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

PDD Holdings (PDD) has 9 years of Operating Margin data on file, last reported 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.
• The five-year high for Operating Margin was 33.55% in Q2 2024, with the low at 18.71% in Q1 2021.
• Average Operating Margin over 5 years is 20.26%, with a median of 23.67% recorded in 2024.
• Year-over-year, Operating Margin slumped 8593 bps in 2021 and surged 2776 bps in 2022.
• PDD Holdings' Operating Margin stood at 25.36% in 2021, then retreated by 10 bps to 22.89% in 2022, then advanced by 10 bps to 25.2% in 2023, then declined by 8 bps to 23.14% in 2024, then dropped by 3 bps to 22.37% in 2025.
• Business Quant data shows PDD's Operating Margin at 22.37% in Q4 2025, 23.11% in Q3 2025, and 24.8% in Q2 2025.