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Zhihu $ZH

Communication Services

China
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$3.39
-0.07 (-2.02%)
As of Oct 22, 2026, 9:30 PM EDT
Price history
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Zhihu (ZH) is trading down at $3.39 (-2.02%), as of the latest quote. It operates in the Communication Services sector.

IPO: March 26, 2021 · $9.50 offering · NYSE · View IPO details →

Zhihu revenue & net income history (FY2019–FY2025)

RevenueNet incomeNet margin (right axis, %)
CN¥4.20BCN¥1.31B−CN¥1.58BFY2019 revenue: CN¥670.5MFY2019 net income: −CN¥1.00B · Net margin −149.8%'19FY2020 revenue: CN¥1.35BFY2020 net income: −CN¥517.5M · Net margin −38.3%'20FY2021 revenue: CN¥2.96BFY2021 net income: −CN¥1.30B · Net margin −43.9%'21FY2022 revenue: CN¥3.60BFY2022 net income: −CN¥1.58B · Net margin −43.9%'22FY2023 revenue: CN¥4.20BFY2023 net income: −CN¥843.6M · Net margin −20.1%'23FY2024 revenue: CN¥3.60BFY2024 net income: −CN¥171.8M · Net margin −4.8%'24FY2025 revenue: CN¥2.75BFY2025 net income: −CN¥192.9M · Net margin −7.0%'25−47.1%0%50%FY2019 net margin: −149.8% (off the scale, which stops at −47.1%)FY2020 net margin: −38.3%FY2021 net margin: −43.9%FY2022 net margin: −43.9%FY2023 net margin: −20.1%FY2024 net margin: −4.8%FY2025 net margin: −7.0%
Zhihu annual financial statements
FY2019Dec 2019FY2020Dec 2020FY2021Dec 2021FY2022Dec 2022FY2023Dec 2023FY2024Dec 2024FY2025Dec 2025
Income statement
RevenueCN¥670.5MCN¥1.35BCN¥2.96BCN¥3.60BCN¥4.20BCN¥3.60BCN¥2.75B
Growth (year over year)—+101.7%+118.9%+21.8%+16.5%−14.3%−23.6%
Gross profitCN¥312.3MCN¥757.8MCN¥1.55BCN¥1.81BCN¥2.30BCN¥2.18BCN¥1.65B
Gross margin46.6%56.0%52.5%50.2%54.7%60.6%59.9%
Operating income−CN¥1.06B−CN¥602.9M−CN¥1.39B−CN¥1.60B−CN¥1.07B−CN¥481.1M−CN¥507.3M
Operating margin−157.9%−44.6%−47.0%−44.5%−25.5%−13.4%−18.5%
Net income−CN¥1.00B−CN¥517.5M−CN¥1.30B−CN¥1.58B−CN¥843.6M−CN¥171.8M−CN¥192.9M
Net margin−149.8%−38.3%−43.9%−43.9%−20.1%−4.8%−7.0%
EPS (diluted)−CN¥22.99−CN¥18.36−CN¥6.12−CN¥5.19−CN¥2.82−CN¥0.63−CN¥0.80
Balance sheet
Cash and equivalentsCN¥900.4MCN¥957.8MCN¥2.16BCN¥4.53BCN¥2.11BCN¥4.00BCN¥3.37B
Total assets—CN¥3.76BCN¥8.81BCN¥7.66BCN¥6.80BCN¥5.73BCN¥5.19B
Total liabilities—CN¥1.01BCN¥2.07BCN¥1.96BCN¥2.09BCN¥1.54BCN¥1.32B
Shareholders' equity−CN¥3.99B−CN¥5.14BCN¥6.73BCN¥5.65BCN¥4.60BCN¥4.14BCN¥3.80B
Cash flow
Operating cash flow−CN¥715.5M−CN¥244.4M−CN¥440.2M−CN¥1.11B−CN¥415.5M−CN¥280.2M−CN¥363.6M
Capital expenditureCN¥4.53MCN¥1.95MCN¥7.44MCN¥714.0KCN¥8.49MCN¥2.73MCN¥1.32M
Free cash flow−CN¥720.0M−CN¥246.4M−CN¥447.7M−CN¥1.12B−CN¥424.0M−CN¥282.9M−CN¥364.9M
Share buybacks———CN¥128.0MCN¥369.6MCN¥400.7MCN¥167.1M

From Zhihu's 20-F filings with the SEC; its fiscal year ends in December. Each period shows the latest figure the company has reported for it, including restatements. Net margin is our own calculation from those reported figures (net income ÷ revenue); it is left blank where revenue is zero or missing. Amounts are in Chinese Yuan (CNY), as reported, not converted to dollars. Per-share figures are per ordinary share, which is not always the share traded in the US: an ADS can stand for several, or for part of one. Filings on SEC EDGAR →

About Zhihu

Headquarters
Beijing, China From SEC filings, Oct 2026

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