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

Zhihu (ZH) has 6 years of Gross Margin data on file, last reported at 53.58% in Q4 2025.

• Quarterly Gross Margin rose 5358.0% year-over-year to 53.58% in Q4 2025, while the trailing twelve-month figure through Dec 2025 was 59.21% (up 5901.0% YoY) and the FY2025 annual result came in at 59.94%, down 66.0% from the prior year.
• Gross Margin eased to 53.58% in Q4 2025 per ZH's latest filing, from 61.26% in the prior quarter.
• The five-year high for Gross Margin was 63.92% in Q3 2024, with the low at 0.0% in Q4 2024.
• Average Gross Margin over 5 years is 52.51%, with a median of 55.12% recorded in 2022.
• Year-over-year, Gross Margin slumped 5913 bps in 2024 and soared 5358 bps in 2025.
• Zhihu's Gross Margin stood at 47.08% in 2021, then increased by 20 bps to 56.42% in 2022, then grew by 5 bps to 59.13% in 2023, then plunged by 100 bps to 0.0% in 2024, then jumped by 85153403 bps to 53.58% in 2025.
• Business Quant data shows ZH's Gross Margin at 53.58% in Q4 2025, 61.26% in Q3 2025, and 62.52% in Q2 2025.