PDD Holdings (PDD) Net Margin (2017 - 2025)
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.
PDD Holdings (PDD) Net Margin (2017 - 2025) 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.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Amazon Com | 2,925.72 Bn | 2,802.73 Bn | 198.88 Bn | 24.31% |
| 2 | PDD Holdings | 505.98 Bn | 446.44 Bn | 9.83 Bn | 19.81% |
| 3 | Mercadolibre | 97.47 Bn | 82.28 Bn | 4.16 Bn | 4.58% |
| 4 | DoorDash | 92.92 Bn | 87.57 Bn | 2.35 Bn | 4.47% |
| 5 | JD.com | 87.50 Bn | 58.32 Bn | 7.66 Bn | 1.62% |
| 6 | Sea | 77.42 Bn | 68.91 Bn | 3.15 Bn | 12.24% |
| 7 | Ebay | 47.53 Bn | 44.22 Bn | 2.30 Bn | -0.06% |
| 8 | Coupang | 29.76 Bn | 23.65 Bn | 2.49 Bn | -6.44% |
| 9 | Zkh | 16.08 Bn | 16.08 Bn | 51.11 Mn | 0.00% |
| 10 | Wayfair | 13.70 Bn | 12.55 Bn | 1.05 Bn | -0.03% |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | 19.81% |
| Sep 30, 2025 | 28.98% |
| Jun 30, 2025 | 31.45% |
| Mar 31, 2025 | 17.68% |
| 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% |
| Jun 30, 2021 | 10.48% |
| Mar 31, 2021 | -13.11% |