ZKH Group Ltd (ZKH) Operating Margin (2022 - 2026)

Zkh (ZKH) has reported Operating Margin for 5 consecutive years, with 1.06% the latest figure, recorded in Q1 2026.

• Operating Margin for Q1 2026 came in at 1.06%, up 311.0% year-over-year; the trailing twelve-month figure through Mar 2026 was 1.68% (up 161.0% YoY), and the FY2025 annual result was 2.37%, up 149.0% from the prior year.
• Operating Margin was 1.06% for Q1 2026 at Zkh, up from 1.1% in the prior quarter.
• Over five years, Operating Margin peaked at 0.28% in Q4 2023 and troughed at 7.6% in Q1 2023.
• Average Operating Margin over 5 years is 3.59%, with a median of 3.63% recorded in 2025.
• Year-over-year, Operating Margin jumped 366 bps in 2023 and plunged 110 bps in 2024.
• Over 5 years, Operating Margin stood at 3.94% in 2022, then jumped by 93 bps to 0.28% in 2023, then slumped by 395 bps to 1.38% in 2024, then gained by 20 bps to 1.1% in 2025, then climbed by 4 bps to 1.06% in 2026.
• Per Business Quant data, the three most recent Operating Margin figures were 1.06% in Q1 2026, 1.1% in Q4 2025, and 1.39% in Q3 2025.