PDD Holdings (PDD) Net Margin (2017 - 2026)
PDD Holdings' (PDD) quarterly Net Margin came in at 24.19% in Q2 2026, down 538.0% year-over-year from 5.52% in Q2 2025, and up 104.8% quarter-over-quarter from 11.81% in Q1 2026.
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Analysis
PDD Holdings (PDD) Net Margin (2017 - 2026) Analysis & Trends
PDD Holdings has disclosed Net Margin across 10 years of filings, most recently posting 24.19% for Q2 2026.
- In Q2 2026, Net Margin fell 538.0% year-over-year to 24.19%; the TTM figure through Jun 2026 stood at 20.73% (down 320.0% YoY), while the FY2025 annual figure was 22.66%, down 589.0% from the prior year.
- Net Margin came in at 24.19% for Q2 2026 at PDD Holdings, up from 11.81% in the prior quarter.
- In the past five years, Net Margin ranged from a high of 32.98% in Q2 2024 to a low of 10.92% in Q1 2022.
- Average Net Margin over 5 years is 23.96%, with a median of 24.94% recorded in 2023.
- Year-over-year, Net Margin jumped 2403 bps in 2022 and sank 1684 bps in 2025.
- Over 5 years, Net Margin stood at 23.74% in 2022, then grew by 10 bps to 26.19% in 2023, then slipped by 5 bps to 24.81% in 2024, then retreated by 20 bps to 19.81% in 2025, then increased by 22 bps to 24.19% in 2026.
- Per Business Quant data, the three most recent Net Margin figures were 24.19% in Q2 2026, 11.81% in Q1 2026, and 19.81% in Q4 2025.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alibaba Group Holding | 263.05 Bn | 227.79 Bn | 15.11 Bn | 3.92% |
| 2 | Booking Holdings | 126.16 Bn | 108.94 Bn | 4.98 Bn | 26.52% |
| 3 | PDD Holdings | 112.31 Bn | 82.02 Bn | 9.45 Bn | 24.19% |
| 4 | Airbnb | 98.07 Bn | 86.00 Bn | 2.98 Bn | 22.62% |
| 5 | Mercadolibre | 90.61 Bn | 75.42 Bn | 4.16 Bn | 4.58% |
| 6 | Ebay | 49.77 Bn | 46.46 Bn | 2.30 Bn | 17.55% |
| 7 | Expedia | 31.98 Bn | 24.85 Bn | 3.91 Bn | 20.28% |
| 8 | Maplebear | 10.57 Bn | 9.72 Bn | 751.00 Mn | 10.45% |
| 9 | Full Truck Alliance | 7.59 Bn | 6.63 Bn | - | - |
| 10 | Etsy | 6.70 Bn | 5.58 Bn | 484.05 Mn | -6.98% |
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% |
API Access
PDD Holdings Net 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=net-margin&ticker=PDD&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "net-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=net-margin&ticker=PDD&period=max&api_key=YOUR_API_KEY");
const data = await res.json();