Zhihu (ZH) EBITDA Margin (2020 - 2025)

Zhihu (ZH) posted EBITDA Margin of 41.0% for Q4 2025, down 170.69% sequentially from 15.15% in Q3 2025, and down 4238.0% YoY from 0.99% in Q4 2024.

Zhihu (ZH) EBITDA Margin (2020 - 2025) Analysis & Trends

Zhihu has reported EBITDA Margin for 6 years, with the latest figure at 41.0% in Q4 2025.

Quarterly EBITDA Margin fell 4238.0% year-over-year to 41.0% in Q4 2025, while the trailing twelve-month figure through Dec 2025 was 22.61% (down 2393.0% YoY) and the FY2025 annual result came in at 18.19%, down 461.0% from the prior year.
EBITDA Margin declined to 41.0% in Q4 2025 per ZH's latest filing, from 15.15% in the prior quarter.
Over five years, EBITDA Margin peaked at 15.65% in Q4 2023 and troughed at 87.11% in Q1 2022.
A 5-year average of 29.74% and a median of 26.97% in 2022 frame the typical range for EBITDA Margin.
The sharpest annual moves came in 2023 and 2025: EBITDA Margin jumped 6523 bps in 2023, then sank 4238 bps in 2025.
Over 5 years, EBITDA Margin stood at 36.82% in 2021, then jumped by 47 bps to 19.42% in 2022, then soared by 181 bps to 15.65% in 2023, then plunged by 91 bps to 1.38% in 2024, then tumbled by 3069 bps to 41.0% in 2025.
According to Business Quant data, EBITDA Margin over the past three periods registered 41.0%, 15.15%, and 12.57% for Q4 2025, Q3 2025, and Q2 2025 respectively.

#	Company	Market Cap	Enterprise Value	Gross Profit (Qtr)	EBITDA Margin (Qtr)
1	Alphabet	4,213.06 Bn	3,784.02 Bn	73.85 Bn	34.03%
2	Meta Platforms	1,538.90 Bn	1,448.64 Bn	49.47 Bn	30.88%
3	Taboola.com	1,130.72 Bn	1,130.59 Bn	139.48 Mn	1.52%
4	Baidu	289.26 Bn	284.76 Bn	1.88 Mn	18.86%
5	Spotify Technology	102.75 Bn	92.51 Bn	1.75 Bn	23.32%
6	Joyy	77.59 Bn	76.70 Bn	205.64 Mn	3.14%
7	BILI Social International	60.58 Bn	60.58 Bn	405,933.00	18.99%
8	Nebius	49.44 Bn	39.81 Bn	295.20 Mn	32.46%
9	Reddit	30.43 Bn	27.65 Bn	734.60 Mn	28.79%
10	Zhihu	793.34 Mn	318.16 Mn	49.31 Bn	-41.00%

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