Zhihu Inc. (ZH) EBITDA Margin (2020 - 2025)

Zhihu (ZH) has 6 years of EBITDA Margin data on file, last reported 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 25.28% (down 2662.0% YoY) and the FY2025 annual result came in at 1.54%, up 1183.0% 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.
• The five-year high for EBITDA Margin was 15.65% in Q4 2023, with the low at 7196.66% in Q1 2025.
• Average EBITDA Margin over 5 years is 388.38%, with a median of 32.11% recorded in 2022.
• Year-over-year, EBITDA Margin soared 6523 bps in 2023 and plunged 717305 bps in 2025.
• Zhihu's EBITDA Margin stood at 36.82% in 2021, then surged by 47 bps to 19.42% in 2022, then jumped by 181 bps to 15.65% in 2023, then sank by 91 bps to 1.38% in 2024, then plunged by 3069 bps to 41.0% in 2025.
• Business Quant data shows ZH's EBITDA Margin at 41.0% in Q4 2025, 15.15% in Q3 2025, and 12.82% in Q2 2025.