PDD Holdings Inc. (PDD) closed fiscal year 2025 with a gross margin of 56.3 % and a net margin of 22.7 %.
PDD Holdings Inc. (PDD) closed fiscal year 2025 with a gross margin of 56.3 % and a net margin of 22.7 %. The same year shows an EBITDA margin of 28.4 % and an EBIT margin of 27.7 %. The free cash flow margin was 24.5 %. Against the previous year the gross margin moved −4.6 pp and the net margin −5.9 pp. Across the period the gross margin ranges between 56.3 % in 2025 and 75.9 % in 2022. The series covers 4 fiscal years, from 2022 to 2025. Margins are expressed as a percentage of net revenue and are derived from the same figures as the income statement, taken from the company's own published annual accounts, with no restatements or adjustments of our own.
Fiscal year end: December
| 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|
| Gross margin (%) | 75.90 % | 62.96 % | 60.92 % | 56.28 % |
| EBITDA margin (%) | 30.03 % | 29.81 % | 34.36 % | 28.35 % |
| EBIT margin (%) | 27.93 % | 29.04 % | 33.69 % | 27.66 % |
| Net margin (%) | 24.16 % | 24.24 % | 28.55 % | 22.66 % |
| FCF margin (%) | 36.67 % | 37.79 % | 30.71 % | 24.50 % |
