Zkh (ZKH) Operating Margin (2022 - 2026)
Zkh's (ZKH) quarterly Operating Margin came in at 1.06% in Q1 2026, up 311.0% YoY from 0.26% in Q1 2025, and up 3.6% on a QoQ basis from 1.1% in Q4 2025.
Zkh (ZKH) Operating Margin (2022 - 2026) Analysis & Trends
Zkh (ZKH) has 5 years of Operating Margin data on file, last reported at 1.06% in Q1 2026.
- Quarterly Operating Margin rose 311.0% year-over-year to 1.06% in Q1 2026, while the trailing twelve-month figure through Mar 2026 was 1.68% (up 161.0% YoY) and the FY2025 annual result came in at 2.37%, up 149.0% from the prior year.
- Operating Margin grew to 1.06% in Q1 2026, from 1.1% in the prior quarter.
- In the past five years, Operating Margin ranged from a high of 0.28% in Q4 2023 to a low of 7.6% in Q1 2023.
- A 5-year average of 3.59% and a median of 3.63% in 2025 frame the typical range for Operating Margin.
- Annual changes were most pronounced in 2023 — Operating Margin surged 366 bps — and 2024, when it slumped 110 bps.
- Tracing ZKH's Operating Margin over 5 years: stood at 3.94% in 2022, then jumped by 93 bps to 0.28% in 2023, then tumbled by 395 bps to 1.38% in 2024, then grew by 20 bps to 1.1% in 2025, then rose by 4 bps to 1.06% in 2026.
- The last three Operating Margin figures came in at 1.06% (Q1 2026), 1.1% (Q4 2025), and 1.39% (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Amazon Com | 2,925.72 Bn | 2,802.73 Bn | 198.88 Bn | 13.43% |
| 2 | PDD Holdings | 505.98 Bn | 446.44 Bn | 9.83 Bn | 22.37% |
| 3 | Mercadolibre | 97.47 Bn | 82.28 Bn | 4.16 Bn | 6.72% |
| 4 | DoorDash | 92.92 Bn | 87.57 Bn | 2.35 Bn | 3.50% |
| 5 | JD.com | 87.50 Bn | 58.32 Bn | 7.66 Bn | 1.21% |
| 6 | Sea | 77.42 Bn | 68.91 Bn | 3.15 Bn | 80.28% |
| 7 | Ebay | 47.53 Bn | 44.22 Bn | 2.30 Bn | 21.57% |
| 8 | Coupang | 29.76 Bn | 23.65 Bn | 2.49 Bn | -6.28% |
| 9 | Zkh | 16.08 Bn | 16.08 Bn | 51.11 Mn | -1.06% |
| 10 | Wayfair | 13.70 Bn | 12.55 Bn | 1.05 Bn | 2.96% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | -1.06% |
| Dec 31, 2025 | -1.10% |
| Sep 30, 2025 | -1.39% |
| Jun 30, 2025 | -3.32% |
| Mar 31, 2025 | -4.18% |
| Dec 31, 2024 | -1.38% |
| Sep 30, 2024 | -4.62% |
| Jun 30, 2024 | -3.16% |
| Mar 31, 2024 | -6.97% |
| Dec 31, 2023 | -0.28% |
| Sep 30, 2023 | -5.36% |
| Jun 30, 2023 | -5.94% |
| Mar 31, 2023 | -7.60% |
| Dec 31, 2022 | -3.94% |