Zhihu (ZH) EBT Margin (2020 - 2025)

Zhihu (ZH) posted EBT Margin of 33.94% for Q4 2025, down 387.29% sequentially from 6.96% in Q3 2025, and down 4368.0% YoY from 0.8% in Q4 2024.

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

Zhihu has reported EBT Margin for 6 years, with the latest figure at 33.94% in Q4 2025.

Quarterly EBT Margin fell 4368.0% year-over-year to 33.94% in Q4 2025, while the trailing twelve-month figure through Dec 2025 was 8.28% (down 1796.0% YoY) and the FY2025 annual result came in at 6.31%, down 135.0% from the prior year.
EBT Margin fell to 33.94% in Q4 2025 per ZH's latest filing, from 6.96% in the prior quarter.
Over five years, EBT Margin peaked at 14.11% in Q2 2025 and troughed at 82.33% in Q1 2022.
A 5-year average of 24.23% and a median of 22.01% in 2023 frame the typical range for EBT Margin.
The sharpest annual moves came in 2023 and 2025: EBT Margin surged 6481 bps in 2023, then sank 4368 bps in 2025.
Over 5 years, EBT Margin stood at 37.31% in 2021, then jumped by 57 bps to 15.87% in 2022, then surged by 154 bps to 8.63% in 2023, then climbed by 13 bps to 9.75% in 2024, then plunged by 448 bps to 33.94% in 2025.
According to Business Quant data, EBT Margin over the past three periods registered 33.94%, 6.96%, and 14.11% for Q4 2025, Q3 2025, and Q2 2025 respectively.

#	Company	Market Cap	Enterprise Value	Gross Profit (Qtr)	EBT Margin (Qtr)
1	Alphabet	4,170.83 Bn	3,741.79 Bn	73.85 Bn	115.82%
2	Meta Platforms	1,525.91 Bn	1,435.65 Bn	49.47 Bn	30.85%
3	Taboola.com	1,144.63 Bn	1,144.50 Bn	139.48 Mn	1.53%
4	Baidu	288.34 Bn	283.85 Bn	1.88 Mn	11.91%
5	Spotify Technology	102.92 Bn	92.68 Bn	1.75 Bn	20.67%
6	Joyy	77.39 Bn	76.50 Bn	205.64 Mn	6.99%
7	BILI Social International	60.58 Bn	60.58 Bn	405,933.00	19.02%
8	Nebius	49.34 Bn	39.71 Bn	295.20 Mn	0.00%
9	Reddit	30.23 Bn	27.44 Bn	734.60 Mn	31.91%
10	Zhihu	790.94 Mn	315.76 Mn	49.31 Bn	-33.94%

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