Zhihu (ZH) Operating Margin (2020 - 2026)
Zhihu's Operating Margin came in at -11.00% for the quarter ended Jun 30, 2026, up 1.69 percentage points from -12.69% a year earlier but down 1.35 percentage points from the prior quarter.
Zhihu (ZH) Operating Margin (2020 - 2026) Analysis & Trends
Over the trailing twelve months to Jun 30, 2026, Zhihu reported Operating Margin of -18.93%, down 12.36 percentage points year-over-year; for the year ended Dec 31, 2025, it came in at -18.45%, down 5.09 percentage points from the prior year.
- Operating Margin carries a five-year change of +26.13 percentage points (years ended Dec 2020 to Dec 2025).
- Going back by year, Operating Margin was -13.37% in the year ended Dec 31, 2024 (+12.17 pp), -25.54% in the year ended Dec 31, 2023 (+18.95 pp), -44.49% in the year ended Dec 31, 2022 (+2.51 pp) and -46.99% in the year ended Dec 31, 2021 (-2.41 pp).
- The five-year range for quarterly Operating Margin is -87.21% (the quarter ended Mar 31, 2022) to 15.65% (the quarter ended Dec 31, 2023).
- Year-over-year, Operating Margin increased in four of the last eight quarters, with an average year-over-year change of -1.89 percentage points.
- The fastest year-over-year change in Operating Margin over five years came in the quarter ended Mar 31, 2023 (a gain of 65.41 percentage points), and the weakest in the quarter ended Dec 31, 2025 (a drop of 43.70 percentage points).
- Business Quant data shows ZH's Operating Margin at -9.65% (quarter ended Mar 31, 2026), -41.00% (quarter ended Dec 31, 2025) and -15.15% (quarter ended Sep 30, 2025) in the three quarters before the quarter ended Jun 30, 2026.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,164.76 Bn | 3,922.28 Bn | 73.85 Bn | 34.03% |
| 2 | Meta Platforms | 1,823.40 Bn | 1,525.92 Bn | 49.47 Bn | 30.88% |
| 3 | Netflix | 288.27 Bn | 248.47 Bn | 6.52 Bn | 33.38% |
| 4 | Alibaba Group Holding | 252.72 Bn | 70.58 Bn | 15.11 Bn | 5.64% |
| 5 | Shopify | 186.52 Bn | 163.71 Bn | 1.71 Bn | 13.62% |
| 6 | Uber Technologies | 139.11 Bn | 111.09 Bn | 6.38 Bn | 13.32% |
| 7 | Booking Holdings | 123.13 Bn | 56.18 Bn | - | 34.00% |
| 8 | PDD Holdings | 111.72 Bn | -140.21 Bn | 9.45 Bn | 24.71% |
| 9 | AppLovin | 103.35 Bn | 93.38 Bn | 1.70 Bn | 77.68% |
| 10 | Zhihu | 310.41 Mn | -1.96 Bn | 57.98 Mn | -11.00% |
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | -11.00% |
| 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 | 2.69% |
| 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% |
Zhihu Operating 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=operating-margin&ticker=ZH&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-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=operating-margin&ticker=ZH&period=max&api_key=YOUR_API_KEY");
const data = await res.json();