PDD Holdings (PDD) Operating Margin (2017 - 2026)
PDD Holdings' (PDD) quarterly Operating Margin came in at 24.71% in Q2 2026, down 9.0% year-over-year from 27.15% in Q2 2025, and up 34.13% quarter-over-quarter from 18.42% in Q1 2026.
Powered by 
Analysis
PDD Holdings (PDD) Operating Margin (2017 - 2026) Analysis & Trends
PDD Holdings has disclosed Operating Margin across 10 years of filings, most recently posting 24.71% for Q2 2026.
- In Q2 2026, Operating Margin fell 9.0% year-over-year to 24.71%; the TTM figure through Jun 2026 stood at 22.2% (down 22.0% YoY), while the FY2025 annual figure was 21.56%, down 597.0% from the prior year.
- Operating Margin came in at 24.71% for Q2 2026 at PDD Holdings, up from 18.42% 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 9.05% in Q1 2022.
- Average Operating Margin over 5 years is 23.47%, with a median of 24.26% recorded in 2023.
- Year-over-year, Operating Margin surged 2776 bps in 2022 and slumped 1311 bps in 2025.
- Over 5 years, Operating Margin stood at 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, then gained by 10 bps to 24.71% in 2026.
- Per Business Quant data, the three most recent Operating Margin figures were 24.71% in Q2 2026, 18.42% in Q1 2026, and 22.37% in Q4 2025.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alibaba Group Holding | 263.05 Bn | 227.79 Bn | 15.11 Bn | 5.64% |
| 2 | Booking Holdings | 126.16 Bn | 108.94 Bn | 4.98 Bn | 34.00% |
| 3 | PDD Holdings | 112.31 Bn | 82.02 Bn | 9.45 Bn | 24.71% |
| 4 | Airbnb | 98.07 Bn | 86.00 Bn | 2.98 Bn | 21.01% |
| 5 | Mercadolibre | 90.61 Bn | 75.42 Bn | 4.16 Bn | 6.72% |
| 6 | Ebay | 49.77 Bn | 46.46 Bn | 2.30 Bn | 21.57% |
| 7 | Expedia | 31.98 Bn | 24.85 Bn | 3.91 Bn | 18.54% |
| 8 | Maplebear | 10.57 Bn | 9.72 Bn | 751.00 Mn | 13.71% |
| 9 | Full Truck Alliance | 7.59 Bn | 6.63 Bn | - | - |
| 10 | Etsy | 6.70 Bn | 5.58 Bn | 484.05 Mn | 18.74% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 24.71% |
| Mar 31, 2026 | 18.42% |
| 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 | 25.28% |
| Sep 30, 2021 | 9.95% |
API Access
PDD Holdings Operating 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=operating-margin&ticker=PDD&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-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=operating-margin&ticker=PDD&period=max&api_key=YOUR_API_KEY");
const data = await res.json();