ZH revenueFY2025CN¥2.75B
- FY YoY
- -23.6%
- 5Y CAGR
- +15.2%
ZH revenue was CN¥2.75B for fiscal 2025 (ended Dec 31, 2025), down 23.6% from fiscal 2024. Compound annual growth was +15.2% over 5 years. It rose in 4 of the last 6 fiscal years.
Financials · ZH
Zhihu Inc. (ZH) financials
For fiscal 2025 (ended Dec 31, 2025), Zhihu Inc. reported CN¥2.75B of revenue and -CN¥192.90M of net income. Figures are in CNY, the currency of its SEC filings.
- Revenue, FY2025
- CN¥2.75B
- Revenue growth, YoY
- -23.6%
- Net income, FY2025
- -CN¥192.90M
- Net margin
- -7.0%
- Free cash flow, FY2025
- -CN¥364.92M
- EPS, diluted, FY2025
- -CN¥0.80
- Cash
- CN¥3.37B
FY2019FY2025
FY2019FY2025
FY2019FY2025
ZH revenue and earnings growth
ZH net incomeFY2025-CN¥192.90M
ZH net income was -CN¥192.90M for fiscal 2025 (ended Dec 31, 2025), compared with -CN¥171.80M in fiscal 2024.
ZH EPSFY2025-CN¥0.80
ZH diluted EPS was -CN¥0.80 for fiscal 2025 (ended Dec 31, 2025), compared with -CN¥0.63 in fiscal 2024.
ZH free cash flowFY2025-CN¥364.92M
ZH free cash flow was -CN¥364.92M for fiscal 2025 (ended Dec 31, 2025), compared with -CN¥282.92M in fiscal 2024.
Income statement
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 |
|---|---|---|---|---|---|---|---|
| Revenue | CN¥2.75B | CN¥3.60B | CN¥4.20B | CN¥3.60B | CN¥2.96B | CN¥1.35B | CN¥670.51M |
| Cost of revenue | CN¥1.10B | CN¥1.42B | CN¥1.90B | CN¥1.80B | CN¥1.41B | CN¥594.40M | CN¥358.24M |
| Gross profit | CN¥1.65B | CN¥2.18B | CN¥2.30B | CN¥1.81B | CN¥1.55B | CN¥757.80M | CN¥312.27M |
| Research and development | CN¥525.00M | CN¥732.55M | CN¥901.45M | CN¥763.36M | CN¥619.59M | CN¥329.76M | CN¥351.01M |
| Selling, general and admin | CN¥251.42M | CN¥330.17M | CN¥418.53M | CN¥621.97M | CN¥690.29M | CN¥296.16M | CN¥253.27M |
| Operating income | -CN¥507.29M | -CN¥481.08M | -CN¥1.07B | -CN¥1.60B | -CN¥1.39B | -CN¥602.88M | -CN¥1.06B |
| Pre-tax income | -CN¥173.47M | -CN¥178.36M | -CN¥827.70M | -CN¥1.56B | -CN¥1.29B | -CN¥516.47M | -CN¥1.00B |
| Income tax | CN¥21.69M | -CN¥9.39M | CN¥11.83M | CN¥14.18M | CN¥5.44M | CN¥1.08M | CN¥40.0K |
| Net income | -CN¥192.90M | -CN¥171.80M | -CN¥843.64M | -CN¥1.58B | -CN¥1.47B | -CN¥1.20B | -CN¥1.00B |
| EPS, basic | -CN¥0.80 | -CN¥0.63 | -CN¥2.82 | -CN¥5.19 | -CN¥6.12 | -CN¥18.36 | -CN¥22.99 |
| EPS, diluted | -CN¥0.80 | -CN¥0.63 | -CN¥2.82 | -CN¥5.19 | -CN¥6.12 | -CN¥18.36 | -CN¥22.99 |
| Diluted shares | 240.0M | 273.6M | 299.1M | 304.8M | 240.2M | 65.3M | 62.2M |
Balance sheet
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | CN¥3.37B | CN¥4.00B | CN¥2.11B | CN¥4.53B | CN¥2.16B | CN¥957.82M | CN¥900.35M |
| Short-term investments | CN¥840.94M | CN¥538.82M | CN¥1.77B | CN¥787.26M | CN¥2.24B | CN¥1.05B | - |
| Receivables | CN¥358.00M | CN¥420.64M | CN¥664.62M | CN¥834.25M | CN¥831.63M | CN¥486.05M | - |
| Inventory | CN¥26.14M | CN¥30.96M | CN¥22.19M | CN¥10.35M | CN¥4.60M | - | - |
| Current assets | CN¥4.73B | CN¥5.48B | CN¥6.38B | CN¥7.32B | CN¥8.33B | CN¥3.72B | - |
| Goodwill | - | CN¥126.34M | CN¥191.08M | CN¥126.34M | CN¥73.66M | - | - |
| Total assets | CN¥5.19B | CN¥5.73B | CN¥6.80B | CN¥7.66B | CN¥8.81B | CN¥3.76B | - |
| Current liabilities | CN¥1.27B | CN¥1.52B | CN¥1.95B | CN¥1.82B | CN¥1.90B | CN¥1.01B | - |
| Short-term debt | CN¥35.00M | - | - | - | - | - | - |
| Total liabilities | CN¥1.32B | CN¥1.54B | CN¥2.09B | CN¥1.96B | CN¥2.07B | CN¥1.01B | - |
| Shareholders' equity | CN¥3.80B | CN¥4.14B | CN¥4.70B | CN¥5.69B | CN¥6.74B | -CN¥5.14B | -CN¥3.99B |
Cash flow
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -CN¥363.61M | -CN¥280.19M | -CN¥415.53M | -CN¥1.11B | -CN¥440.23M | -CN¥244.42M | -CN¥715.52M |
| Capital expenditures | CN¥1.32M | CN¥2.73M | CN¥8.49M | CN¥714.0K | CN¥7.44M | CN¥1.95M | CN¥4.53M |
| Free cash flow | -CN¥364.92M | -CN¥282.92M | -CN¥424.02M | -CN¥1.12B | -CN¥447.67M | -CN¥246.37M | -CN¥720.05M |
| Investing cash flow | -CN¥116.30M | CN¥2.56B | -CN¥1.68B | CN¥3.49B | -CN¥3.14B | CN¥430.11M | -CN¥2.10B |
| Financing cash flow | -CN¥131.63M | -CN¥403.86M | -CN¥365.06M | -CN¥108.35M | CN¥4.88B | CN¥9.29M | CN¥3.00B |
| Share repurchases | CN¥167.06M | CN¥400.71M | CN¥369.57M | CN¥127.96M | - | - | - |
| Stock-based compensation | CN¥87.28M | CN¥59.26M | CN¥164.66M | CN¥373.89M | CN¥548.47M | CN¥180.09M | CN¥179.69M |
| Depreciation and amortization | CN¥19.00M | CN¥21.95M | CN¥24.89M | CN¥25.21M | CN¥21.45M | CN¥19.61M | CN¥20.24M |
Key ratios
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 |
|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | -23.6% | -14.3% | 16.5% | 21.8% | 118.9% | 101.7% | - |
| Gross margin | 59.9% | 60.6% | 54.7% | 50.2% | 52.5% | 56.0% | 46.6% |
| Operating margin | -18.5% | -13.4% | -25.5% | -44.5% | -47.0% | -44.6% | -157.9% |
| Net margin | -7.0% | -4.8% | -20.1% | -43.9% | -49.7% | -88.6% | -149.8% |
| Free cash flow margin | -13.3% | -7.9% | -10.1% | -30.9% | -15.1% | -18.2% | -107.4% |
| Return on equity | -5.1% | -4.2% | -17.9% | -27.8% | -21.8% | - | - |
| Return on assets | -3.7% | -3.0% | -12.4% | -20.7% | -16.7% | -31.9% | - |
| Current ratio | 3.73 | 3.60 | 3.28 | 4.01 | 4.39 | 3.67 | - |
Source: XBRL data Zhihu Inc. files with the SEC, latest filing dated Apr 17, 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.
ZH peers
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| ZH | CN¥2.75B | -23.6% | -CN¥192.90M | -7.0% | $232.0M |
| V | $45.90B | +14.8% | $23.50B | 51.2% | $761.17B |
| MA | $36.29B | +15.3% | $16.96B | 46.7% | $571.32B |
| BABA | CN¥1.02T | +2.7% | CN¥103.59B | 10.1% | $255.28B |
| ACN | $74.18B | +6.5% | $8.37B | 11.3% | $170.10B |
| UBER | $56.53B | +13.9% | $3.46B | 6.1% | $145.32B |
| PDD | CN¥431.85B | +9.7% | CN¥97.84B | 22.7% | $114.58B |
| DASH | $17.06B | +35.0% | $1.06B | 6.2% | $78.89B |
| MELI | $38.52B | +47.1% | $1.89B | 4.9% | $77.70B |
ZH FAQ
9 questionsWhat is ZH revenue?
Zhihu Inc. (ZH) reported CN¥2.75B of revenue for fiscal 2025 (ended Dec 31, 2025). That is down 23.6% from the year before.Is ZH profitable?
No. Zhihu Inc. reported a net loss of CN¥192.90M for fiscal 2025 (ended Dec 31, 2025).How much cash and debt does ZH have?
Zhihu Inc. reported CN¥3.37B in cash and cash equivalents on its most recent balance sheet in SEC filings.How fast is ZH revenue growing?
Zhihu Inc.'s revenue changed -23.6% in fiscal 2025, to CN¥2.75B. Its compound annual growth rate was +15.2% over 5 years.What is ZH gross margin?
Zhihu Inc.'s gross profit was CN¥1.65B on CN¥2.75B of revenue for fiscal 2025 (ended Dec 31, 2025), a gross margin of 59.9%.What is ZH free cash flow?
Zhihu Inc. generated -CN¥364.92M of free cash flow for fiscal 2025 (ended Dec 31, 2025), which is operating cash flow of -CN¥363.61M less capital expenditures.What is ZH earnings per share?
Diluted earnings per share were -CN¥0.80 for fiscal 2025 (ended Dec 31, 2025), from SEC filings, restated for any stock split those filings show.When did ZH last report financial results?
The latest statements here come from Zhihu Inc.'s 20-F filed on Apr 17, 2026, covering the period ended Dec 31, 2025.Where does this ZH financial data come from?
Quantisnow builds these statements from the structured XBRL data Zhihu Inc. files with the SEC. It is provided for information only and is not investment advice.