Zhihu Inc. (ZH)

Zhihu Cash Flow Statement

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

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	-195.16	-168.97	-839.53	-1,578	-1,299
Depreciation & Amortization	19	21.95	24.89	25.21	21.45
Stock-Based Compensation	87.28	59.26	164.66	373.9	548.47
Other Adjustments	-100.76	-107.95	-5.83	198.18	-2.67
Change in Receivables	90.08	208.24	64.41	-132.84	-374.68
Changes in Accounts Payable	-154.34	-183.37	220.24	-15.87	524.25
Changes in Accrued Expenses	-87.22	-65.4	56.87	-36.54	81.42
Changes in Income Taxes Payable	-5.8	0.96	-4.69	-40.85	59.02
Changes in Unearned Revenue	-48.81	-59.53	-87.06	78.22	79.4
Changes in Other Operating Activities	32.12	14.62	-9.49	14.05	-78.01
Operating Cash Flow	-363.61	-280.19	-415.53	-1,115	-440.23
Capital Expenditures	-1.32	-2.73	-8.49	-0.71	-7.44
Sale of Property, Plant & Equipment	0.47	0.03	-0.01	0.12	-
Purchases of Intangible Assets	-0.14	-	-0.38	-	-
Purchases of Investments	-14,171	-9,809	-10,241	-14,118	-11,384
Proceeds from Sale of Investments	14,056	12,362	8,632	17,815	8,253
Payments for Business Acquisitions	-	-	-63.59	-60.61	-33.18
Proceeds from Business Divestments	-	12.16	-	-	-
Other Investing Activities	-	-	-	-145.19	35.47
Investing Cash Flow	-116.3	2,563	-1,681	3,490	-3,137
Short-Term Debt Issued	196.29	51.77	-	-	-
Short-Term Debt Repaid	-161.29	-51.77	-	-	-
Net Short-Term Debt Issued (Repaid)	35	0	-	-	-
Issuance of Common Stock	0.43	1.16	4.51	19.61	4,876
Repurchase of Common Stock	-167.06	-400.71	-369.57	-127.96	-
Net Common Stock Issued (Repurchased)	-166.63	-399.55	-365.06	-108.35	4,876
Other Financing Activities	-	-4.31	-	-	-
Financing Cash Flow	-131.63	-403.86	-365.06	-108.35	4,876
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-18.29	14.85	42.51	101.53	-100.17
Net Cash Flow	-629.83	1,893	-2,419	2,369	1,199
Free Cash Flow	-364.92	-282.92	-424.02	-1,116	-447.67
FCF Margin	-13.27%	-7.86%	-10.10%	-30.95%	-15.13%
Free Cash Flow Per Share	-4.56	-3.10	-4.25	-10.98	-5.59
Levered Free Cash Flow	-404.27	-445.31	-651.36	-1,558	-789.37
Unlevered Free Cash Flow	-817.07	-729.26	-895.28	-1,595	-716.47

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

SEC Filings: 10-K · 10-Q