PDD Holdings (PDD) Operating Margin (2017 - 2025)
PDD Holdings recorded quarterly Operating Margin of 22.37% in Q4 2025, down 3.21% quarter-over-quarter from 23.11% in Q3 2025, and down 77.0% year-over-year from 97.26% in Q4 2024.
PDD Holdings' Operating Margin history runs 9 years deep, the most recent figure standing at 22.37% for Q4 2025.
- In Q4 2025, Operating Margin fell 77.0% year-over-year to 22.37%; the TTM figure through Dec 2025 stood at 21.93% (down 558.0% YoY), while the FY2025 annual figure 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.
- A 5-year average of 20.23% and a median of 23.67% in 2024 frame the typical range for Operating Margin.
- Across the five-year window, Operating Margin tumbled 8593 bps in 2021 and surged 2776 bps in 2022, its largest moves.
- PDD Holdings' Operating Margin stood at 25.36% in 2021, then declined by 10 bps to 22.89% in 2022, then rose by 10 bps to 25.2% in 2023, then slipped by 8 bps to 23.14% in 2024, then decreased 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.
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 | 25.36% |
| Sep 30, 2021 | 9.95% |
| Jun 30, 2021 | 8.67% |
| Mar 31, 2021 | -18.71% |
| Dec 31, 2020 | 7.71% |
| Sep 30, 2020 | 9.12% |
| Jun 30, 2020 | 13.45% |
| Mar 31, 2020 | 67.23% |
| Dec 31, 2019 | 19.78% |
| Sep 30, 2019 | 37.16% |
| Jun 30, 2019 | 20.44% |
| Mar 31, 2019 | 46.65% |
| Dec 31, 2018 | 46.71% |
| Sep 30, 2018 | 37.64% |
| Jun 30, 2018 | 244.96% |
| Mar 31, 2018 | -18.28% |
| Dec 31, 2017 | -1.93% |
| Sep 30, 2017 | -55.40% |
| Jun 30, 2017 | -117.32% |