Zhihu Inc. (ZH)

Name: Zhihu Inc. (ZH) annual fundamentals
Creator: TickerFacts
License: https://creativecommons.org/publicdomain/zero/1.0/

Also trades as ZHIHF. Every security a company lists rests on one set of financial statements, so these figures cover the whole company.

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CIK 0001835724 · NYSE · Services-Business Services, NEC

Sector Services
Fiscal year ends Dec 31

For the year ended 2025-12-31, Zhihu Inc. reported revenue of 2.75B CNY. Revenue fell 23.6% from the prior annual period.

Key ratios (year ended 2025-12-31)

59.9%

Gross margin

-18.5%

Operating margin

-7.1%

Net margin

-5.0%

Return on year-end equity

-23.6%

Revenue growth (YoY)

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Latest selected filing: Form 6-K (current report) · 2026-10-21

Headquarters locality: Haidian District · View on map

Annual financials

Annual flows and balances are grouped by their actual period end. Select a figure to open its SEC filing. n/a means a matching observation is unavailable. Free cash flow is operating cash flow minus capital expenditures, and EBITDA is operating income plus depreciation and amortization, for the same period, computed by TickerFacts.

Period ended	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31
Revenue	2.75B CNY	3.60B CNY	4.20B CNY	3.60B CNY	2.96B CNY	1.35B CNY	670.51M CNY
Cost of Revenue	1.10B CNY	1.42B CNY	1.90B CNY	1.80B CNY	1.41B CNY	594.40M CNY	358.24M CNY
Gross Profit	1.65B CNY	2.18B CNY	2.30B CNY	1.81B CNY	1.55B CNY	757.80M CNY	312.27M CNY
R&D Expense	525.00M CNY	732.55M CNY	901.45M CNY	763.36M CNY	619.59M CNY	329.76M CNY	351.01M CNY
Operating Income	-507.29M CNY	-481.08M CNY	-1.07B CNY	-1.60B CNY	-1.39B CNY	-602.88M CNY	-1.06B CNY
Depreciation & Amortization	19.00M CNY	21.95M CNY	24.89M CNY	25.21M CNY	21.45M CNY	19.61M CNY	20.24M CNY
EBITDA	-488.29M CNY	-459.13M CNY	-1.05B CNY	-1.58B CNY	-1.37B CNY	-583.27M CNY	-1.04B CNY
Net Income	-195.16M CNY	-168.97M CNY	-839.53M CNY	-1.58B CNY	-1.30B CNY	-517.55M CNY	-1.00B CNY
EPS (Diluted)	-0.80 CNY	-0.63 CNY	-2.82 CNY	-5.19 CNY	-6.12 CNY	-18.36 CNY	-22.99 CNY
Total Assets	5.19B CNY	5.73B CNY	6.80B CNY	7.66B CNY	8.81B CNY	3.76B CNY	n/a
Total Liabilities	1.32B CNY	1.54B CNY	2.09B CNY	1.96B CNY	2.07B CNY	1.01B CNY	n/a
Shareholders' Equity	3.88B CNY	4.20B CNY	4.70B CNY	5.69B CNY	6.74B CNY	-5.14B CNY	-3.99B CNY
Cash & Equivalents	3.37B CNY	4.00B CNY	2.11B CNY	4.53B CNY	2.16B CNY	957.82M CNY	n/a
Operating Cash Flow	-363.61M CNY	-280.19M CNY	-415.53M CNY	-1.11B CNY	-440.23M CNY	-244.42M CNY	-715.52M CNY
Capital Expenditures	1.32M CNY	2.73M CNY	8.49M CNY	714.0K CNY	7.44M CNY	1.95M CNY	4.53M CNY
Free Cash Flow	-364.92M CNY	-282.92M CNY	-424.02M CNY	-1.12B CNY	-447.67M CNY	-246.37M CNY	-720.05M CNY
Share Repurchases	167.06M CNY	400.71M CNY	369.57M CNY	127.96M CNY	n/a	n/a	n/a
Weighted Average Diluted Shares	240.04M	273.56M	299.13M	304.84M	240.17M	65.28M	62.25M
EPS (Basic)	-0.80 CNY	-0.63 CNY	-2.82 CNY	-5.19 CNY	-6.12 CNY	-18.36 CNY	-22.99 CNY

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