Zhihu (ZH) Net Margin (2020 - 2025)
Zhihu's (ZH) quarterly Net Margin came in at 35.12% in Q4 2025, down 4456.0% year-on-year from 0.81% in Q4 2024, and down 413.79% quarter-over-quarter from 6.84% in Q3 2025.
Zhihu (ZH) Net Margin (2020 - 2025) Analysis & Trends
Zhihu has disclosed Net Margin across 6 years of filings, most recently posting 35.12% for Q4 2025.
- Net Margin for Q4 2025 came in at 35.12%, down 4456.0% year-over-year; the trailing twelve-month figure through Dec 2025 was 7.22% (down 1579.0% YoY), and the FY2025 annual result was 7.02%, down 224.0% from the prior year.
- Net Margin came in at 35.12% for Q4 2025 at Zhihu, down from 6.84% in the prior quarter.
- In the past five years, Net Margin ranged from a high of 18.11% in Q2 2025 to a low of 768.67% in Q2 2024.
- The 5-year median for Net Margin is 29.64% (2021), against an average of 60.35%.
- Across the five-year window, Net Margin slumped 74239 bps in 2024 and surged 78678 bps in 2025, its largest moves.
- Zhihu's Net Margin stood at 37.01% in 2021, then surged by 67 bps to 12.04% in 2022, then jumped by 34 bps to 7.91% in 2023, then surged by 219 bps to 9.44% in 2024, then sank by 472 bps to 35.12% in 2025.
- The last three Net Margin figures came in at 35.12% (Q4 2025), 6.84% (Q3 2025), and 18.11% (Q2 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Nebius | 1,913,603.98 Bn | 1,913,603.98 Bn | 295.20 Mn | 155.44% |
| 2 | Alphabet | 4,425.33 Bn | 4,209.71 Bn | 102.29 Bn | 56.94% |
| 3 | Meta Platforms | 1,502.66 Bn | 1,421.48 Bn | 46.09 Bn | 47.54% |
| 4 | Spotify Technology | 119.69 Bn | 109.44 Bn | 1.75 Bn | 15.91% |
| 5 | 33.22 Bn | 30.45 Bn | 511.94 Mn | 30.75% | |
| 6 | 13.64 Bn | 12.34 Bn | 768.96 Mn | -7.30% | |
| 7 | Kanzhun | 13.02 Bn | 10.92 Bn | 255.62 Bn | 55.91% |
| 8 | Snap | 9.72 Bn | 6.90 Bn | 1.29 Bn | -5.82% |
| 9 | Zillow | 8.26 Bn | 7.48 Bn | 519.00 Mn | 6.50% |
| 10 | Zhihu | 105.93 Mn | -359.25 Mn | 49.31 Bn | -35.12% |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | -35.12% |
| Sep 30, 2025 | -6.84% |
| Jun 30, 2025 | 18.11% |
| Mar 31, 2025 | -33.29% |
| Dec 31, 2024 | 9.44% |
| Sep 30, 2024 | -1.26% |
| Jun 30, 2024 | -768.67% |
| Mar 31, 2024 | -14.12% |
| Dec 31, 2023 | -7.91% |
| Sep 30, 2023 | -27.29% |
| Jun 30, 2023 | -26.28% |
| Mar 31, 2023 | -12.09% |
| Dec 31, 2022 | -12.04% |
| Sep 30, 2022 | -32.06% |
| Jun 30, 2022 | -56.73% |
| Mar 31, 2022 | -49.38% |
| Dec 31, 2021 | -37.01% |
| Sep 30, 2021 | -32.69% |
| Jun 30, 2021 | -49.80% |
| Mar 31, 2021 | -32.00% |