Zhihu (ZH) Operating Margin (2020 - 2026)
Zhihu (ZH) posted Operating Margin of 41.0% for Q4 2025, down 170.69% sequentially from 15.15% in Q3 2025, and down 4238.0% YoY from 0.99% in Q4 2024.
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Analysis
Zhihu (ZH) Operating Margin (2020 - 2026) Analysis & Trends
Zhihu has reported Operating Margin for 6 years, with the latest figure at 41.0% in Q4 2025.
- Quarterly Operating Margin fell 4238.0% year-over-year to 41.0% in Q4 2025, while the trailing twelve-month figure through Dec 2025 was 22.65% (down 2397.0% YoY) and the FY2025 annual result came in at 18.45%, down 509.0% from the prior year.
- Operating Margin declined to 41.0% in Q4 2025 per ZH's latest filing, from 15.15% in the prior quarter.
- Over five years, Operating Margin peaked at 15.65% in Q4 2023 and troughed at 87.21% in Q1 2022.
- A 5-year average of 29.71% and a median of 26.97% in 2022 frame the typical range for Operating Margin.
- The sharpest annual moves came in 2023 and 2025: Operating Margin surged 6541 bps in 2023, then sank 4238 bps in 2025.
- Over 5 years, Operating Margin stood at 36.82% in 2021, then jumped by 47 bps to 19.42% in 2022, then soared by 181 bps to 15.65% in 2023, then plunged by 91 bps to 1.38% in 2024, then tumbled by 3069 bps to 41.0% in 2025.
- According to Business Quant data, Operating Margin over the past three periods registered 41.0%, 15.15%, and 12.69% for Q4 2025, Q3 2025, and Q2 2025 respectively.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,083.83 Bn | 3,654.79 Bn | 73.85 Bn | 34.03% |
| 2 | Meta Platforms | 1,456.07 Bn | 1,365.81 Bn | 49.47 Bn | 30.88% |
| 3 | Spotify Technology | 111.71 Bn | 104.79 Bn | 1.86 Bn | 21.88% |
| 4 | Nebius | 50.03 Bn | 40.93 Bn | 448.70 Mn | -30.21% |
| 5 | 28.44 Bn | 25.65 Bn | 734.60 Mn | 28.79% | |
| 6 | Bilibili | 13.59 Bn | 11.45 Bn | 433.97 Mn | 4.70% |
| 7 | Tencent Music Entertainment | 12.71 Bn | 9.21 Bn | 582.00 Mn | - |
| 8 | 12.21 Bn | 10.93 Bn | 922.30 Mn | -4.68% | |
| 9 | Match | 9.45 Bn | 8.86 Bn | 648.84 Mn | 28.77% |
| 10 | Zhihu | 220.44 Mn | -357.04 Mn | - | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Mar 31, 2026 | -9.65% |
| Dec 31, 2025 | -41.00% |
| Sep 30, 2025 | -15.15% |
| Jun 30, 2025 | -12.69% |
| Mar 31, 2025 | -7.21% |
| Dec 31, 2024 | 1.38% |
| Sep 30, 2024 | -9.98% |
| Jun 30, 2024 | -19.69% |
| Mar 31, 2024 | -23.39% |
| Dec 31, 2023 | 15.65% |
| Sep 30, 2023 | -34.25% |
| Jun 30, 2023 | -31.34% |
| Mar 31, 2023 | -21.80% |
| Dec 31, 2022 | -19.42% |
| Sep 30, 2022 | -30.56% |
| Jun 30, 2022 | -55.10% |
| Mar 31, 2022 | -87.21% |
| Dec 31, 2021 | -36.82% |
| Sep 30, 2021 | -39.16% |
| Jun 30, 2021 | -54.91% |