PDD Holdings (PDD) Operating Margin (2017 - 2026)
PDD Holdings' Operating Margin was 24.71% in the quarter ended Jun 30, 2026, down 0.09 percentage points from 24.80% a year earlier but up 6.29 percentage points from the prior quarter.
PDD Holdings (PDD) Operating Margin (2017 - 2026) Analysis & Trends
On a trailing twelve-month basis, PDD Holdings' Operating Margin was 22.20% through Jun 30, 2026, down 0.22 percentage points year-over-year; for the year ended Dec 31, 2025, it came in at 21.56%, down 5.97 percentage points from the prior year.
- Operating Margin shows a five-year change of +29.15 percentage points (years ended Dec 2020 to Dec 2025).
- In earlier years, Operating Margin was 27.53% in the year ended Dec 31, 2024 (+14.14 pp), 13.39% in the year ended Dec 31, 2023 (+5.22 pp), 8.17% in the year ended Dec 31, 2022 (+5.07 pp) and 3.10% in the year ended Dec 31, 2021 (+10.70 pp).
- Quarterly Operating Margin has moved between 9.05% (the quarter ended Mar 31, 2022) and 33.55% (the quarter ended Jun 30, 2024) over five years.
- Compared with a year earlier, Operating Margin was higher in two of the last eight quarters, with an average year-over-year change of -3.03 percentage points.
- The best year-over-year quarter for Operating Margin over five years was the quarter ended Mar 31, 2022 (a gain of 27.76 percentage points); the worst was the quarter ended Mar 31, 2025 (a drop of 13.11 percentage points).
- Per Business Quant data, PDD's Operating Margin in the three quarters before the quarter ended Jun 30, 2026 was 18.42% (quarter ended Mar 31, 2026), 22.37% (quarter ended Dec 31, 2025) and 23.11% (quarter ended Sep 30, 2025).
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,273.02 Bn | 4,030.55 Bn | 73.85 Bn | 34.03% |
| 2 | Meta Platforms | 1,882.67 Bn | 1,585.19 Bn | 49.47 Bn | 30.88% |
| 3 | Netflix | 292.72 Bn | 252.92 Bn | 6.52 Bn | 33.38% |
| 4 | Alibaba Group Holding | 258.66 Bn | 82.26 Bn | 15.11 Bn | 5.64% |
| 5 | Shopify | 221.29 Bn | 198.47 Bn | 1.71 Bn | 13.62% |
| 6 | Uber Technologies | 145.86 Bn | 117.84 Bn | 6.38 Bn | 13.32% |
| 7 | Booking Holdings | 120.48 Bn | 53.53 Bn | - | 34.00% |
| 8 | PDD Holdings | 115.79 Bn | -126.92 Bn | 9.45 Bn | 24.71% |
| 9 | Spotify Technology | 108.98 Bn | 66.21 Bn | 1.86 Bn | 13.71% |
| 10 | Airbnb | 97.86 Bn | 51.09 Bn | 2.98 Bn | 21.01% |
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% |
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();