PDD Holdings (PDD) Operating Margin (2017 - 2025)
PDD Holdings (PDD) posted Operating Margin of 22.37% for Q4 2025, down 3.21% sequentially from 23.11% in Q3 2025, and down 77.0% YoY from 97.26% in Q4 2024.
PDD Holdings (PDD) Operating Margin (2017 - 2025) Analysis & Trends
PDD Holdings has reported Operating Margin for 9 years, with the latest figure at 22.37% in Q4 2025.
- Quarterly Operating Margin fell 77.0% year-over-year to 22.37% in Q4 2025, while the trailing twelve-month figure through Dec 2025 was 21.93% (down 558.0% YoY) and the FY2025 annual result came in at 21.56%, down 597.0% from the prior year.
- Operating Margin fell to 22.37% in Q4 2025 per PDD's latest filing, from 23.11% in the prior quarter.
- Over five years, Operating Margin peaked at 37378.78% in Q4 2021 and troughed at 18.71% in Q1 2021.
- A 5-year average of 1887.9% and a median of 23.67% in 2024 frame the typical range for Operating Margin.
- The sharpest annual moves came in 2021 and 2022: Operating Margin soared 3737107 bps in 2021, then plunged 3735589 bps in 2022.
- Over 5 years, Operating Margin stood at 37378.78% in 2021, then slumped by 100 bps to 22.89% in 2022, then gained by 10 bps to 25.2% in 2023, then dropped by 8 bps to 23.14% in 2024, then slipped by 3 bps to 22.37% in 2025.
- According to Business Quant data, Operating Margin over the past three periods registered 22.37%, 23.11%, and 24.8% for Q4 2025, Q3 2025, and Q2 2025 respectively.
Powered by 
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Amazon Com | 2,942.95 Bn | 2,819.97 Bn | 198.88 Bn | 13.43% |
| 2 | PDD Holdings | 508.05 Bn | 448.51 Bn | 9.83 Bn | 22.37% |
| 3 | Mercadolibre | 97.02 Bn | 81.83 Bn | 4.16 Bn | 6.72% |
| 4 | DoorDash | 93.69 Bn | 88.35 Bn | 2.35 Bn | 3.50% |
| 5 | JD.com | 87.61 Bn | 58.43 Bn | 7.66 Bn | 1.21% |
| 6 | Sea | 78.10 Bn | 69.58 Bn | 3.15 Bn | 80.28% |
| 7 | Ebay | 47.48 Bn | 44.17 Bn | 2.30 Bn | 21.57% |
| 8 | Coupang | 29.69 Bn | 23.58 Bn | 2.49 Bn | -6.28% |
| 9 | Zkh | 15.94 Bn | 15.94 Bn | 51.11 Mn | -1.06% |
| 10 | Wayfair | 13.68 Bn | 12.54 Bn | 1.05 Bn | 2.96% |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | 22.37% |
| Sep 30, 2025 | 23.11% |
| Jun 30, 2025 | 24.80% |
| Mar 31, 2025 | 16.81% |
| Dec 31, 2024 | 23.14% |
| Sep 30, 2024 | 24.45% |
| Jun 30, 2024 | 33.55% |
| Mar 31, 2024 | 29.92% |
| Dec 31, 2023 | 25.20% |
| Sep 30, 2023 | 24.20% |
| Jun 30, 2023 | 24.33% |
| Mar 31, 2023 | 18.41% |
| Dec 31, 2022 | 22.89% |
| Sep 30, 2022 | 29.40% |
| Jun 30, 2022 | 27.66% |
| Mar 31, 2022 | 9.05% |
| Dec 31, 2021 | 37,378.78% |
| Sep 30, 2021 | 9.95% |
| Jun 30, 2021 | 8.67% |
| Mar 31, 2021 | -18.71% |