PDD Holdings (PDD) Operating Margin (2017 - 2026)

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.