TTM
22.2%
YoY change
−5.97pp
Trough year (2018)
-82.3%
Peak year (2024)
27.5%
Latest annual
21.6%
Operating Margin history chart for PDD Holdings (PDD) from 2016 to 2025
Latest: 21.6%
Operating Margin change chart for PDD Holdings (PDD) from 2016 to 2025
Latest: −5.97pp
Operating Margin history table for PDD Holdings (PDD) from 2016 to 2025
| 2025 | 21.6% | -5.97pp | ||
| 2024 | 27.5% | +3.83pp | ||
| 2023 | 23.7% | +0.42pp | ||
| 2022 | 23.3% | +15.95pp | ||
| 2021 | 7.3% | +23.11pp | ||
| 2020 | -15.8% | +12.56pp | ||
| 2019 | -28.3% | +53.99pp | ||
| 2018 | -82.3% | -48.16pp | ||
| 2017 | -34.2% | +22.53pp | ||
| 2016 | -56.7% | — |
- 202521.6%-5.97pp
- 202427.5%+3.83pp
- 202323.7%+0.42pp
- 202223.3%+15.95pp
- 20217.3%+23.11pp
- 2020-15.8%+12.56pp
- 2019-28.3%+53.99pp
- 2018-82.3%-48.16pp
- 2017-34.2%+22.53pp
- 2016-56.7%—
Operating Margin values are taken from PDD Holdings's reported income statements (interim 6-K and annual 20-F filings with the U.S. Securities and Exchange Commission). Each row shows the period end date and the filing date. YoY compares each figure to the same period one year earlier. Amounts are in CNY as filed.
About Operating Margin at PDD Holdings (PDD)
According to PDD Holdings's latest reported financial statements, the company's latest reported operating margin is 22.2%. Operating margin is operating income divided by revenue — the share of each sales dollar left after cost of goods sold and operating expenses (SG&A, R&D), but before interest and taxes. It isolates how profitable the core business is before financing and tax decisions, so it is comparable across companies with different capital structures.
Headline figure above is from the reporting period ending (reported ). Chart and table below cover the full reported history back to .
As of the 2025 fiscal year, PDD Holdings (PDD) reported operating margin of 21.56% – contracted 6.0 percentage points year-over-year.
2024 marks the peak operating margin at 27.53%, with the historical low of -82.32% recorded in 2018.
PDD Holdings Operating Margin by Year
PDD Holdings Operating Margin 2025: 21.6%
2025's operating margin for PDD Holdings came in at 21.56%, contracted 6.0 percentage points from 2024.
PDD Holdings Operating Margin 2024: 27.5%
PDD Holdings posted operating margin of 27.53% in 2024, expanded 3.8 percentage points from 2023. This figure represents the highest annual value in the available history.
PDD Holdings Operating Margin 2023: 23.7%
In 2023, PDD Holdings reported operating margin of 23.70%, expanded 0.4 percentage points from 2022.
PDD Holdings Operating Margin 2022: 23.3%
PDD Holdings operating margin in 2022 was 23.29%, expanded 15.9 percentage points from 2021.
PDD Holdings Operating Margin 2021: 7.3%
PDD Holdings operating margin in 2021 was 7.34%.
See more financial history for PDD Holdings (PDD).
Sector peers by Operating Margin
Consumer Cyclical peers of PDD Holdings (PDD), ranked by their latest operating margin
| 46.0% | |
| 34.3% | |
| 12.4% | |
| 12.4% | |
| 11.5% | |
| 11.5% | |
| 5.8% | |
| 5.0% |
- 46.0%
- 12.4%
- 12.4%
- 11.5%
- 5.8%
- 5.0%
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