PDD Holdings (PDD) Net Margin (2016 - 2025)

PDD Holdings (PDD) posted Net Margin of 22.66% for FY2025, down 20.64% year-over-year from 28.55% in FY2024.

PDD Holdings (PDD) Net Margin (2016 - 2025) Analysis & Trends

PDD Holdings has reported Net Margin for 10 years, with the latest figure at 22.66% in FY2025.

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 declined to 22.66% in FY2025 per PDD's latest filing, from 28.55% in the prior year.
Over five years, Net Margin peaked at 28.55% in FY2024 and troughed at 8.27% in FY2021.
A 5-year average of 21.57% and a median of 24.16% in 2022 frame the typical range for Net Margin.
The sharpest annual moves came in 2021 and 2025: Net Margin jumped 2034 bps in 2021, then tumbled 589 bps in 2025.
Over 5 years, Net Margin stood at 8.27% in 2021, then surged by 192 bps to 24.16% in 2022, then grew by 0 bps to 24.24% in 2023, then gained by 18 bps to 28.55% in 2024, then retreated by 21 bps to 22.66% in 2025.
According to Business Quant data, Net Margin over the past three periods registered 22.66%, 28.55%, and 24.24% for FY2025, FY2024, and FY2023 respectively.

#	Company	Market Cap	Enterprise Value	Gross Profit (Qtr)	Net Margin (Yr)
1	Amazon Com	2,865.58 Bn	2,742.60 Bn	198.88 Bn	-
2	PDD Holdings	472.15 Bn	412.61 Bn	9.83 Bn	22.66%
3	DoorDash	93.73 Bn	88.38 Bn	2.35 Bn	-
4	Mercadolibre	92.41 Bn	77.22 Bn	4.16 Bn	-
5	JD.com	80.21 Bn	51.03 Bn	7.66 Bn	-
6	Sea	73.19 Bn	64.67 Bn	3.15 Bn	-
7	Ebay	46.22 Bn	42.91 Bn	2.30 Bn	-
8	Coupang	29.15 Bn	23.04 Bn	2.49 Bn	-
9	Zkh	16.47 Bn	16.47 Bn	51.11 Mn	-
10	Wayfair	13.43 Bn	12.29 Bn	1.05 Bn	-

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