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ZH: financial statements from SEC — TradeAlmanac

ZH

Zhihu Inc.: financial statements

Company reports as filed with the U.S. Securities and Exchange Commission.

AnnualQuarterly

Income statement

Metric	31/12/2025	31/12/2024	31/12/2023	31/12/2022
Revenue	2.75B	3.60B	4.20B	3.60B
Cost of revenue	1.10B	1.42B	1.90B	1.80B
Gross profit	1.65B	2.18B	2.30B	1.81B
Research and development	525M	733M	901M	763M
Selling, general and administrative	251M	330M	419M	622M
Operating expenses	2.16B	365M	3.37B	3.41B
Operating income	−507M	−481M	−1.07B	−1.60B
Pre-tax income	−173M	−178M	−828M	−1.56B
Income tax	22M	−9M	12M	14M
Net income	−193M	−24M	−844M	−1.58B
Earnings per share	−0.80	−0.63	−2.82	−5.19
Earnings per share, diluted	−0.80	−0.63	−2.82	−5.19
Weighted average shares	240M	274M	299M	305M
Weighted average shares, diluted	240M	274M	299M	305M

Balance sheet

Metric	19/08/2026	18/08/2026	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2018
Cash and equivalents	—	—	3.37B	4.00B	2.11B	4.53B	2.16B	—
Short-term investments

Cash flow

Metric	31/12/2025	31/12/2024	31/12/2023	31/12/2022
Operating cash flow	−364M	−38M	−416M	−1.11B
Depreciation and amortisation	19M	3M	25M	25M
Share-based compensation	87M	8M	165M	374M
Capital expenditure

Amounts in USD unless stated otherwise. Data: US exchange trading and company filings with the regulator