Zkh (ZKH) Gross Margin (2022 - 2026)
Zkh's (ZKH) quarterly Gross Margin came in at 16.68% in Q1 2026, down 45.0% YoY from 30.33% in Q1 2025, and up 7.61% on a QoQ basis from 15.5% in Q4 2025.
Zkh (ZKH) Gross Margin (2022 - 2026) Analysis & Trends
Zkh (ZKH) has 5 years of Gross Margin data on file, last reported at 16.68% in Q1 2026.
- Quarterly Gross Margin fell 45.0% year-over-year to 16.68% in Q1 2026, while the trailing twelve-month figure through Mar 2026 was 16.26% (down 73.0% YoY) and the FY2025 annual result came in at 16.42%, down 82.0% from the prior year.
- Gross Margin advanced to 16.68% in Q1 2026, from 15.5% in the prior quarter.
- In the past five years, Gross Margin ranged from a high of 18.13% in Q1 2024 to a low of 15.5% in Q4 2025.
- A 5-year average of 16.75% and a median of 16.68% in 2026 frame the typical range for Gross Margin.
- Annual changes were most pronounced in 2024 — Gross Margin soared 107 bps — and 2025, when it plunged 159 bps.
- Tracing ZKH's Gross Margin over 5 years: stood at 16.65% in 2022, then climbed by 3 bps to 17.07% in 2023, then advanced by 0 bps to 17.09% in 2024, then slipped by 9 bps to 15.5% in 2025, then grew by 8 bps to 16.68% in 2026.
- The last three Gross Margin figures came in at 16.68% (Q1 2026), 15.5% (Q4 2025), and 16.67% (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Amazon Com | 2,925.72 Bn | 2,802.73 Bn | 198.88 Bn | 52.05% |
| 2 | PDD Holdings | 505.98 Bn | 446.44 Bn | 9.83 Bn | 55.49% |
| 3 | Mercadolibre | 97.47 Bn | 82.28 Bn | 4.16 Bn | 40.90% |
| 4 | DoorDash | 92.92 Bn | 87.57 Bn | 2.35 Bn | 52.69% |
| 5 | JD.com | 87.50 Bn | 58.32 Bn | 7.66 Bn | 16.73% |
| 6 | Sea | 77.42 Bn | 68.91 Bn | 3.15 Bn | 44.32% |
| 7 | Ebay | 47.53 Bn | 44.22 Bn | 2.30 Bn | 73.45% |
| 8 | Coupang | 29.76 Bn | 23.65 Bn | 2.49 Bn | 28.16% |
| 9 | Zkh | 16.08 Bn | 16.08 Bn | 51.11 Mn | 16.68% |
| 10 | Wayfair | 13.70 Bn | 12.55 Bn | 1.05 Bn | 29.95% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 16.68% |
| Dec 31, 2025 | 15.50% |
| Sep 30, 2025 | 16.67% |
| Jun 30, 2025 | 16.32% |
| Mar 31, 2025 | 17.13% |
| Dec 31, 2024 | 17.09% |
| Sep 30, 2024 | 16.68% |
| Jun 30, 2024 | 17.09% |
| Mar 31, 2024 | 18.13% |
| Dec 31, 2023 | 17.07% |
| Sep 30, 2023 | 16.31% |
| Jun 30, 2023 | 16.16% |
| Mar 31, 2023 | 17.06% |
| Dec 31, 2022 | 16.65% |