PDD Holdings (PDD) Operating Margin (2017 - 2025)

PDD Holdings has disclosed Operating Margin across 9 years of filings, most recently posting 22.37% for Q4 2025.

• Operating Margin for Q4 2025 came in at 22.37%, down 77.0% year-over-year; the trailing twelve-month figure through Dec 2025 was 21.93% (down 558.0% YoY), and the FY2025 annual result was 21.56%, down 597.0% from the prior year.
• Operating Margin came in at 22.37% for Q4 2025 at PDD Holdings, down from 23.11% in the prior quarter.
• In the past five years, Operating Margin ranged from a high of 33.55% in Q2 2024 to a low of 18.71% in Q1 2021.
• The 5-year median for Operating Margin is 23.67% (2024), against an average of 20.23%.
• Across the five-year window, Operating Margin plunged 8593 bps in 2021 and jumped 2776 bps in 2022, its largest moves.
• PDD Holdings' Operating Margin stood at 25.36% in 2021, then dropped by 10 bps to 22.89% in 2022, then increased by 10 bps to 25.2% in 2023, then decreased by 8 bps to 23.14% in 2024, then retreated by 3 bps to 22.37% in 2025.
• The last three Operating Margin figures came in at 22.37% (Q4 2025), 23.11% (Q3 2025), and 24.8% (Q2 2025), per Business Quant data.