ZH

MKT CAP:$267M

Zhihu Inc.

Market Cap

$267M

Communication Services·Internet Content & Information·🇨🇳 China·NYSE

Communication·Internet·🇨🇳·NYSE

Stock Price

$3.40+$0.07 (+2.10%)

Apr 24, 2026

Company Details

Zhihu Inc. operates an online content community in the People's Republic of China. Its community allows people to seek inspiration, find solutions, make decisions, and have fun. The company also offers technology, business support, and cons...

CEO

Yuan Zhou

IPO Date

Mar 26, 2021

Website

ir.zhihu.com

Key Metrics TTM

Revenue

$432M

-17.3% YoY

Net Income

-$50M

EPS (Diluted)

-$0.61

Free Cash Flow

$8M

Revenue / Share

$5.51

Gross Margin

59.2%

Operating Margin

-16.0%

Net Margin

-11.7%

FCF Margin

1.9%

P/S

0.6x

P/E

—

Earnings Reports

FY 2025

Dec 30, 2025

$391MEPS -$0.35

Q4 2025

Dec 30, 2025

$93MEPS -$0.38

Q3 2025

Nov 25, 2025

$96MEPS -$0.08

Q1 2025

Mar 31, 2025

$106MEPS -$0.02

Q2 2024

Jun 29, 2024

$137MEPS -$0.13

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 20	$38M	$18M	-$23M
Q2 21	$93M	$55M	-$51M
Q3 21	$120M	$62M	-$47M
Q4 21	$148M	$70M	-$55M
Q1 22	$109M	$49M	-$95M
Q1 23	$146M	$75M	-$32M
Q2 24	$137M	$82M	-$27M
Q1 25	$106M	$66M	-$8M
Q3 25	$96M	$59M	-$15M
Q4 25	$93M	$50M	-$20M

Valuation

Quarter	P/S	P/E
Q2 20	—	—
Q2 21	—	—
Q3 21	—	—
Q4 21	7.9x	—
Q1 22	3.2x	—
Q1 23	1.5x	—
Q2 24	0.5x	—
Q1 25	0.8x	—
Q3 25	0.9x	—
Q4 25	0.6x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 20	$0	$0
Q2 21	$0	$0
Q3 21	$0	$0
Q4 21	$0	$0
Q1 22	$0	$0
Q1 23	$8M	$8M
Q2 24	$0	$0
Q1 25	$0	$0
Q3 25	$0	$0

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+185.7%	+233.7%
Q1 23	+56.3%	+22.9%
Q2 24	+14.1%	-1.9%
Q1 25	-28.2%	-43.8%
Q3 25	-11.4%	-45.5%
Q4 25	-36.5%	-36.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 20	$7M	17.6%
Q2 21	$18M	18.9%
Q3 21	$23M	19.0%
Q4 21	$21M	13.9%
Q1 22	$36M	33.0%
Q1 23	$8M	5.4%
Q2 24	$5M	3.5%
Q1 25	$2M	1.9%
Q3 25	$3M	3.5%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q2 20	$12M	—	—	$29M
Q2 21	$18M	—	—	$89M
Q3 21	$27M	—	—	$82M
Q4 21	$30M	—	—	$94M
Q1 22	$24M	—	—	$119M
Q1 23	$27M	—	—	$80M
Q2 24	$31M	—	—	$78M
Q1 25	$21M	—	—	$53M
Q3 25	$17M	$9M	$48M	—
Q4 25	$18M	—	—	$52M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$350M	$649M	$999M
Q2 22	$329M	$526M	$855M
Q3 22	$496M	$472M	$968M
Q4 22	$661M	$254M	$915M
Q1 23	$610M	$305M	$914M
Q2 23	$589M	$310M	$900M
Q3 23	$458M	$368M	$826M
Q4 23	$308M	$490M	$798M
Q1 24	$321M	$442M	$762M
Q2 24	$462M	$270M	$732M
Q3 24	$470M	$260M	$730M
Q4 24	$584M	$125M	$710M
Q1 25	$473M	$192M	$666M
Q2 25	$467M	$206M	$674M
Q3 25	$399M	$240M	$639M
Q4 25	$493M	$127M	$620M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 20	99M	—	—
Q2 21	97M	-2.2%	—
Q3 21	97M	+0.5%	—
Q4 21	98M	+0.6%	—
Q1 22	99M	+1.2%	0.0%
Q1 23	101M	+1.6%	+3.9%
Q2 24	93M	-7.6%	-4.4%
Q1 25	82M	-12.4%	-16.7%
Q3 25	80M	-2.0%	-19.4%
Q4 25	79M	-1.7%	-22.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 20	—	—
Q2 21	—	—
Q3 21	—	—
Q4 21	$56.0K	3K
Q1 22	$41.0K	3K
Q1 23	$58.0K	3K
Q2 24	$50.1K	3K
Q1 25	$56.4K	2K
Q3 25	$51.0K	2K
Q4 25	$49.1K	2K

Revenue / Employee