Zhihu (ZH) Gross Margin (2020 - 2026)
Zhihu (ZH) reported Gross Margin of 57.01% for the quarter ended Jun 30, 2026, down 5.51 percentage points from 62.52% a year earlier and down 2.59 percentage points from the prior quarter.
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Analysis
Zhihu (ZH) Gross Margin (2020 - 2026) Analysis & Trends
Over the twelve months ended Jun 30, 2026, Zhihu's Gross Margin came in at 57.86%, down 5.00 percentage points year-over-year; for the year ended Dec 31, 2025, it was 59.94%, down 0.66 percentage points from the prior year.
- Gross Margin has a five-year change of +3.90 percentage points (years ended Dec 2020 to Dec 2025).
- By year, Gross Margin came in at 60.60% in the year ended Dec 31, 2024 (+5.92 pp), 54.68% in the year ended Dec 31, 2023 (+4.52 pp), 50.16% in the year ended Dec 31, 2022 (-2.35 pp) and 52.51% in the year ended Dec 31, 2021 (-3.53 pp).
- Five-year quarterly Gross Margin spans a low of 45.15% in the quarter ended Mar 31, 2022 and a high of 63.92% in the quarter ended Sep 30, 2024.
- Year over year, Gross Margin has now declined in each of the last four quarters, with an average year-over-year change of +0.31 percentage points over the last eight quarters.
- The high point for year-over-year Gross Margin in five years was the quarter ended Sep 30, 2024 (a gain of 10.26 percentage points); the low point was the quarter ended Dec 31, 2021 (a drop of 17.00 percentage points).
- Per Business Quant data, the three quarters before the quarter ended Jun 30, 2026 came in at 59.60% (quarter ended Mar 31, 2026), 53.58% (quarter ended Dec 31, 2025) and 61.26% (quarter ended Sep 30, 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,164.76 Bn | 3,922.28 Bn | 73.85 Bn | 61.65% |
| 2 | Meta Platforms | 1,823.40 Bn | 1,525.92 Bn | 49.47 Bn | 81.37% |
| 3 | Netflix | 288.27 Bn | 248.47 Bn | 6.52 Bn | 51.93% |
| 4 | Alibaba Group Holding | 252.72 Bn | 70.58 Bn | 15.11 Bn | 38.11% |
| 5 | Shopify | 186.52 Bn | 163.71 Bn | 1.71 Bn | 47.67% |
| 6 | Uber Technologies | 139.11 Bn | 111.09 Bn | 6.38 Bn | 44.93% |
| 7 | Booking Holdings | 123.13 Bn | 56.18 Bn | - | - |
| 8 | PDD Holdings | 111.72 Bn | -140.21 Bn | 9.45 Bn | 57.06% |
| 9 | AppLovin | 103.35 Bn | 93.38 Bn | 1.70 Bn | 88.26% |
| 10 | Zhihu | 310.41 Mn | -1.96 Bn | 57.98 Mn | 57.01% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 57.01% |
| Mar 31, 2026 | 59.60% |
| Dec 31, 2025 | 53.58% |
| Sep 30, 2025 | 61.26% |
| Jun 30, 2025 | 62.52% |
| Mar 31, 2025 | 61.82% |
| Dec 31, 2024 | 62.93% |
| Sep 30, 2024 | 63.92% |
| Jun 30, 2024 | 59.60% |
| Mar 31, 2024 | 56.56% |
| Dec 31, 2023 | 59.13% |
| Sep 30, 2023 | 53.66% |
| Jun 30, 2023 | 53.83% |
| Mar 31, 2023 | 51.52% |
| Dec 31, 2022 | 56.42% |
| Sep 30, 2022 | 48.74% |
| Jun 30, 2022 | 47.80% |
| Mar 31, 2022 | 45.15% |
| Dec 31, 2021 | 47.08% |
| Sep 30, 2021 | 51.59% |
API Access
Zhihu Gross Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=gross-margin&ticker=ZH&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "gross-margin", "ticker": "ZH", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=gross-margin&ticker=ZH&period=max&api_key=YOUR_API_KEY");
const data = await res.json();