Zhihu (ZH) EBT Margin (2020 - 2026)
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.
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Analysis
Zhihu (ZH) EBT Margin (2020 - 2026) 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.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBT Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,083.83 Bn | 3,654.79 Bn | 73.85 Bn | 115.82% |
| 2 | Meta Platforms | 1,456.07 Bn | 1,365.81 Bn | 49.47 Bn | 30.85% |
| 3 | Spotify Technology | 111.71 Bn | 104.79 Bn | 1.86 Bn | 15.07% |
| 4 | Nebius | 50.03 Bn | 40.93 Bn | 448.70 Mn | -0.12% |
| 5 | 28.44 Bn | 25.65 Bn | 734.60 Mn | 31.91% | |
| 6 | Bilibili | 13.59 Bn | 11.45 Bn | 433.97 Mn | 4.68% |
| 7 | Tencent Music Entertainment | 12.71 Bn | 9.21 Bn | 582.00 Mn | - |
| 8 | 12.21 Bn | 10.93 Bn | 922.30 Mn | -4.17% | |
| 9 | Match | 9.45 Bn | 8.86 Bn | 648.84 Mn | 25.16% |
| 10 | Zhihu | 220.44 Mn | -357.04 Mn | - | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Mar 31, 2026 | -1.06% |
| 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% |