Zhihu Inc. (ZH)
NYSE: ZH · Real-Time Price · USD
3.520
-0.050 (-1.40%)
At close: Oct 1, 2026, 4:00 PM EDT
3.480
-0.040 (-1.14%)
Pre-market: Oct 2, 2026, 4:02 AM EDT
Zhihu Cash Flow Statement
Financials in millions CNY. Fiscal year is January - December.
Millions CNY. Fiscal year is Jan - Dec.
Operating Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | 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 |
Net Income | -301.22 | -192.9 | -171.8 | -843.64 | -1,581 | -1,299 |
Depreciation & Amortization | 14.87 | 19 | 21.95 | 24.89 | 25.21 | 21.45 |
Loss (Gain) From Sale of Assets | 0.07 | -0.39 | -4.93 | 0.4 | 0.08 | - |
Asset Writedown & Restructuring Costs | 136.8 | 136.8 | - | - | - | - |
Loss (Gain) From Sale of Investments | - | - | - | - | 20.89 | - |
Stock-Based Compensation | 107.17 | 87.28 | 59.26 | 164.66 | 373.9 | 548.47 |
Provision & Write-off of Bad Debts | -0.97 | -26.8 | 36.73 | 29.92 | 34.46 | 32.63 |
Other Operating Activities | -146.86 | -212.63 | -136.92 | -32.04 | 145.5 | -35.31 |
Change in Accounts Receivable | -50.57 | 90.08 | 208.24 | 64.41 | -132.84 | -374.68 |
Change in Accounts Payable | -54.09 | -154.34 | -183.37 | 220.24 | -15.87 | 524.25 |
Change in Unearned Revenue | 6.24 | -48.81 | -59.53 | -87.06 | 78.22 | 79.4 |
Change in Income Taxes | 9.95 | -5.8 | 0.96 | -4.69 | -40.85 | 59.02 |
Change in Other Net Operating Assets | -39.1 | -55.1 | -50.78 | 47.38 | -22.49 | 3.41 |
Operating Cash Flow | -317.71 | -363.61 | -280.19 | -415.53 | -1,115 | -440.23 |
Operating Cash Flow Growth | - | - | - | - | - | - |
Investing Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | 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 |
Capital Expenditures | -0.84 | -1.32 | -2.73 | -8.49 | -0.71 | -7.44 |
Sale of Property, Plant & Equipment | -0.03 | 0.47 | 0.03 | - | 0.12 | - |
Cash Acquisitions | - | - | - | -63.59 | -60.61 | -33.18 |
Divestitures | - | - | 12.16 | - | - | - |
Sale (Purchase) of Intangibles | -0.14 | -0.14 | - | -0.38 | - | - |
Investment in Securities | 330.97 | -115.32 | 2,553 | -1,609 | 3,697 | -3,131 |
Other Investing Activities | - | - | - | -0.01 | -145.19 | 35.47 |
Investing Cash Flow | 329.96 | -116.3 | 2,563 | -1,681 | 3,490 | -3,137 |
Financing Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | 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 |
Short-Term Debt Issued | - | 196.29 | 51.77 | - | - | - |
Total Debt Issued | 139.06 | 196.29 | 51.77 | - | - | - |
Short-Term Debt Repaid | - | -161.29 | -51.77 | - | - | - |
Total Debt Repaid | -196.29 | -161.29 | -51.77 | - | - | - |
Net Debt Issued (Repaid) | -57.24 | 35 | - | - | - | - |
Issuance of Common Stock | 0.37 | 0.43 | 1.16 | 4.51 | 19.61 | 4,876 |
Repurchase of Common Stock | -172.84 | -167.06 | -400.71 | -369.57 | -127.96 | - |
Other Financing Activities | - | - | -4.31 | - | - | - |
Financing Cash Flow | -229.71 | -131.63 | -403.86 | -365.06 | -108.35 | 4,876 |
Net Cash Flow
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | 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 |
Foreign Exchange Rate Adjustments | -54.84 | -18.29 | 14.85 | 42.51 | 101.53 | -100.17 |
Net Cash Flow | -272.3 | -629.83 | 1,893 | -2,419 | 2,369 | 1,199 |
Free Cash Flow
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | 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 |
Free Cash Flow | -318.55 | -364.92 | -282.92 | -424.02 | -1,116 | -447.67 |
Free Cash Flow Growth | - | - | - | - | - | - |
Free Cash Flow Margin | -12.05% | -13.28% | -7.86% | -10.10% | -30.95% | -15.13% |
Free Cash Flow Per Share | -4.08 | -4.56 | -3.10 | -4.25 | -10.98 | -5.59 |
Levered Free Cash Flow | -237.27 | -293.92 | -329.87 | -214.37 | -625.89 | 40.32 |
Unlevered Free Cash Flow | -237.27 | -293.92 | -329.87 | -214.37 | -625.89 | 40.32 |