← Zhihu Inc.
| Annual Trend | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Revenue | — | $28.7m |
$1.4b
+4616.58%
|
$464.4m
-65.66%
|
$522.7m
+12.55%
|
$591.4m
+13.15%
|
$493.0m
-16.63%
|
$393.1m
-20.27%
|
$2.7b
+579.44%
|
|
| Revenues (including transactions with related parties of RMB 35,147, RMB 30,830 and RMB 47,472 for the years ended December 31, 2023, 2024 and 2025, respectively) | — | $670.5m | $1.4b | $3.0b | $3.6b | $4.2b | $3.6b | $2.7b | — | |
| Cost of Goods and Services Sold | — | ($358.2m) |
$594.4m
+265.92%
|
$220.5m
-62.90%
|
$260.5m
+18.13%
|
$268.0m
+2.89%
|
$194.3m
-27.52%
|
$157.5m
-18.94%
|
$1.1b
+589.58%
|
|
| Cost of revenues (including transactions with related parties of RMB 37,074, RMB 29,332 and RMB 21,934 for the years ended December 31, 2023, 2024 and 2025, respectively) | — | ($358.2m) |
($594.4m)
-65.92%
|
($1.4b)
-136.44%
|
($1.8b)
-27.85%
|
($1.9b)
-5.91%
|
($1.4b)
+25.48%
|
($1.1b)
+22.34%
|
$1.1b
+198.61%
|
|
| Gross Profit | — | $312.3m |
$757.8m
+142.67%
|
$243.8m
-67.82%
|
$262.1m
+7.51%
|
$323.4m
+23.35%
|
$298.8m
-7.60%
|
$235.6m
-21.14%
|
$1.6b
+572.67%
|
|
| Research And Development | — | $351.0m | $329.8m | $619.6m | $763.4m | $901.5m | $732.6m | $525.0m | $493.2m | |
| Research and Development Expense | — | — | $329.8m | $97.2m | $110.7m | $127.0m | $100.4m | $75.1m | $493.2m | |
| Selling and Marketing Expense | — | — | $734.8m | $256.5m | $293.8m | $288.5m | $219.1m | $179.1m | $1.5b | |
| Selling and marketing expenses (including transactions with related parties of RMB 2,585, RMB 57,339 and RMB 28,158 for the years ended December 31, 2023, 2024 and 2025, respectively) | — | ($766.5m) | ($734.8m) | ($1.6b) | ($2.0b) | ($2.0b) | ($1.6b) | ($1.3b) | $1.5b | |
| General and Administrative Expense | — | — | $296.2m | $108.3m | $90.2m | $58.9m | $45.2m | $36.0m | $266.2m | |
| General and administrative expenses (including transactions with related parties of nil, RMB 3,792 and RMB 2,453 for the years ended December 31, 2023, 2024 and 2025, respectively) | — | ($253.3m) | ($296.2m) | ($690.3m) | ($622.0m) | ($418.5m) | ($330.2m) | ($251.4m) | $266.2m | |
| Amortization of Intangible Assets | — | — | $11.5m | $15.7m | $21.5m | $20.1m | $17.1m | $14.6m | — | |
| Operating Expenses | — | — | $1.4b | $462.1m | $494.7m | $474.4m | $364.7m | $308.2m | $2.0b | |
| Total operating expenses | — | ($1.4b) | ($1.4b) | ($2.9b) | ($3.4b) | ($3.4b) | ($2.7b) | ($2.2b) | $2.0b | |
| Loss from operations | — | ($1.1b) |
($602.9m)
+43.04%
|
($1.4b)
-130.68%
|
($1.6b)
-15.32%
|
($1.1b)
+33.14%
|
($481.1m)
+55.13%
|
($507.3m)
-5.45%
|
— | |
| Other Non Operating Income Expenses | — | $2.7m | $11.7m | ($4.4m) | $6.0m | $49.2m | $42.9m | $30.6m | — | |
| Operating Income (Loss) | — | — | ($602.9m) |
($218.2m)
+63.80%
|
($232.5m)
-6.55%
|
($151.0m)
+35.05%
|
($65.9m)
+56.36%
|
($72.5m)
-10.06%
|
($391.2m)
-439.32%
|
|
| Investment income | — | $25.0m | $56.1m | $59.2m | $70.4m | $41.7m | $65.4m | $231.9m | — | |
| Interest income | — | $28.7m | $24.8m | $31.3m | $68.1m | $158.7m | $115.0m | $71.5m | $66.5m | |
| Investment Income, Net | — | — | $56.1m | $9.3m | $10.2m | $5.9m | $60.5m | $72.7m | — | |
| Foreign Currency Transaction Gain (Loss), before Tax | — | — | $62.7m | ($2.6m) | $10.4m | $14k | $139k | ($33k) | — | |
| Gain On Sale Of Security | — | — | — | — | ($34.6m) | $36.6m | $144.9m | $231.6m | $240.9m | |
| Gain (Loss) on Derivative Instruments, Net, Pretax | — | — | ($68.8m) | $4.4m | ($145.2m) | $0 | $0 | — | — | |
| Other Nonoperating Income (Expense) | — | — | $11.7m | ($689k) | $867k | $6.9m | $5.9m | $4.4m | — | |
| Other Income Expense | — | — | — | — | ($28.6m) | $85.9m | $187.8m | $135.9m | $154.6m | |
| Pre-Tax Income | — | ($1.0b) | ($516.5m) | ($1.3b) | ($1.6b) | ($827.7m) | ($178.4m) | ($173.5m) | ($170.1m) | |
| Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | — | — | ($516.5m) | ($203.0m) | ($226.8m) | ($116.6m) | ($24.4m) | ($24.8m) | ($170.1m) | |
| Loss before income tax | — | ($1.0b) | ($516.5m) | ($1.3b) | ($1.6b) | ($827.7m) | ($178.4m) | ($173.5m) | — | |
| Current Income Tax Expense (Benefit) | — | — | $1.1b | $5.4b | $16.6b | $15.6b | ($6.4m) | $1.3m | $23.5m | |
| Income tax (expenses)/benefits | — | ($40k) | ($1.1m) | ($5.4m) | ($14.2m) | ($11.8m) | $9.4m | ($21.7m) | $23.5m | |
| Income Tax Expense (Benefit) | — | — | $1.1m | $854k | $2.1m | $1.7m | ($1.3m) | $3.1m | $23.5m | |
| Net loss | — | ($1.0b) | ($517.5m) | ($1.3b) | ($1.6b) | ($839.5m) | ($169.0m) | ($195.2m) | — | |
| Net Income From Continuing And Discontinued Operation | — | — | ($517.5m) | ($203.8m) | ($1.6b) | ($843.6m) | ($171.8m) | ($192.9m) | ($191.3m) | |
| Net Income Continuous Operations | — | ($1.0b) | ($517.5m) | ($1.3b) | ($1.6b) | ($839.5m) | ($169.0m) | ($195.2m) | ($193.6m) | |
| Net loss attributable to Zhihu Inc.'s shareholders | — | ($1.4b) | ($1.2b) | ($1.5b) | ($1.6b) | ($843.6m) | ($171.8m) | ($192.9m) | — | |
| Net Income (Loss) Available to Common Stockholders, Basic | — | — | ($1.2b) |
($230.6m)
+80.76%
|
($229.2m)
+0.58%
|
($118.8m)
+48.17%
|
($23.5m)
+80.19%
|
($27.6m)
-17.19%
|
($191.3m)
-593.58%
|
|
| Net Income (Loss) Attributable to Noncontrolling Interest | — | — | — | — | $399k | $579k | $388k | ($323k) | ($191.3m) | |
| Otherunder Preferred Stock Dividend | — | — | — | $170.6m | $0 | $0 | — | — | — | |
| Earnings Per Share, Basic | — | ($22.99) | ($18.36) | ($0.96) | ($0.75) | ($0.40) | ($0.09) | ($0.11) | ($2.40) | |
| Earnings Per Share, Diluted | — | ($22.99) | ($18.36) | ($0.96) | ($0.75) | ($0.40) | ($0.09) | ($0.11) | ($2.40) | |
| Weighted Average Number of Shares Outstanding, Basic | — | 62.2m | 65.3m | 240.2m | 304.8m | 299.1m | 273.6m | 240.0m | 78.9m | |
| Weighted average number of ordinary shares, basic | — | $62,249,946.00 | $65,279,970.00 | $240,174,108.00 | $304,836,318.00 | $299,132,894.00 | $273,560,865.00 | $240,043,649.00 | — | |
| Weighted average number of ordinary shares, diluted | — | $62,249,946.00 | $65,279,970.00 | $240,174,108.00 | $304,836,318.00 | $299,132,894.00 | $273,560,865.00 | $240,043,649.00 | — | |
| Basic Average Shares | — | — | — | — | $101.6m | $99.7m | $91.2m | $80.0m | $78.9m | |
| Diluted Average Shares | — | — | — | — | $101.6m | $99.7m | $91.2m | $80.0m | $78.9m | |
| Weighted Average Number of Shares Outstanding, Diluted | — | 62.2m | 65.3m | 240.2m | 304.8m | 299.1m | 273.6m | 240.0m | 78.9m | |
| Additional Financial Items | ||||||||||
| Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount | — | — | — | — | — | $0 | $0 | — | — | |
| Goodwill, Impairment Loss | — | — | — | — | $0 | $0 | $0 | $18.1m | $126.3m | |
| Impairment of goodwill | — | — | — | — | — | $0 | $0 | ($126.3m) | — | |
| Fair value change of financial instruments | — | — | ($68.8m) | $27.8m | ($176.7m) | ($5.2m) | $78.4m | — | — | |
| Exchange gains/(losses) | — | ($9.2m) | $62.7m | ($16.7m) | $71.7m | $97k | $1.0m | ($233k) | — | |
| Others, net | — | $2.7m | $11.7m | ($4.4m) | $6.0m | $49.2m | $42.9m | $30.6m | — | |
| Net (income)/loss attributable to noncontrolling interests | — | — | — | — | ($2.8m) | ($4.1m) | ($2.8m) | $2.3m | ($191.3m) | |
| Foreign currency translation adjustments | — | ($4.0m) | ($143.3m) | ($143.2m) | $273.3m | $45.3m | $33.0m | ($46.1m) | — | |
| Comprehensive (income)/loss attributable to noncontrolling interests | — | — | — | — | ($2.8m) | ($4.1m) | ($2.9m) | $2.2m | — | |
| Comprehensive loss attributable to Zhihu Inc.'s shareholders | — | ($1.4b) | ($1.3b) | ($1.6b) | ($1.3b) | ($798.4m) | ($138.9m) | ($239.0m) | — | |
| Diluted EPS | — | — | — | — | ($15.57) | ($8.46) | ($1.89) | ($2.40) | ($2.40) | |
| Diluted NI Availto Com Stockholders | — | — | ($517.5m) | ($203.8m) | ($1.6b) | ($843.6m) | ($171.8m) | ($192.9m) | ($191.3m) | |
| Impairment Of Capital Assets | — | — | — | — | — | $0 | $0 | $126.3m | $126.3m | |
| Minority Interests | — | — | — | — | ($2.8m) | ($4.1m) | ($2.8m) | $2.3m | $2.3m | |
| Normalized EBITDA | — | — | — | — | ($1.5b) | ($1.1b) | ($604.0m) | ($461.3m) | ($391.2m) | |
| Normalized Income | — | — | — | — | ($1.6b) | ($871.1m) | ($309.0m) | ($271.9m) | ($260.0m) | |
| Other Gand A | — | — | — | — | $622.0m | $418.5m | $330.2m | $251.4m | — | |
| Reconciled Depreciation | — | — | — | — | $25.2m | $19.0m | $21.9m | $24.9m | $24.9m | |
| Selling General And Administration | — | — | — | — | $2.6b | $2.5b | $1.9b | $1.5b | — | |
| Special Income Charges | — | — | — | — | — | $0 | $0 | ($126.3m) | ($126.3m) | |
| Tax Effect Of Unusual Items | — | — | — | — | ($8.6m) | $9.2m | $7.6m | $26.3m | $45.8m | |
| Tax Provision | — | — | — | — | $14.2m | $11.8m | ($9.4m) | $21.7m | $23.5m | |
| Tax Rate For Calcs | — | — | — | — | $0 | $0 | $0 | $0 | $0 | |
| Total other comprehensive income/(loss) | — | ($4.0m) | ($143.3m) | ($143.2m) | $273.3m | $45.3m | $33.0m | ($46.1m) | — | |
| Total comprehensive loss | — | — | ($660.9m) | ($1.4b) | ($1.3b) | ($794.3m) | ($136.0m) | ($241.3m) | — | |
| Total Unusual Items | — | — | — | — | ($34.6m) | $36.6m | $144.9m | $105.3m | $114.5m | |
| Total Expenses | — | — | — | — | $5.2b | $5.3b | $4.1b | $3.1b | $3.1b |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.