Zhihu (ZH) EBT Margin (2020 - 2025)
Zhihu's (ZH) quarterly EBT Margin came in at 33.94% in Q4 2025, down 4368.0% year-on-year from 0.8% in Q4 2024, and down 387.29% quarter-over-quarter from 6.96% in Q3 2025.
Zhihu (ZH) EBT Margin (2020 - 2025) Analysis & Trends
Zhihu has disclosed EBT Margin across 6 years of filings, most recently posting 33.94% for Q4 2025.
- EBT Margin for Q4 2025 came in at 33.94%, down 4368.0% year-over-year; the trailing twelve-month figure through Dec 2025 was 8.28% (down 1796.0% YoY), and the FY2025 annual result was 6.31%, down 135.0% from the prior year.
- EBT Margin came in at 33.94% for Q4 2025 at Zhihu, down from 6.96% in the prior quarter.
- In the past five years, EBT Margin ranged from a high of 14.11% in Q2 2025 to a low of 82.33% in Q1 2022.
- The 5-year median for EBT Margin is 22.01% (2023), against an average of 24.23%.
- Across the five-year window, EBT Margin soared 6481 bps in 2023 and sank 4368 bps in 2025, its largest moves.
- Zhihu's EBT Margin stood at 37.31% in 2021, then surged by 57 bps to 15.87% in 2022, then soared by 154 bps to 8.63% in 2023, then gained by 13 bps to 9.75% in 2024, then plunged by 448 bps to 33.94% in 2025.
- The last three EBT Margin figures came in at 33.94% (Q4 2025), 6.96% (Q3 2025), and 14.11% (Q2 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBT Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Nebius | 1,913,603.98 Bn | 1,913,603.98 Bn | 295.20 Mn | 154.24% |
| 2 | Alphabet | 4,425.33 Bn | 4,209.71 Bn | 102.29 Bn | 70.44% |
| 3 | Meta Platforms | 1,502.66 Bn | 1,421.48 Bn | 46.09 Bn | 38.63% |
| 4 | Spotify Technology | 119.69 Bn | 109.44 Bn | 1.75 Bn | 20.67% |
| 5 | 33.22 Bn | 30.45 Bn | 511.94 Mn | 31.01% | |
| 6 | 13.64 Bn | 12.34 Bn | 768.96 Mn | -6.30% | |
| 7 | Kanzhun | 13.02 Bn | 10.92 Bn | 255.62 Bn | 68.87% |
| 8 | Snap | 9.72 Bn | 6.90 Bn | 1.29 Bn | -5.61% |
| 9 | Zillow | 8.26 Bn | 7.48 Bn | 519.00 Mn | 6.78% |
| 10 | Zhihu | 105.93 Mn | -359.25 Mn | 49.31 Bn | -33.94% |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | -33.94% |
| Sep 30, 2025 | -6.96% |
| Jun 30, 2025 | 14.11% |
| Mar 31, 2025 | -1.42% |
| Dec 31, 2024 | 9.75% |
| Sep 30, 2024 | -1.17% |
| Jun 30, 2024 | -9.39% |
| Mar 31, 2024 | -17.12% |
| Dec 31, 2023 | 8.63% |
| Sep 30, 2023 | -27.26% |
| Jun 30, 2023 | -26.50% |
| Mar 31, 2023 | -17.52% |
| Dec 31, 2022 | -15.87% |
| Sep 30, 2022 | -32.35% |
| Jun 30, 2022 | -57.49% |
| Mar 31, 2022 | -82.33% |
| Dec 31, 2021 | -37.31% |
| Sep 30, 2021 | -32.73% |
| Jun 30, 2021 | -50.05% |
| Mar 31, 2021 | -67.77% |