Zhihu (ZH) Gross Margin (2020 - 2026)

Zhihu (ZH) posted Gross Margin of 53.58% for Q4 2025, down 12.53% sequentially from 61.26% in Q3 2025, and down 934.0% YoY from 6.42% in Q4 2024.

Analysis

Zhihu (ZH) Gross Margin (2020 - 2026) Analysis & Trends

Zhihu has reported Gross Margin for 6 years, with the latest figure at 53.58% in Q4 2025.

Quarterly Gross Margin fell 934.0% year-over-year to 53.58% in Q4 2025, while the trailing twelve-month figure through Dec 2025 was 59.01% (down 391.0% 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.
Over five years, Gross Margin peaked at 63.92% in Q3 2024 and troughed at 45.15% in Q1 2022.
A 5-year average of 55.63% and a median of 56.49% in 2024 frame the typical range for Gross Margin.
The widest YoY moves for Gross Margin: up 1542 bps in 2021, down 1700 bps in 2021.
Over 5 years, Gross Margin stood at 47.08% in 2021, then grew by 20 bps to 56.42% in 2022, then climbed by 5 bps to 59.13% in 2023, then climbed by 6 bps to 62.93% in 2024, then fell by 15 bps to 53.58% in 2025.
According to Business Quant data, Gross Margin over the past three periods registered 53.58%, 61.26%, and 61.92% for Q4 2025, Q3 2025, and Q2 2025 respectively.

Peer Set

#	Company	Market Cap	Enterprise Value	Gross Profit (Qtr)	Gross Margin (Qtr)
1	Alphabet	4,083.83 Bn	3,654.79 Bn	73.85 Bn	61.65%
2	Meta Platforms	1,456.07 Bn	1,365.81 Bn	49.47 Bn	81.37%
3	Spotify Technology	111.71 Bn	104.79 Bn	1.86 Bn	33.41%
4	Nebius	50.03 Bn	40.93 Bn	448.70 Mn	77.06%
5	Reddit	28.44 Bn	25.65 Bn	734.60 Mn	91.27%
6	Bilibili	13.59 Bn	11.45 Bn	433.97 Mn	37.22%
7	Tencent Music Entertainment	12.71 Bn	9.21 Bn	582.00 Mn	-
8	Pinterest	12.21 Bn	10.93 Bn	922.30 Mn	78.18%
9	Match	9.45 Bn	8.86 Bn	648.84 Mn	76.06%
10	Zhihu	220.44 Mn	-357.04 Mn	-	-

Historic Data

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