ZKH revenueFY2025CN¥8.99B
- FY YoY
- +2.6%
ZKH revenue was CN¥8.99B for fiscal 2025 (ended Dec 31, 2025), up 2.6% from fiscal 2024. It rose in each of the last 4 fiscal years. Fiscal 2025 is the highest of the 5 fiscal years on file.
ZKH Group Limited (ZKH) financials
For fiscal 2025 (ended Dec 31, 2025), ZKH Group Limited reported CN¥8.99B of revenue and -CN¥139.74M of net income. Figures are in CNY, the currency of its SEC filings.
- Revenue, FY2025
- CN¥8.99B
- Revenue growth, YoY
- +2.6%
- Net income, FY2025
- -CN¥139.74M
- Net margin
- -1.6%
- Free cash flow, FY2025
- -CN¥44.25M
- EPS, diluted, FY2025
- -CN¥0.02
- Cash
- CN¥1.03B
- Total debt
- CN¥44.96M
FY2021FY2025
FY2021FY2025
FY2021FY2025
ZKH revenue and earnings growth
ZKH net incomeFY2025-CN¥139.74M
ZKH net income was -CN¥139.74M for fiscal 2025 (ended Dec 31, 2025), compared with -CN¥268.04M in fiscal 2024.
ZKH EPSFY2025-CN¥0.02
ZKH diluted EPS was -CN¥0.02 for fiscal 2025 (ended Dec 31, 2025), compared with -CN¥0.05 in fiscal 2024.
ZKH free cash flowFY2025-CN¥44.25M
ZKH free cash flow was -CN¥44.25M for fiscal 2025 (ended Dec 31, 2025), compared with CN¥149.91M in fiscal 2024.
Income statement
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
|---|---|---|---|---|---|
| Revenue | CN¥8.99B | CN¥8.76B | CN¥8.72B | CN¥8.32B | CN¥7.65B |
| Cost of revenue | CN¥7.51B | CN¥7.25B | CN¥7.27B | CN¥7.00B | CN¥6.61B |
| Gross profit | CN¥1.48B | CN¥1.51B | CN¥1.45B | CN¥1.32B | CN¥1.04B |
| Research and development | CN¥165.52M | CN¥169.50M | CN¥175.91M | CN¥240.53M | CN¥256.42M |
| Selling, general and admin | CN¥576.27M | CN¥646.54M | CN¥535.49M | CN¥612.25M | CN¥759.63M |
| Operating income | -CN¥213.34M | -CN¥338.77M | -CN¥398.72M | -CN¥685.71M | -CN¥1.11B |
| Interest expense | CN¥11.35M | CN¥19.00M | CN¥19.34M | CN¥94.18M | CN¥10.59M |
| Pre-tax income | -CN¥139.05M | -CN¥267.03M | -CN¥304.70M | -CN¥731.59M | -CN¥1.09B |
| Income tax | CN¥689.0K | CN¥1.01M | CN¥195.0K | -CN¥471.0K | CN¥200.0K |
| Net income | -CN¥139.74M | -CN¥268.04M | -CN¥304.31M | -CN¥735.68M | -CN¥1.12B |
| EPS, basic | -CN¥0.02 | -CN¥0.05 | -CN¥0.63 | -CN¥0.94 | -CN¥1.20 |
| EPS, diluted | -CN¥0.02 | -CN¥0.05 | -CN¥0.63 | -CN¥0.94 | -CN¥1.20 |
| Diluted shares | 5.69B | 5.74B | 1.53B | 1.33B | 1.21B |
Balance sheet
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
|---|---|---|---|---|---|
| Cash and equivalents | CN¥1.03B | CN¥1.42B | CN¥1.25B | CN¥2.01B | CN¥1.13B |
| Short-term investments | CN¥825.29M | CN¥543.98M | CN¥874.21M | - | - |
| Receivables | CN¥3.26B | CN¥3.09B | CN¥3.64B | CN¥3.07B | - |
| Inventory | CN¥669.83M | CN¥625.39M | CN¥668.98M | CN¥656.00M | - |
| Current assets | CN¥6.14B | CN¥6.19B | CN¥6.95B | CN¥6.28B | - |
| Goodwill | CN¥30.81M | CN¥30.81M | CN¥30.81M | CN¥30.81M | - |
| Total assets | CN¥6.53B | CN¥6.61B | CN¥7.39B | CN¥6.81B | - |
| Current liabilities | CN¥3.43B | CN¥3.34B | CN¥4.03B | CN¥3.48B | - |
| Short-term debt | CN¥2.31M | CN¥997.0K | CN¥585.00M | CN¥250.00M | - |
| Long-term debt | CN¥42.65M | CN¥38.89M | - | - | - |
| Total debt | CN¥44.96M | CN¥39.88M | CN¥585.00M | - | - |
| Total liabilities | CN¥3.59B | CN¥3.51B | CN¥4.18B | CN¥3.70B | - |
| Shareholders' equity | CN¥2.94B | CN¥3.10B | CN¥3.21B | -CN¥4.07B | -CN¥2.77B |
Cash flow
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
|---|---|---|---|---|---|
| Operating cash flow | CN¥8.79M | CN¥229.07M | -CN¥567.95M | -CN¥504.20M | -CN¥1.38B |
| Capital expenditures | CN¥53.04M | CN¥79.16M | CN¥50.50M | CN¥37.05M | CN¥145.20M |
| Free cash flow | -CN¥44.25M | CN¥149.91M | -CN¥618.44M | -CN¥541.25M | -CN¥1.53B |
| Investing cash flow | -CN¥324.47M | CN¥276.08M | -CN¥908.30M | -CN¥37.04M | -CN¥94.39M |
| Financing cash flow | -CN¥104.47M | -CN¥254.19M | CN¥715.72M | CN¥1.30B | CN¥174.63M |
| Share repurchases | CN¥41.00M | CN¥40.76M | - | - | - |
| Stock-based compensation | CN¥53.82M | CN¥108.52M | CN¥17.39M | CN¥31.90M | CN¥183.35M |
| Depreciation and amortization | CN¥48.36M | CN¥54.77M | CN¥73.47M | CN¥76.07M | CN¥53.02M |
Key ratios
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
|---|---|---|---|---|---|
| Revenue growth, YoY | 2.6% | 0.5% | 4.9% | 8.6% | - |
| Gross margin | 16.4% | 17.2% | 16.7% | 15.8% | 13.6% |
| Operating margin | -2.4% | -3.9% | -4.6% | -8.2% | -14.5% |
| Net margin | -1.6% | -3.1% | -3.5% | -8.8% | -14.7% |
| Free cash flow margin | -0.5% | 1.7% | -7.1% | -6.5% | -20.0% |
| Return on equity | -4.8% | -8.7% | -9.5% | - | - |
| Return on assets | -2.1% | -4.1% | -4.1% | -10.8% | - |
| Current ratio | 1.79 | 1.85 | 1.73 | 1.80 | - |
| Debt to equity | 0.02 | 0.01 | 0.18 | - | - |
Source: XBRL data ZKH Group Limited files with the SEC, latest filing dated Apr 24, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
Per-share figures are as filed. The filings show no stock split in these periods.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
Foreign private issuers file annual reports with the SEC, so there are no quarterly statements here.
ZKH peers
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| ZKH | CN¥8.99B | +2.6% | -CN¥139.74M | -1.6% | $213.0M |
| HD | $169.18B | +2.5% | $14.23B | 8.4% | $352.60B |
| LOW | $90.43B | +8.2% | $6.64B | 7.3% | $130.22B |
| SHW | $24.91B | +7.0% | $2.68B | 10.7% | $86.47B |
| FAST | $9.08B | +13.5% | $1.42B | 15.6% | $62.61B |
| TSCO | $15.94B | +3.5% | $1.85B | 11.6% | $19.39B |
| QXO | $9.90B | +408.3% | -$511.70M | -5.2% | $14.30B |
| BLDR | $14.36B | -8.3% | $40.58M | 0.3% | $7.10B |
| FND | $4.75B | +1.8% | $239.73M | 5.1% | $5.56B |
ZKH FAQ
9 questionsWhat is ZKH revenue?
ZKH Group Limited (ZKH) reported CN¥8.99B of revenue for fiscal 2025 (ended Dec 31, 2025). That is up 2.6% from the year before.Is ZKH profitable?
No. ZKH Group Limited reported a net loss of CN¥139.74M for fiscal 2025 (ended Dec 31, 2025).How much cash and debt does ZKH have?
ZKH Group Limited reported CN¥1.03B in cash and cash equivalents and CN¥44.96M of debt on its most recent balance sheet in SEC filings.How fast is ZKH revenue growing?
ZKH Group Limited's revenue changed +2.6% in fiscal 2025, to CN¥8.99B.What is ZKH gross margin?
ZKH Group Limited's gross profit was CN¥1.48B on CN¥8.99B of revenue for fiscal 2025 (ended Dec 31, 2025), a gross margin of 16.4%.What is ZKH free cash flow?
ZKH Group Limited generated -CN¥44.25M of free cash flow for fiscal 2025 (ended Dec 31, 2025), which is operating cash flow of CN¥8.79M less capital expenditures.What is ZKH earnings per share?
Diluted earnings per share were -CN¥0.02 for fiscal 2025 (ended Dec 31, 2025), from SEC filings, restated for any stock split those filings show.When did ZKH last report financial results?
The latest statements here come from ZKH Group Limited's 20-F filed on Apr 24, 2026, covering the period ended Dec 31, 2025.Where does this ZKH financial data come from?
Quantisnow builds these statements from the structured XBRL data ZKH Group Limited files with the SEC. It is provided for information only and is not investment advice.