PDD Holdings (PDD) Net Margin (2017 - 2026)
PDD Holdings (PDD) posted Net Margin of 19.81% for Q4 2025, down 31.67% sequentially from 28.98% in Q3 2025, and down 501.0% YoY from 4.94% in Q4 2024.
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Analysis
PDD Holdings (PDD) Net Margin (2017 - 2026) Analysis & Trends
PDD Holdings has reported Net Margin for 9 years, with the latest figure at 19.81% in Q4 2025.
- Quarterly Net Margin fell 501.0% year-over-year to 19.81% in Q4 2025, while the trailing twelve-month figure through Dec 2025 was 24.43% (down 409.0% YoY) and the FY2025 annual result came in at 22.66%, down 589.0% from the prior year.
- Net Margin fell to 19.81% in Q4 2025 per PDD's latest filing, from 28.98% in the prior quarter.
- Over five years, Net Margin peaked at 32.98% in Q2 2024 and troughed at 13.11% in Q1 2021.
- A 5-year average of 21.53% and a median of 24.56% in 2021 frame the typical range for Net Margin.
- The sharpest annual moves came in 2021 and 2022: Net Margin plunged 7608 bps in 2021, then surged 2403 bps in 2022.
- Over 5 years, Net Margin stood at 24.31% in 2021, then slipped by 2 bps to 23.74% in 2022, then rose by 10 bps to 26.19% in 2023, then declined by 5 bps to 24.81% in 2024, then slipped by 20 bps to 19.81% in 2025.
- According to Business Quant data, Net Margin over the past three periods registered 19.81%, 28.98%, and 31.45% for Q4 2025, Q3 2025, and Q2 2025 respectively.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Amazon Com | 2,735.27 Bn | 2,612.28 Bn | 198.88 Bn | 24.31% |
| 2 | PDD Holdings | 116.19 Bn | -48,010.22 Bn | 9.45 Bn | 24.19% |
| 3 | DoorDash | 98.67 Bn | 93.32 Bn | 2.35 Bn | 4.47% |
| 4 | Mercadolibre | 98.66 Bn | 83.46 Bn | 4.16 Bn | 4.58% |
| 5 | Sea | 67.43 Bn | 59.03 Bn | 3.55 Bn | 11.53% |
| 6 | Ebay | 46.79 Bn | 43.48 Bn | 2.30 Bn | 17.55% |
| 7 | JD.com | 39.63 Bn | 7.08 Bn | 16.50 Bn | 1.85% |
| 8 | Coupang | 28.43 Bn | 22.32 Bn | 2.49 Bn | -6.44% |
| 9 | Wayfair | 12.38 Bn | 11.24 Bn | 1.05 Bn | -0.03% |
| 10 | Maplebear | 11.74 Bn | 10.89 Bn | 751.00 Mn | 10.45% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 24.19% |
| Mar 31, 2026 | 11.81% |
| Dec 31, 2025 | 19.81% |
| Sep 30, 2025 | 27.09% |
| Jun 30, 2025 | 29.57% |
| Mar 31, 2025 | 15.41% |
| Dec 31, 2024 | 24.81% |
| Sep 30, 2024 | 25.14% |
| Jun 30, 2024 | 32.98% |
| Mar 31, 2024 | 32.25% |
| Dec 31, 2023 | 26.19% |
| Sep 30, 2023 | 22.57% |
| Jun 30, 2023 | 25.07% |
| Mar 31, 2023 | 21.52% |
| Dec 31, 2022 | 23.74% |
| Sep 30, 2022 | 29.82% |
| Jun 30, 2022 | 28.30% |
| Mar 31, 2022 | 10.92% |
| Dec 31, 2021 | 24.31% |
| Sep 30, 2021 | 7.63% |