Zhihu (ZH) Net Margin (2020 - 2026)
Zhihu (ZH) posted Net Margin of -5.42% for the quarter ended Jun 30, 2026, down 15.53 percentage points from 10.11% a year earlier and down 4.12 percentage points from the prior quarter.
Zhihu (ZH) Net Margin (2020 - 2026) Analysis & Trends
For the trailing twelve months through Jun 30, 2026, Net Margin at Zhihu was -11.33%, down 15.68 percentage points year-over-year; for the year ended Dec 31, 2025, it came in at -7.02%, down 2.24 percentage points from the prior year.
- Annual Net Margin shows a five-year change of +81.60 percentage points (years ended Dec 2020 to Dec 2025).
- In prior years, Zhihu's Net Margin was -4.77% in the year ended Dec 31, 2024 (+15.32 pp), -20.09% in the year ended Dec 31, 2023 (+23.77 pp), -43.86% in the year ended Dec 31, 2022 (+5.79 pp) and -49.66% in the year ended Dec 31, 2021 (+38.96 pp).
- Quarterly Net Margin has run from a low of -82.65% in the quarter ended Mar 31, 2022 to a high of 10.11% in the quarter ended Jun 30, 2025 over five years.
- On a year-over-year basis, Net Margin increased in five of the last eight quarters, with an average year-over-year change of -0.20 percentage points.
- The strongest year-over-year quarter for Net Margin in the past five years was the quarter ended Dec 31, 2023, with a gain of 81.29 percentage points; the weakest was the quarter ended Dec 31, 2025, with a drop of 42.46 percentage points.
- According to Business Quant data, Net Margin for the three prior quarters was -1.30% (quarter ended Mar 31, 2026), -32.42% (quarter ended Dec 31, 2025) and -7.08% (quarter ended Sep 30, 2025).
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,164.76 Bn | 3,922.28 Bn | 73.85 Bn | 93.58% |
| 2 | Meta Platforms | 1,823.40 Bn | 1,525.92 Bn | 49.47 Bn | 26.07% |
| 3 | Netflix | 288.27 Bn | 248.47 Bn | 6.52 Bn | 27.08% |
| 4 | Alibaba Group Holding | 252.72 Bn | 70.58 Bn | 15.11 Bn | 3.92% |
| 5 | Shopify | 186.52 Bn | 163.71 Bn | 1.71 Bn | 41.92% |
| 6 | Uber Technologies | 139.11 Bn | 111.09 Bn | 6.38 Bn | 16.87% |
| 7 | Booking Holdings | 123.13 Bn | 56.18 Bn | - | 26.52% |
| 8 | PDD Holdings | 111.72 Bn | -140.21 Bn | 9.45 Bn | 24.19% |
| 9 | AppLovin | 103.35 Bn | 93.38 Bn | 1.70 Bn | 65.84% |
| 10 | Zhihu | 310.41 Mn | -1.96 Bn | 57.98 Mn | -5.42% |
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | -5.42% |
| 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 | -1.22% |
| Jun 30, 2024 | -8.89% |
| Mar 31, 2024 | -17.32% |
| Dec 31, 2023 | 9.12% |
| Sep 30, 2023 | -27.50% |
| Jun 30, 2023 | -26.80% |
| Mar 31, 2023 | -18.31% |
| Dec 31, 2022 | -72.18% |
| Sep 30, 2022 | -32.92% |
| Jun 30, 2022 | -59.17% |
| Mar 31, 2022 | -82.65% |
| Dec 31, 2021 | -37.61% |
| Sep 30, 2021 | -32.76% |
Zhihu Net Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=net-margin&ticker=ZH&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "net-margin", "ticker": "ZH", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=net-margin&ticker=ZH&period=max&api_key=YOUR_API_KEY");
const data = await res.json();