Zhihu (ZH) Gross Margin (2020 - 2025)
Zhihu's (ZH) quarterly Gross Margin came in at 53.58% in Q4 2025, down 934.0% year-on-year from 6.42% in Q4 2024, and down 12.53% quarter-over-quarter from 61.26% in Q3 2025.
Zhihu (ZH) Gross Margin (2020 - 2025) Analysis & Trends
Zhihu has disclosed Gross Margin across 6 years of filings, most recently posting 53.58% for Q4 2025.
- Gross Margin for Q4 2025 came in at 53.58%, down 934.0% year-over-year; the trailing twelve-month figure through Dec 2025 was 59.01% (down 391.0% YoY), and the FY2025 annual result was 59.94%, down 66.0% from the prior year.
- Gross Margin came in at 53.58% for Q4 2025 at Zhihu, down from 61.26% in the prior quarter.
- In the past five years, Gross Margin ranged from a high of 63.92% in Q3 2024 to a low of 45.15% in Q1 2022.
- The 5-year median for Gross Margin is 56.49% (2024), against an average of 55.63%.
- Peak annual rise in Gross Margin reached 1542 bps in 2021, while the deepest fall reached 1700 bps in 2021.
- Zhihu's Gross Margin stood at 47.08% in 2021, then advanced by 20 bps to 56.42% in 2022, then gained by 5 bps to 59.13% in 2023, then gained by 6 bps to 62.93% in 2024, then dropped by 15 bps to 53.58% in 2025.
- The last three Gross Margin figures came in at 53.58% (Q4 2025), 61.26% (Q3 2025), and 61.92% (Q2 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Nebius | 1,913,603.98 Bn | 1,913,603.98 Bn | 295.20 Mn | 73.98% |
| 2 | Alphabet | 4,425.33 Bn | 4,209.71 Bn | 102.29 Bn | 93.08% |
| 3 | Meta Platforms | 1,502.66 Bn | 1,421.48 Bn | 46.09 Bn | 81.85% |
| 4 | Spotify Technology | 119.69 Bn | 109.44 Bn | 1.75 Bn | 32.98% |
| 5 | 33.22 Bn | 30.45 Bn | 511.94 Mn | 77.17% | |
| 6 | 13.64 Bn | 12.34 Bn | 768.96 Mn | 76.32% | |
| 7 | Kanzhun | 13.02 Bn | 10.92 Bn | 255.62 Bn | 85.23% |
| 8 | Snap | 9.72 Bn | 6.90 Bn | 1.29 Bn | 84.37% |
| 9 | Zillow | 8.26 Bn | 7.48 Bn | 519.00 Mn | 73.31% |
| 10 | Zhihu | 105.93 Mn | -359.25 Mn | 49.31 Bn | 53.58% |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | 53.58% |
| Sep 30, 2025 | 61.26% |
| Jun 30, 2025 | 61.92% |
| 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% |
| Jun 30, 2021 | 58.99% |
| Mar 31, 2021 | 57.01% |