Zhihu Inc. (ZH) Operating Margin (2020 - 2025)
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.
Zhihu Inc. (ZH) Operating Margin (2020 - 2025) Analysis & Trends
Zhihu (ZH) has 6 years of Operating Margin data on file, last reported 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 22.73% (down 2405.0% 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.
- The five-year high for Operating Margin was 15.65% in Q4 2023, with the low at 87.21% in Q1 2022.
- Average Operating Margin over 5 years is 29.72%, with a median of 26.97% recorded in 2022.
- Year-over-year, Operating Margin jumped 6541 bps in 2023 and tumbled 4238 bps in 2025.
- Zhihu's Operating Margin stood at 36.82% in 2021, then surged by 47 bps to 19.42% in 2022, then jumped by 181 bps to 15.65% in 2023, then sank by 91 bps to 1.38% in 2024, then plunged by 3069 bps to 41.0% in 2025.
- Business Quant data shows ZH's Operating Margin at 41.0% in Q4 2025, 15.15% in Q3 2025, and 12.82% in Q2 2025.
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Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | -41.00% |
| Sep 30, 2025 | -15.15% |
| Jun 30, 2025 | -12.82% |
| Mar 31, 2025 | -7.21% |
| Dec 31, 2024 | 1,381,032.85% |
| 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% |
| Mar 31, 2021 | -71.60% |