Zhihu (ZH) Net Margin (2020 - 2026)
Zhihu (ZH) posted Net Margin of 32.42% for Q4 2025, down 357.91% sequentially from 7.08% in Q3 2025, and down 4246.0% YoY from 0.78% in Q4 2024.
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Analysis
Zhihu (ZH) Net Margin (2020 - 2026) Analysis & Trends
Zhihu has reported Net Margin for 6 years, with the latest figure at 32.42% in Q4 2025.
- Quarterly Net Margin fell 4246.0% year-over-year to 32.42% in Q4 2025, while the trailing twelve-month figure through Dec 2025 was 9.23% (down 1921.0% YoY) and the FY2025 annual result came in at 7.02%, down 224.0% from the prior year.
- Net Margin fell to 32.42% in Q4 2025 per ZH's latest filing, from 7.08% in the prior quarter.
- Over five years, Net Margin peaked at 10.11% in Q2 2025 and troughed at 103.55% in Q1 2021.
- A 5-year average of 26.27% and a median of 22.52% in 2023 frame the typical range for Net Margin.
- The sharpest annual moves came in 2021 and 2025: Net Margin soared 9141 bps in 2021, then plunged 4246 bps in 2025.
- Over 5 years, Net Margin stood at 37.61% in 2021, then surged by 57 bps to 16.13% in 2022, then jumped by 157 bps to 9.12% in 2023, then rose by 10 bps to 10.04% in 2024, then sank by 423 bps to 32.42% in 2025.
- According to Business Quant data, Net Margin over the past three periods registered 32.42%, 7.08%, and 10.11% for Q4 2025, Q3 2025, and Q2 2025 respectively.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,083.83 Bn | 3,654.79 Bn | 73.85 Bn | 93.58% |
| 2 | Meta Platforms | 1,456.07 Bn | 1,365.81 Bn | 49.47 Bn | 26.07% |
| 3 | Spotify Technology | 111.71 Bn | 104.79 Bn | 1.86 Bn | 11.41% |
| 4 | Nebius | 50.03 Bn | 40.93 Bn | 448.70 Mn | -2.47% |
| 5 | 28.44 Bn | 25.65 Bn | 734.60 Mn | 31.41% | |
| 6 | Bilibili | 13.59 Bn | 11.45 Bn | 433.97 Mn | 4.33% |
| 7 | Tencent Music Entertainment | 12.71 Bn | 9.21 Bn | 582.00 Mn | - |
| 8 | 12.21 Bn | 10.93 Bn | 922.30 Mn | -3.96% | |
| 9 | Match | 9.45 Bn | 8.86 Bn | 648.84 Mn | 19.99% |
| 10 | Zhihu | 220.44 Mn | -357.04 Mn | - | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Mar 31, 2026 | -1.30% |
| Dec 31, 2025 | -32.42% |
| Sep 30, 2025 | -7.08% |
| Jun 30, 2025 | 10.11% |
| Mar 31, 2025 | -1.38% |
| Dec 31, 2024 | 10.04% |
| Sep 30, 2024 | -1.24% |
| Jun 30, 2024 | -8.86% |
| Mar 31, 2024 | -17.15% |
| Dec 31, 2023 | 9.12% |
| Sep 30, 2023 | -27.26% |
| Jun 30, 2023 | -26.80% |
| Mar 31, 2023 | -18.24% |
| Dec 31, 2022 | -16.13% |
| Sep 30, 2022 | -32.92% |
| Jun 30, 2022 | -58.25% |
| Mar 31, 2022 | -82.65% |
| Dec 31, 2021 | -37.61% |
| Sep 30, 2021 | -32.76% |
| Jun 30, 2021 | -50.30% |