Zhihu (ZH) Operating Margin (2020 - 2025)
Zhihu's (ZH) quarterly Operating Margin came in at 41.0% in Q4 2025, down 4238.0% year-on-year from 0.99% in Q4 2024, and down 170.69% quarter-over-quarter from 15.15% in Q3 2025.
Zhihu (ZH) Operating Margin (2020 - 2025) Analysis & Trends
Zhihu has disclosed Operating Margin across 6 years of filings, most recently posting 41.0% for Q4 2025.
- Operating Margin for Q4 2025 came in at 41.0%, down 4238.0% year-over-year; the trailing twelve-month figure through Dec 2025 was 22.65% (down 2397.0% YoY), and the FY2025 annual result was 18.45%, down 509.0% from the prior year.
- Operating Margin came in at 41.0% for Q4 2025 at Zhihu, down from 15.15% in the prior quarter.
- In the past five years, Operating Margin ranged from a high of 15.65% in Q4 2023 to a low of 87.21% in Q1 2022.
- The 5-year median for Operating Margin is 26.97% (2022), against an average of 29.71%.
- Across the five-year window, Operating Margin soared 6541 bps in 2023 and sank 4238 bps in 2025, its largest moves.
- 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 plunged by 91 bps to 1.38% in 2024, then tumbled by 3069 bps to 41.0% in 2025.
- The last three Operating Margin figures came in at 41.0% (Q4 2025), 15.15% (Q3 2025), and 12.69% (Q2 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Nebius | 1,913,603.98 Bn | 1,913,603.98 Bn | 295.20 Mn | -32.08% |
| 2 | Alphabet | 4,425.33 Bn | 4,209.71 Bn | 102.29 Bn | 36.12% |
| 3 | Meta Platforms | 1,502.66 Bn | 1,421.48 Bn | 46.09 Bn | 40.62% |
| 4 | Spotify Technology | 119.69 Bn | 109.44 Bn | 1.75 Bn | 15.77% |
| 5 | 33.22 Bn | 30.45 Bn | 511.94 Mn | 27.57% | |
| 6 | 13.64 Bn | 12.34 Bn | 768.96 Mn | -7.97% | |
| 7 | Kanzhun | 13.02 Bn | 10.92 Bn | 255.62 Bn | 30.14% |
| 8 | Snap | 9.72 Bn | 6.90 Bn | 1.29 Bn | -4.87% |
| 9 | Zillow | 8.26 Bn | 7.48 Bn | 519.00 Mn | 5.08% |
| 10 | Zhihu | 105.93 Mn | -359.25 Mn | 49.31 Bn | -41.00% |
Historic Data
Download Data| Date | Value |
|---|---|
| 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% |
| Mar 31, 2021 | -71.60% |