Zhihu Inc.(ZH)Earnings, Financials & Key Ratios

ZH•NYSE

$3.17

Price updated Jul 7, 2026

SectorCommunication Services IndustryInternet Services Sub-IndustrySocial, Video, and Streaming Platforms

AboutZhihu Inc. operates an online content community in the People's Republic of China. Its community allows people to seek inspiration, find solutions, make decisions, and have fun. The company also offers technology, business support, and consulting services; information transmission, software, and information technology services; information and marketing services; vocational training; and internet services, as well as holds audio-visual permit. The company was founded in 2010 and is headquartered in Beijing, the People's Republic of China.Show more

Revenue$2.67B-26.7%
EBITDA-$346M+25.8%
Net Income-$188M-7.7%
EPS (Diluted)-2.37-25.4%
Gross Margin59.94%-1.1%
EBITDA Margin-12.93%-1.3%
Operating Margin-13.86%-3.7%
Net Margin-7.02%-47.0%
ROE-4.65%-18.7%

ZH Price & Volume

Zhihu Inc. (ZH) stock price & volume — 10-year historical chart

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Persistent Revenue Contraction Challenges Cash Position Stability

Investment Thesis • Updated 2025Q4

VerdictNegative

Growth:Contracting

Profitability:Negative

Financial:Fortress

Cash Flow:Burning

Primary Risk:Persistent Operating Cash Burn

Key Thesis Takeaways

Zhihu faces a challenging outlook characterized by a 27.2% year-over-year revenue contraction as of 2025Q4, signaling significant headwinds in its core advertising and membership segments.
While the company maintains a robust liquidity buffer with $3.4 billion in cash, the persistent operational cash burn and a negative 66.9% free cash flow margin suggest that current capital allocation strategies may be unsustainable.
Investors should monitor whether the company can stabilize its top-line performance and improve operating leverage before the substantial cash reserves are further depleted by ongoing losses and aggressive share repurchases.

Verdict Logic

the company's fundamental outlook is clouded by a 2025Q4 net loss of $205.8 million and a negative free cash flow margin of -66.9%, which suggests that the current valuation may not fully account for the ongoing operational cash burn.

ZH Growth Metrics

Zhihu Inc. (ZH) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-

5 Years15.91%

3 Years-10%

TTM-24.16%

Profit CAGR

10 Years-

5 Years-

3 Years-

TTM-11.2%

EPS CAGR

10 Years-

5 Years-

3 Years-

TTM-29.73%

Return on Capital

10 Years-20.84%

5 Years-18.8%

3 Years-13.32%

Last Year-9.11%

ZH Recent Earnings

Zhihu Inc. (ZH) EPS & revenue vs analyst estimates — last 4 quarters

Full history →

●Beat EPS 6/12 qtrs (86%)●Beat Revenue 5/12 qtrs (42%)

Q3 2026Latest

Jun 3, 2026

Metric

Actual

Est

EPS

$0.02

—

Rev

$94M+3.3%

$91M

Q2 2026

Mar 25, 2026

Metric

Actual

Est

EPS

$0.37-3127.4%

$0.01

Rev

$92M+0.1%

$92M

Q4 2025

Nov 25, 2025

Metric

Actual

Est

EPS

$0.03+62.5%

$0.08

Rev

$93M-85.5%

$640M

Q3 2025

Aug 27, 2025

Metric

Actual

Est

EPS

$0.15+225.0%

$0.12

Rev

$100M-86.7%

$752M

Quarter	Date	EPS (Act vs Est)	Revenue (Act vs Est)
Q3 2026Latest	Jun 3, 2026	$0.02	$94Mvs $91M+3.3%
Q2 2026	Mar 25, 2026	$0.37vs $0.01-3127.4%	$92Mvs $92M+0.1%
Q4 2025	Nov 25, 2025	$0.03vs $0.08+62.5%	$93Mvs $640M-85.5%
Q3 2025	Aug 27, 2025	$0.15vs $0.12+225.0%	$100Mvs $752M-86.7%

Based on last 12 quarters of dataView full earnings history →

Latest ZH News

Recent stock market news and headlines for Zhihu Inc. (ZH)

GlobeNewsWire·Jun 30, 2026

Zhihu Inc. Announces Results of the Annual General Meeting

BEIJING, China, June 30, 2026 (GLOBE NEWSWIRE) -- Zhihu Inc. (NYSE: ZH; HKEX: 2390) (“Zhihu” or the “Company”), a leading online content community in China, today announced that each of the proposed resolutions submitted for shareholders' approval (the “Proposed Resolutions”) as set forth in the notice of annual general meeting dated June 8, 2026 (the “AGM Notice”) has been adopted at its annual general meeting of shareholders held in Beijing, China today.

Peers Comparison

Key metrics vs top competitors for Zhihu Inc. (ZH)

Full Screener →

Company	Price	Market Cap	P/E Ratio	Rev Growth (1Y)	Net Margin	ROE	Div Yield
ZHZhihu Inc.Current	$3.17	$258.15M	-9.09	-26.73%	-7.02%	-4.65%	—
MOMOHello Group Inc.	$5.89	$946.3M	8.66	-1.85%	7.2%	6.68%	—
JOYYJOYY, Inc. Sponsored ADR Class A	$69.60	$3.6B	1.77	-5.07%	-6.53%	-2.82%	—
DOYUDouYu International Holdings Limited	$4.79	$144.56M	-35.76	-10.58%	-4.81%	-6.48%	—
HUYAHUYA Inc.	$2.35	$537.92M	-33.26	6.96%	-2.51%	-2.41%	—
BIDUBaidu, Inc.	$112.09	$38.12B	64.76	-3.04%	3.48%	0.21%	—

Compare ZH vs Peers

Zhihu Inc. (ZH) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs MOMO

Most directly comparable listed peer for ZH.

Scale Benchmark

vs BABA

Larger-name benchmark to compare ZH against a more recognizable public peer.

Peer Set

Compare Top 5

vs MOMO, JOYY, DOYU, HUYA

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ZH Frequently Asked Questions

Zhihu Inc. (ZH) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

What is Zhihu Inc.'s revenue?

Zhihu Inc. (ZH) reported $2.73B in revenue for fiscal year 2025. This represents a 309% increase from $668.7M in 2019.

How fast is Zhihu Inc. growing?

Zhihu Inc. (ZH) saw revenue decline by 26.7% over the past year.

Is ZH profitable?

Zhihu Inc. (ZH) reported a net loss of $190.7M for fiscal year 2025.

Dividend & Returns

What is ZH's return on equity?

Zhihu Inc. (ZH) has a return on equity (ROE) of -4.6%. Negative ROE indicates the company is unprofitable.

What is Zhihu Inc.'s free cash flow?

Zhihu Inc. (ZH) had negative free cash flow of $424.4M in fiscal year 2025, likely due to heavy capital investments.

What if you invested $1,000 in ZH back in 2019?

Total return calculator · dividends reinvested · 7+ years of data

See returns →

Quarter

Date

EPS (Act vs Est)

Revenue (Act vs Est)

Q3 2026Latest

Jun 3, 2026

$0.02

$94Mvs $91M+3.3%

Q2 2026

Mar 25, 2026

$0.37vs $0.01-3127.4%

$92Mvs $92M+0.1%

Q4 2025

Nov 25, 2025

$0.03vs $0.08+62.5%

$93Mvs $640M-85.5%

Q3 2025

Aug 27, 2025

$0.15vs $0.12+225.0%

$100Mvs $752M-86.7%

Company

Price

Market Cap

P/E Ratio

Rev Growth (1Y)

Net Margin

ROE

Div Yield

ZHZhihu Inc.Current

$3.17

$258.15M

-9.09

-26.73%

-7.02%

-4.65%

—

MOMOHello Group Inc.

$5.89

$946.3M

8.66

-1.85%

7.2%

6.68%

—

JOYYJOYY, Inc. Sponsored ADR Class A

$69.60

$3.6B

1.77

-5.07%

-6.53%

-2.82%

—

DOYUDouYu International Holdings Limited

$4.79

$144.56M

-35.76

-10.58%

-4.81%

-6.48%

—

HUYAHUYA Inc.

$2.35

$537.92M

-33.26

6.96%

-2.51%

-2.41%

—

BIDUBaidu, Inc.

$112.09

$38.12B

64.76

-3.04%

3.48%

0.21%

—