Zhihu Inc. Reports Unaudited Fourth Quarter and Fiscal Year 2025 Financial Results
Rhea-AI Summary
Zhihu (NYSE: ZH) reported unaudited Q4 and full-year 2025 results on March 25, 2026. FY2025 revenue was RMB2,749.0 million vs RMB3,598.9 million in 2024; Q4 revenue was RMB643.5 million. The company recorded a FY adjusted net income of RMB37.9 million (non-GAAP) and a FY net loss of RMB195.2 million. Gross margin was 59.9% for FY2025. Operating expenses fell 19.0% year-over-year; goodwill impairment of RMB126.3 million was taken in Q4. Cash and equivalents were RMB4,451.2 million as of Dec 31, 2025. The company repurchased US$66.5 million of shares during 2025.
Positive
- First full-year non-GAAP profitability: Adjusted net income RMB37.9M
- Operating expenses down 19.0% YoY
- Adjusted loss from operations narrowed 33.6%
- Share repurchases of US$66.5M (31.1M shares)
Negative
- Fiscal revenue decline of ~23.6% YoY to RMB2,749.0M
- Q4 revenue fell ~25.1% YoY to RMB643.5M
- Reported FY net loss of RMB195.2M
- Q4 goodwill impairment of RMB126.3M
News Market Reaction – ZH
In the Mar 25 session, ZH declined 6.29%, reflecting a notable negative market reaction. Argus tracked a trough of -5.8% from its starting point during tracking. Our momentum scanner triggered 4 alerts that day, indicating moderate trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Nov 25 | Q3 2025 earnings | Negative | -7.7% | Revenue decline and wider reported net loss despite cost cuts. |
| Aug 27 | Q2 2025 earnings | Positive | +5.8% | Third consecutive non-GAAP profit and improved gross margin. |
| May 27 | Q1 2025 earnings | Positive | +1.8% | First-ever Q1 non-GAAP net income and margin expansion. |
| Mar 26 | Q4 & FY 2024 earnings | Positive | +0.9% | First profitable quarter and sharp reduction in annual net loss. |
| Nov 26 | Q3 2024 earnings | Positive | -2.2% | Strong margin gains and narrower net loss despite revenue decline. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases have mostly seen price moves align with the news tone, with four aligned reactions and one divergence. Positive profitability milestones have often corresponded with modestly positive next-day moves.
Over the past year, Zhihu’s earnings reports have focused on profitability improvement amid declining revenues. Starting with its first profitable quarter in Q4 2024, subsequent 2025 quarters highlighted expanding gross margins, cost reductions, and multiple non-GAAP profitable quarters. Price reactions to these earnings have generally aligned with the news tone, while today’s release extends the narrative to a first full year of non-GAAP profitability in 2025 despite lower revenue.
Key Terms
non-gaap financial
impairment of goodwill financial
goodwill financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
BEIJING, China, March 25, 2026 (GLOBE NEWSWIRE) -- Zhihu Inc. (“Zhihu” or the “Company”) (NYSE: ZH; HKEX: 2390), a leading online content community in China, today announced its unaudited financial results for the quarter and fiscal year ended December 31, 2025.
Fourth Quarter 2025 Highlights
- Total revenues were RMB643.5 million (US
$92.0 million ), compared with RMB859.2 million in the same period of 2024. - Gross margin was
53.6% , compared with62.9% in the same period of 2024. - Net loss was RMB210.8 million (US
$30.1 million ), compared with a net income of RMB86.4 million in the same period of 2024. - Adjusted net loss (non-GAAP)[1] was RMB39.4 million (US
$5.6 million ), compared with an adjusted net income of RMB97.1 million in the same period of 2024. - Average monthly subscribing members[2] were 12.2 million in the fourth quarter of 2025.
Fiscal Year 2025 Highlights
- Total revenues were RMB2,749.0 million (US
$393.1 million ), compared with RMB3,598.9 million in 2024. - Gross margin was
59.9% , compared with60.6% in 2024. - Net loss was RMB195.2 million (US
$27.9 million ), compared with RMB169.0 million in 2024. - Adjusted net income (non-GAAP)[1] was RMB37.9 million (US
$5.4 million ), compared with an adjusted net loss of RMB96.3 million in 2024.
“2025 marked a structural inflection point for Zhihu. We achieved our first-ever full-year non-GAAP profitability, building on our initial quarterly non-GAAP profit in the fourth quarter of 2024,” said Mr. Yuan Zhou, chairman and chief executive officer of Zhihu. “This milestone validates that our shift towards high-quality has strengthened both our operating model and earnings resilience. In the fourth quarter, we drove solid progress across both our community ecosystem and commercialization efficiency. Our DAUs spent more than 41 minutes per day on average on Zhihu, while authentic, expert-driven, high-quality content continued to expand across verticals. Revenue trends improved sequentially, with a meaningfully narrower quarter-over-quarter decline. Entering 2026, while solidifying the foundation of our core business, we are accelerating our commercialization explorations related to AI. By leveraging our vast expert network, trusted content assets, and diverse real-user scenarios, we are building a differentiated moat around our community and enhancing Zhihu’s strategic position within the broader AI ecosystem.”
“2025 represents a structural upgrade in Zhihu’s financial profile,” said Mr. Han Wang, chief financial officer of Zhihu. “We delivered our first full year of non-GAAP profitability through sustained cost discipline, improved operating leverage, and tighter expense control, all while maintaining healthy gross margins. Entering 2026, we are focused on further enhancing earnings quality and scalability by prioritizing higher-margin, more capital-efficient revenue streams. At the same time, we remain committed to disciplined capital allocation, including share repurchases, to support long-term shareholder value.”
Fourth Quarter 2025 Financial Results
Total revenues were RMB643.5 million (US
Marketing services revenue was RMB234.8 million (US
Paid membership revenue was RMB333.5 million (US
Other revenues[3] were RMB75.2 million (US
Cost of revenues decreased by
Gross profit was RMB344.8 million (US
Total operating expenses were RMB608.7 million (US
Selling and marketing expenses decreased by
Research and development expenses decreased by
General and administrative expenses were RMB84.0 million (US
Impairment of goodwill was RMB126.3 million (US
Loss from operations was RMB263.9 million (US
Adjusted loss from operations (non-GAAP)[1] was RMB89.3 million (US
Net loss was RMB210.8 million (US
Adjusted net loss (non-GAAP)[1] was RMB39.4 million (US
Diluted net loss per American depositary share (“ADS”) was RMB2.66 (US
Cash and cash equivalents, term deposits, restricted cash and short-term investments
As of December 31, 2025, the Company had cash and cash equivalents, current and non-current term deposits, restricted cash and short-term investments of RMB4,451.2 million (US
Fiscal Year 2025 Financial Results
Total revenues were RMB2,749.0 million (US
Marketing services revenue was RMB843.9 million (US
Paid membership revenue was RMB1,538.9 million (US
Other revenues[3] were RMB366.1 million (US
Cost of revenues decreased by
Gross profit was RMB1,647.7 million (US
Total operating expenses decreased by
Selling and marketing expenses decreased by
Research and development expenses decreased by
General and administrative expenses decreased by
Impairment of goodwill was RMB126.3 million (US
Loss from operations was RMB507.3 million (US
Adjusted loss from operations (non-GAAP)[1] narrowed by
Investment income was RMB231.9 million (US
Net loss was RMB195.2 million (US
Adjusted net income (non-GAAP)[1] was RMB37.9 million (US
Diluted net loss per ADS was RMB2.41 (US
Share Repurchase Programs
As of December 31, 2025, the Company had repurchased 31.1 million Class A ordinary shares (including Class A ordinary shares underlying the ADSs) for a total price of US
[1] Adjusted income/(loss) from operations and adjusted net income/(loss) are non-GAAP financial measures. For more information on the non-GAAP financial measures, please see the section “Use of Non-GAAP Financial Measures” and the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.
[2] Monthly subscribing members refers to the number of members who subscribed for our membership packages in a specified month. Average monthly subscribing members for a period is calculated by dividing the sum of monthly subscribing members for each month during the specified period by the number of months in such period.
[3] Starting from the third quarter of 2025, the Company simplified its revenue stream by reclassifying vocational training into “others” to align with its overall strategy. Revenues for the applicable comparison periods have been retrospectively reclassified.
Conference Call
The Company's management will host a conference call at 7:00 A.M. U.S. Eastern Time on Wednesday, March 25, 2026 (7:00 P.M. Beijing/Hong Kong Time on Wednesday, March 25, 2026) to discuss the results.
All participants wishing to join the conference call must pre-register online using the link provided below. Once the pre-registration has been completed, each participant will receive a set of dial-in numbers and a unique access PIN which can be used to join the conference call.
Registration Link:
https://register-conf.media-server.com/register/BI08008b110630454896e9325bb3268f90
Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at https://ir.zhihu.com.
About Zhihu Inc.
Zhihu Inc. (NYSE: ZH; HKEX: 2390) is a leading online content community where people come to find solutions, make decisions, seek inspiration, and have fun. Since the initial launch in 2010, Zhihu has grown into the largest Q&A-inspired online content community in China. For more information, please visit https://ir.zhihu.com.
Use of Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses non-GAAP financial measures, such as adjusted income/(loss) from operations and adjusted net income/(loss), to supplement the review and assessment of its operating performance. The Company defines non-GAAP financial measures by excluding the impact of share-based compensation expenses, amortization and impairment of intangible assets resulting from business acquisitions, impairment of goodwill and the tax effects of the non-GAAP adjustments, which are non-cash expenses. The Company believes that the non-GAAP financial measures facilitate comparisons of operating performance from period to period and company to company by adjusting for potential impacts of items, which the Company’s management considers to be indicative of its operating performance. The Company believes that the non-GAAP financial measures provide useful information to investors and others in understanding and evaluating the Company’s consolidated results of operations in the same manner as they help the Company’s management.
The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The presentation of the non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies. The use of the non-GAAP financial measures has limitations as an analytical tool, and investors should not consider them in isolation from or as a substitute for analysis of our results of operations or financial condition as reported under U.S. GAAP. For more information on the non-GAAP financial measures, please see the tables captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.
Exchange Rate Information
This announcement contains translations of certain Renminbi amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars were made at a rate of RMB6.9931 to US
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to,” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC and the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.
For investor and media inquiries, please contact:
Zhihu Inc.
Email: ir@zhihu.com
Christensen Advisory
Roger Hu
Tel: +86-10-5900-1548
Email: zhihu@christensencomms.com
| ZHIHU INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (All amounts in thousands, except share, ADS, per share data and per ADS data) | ||||||||||||||||||||
| For the Three Months Ended | For the Year Ended | |||||||||||||||||||
| December 31, 2024 | September 30, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2025 | ||||||||||||||||
| RMB | RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||||||
| Revenues: | ||||||||||||||||||||
| Marketing services | 315,940 | 189,388 | 234,808 | 33,577 | 1,247,092 | 843,933 | 120,681 | |||||||||||||
| Paid membership | 420,215 | 385,625 | 333,469 | 47,685 | 1,761,978 | 1,538,942 | 220,066 | |||||||||||||
| Others | 123,057 | 83,916 | 75,239 | 10,759 | 589,835 | 366,129 | 52,356 | |||||||||||||
| Total revenues | 859,212 | 658,929 | 643,516 | 92,021 | 3,598,905 | 2,749,004 | 393,103 | |||||||||||||
| Cost of revenues | (318,547 | ) | (255,288 | ) | (298,699 | ) | (42,713 | ) | (1,418,076 | ) | (1,101,259 | ) | (157,478 | ) | ||||||
| Gross profit | 540,665 | 403,641 | 344,817 | 49,308 | 2,180,829 | 1,647,745 | 235,625 | |||||||||||||
| Selling and marketing expenses | (316,198 | ) | (330,144 | ) | (275,243 | ) | (39,359 | ) | (1,599,186 | ) | (1,252,274 | ) | (179,073 | ) | ||||||
| Research and development expenses | (146,613 | ) | (114,362 | ) | (123,085 | ) | (17,601 | ) | (732,553 | ) | (524,996 | ) | (75,073 | ) | ||||||
| General and administrative expenses | (65,988 | ) | (58,950 | ) | (84,009 | ) | (12,013 | ) | (330,173 | ) | (251,419 | ) | (35,952 | ) | ||||||
| Impairment of goodwill | - | - | (126,344 | ) | (18,067 | ) | - | (126,344 | ) | (18,067 | ) | |||||||||
| Total operating expenses | (528,799 | ) | (503,456 | ) | (608,681 | ) | (87,040 | ) | (2,661,912 | ) | (2,155,033 | ) | (308,165 | ) | ||||||
| Income/(Loss) from operations | 11,866 | (99,815 | ) | (263,864 | ) | (37,732 | ) | (481,083 | ) | (507,288 | ) | (72,540 | ) | |||||||
| Other income/(expenses): | ||||||||||||||||||||
| Investment income | 13,049 | 37,050 | 34,629 | 4,952 | 65,441 | 231,864 | 33,156 | |||||||||||||
| Interest income | 26,311 | 17,306 | 13,379 | 1,913 | 114,964 | 71,542 | 10,230 | |||||||||||||
| Fair value change of financial instruments | 30,698 | - | - | - | 78,405 | - | - | |||||||||||||
| Exchange gains/(losses) | 1,701 | (43 | ) | (56 | ) | (8 | ) | 1,013 | (233 | ) | (33 | ) | ||||||||
| Others, net | 113 | (391 | ) | (2,487 | ) | (356 | ) | 42,902 | 30,641 | 4,382 | ||||||||||
| Income/(Loss) before income tax | 83,738 | (45,893 | ) | (218,399 | ) | (31,231 | ) | (178,358 | ) | (173,474 | ) | (24,805 | ) | |||||||
| Income tax benefits/(expenses) | 2,663 | (850 | ) | 7,609 | 1,088 | 9,391 | (21,687 | ) | (3,101 | ) | ||||||||||
| Net income/(loss) | 86,401 | (46,743 | ) | (210,790 | ) | (30,143 | ) | (168,967 | ) | (195,161 | ) | (27,906 | ) | |||||||
| Net (income)/loss attributable to noncontrolling interests | (127 | ) | 88 | 2,156 | 308 | (2,835 | ) | 2,260 | 323 | |||||||||||
| Net income/(loss) attributable to Zhihu Inc.’s shareholders | 86,274 | (46,655 | ) | (208,634 | ) | (29,835 | ) | (171,802 | ) | (192,901 | ) | (27,583 | ) | |||||||
| Net income/(loss) per share | ||||||||||||||||||||
| Basic | 0.34 | (0.19 | ) | (0.89 | ) | (0.13 | ) | (0.63 | ) | (0.80 | ) | (0.11 | ) | |||||||
| Diluted | 0.33 | (0.19 | ) | (0.89 | ) | (0.13 | ) | (0.63 | ) | (0.80 | ) | (0.11 | ) | |||||||
| Net income/(loss) per ADS (One ADS represents three Class A ordinary shares) | ||||||||||||||||||||
| Basic | 1.01 | (0.58 | ) | (2.66 | ) | (0.38 | ) | (1.88 | ) | (2.41 | ) | (0.34 | ) | |||||||
| Diluted | 1.00 | (0.58 | ) | (2.66 | ) | (0.38 | ) | (1.88 | ) | (2.41 | ) | (0.34 | ) | |||||||
| Weighted average number of ordinary shares outstanding | ||||||||||||||||||||
| Basic | 256,257,971 | 239,496,037 | 235,516,843 | 235,516,843 | 273,560,865 | 240,043,649 | 240,043,649 | |||||||||||||
| Diluted | 259,990,323 | 239,496,037 | 235,516,843 | 235,516,843 | 273,560,865 | 240,043,649 | 240,043,649 | |||||||||||||
| ZHIHU INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED) (All amounts in thousands, except share, ADS, per share data and per ADS data) | ||||||||||||||||||
| For the Three Months Ended | For the Year Ended | |||||||||||||||||
| December 31, 2024 | September 30, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2025 | ||||||||||||||
| RMB | RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||||
| Share-based compensation expenses included in: | ||||||||||||||||||
| Cost of revenues | (314 | ) | 110 | 157 | 22 | 3,949 | (595 | ) | (85 | ) | ||||||||
| Selling and marketing expenses | 269 | (434 | ) | 497 | 71 | (1,975 | ) | 31 | 4 | |||||||||
| Research and development expenses | (6,436 | ) | 2,825 | 4,145 | 593 | 7,916 | 5,501 | 787 | ||||||||||
| General and administrative expenses | 14,261 | 20,352 | 29,503 | 4,219 | 49,372 | 82,346 | 11,775 | |||||||||||
| ZHIHU INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (All amounts in thousands) | |||||
| As of December 31, 2024 | As of December 31, 2025 | ||||
| RMB | RMB | US$ | |||
| ASSETS | |||||
| Current assets: | |||||
| Cash and cash equivalents | 3,999,160 | 3,369,154 | 481,783 | ||
| Term deposits | 320,088 | 30,000 | 4,290 | ||
| Short-term investments | 538,816 | 840,938 | 120,253 | ||
| Restricted cash | 900 | 1,078 | 154 | ||
| Trade receivables | 420,636 | 357,998 | 51,193 | ||
| Amounts due from related parties | 41,588 | 25,570 | 3,656 | ||
| Prepayments and other current assets | 163,446 | 107,265 | 15,339 | ||
| Total current assets | 5,484,634 | 4,732,003 | 676,668 | ||
| Non-current assets: | |||||
| Property and equipment, net | 8,490 | 5,349 | 765 | ||
| Intangible assets, net | 54,534 | 29,588 | 4,231 | ||
| Goodwill | 126,344 | - | - | ||
| Long-term investments, net | 51,176 | 158,480 | 22,662 | ||
| Term deposits | - | 210,000 | 30,030 | ||
| Right-of-use assets | 7,151 | 42,063 | 6,015 | ||
| Other non-current assets | 623 | 13,391 | 1,915 | ||
| Total non-current assets | 248,318 | 458,871 | 65,618 | ||
| Total assets | 5,732,952 | 5,190,874 | 742,286 | ||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||
| Current liabilities: | |||||
| Accounts payable and accrued liabilities | 835,688 | 681,307 | 97,426 | ||
| Salary and welfare payables | 275,260 | 188,038 | 26,889 | ||
| Taxes payables | 22,081 | 16,285 | 2,329 | ||
| Contract liabilities | 235,539 | 186,034 | 26,603 | ||
| Amounts due to related parties | 6,825 | 16,135 | 2,307 | ||
| Short term lease liabilities | 17,308 | 21,382 | 3,058 | ||
| Short-term borrowings | - | 35,000 | 5,005 | ||
| Other current liabilities | 131,955 | 124,233 | 17,765 | ||
| Total current liabilities | 1,524,656 | 1,268,414 | 181,382 | ||
| Non-current liabilities: | |||||
| Long term lease liabilities | 1,823 | 15,592 | 2,230 | ||
| Deferred tax liabilities | 6,830 | 27,174 | 3,885 | ||
| Other non-current liabilities | 3,957 | 4,650 | 665 | ||
| Total non-current liabilities | 12,610 | 47,416 | 6,780 | ||
| Total liabilities | 1,537,266 | 1,315,830 | 188,162 | ||
| Total Zhihu Inc.’s shareholders’ equity | 4,136,123 | 3,804,136 | 543,984 | ||
| Noncontrolling interests | 59,563 | 70,908 | 10,140 | ||
| Total shareholders’ equity | 4,195,686 | 3,875,044 | 554,124 | ||
| Total liabilities and shareholders’ equity | 5,732,952 | 5,190,874 | 742,286 | ||
| ZHIHU INC. UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (All amounts in thousands) | ||||||||||||||||||||
| For the Three Months Ended | For the Year Ended | |||||||||||||||||||
| December 31, 2024 | September 30, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2025 | ||||||||||||||||
| RMB | RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||||||
| Income/(Loss) from operations | 11,866 | (99,815 | ) | (263,864 | ) | (37,732 | ) | (481,083 | ) | (507,288 | ) | (72,540 | ) | |||||||
| Add: | - | |||||||||||||||||||
| Share-based compensation expenses | 7,780 | 22,853 | 34,302 | 4,905 | 59,262 | 87,283 | 12,481 | |||||||||||||
| Amortization and impairment of intangible assets resulting from business acquisitions | 3,490 | 3,490 | 13,950 | 1,995 | 16,460 | 24,420 | 3,492 | |||||||||||||
| Impairment of goodwill | - | - | 126,344 | 18,067 | - | 126,344 | 18,067 | |||||||||||||
| Adjusted income/(loss) from operations | 23,136 | (73,472 | ) | (89,268 | ) | (12,765 | ) | (405,361 | ) | (269,241 | ) | (38,500 | ) | |||||||
| Net income/(loss) | 86,401 | (46,743 | ) | (210,790 | ) | (30,143 | ) | (168,967 | ) | (195,161 | ) | (27,906 | ) | |||||||
| Add: | ||||||||||||||||||||
| Share-based compensation expenses | 7,780 | 22,853 | 34,302 | 4,905 | 59,262 | 87,283 | 12,481 | |||||||||||||
| Amortization and impairment of intangible assets resulting from business acquisitions | 3,490 | 3,490 | 13,950 | 1,995 | 16,460 | 24,420 | 3,492 | |||||||||||||
| Impairment of goodwill | - | - | 126,344 | 18,067 | - | 126,344 | 18,067 | |||||||||||||
| Tax effects on non-GAAP adjustments | (600 | ) | (600 | ) | (3,215 | ) | (460 | ) | (3,025 | ) | (5,015 | ) | (717 | ) | ||||||
| Adjusted net income/(loss) | 97,071 | (21,000 | ) | (39,409 | ) | (5,636 | ) | (96,270 | ) | 37,871 | 5,417 | |||||||||
