Zhihu Income Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	2,749	3,599	4,199	3,605	2,959
Revenue Growth (YoY)	-23.62%	-14.29%	16.48%	21.82%	118.85%
Cost of Revenue	1,101	1,418	1,903	1,797	-
Gross Profit	1,648	2,181	2,296	1,808	1,554
Selling, General & Admin	1,504	1,929	2,467	2,648	-
Research & Development	525	732.55	901.45	763.36	-
Other Operating Expenses	126.34	-	-	-	-
Total Operating Expenses	2,155	2,662	3,368	3,412	0
Operating Income	-507.29	-481.08	-1,072	-1,604	-1,391
Interest Income	303.41	180.41	200.37	138.48	-
Other Non-Operating Income (Expense)	30.41	122.32	44.16	-98.95	-
Total Non-Operating Income (Expense)	333.81	302.73	244.53	39.53	-
Pretax Income	-173.47	-178.36	-827.7	-1,564	-1,293
Provision for Income Taxes	21.69	-9.39	11.83	14.18	5.44
Net Income	-192.9	-171.8	-843.64	-1,581	-1,469
Minority Interest in Earnings	2.26	-2.84	-4.11	-2.75	-
Net Income to Common	-192.9	-171.8	-843.64	-1,581	-1,469
Shares Outstanding (Basic)	80	91	100	102	80
Shares Outstanding (Diluted)	80	91	100	102	80
Shares Change (YoY)	-12.25%	-8.55%	-1.87%	26.92%	267.91%
EPS (Basic)	-2.40	-1.89	-8.46	-15.57	-18.36
EPS (Diluted)	-2.40	-1.89	-8.46	-15.57	-18.36
Shares Outstanding	88.15	87.31	95.08	105.45	98.99
Free Cash Flow	-364.92	-282.92	-424.02	-1,116	-447.67
Free Cash Flow Per Share	-4.56	-3.10	-4.25	-10.98	-5.59
Gross Margin	59.94%	60.60%	54.68%	50.16%	52.51%
Operating Margin	-18.45%	-13.37%	-25.54%	-44.49%	-46.99%
Profit Margin	-7.10%	-4.69%	-19.99%	-43.78%	-43.89%
FCF Margin	-13.27%	-7.86%	-10.10%	-30.95%	-15.13%
EBITDA	-488.29	-459.14	-1,047	-1,579	-1,369
EBITDA Margin	-17.76%	-12.76%	-24.94%	-43.79%	-46.27%
EBIT	-507.29	-481.08	-1,072	-1,604	-1,391
EBIT Margin	-18.45%	-13.37%	-25.54%	-44.49%	-46.99%
Effective Tax Rate	-12.50%	5.27%	-1.43%	-0.91%	-0.42%

Updated Mar 26, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

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