Zkh (ZKH) Operating Margin (2022 - 2026)

Zkh (ZKH) has 4 years of Operating Margin data on file, last reported at 1.1% in Q4 2025.

• For the quarter ending Q4 2025, Operating Margin rose 27.0% year-over-year to 1.1%; the trailing twelve-month figure through Dec 2025 stood at 2.36% (up 152.0% YoY), and the FY2025 full-year result was 2.37%, up 149.0% from the prior year.
• Operating Margin for Q4 2025 stood at 1.1%, up from 1.39% in the prior quarter.
• Across five years, Operating Margin topped out at 0.28% in Q4 2023 and bottomed at 7.6% in Q1 2023.
• The 4-year median for Operating Margin is 3.94% (2022), against an average of 3.79%.
• The widest annual swing landed in 2023, when Operating Margin surged 366 bps; it then plunged 110 bps in 2024.
• A 4-year view of Operating Margin shows it stood at 3.94% in 2022, then surged by 93 bps to 0.28% in 2023, then slumped by 395 bps to 1.38% in 2024, then increased by 20 bps to 1.1% in 2025.
• The last three Operating Margin figures came in at 1.1% (Q4 2025), 1.39% (Q3 2025), and 3.32% (Q2 2025), per Business Quant data.

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