q2 2025, and up 2.58% quarter-over-quarter from 55.63% in Q1 2026.
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PDD Holdings (PDD) Gross Margin (2017 - 2026) Analysis & Trends
PDD Holdings has disclosed Gross Margin across 10 years of filings, most recently posting 57.06% for Q2 2026.
- In Q2 2026, Gross Margin rose 170.0% year-over-year to 57.06%; the TTM figure through Jun 2026 stood at 56.14% (down 85.0% YoY), while the FY2025 annual figure was 56.28%, down 464.0% from the prior year.
- Gross Margin came in at 57.06% for Q2 2026 at PDD Holdings, up from 55.63% 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 55.36% in Q2 2025.
- Average Gross Margin over 5 years is 63.29%, with a median of 61.04% recorded in 2023.
- Year-over-year, Gross Margin surged 1839 bps in 2022 and plunged 1756 bps in 2023.
- Over 5 years, Gross Margin stood at 77.58% in 2022, then decreased by 22 bps to 60.53% in 2023, then fell by 6 bps to 56.79% in 2024, then declined by 2 bps to 55.49% in 2025, then climbed by 3 bps to 57.06% in 2026.
- Per Business Quant data, the three most recent Gross Margin figures were 57.06% in Q2 2026, 55.63% in Q1 2026, and 55.49% in Q4 2025.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alibaba Group Holding | 263.05 Bn | 227.79 Bn | 15.11 Bn | 38.11% |
| 2 | Booking Holdings | 126.16 Bn | 108.94 Bn | 4.98 Bn | 67.75% |
| 3 | PDD Holdings | 112.31 Bn | 82.02 Bn | 9.45 Bn | 57.06% |
| 4 | Airbnb | 98.07 Bn | 86.00 Bn | 2.98 Bn | 82.46% |
| 5 | Mercadolibre | 90.61 Bn | 75.42 Bn | 4.16 Bn | 40.90% |
| 6 | Ebay | 49.77 Bn | 46.46 Bn | 2.30 Bn | 73.45% |
| 7 | Expedia | 31.98 Bn | 24.85 Bn | 3.91 Bn | 90.66% |
| 8 | Maplebear | 10.57 Bn | 9.72 Bn | 751.00 Mn | 72.00% |
| 9 | Full Truck Alliance | 7.59 Bn | 6.63 Bn | - | - |
| 10 | Etsy | 6.70 Bn | 5.58 Bn | 484.05 Mn | 72.43% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 57.06% |
| Mar 31, 2026 | 55.63% |
| Dec 31, 2025 | 55.49% |
| Sep 30, 2025 | 56.44% |
| Jun 30, 2025 | 55.36% |
| Mar 31, 2025 | 57.10% |
| Dec 31, 2024 | 56.79% |
| Sep 30, 2024 | 58.78% |
| Jun 30, 2024 | 65.53% |
| Mar 31, 2024 | 62.95% |
| 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% |
API Access
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();