ZKH Group Limited (ZKH) Revenue History
Annual and quarterly revenue from 2020 to present
ZKH Revenue Over Time (2020–2025)
ZKH Revenue Growth History
4 of 5 years with positive growth- FY2020 revenue growth
- N/A
- FY2021 revenue growth
- +63.3%
- FY2022 revenue growth
- +8.6%
- FY2023 revenue growth
- +4.9%
- FY2024 revenue growth
- +0.5%
- FY2025 revenue growth
- -0.2%
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2025 | $2.17B | -3.7% |
| Q1 2025 | $1.94B | +4.0% |
| Q4 2024 | $2.37B | -3.0% |
| Q3 2024 | $2.28B | +0.7% |
| Q2 2024 | $2.25B | — |
| Q1 2024 | $1.86B | -4.0% |
| Q4 2023 | $2.44B | +8.2% |
| Q3 2023 | $2.27B | -2.9% |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2025)
ZKH's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
ZKH Revenue Analysis (2020–2025)
Current Revenue & Growth
As of June 23, 2026, ZKH Group Limited (ZKH) generated trailing twelve-month (TTM) revenue of $8.75 billion, reflecting slight decline in growth of -3.7% year-over-year. The most recent quarter (Q2 2025) recorded $2.17 billion in revenue, up 12.0% sequentially.
Historical Growth Trajectory
ZKH's 5-year compound annual growth rate (CAGR) stands at +13.3%, indicating consistent double-digit revenue growth. The 3-year CAGR of +1.7% is below the 5-year average, signalling a growth deceleration in recent years. ZKH Group Limited's highest annual revenue of $8.76 billion was recorded in 2024.
Revenue by Segment
ZKH's revenue is primarily driven by Product (98%), Service (2%), and Product and Service, Other (1%). With over half of revenue concentrated in Product, the company has a focused business model while developing other growth vectors.
Peer Comparison
Compared to Consumer Cyclical sector peers — including FAST (+8.7% YoY), GWW (+6.6% YoY), and MSM (+0.3% YoY) — ZKH has underperformed the peer group in revenue growth. Compare ZKH vs FAST →
ZKH Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| ZKHCurrent | $8.8B | -3.7% | +13.3% | -2.4% | |
 FAST | $8.2B | +8.7% | +7.7% | 20.2% | |
 GWW | $17.9B | +6.6% | +8.7% | 15.0% | |
 MSM | $3.8B | +0.3% | +3.4% | 8.3% | |
 SITE | $4.7B | +2.8% | +11.7% | 5.1% | |
 WSO | $7.2B | -4.5% | +7.4% | 9.6% |
ZKH Historical Revenue Data (2020–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $8.74B | -0.2% | $1.44B | 16.4% | $-207,524,662 | -2.4% |
| 2024 | $8.76B | +0.5% | $1.51B | 17.2% | $338.8M | 3.9% |
| 2023 | $8.72B | +4.9% | $1.45B | 16.7% | $-398,724,000 | -4.6% |
| 2022 | $8.32B | +8.6% | $1.32B | 15.8% | $-685,706,000 | -8.2% |
| 2021 | $7.65B | +63.3% | $1.04B | 13.6% | $-1,110,440,000 | -14.5% |
| 2020 | $4.69B | - | $680.3M | 14.5% | $-399,811,000 | -8.5% |
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
6+ years return with dividends reinvested.
DCA Calculator
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Peer Comparison
Compare growth, multiples, and margins vs sector.
ZKH — Frequently Asked Questions
Quick answers to the most common questions about buying ZKH stock.
Is ZKH's revenue growth accelerating or slowing?
ZKH revenue growth is slowing. TTM revenue is $8.8B, up -3.7% year-over-year — below the 5-year CAGR of +13.3%. The deceleration suggests maturing end-markets or increased competition.
What is ZKH's revenue history from 2020 to 2026?
ZKH Group Limited (ZKH) revenue history spans 2020 to 2026. TTM revenue as of 2026 is $8.8B, growing at -3.7% YoY. The 5-year CAGR is +13.3%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is ZKH's long-term revenue growth rate (CAGR)?
ZKH Group Limited's 5-year revenue CAGR of +13.3% reflects the variable nature of its business expansion. As of 2026, the current YoY growth rate of -3.7% is below this long-term average. CAGR is the most reliable measure of sustained revenue momentum for ZKH.
Why does ZKH's quarterly revenue fluctuate?
ZKH quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. ZKH Group Limited's revenue data from 2020 to 2026 shows full historical quarterly detail on this page.
How is ZKH's revenue distributed by segment?
ZKH reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does ZKH's revenue compare to industry peers?
ZKH Group Limited (ZKH) with TTM revenue of $8.8B and -3.7% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.