Zhihu (ZH) Financial Statements & Analysis

Zhihu (ZH) Income Statement

Zhihu reported revenue of CNY 2.75B in fiscal 2025 (fiscal year ended Dec 31, 2025), down 23.6% from CNY 3.60B a year earlier. Zhihu posted a net loss of CNY 192.90M, compared with a net loss of CNY 171.80M a year earlier. Gross margin was 59.9% and operating margin -18.5%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was CNY 690.12M, down 2.8% from the same quarter a year earlier.

Zhihu Income Statement Analysis

Values in billions CNY

Income Statement Balance Sheet Cash Flow Ratios

Scale:

Scroll to see more

Zhihu Inc. income statement - Annual data in billions CNY
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019
Revenue & Gross Profit
Revenue	2.75	3.60	4.20	3.60	2.92	1.35	0.67
Cost of Revenue	1.10	1.42	1.90	1.80	1.39	0.59	0.36
Gross Profit	1.65	2.18	2.30	1.81	1.53	0.76	0.31
Operating Expenses
Research & Development	0.52	0.73	0.90	0.76	0.61	0.33	0.35
Selling, General & Administrative	1.50	1.93	2.47	2.65	2.29	1.03	1.02
Operating Expenses	2.16	2.66	3.37	3.41	2.91	1.36	1.37
Operating Income	-0.51	-0.48	-1.07	-1.60	-1.37	-0.60	-1.06
Other Income/Expense
Interest Income	0.30	0.11	0.16	0.07	0.03	0.08	0.03
Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Income/Expense	0.33	0.19	0.09	-0.03	0.10	-0.06	0.05
Income
Income Before Tax	-0.17	-0.18	-0.83	-1.56	-1.28	-0.52	-1.00
Income Tax Expense	0.02	-0.01	0.01	0.01	0.01	0.00	0.00
Net Income	-0.19	-0.17	-0.84	-1.58	-1.28	-0.52	-1.00
Net Income - Continuous Operations	-0.20	-0.17	-0.84	-1.58	-1.28	-0.49	-1.00
Net Income - Discontinued Operations	-	-	-	-	-	-	-
EBITDA	-0.36	-0.46	-1.05	-1.58	-1.26	-0.58	-0.98
EBIT	-0.38	-0.48	-1.07	-1.60	-1.39	-0.60	-
Depreciation & Amortization	0.02	0.02	0.02	0.03	0.02	0.02	0.02
Earnings Per Share
Basic EPS	-2.00	-2.00	-8.00	-16.00	-18.00	-55.00	-10.00
Diluted EPS	-2.00	-2.00	-8.00	-16.00	-18.00	-55.00	-10.00
Basic Shares Outstanding	0.08	0.09	0.10	0.10	0.08	0.02	0.10
Diluted Shares Outstanding	0.08	0.09	0.10	0.10	0.08	0.02	0.10

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Zhihu Financial Statements

What was Zhihu's revenue in fiscal 2025?

Zhihu reported revenue of CNY 2.75B in fiscal 2025 (fiscal year ended Dec 31, 2025). That was down 23.6% from CNY 3.60B a year earlier.

Is Zhihu profitable?

No. Zhihu reported a net loss of CNY 192.90M in fiscal 2025. In fiscal 2024 it lost CNY 171.80M.

What is Zhihu's operating margin?

Zhihu's operating income was −CNY 507.29M on revenue of CNY 2.75B in fiscal 2025, an operating margin of -18.5%, compared with -13.4% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition