Zhihu (ZHIHF) Gross Margin (2020 - 2025)
Zhihu recorded quarterly Gross Margin of 53.58% in Q4 2025, down 12.53% quarter-over-quarter from 61.26% in Q3 2025, and down 934.0% year-over-year from 6.42% in Q4 2024.
Zhihu's Gross Margin history runs 6 years deep, the most recent figure standing at 53.58% for Q4 2025.
- In Q4 2025, Gross Margin fell 934.0% year-over-year to 53.58%; the TTM figure through Dec 2025 stood at 59.21% (down 70.0% YoY), while the FY2025 annual figure was 59.94%, down 66.0% from the prior year.
- Gross Margin came in at 53.58% for Q4 2025 at Zhihu, down from 61.26% in the prior quarter.
- In the past five years, Gross Margin ranged from a high of 63.92% in Q3 2024 to a low of 45.15% in Q1 2022.
- A 5-year average of 55.66% and a median of 56.49% in 2024 frame the typical range for Gross Margin.
- On a YoY basis, Gross Margin climbed as much as 1542 bps in 2021 and fell as far as 1700 bps in 2021.
- Zhihu's Gross Margin stood at 47.08% in 2021, then climbed by 20 bps to 56.42% in 2022, then advanced by 5 bps to 59.13% in 2023, then gained by 6 bps to 62.93% in 2024, then retreated by 15 bps to 53.58% in 2025.
- According to Business Quant data, Gross Margin over the past three periods registered 53.58%, 61.26%, and 62.52% for Q4 2025, Q3 2025, and Q2 2025 respectively.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,554.43 Bn | 4,338.81 Bn | 102.29 Bn | 93.08% |
| 2 | Meta Platforms | 1,602.78 Bn | 1,521.60 Bn | 46.09 Bn | 81.85% |
| 3 | Spotify Technology | 119.86 Bn | 109.62 Bn | 1.75 Bn | 32.98% |
| 4 | 33.71 Bn | 30.94 Bn | 511.94 Mn | 77.17% | |
| 5 | Nebius | 22.38 Bn | 22.38 Bn | 295.20 Mn | 73.98% |
| 6 | 12.76 Bn | 11.46 Bn | 768.96 Mn | 76.32% | |
| 7 | Kanzhun | 12.59 Bn | 10.49 Bn | 255.62 Bn | 85.23% |
| 8 | Snap | 9.64 Bn | 6.81 Bn | 1.29 Bn | 84.37% |
| 9 | Match | 8.43 Bn | 7.41 Bn | 653.28 Mn | 75.62% |
| 10 | Zhihu | - | - | 49.31 Bn | 53.58% |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | 53.58% |
| Sep 30, 2025 | 61.26% |
| Jun 30, 2025 | 62.52% |
| Mar 31, 2025 | 61.82% |
| Dec 31, 2024 | 62.93% |
| Sep 30, 2024 | 63.92% |
| Jun 30, 2024 | 59.60% |
| Mar 31, 2024 | 56.56% |
| Dec 31, 2023 | 59.13% |
| Sep 30, 2023 | 53.66% |
| Jun 30, 2023 | 53.83% |
| Mar 31, 2023 | 51.52% |
| Dec 31, 2022 | 56.42% |
| Sep 30, 2022 | 48.74% |
| Jun 30, 2022 | 47.80% |
| Mar 31, 2022 | 45.15% |
| Dec 31, 2021 | 47.08% |
| Sep 30, 2021 | 51.59% |
| Jun 30, 2021 | 58.99% |
| Mar 31, 2021 | 57.01% |
| Dec 31, 2020 | 64.08% |
| Sep 30, 2020 | 57.48% |
| Jun 30, 2020 | 48.35% |
| Mar 31, 2020 | 41.59% |