Zkh (ZKH) Operating Expenses (2022 - 2026)
Zkh's (ZKH) quarterly Operating Expenses came in at -$23.3 million in Q1 2026, up 7.41% YoY from -$21.7 million in Q1 2025, and up 11.52% on a QoQ basis from -$26.3 million in Q4 2025.
Zkh (ZKH) Operating Expenses (2022 - 2026) Analysis & Trends
Zkh (ZKH) has 5 years of Operating Expenses data on file, last reported at -$23.3 million in Q1 2026.
- Quarterly Operating Expenses rose 7.41% year-over-year to -$23.3 million in Q1 2026, while the trailing twelve-month figure through Mar 2026 was -$101.7 million (up 8.03% YoY) and the FY2025 annual result came in at $29.9 million, down 16.13% from the prior year.
- Operating Expenses improved to -$23.3 million in Q1 2026, from -$26.3 million in the prior quarter.
- In the past five years, Operating Expenses ranged from a high of -$20.6 million in Q4 2023 to a low of -$32.1 million in Q3 2024.
- A 5-year average of -$26.4 million and a median of -$26.2 million in 2024 frame the typical range for Operating Expenses.
- Annual changes were most pronounced in 2023 — Operating Expenses increased 27.69% — and 2024, when it declined 27.15%.
- Tracing ZKH's Operating Expenses over 5 years: stood at -$28.5 million in 2022, then advanced by 27.69% to -$20.6 million in 2023, then decreased by 27.15% to -$26.2 million in 2024, then fell by 0.58% to -$26.3 million in 2025, then advanced by 11.52% to -$23.3 million in 2026.
- The last three Operating Expenses figures came in at -$23.3 million (Q1 2026), -$26.3 million (Q4 2025), and -$26.0 million (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Amazon Com | 2,936.71 Bn | 2,813.72 Bn | 198.88 Bn | 330.81 Bn |
| 2 | PDD Holdings | 506.48 Bn | 446.94 Bn | 9.83 Bn | -5.87 Bn |
| 3 | Mercadolibre | 98.06 Bn | 82.87 Bn | 4.16 Bn | 3.48 Bn |
| 4 | DoorDash | 93.44 Bn | 88.09 Bn | 2.35 Bn | 4.30 Bn |
| 5 | JD.com | 87.09 Bn | 57.91 Bn | 7.66 Bn | -1.51 Bn |
| 6 | Sea | 77.66 Bn | 69.14 Bn | 3.15 Bn | -2.55 Bn |
| 7 | Ebay | 47.36 Bn | 44.05 Bn | 2.30 Bn | 1.63 Bn |
| 8 | Coupang | 29.68 Bn | 23.57 Bn | 2.49 Bn | 9.41 Bn |
| 9 | Zkh | 16.19 Bn | 16.19 Bn | 51.11 Mn | -23.28 Mn |
| 10 | Wayfair | 13.73 Bn | 12.58 Bn | 1.05 Bn | 950.00 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | -23.28 Mn |
| Dec 31, 2025 | -26.31 Mn |
| Sep 30, 2025 | -26.01 Mn |
| Jun 30, 2025 | -26.10 Mn |
| Mar 31, 2025 | -25.15 Mn |
| Dec 31, 2024 | -26.16 Mn |
| Sep 30, 2024 | -32.12 Mn |
| Jun 30, 2024 | -27.17 Mn |
| Mar 31, 2024 | -28.28 Mn |
| Dec 31, 2023 | -20.58 Mn |
| Sep 30, 2023 | -26.96 Mn |
| Jun 30, 2023 | -26.11 Mn |
| Mar 31, 2023 | -27.40 Mn |
| Dec 31, 2022 | -28.45 Mn |