Zhihu Inc.

	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21	Dec-20	Dec-19
Total revenue	2.67	3.65	4.20	3.67	2.92	1.28	0.67
Cost of revenue	1.07	1.44	1.90	1.83	1.39	0.56	0.36
Gross profit	1.60	2.21	2.30	1.84	1.53	0.72	0.31
Total operating expenses +	1.97	2.70	3.37	3.47	2.91	1.29	1.37
Selling, general and administrative	1.50	0.33	0.42	0.62	0.69	0.30	0.25
Research and development	0.51	0.74	0.90	0.78	0.61	0.31	0.35
Other operating expenses	-0.04	1.63	2.05	2.07	1.60	0.68	0.76
Operating income	-0.37	-0.49	-1.07	-1.63	-1.37	-0.57	-1.06
Non-operating income (net)	0.20	0.31	0.24	0.04	0.10	0.08	0.05
Income before tax	-0.17	-0.18	-0.83	-1.59	-1.28	-0.49	-1.00
Income tax expense	0.02	-0.01	0.01	0.01	0.01	0.00	0.00
Net income	-0.19	-0.17	-0.84	-1.61	-1.28	-0.49	-1.00

Show Quarterly Income Statement

	Mar-26	Dec-25	Sep-25	Jun-25	Mar-25	Dec-24	Sep-24	Jun-24	Mar-24	Dec-23	Sep-23	Jun-23	Mar-23	Dec-22	Sep-22	Jun-22	Mar-22	Dec-21	Sep-21	Jun-21	Mar-21	Dec-20	Sep-20	Jun-20	Mar-20	Dec-19	Sep-19	Jun-19	Mar-19	Dec-18
Total revenue	0.65	0.63	0.66	0.71	0.73	0.86	0.83	0.94	0.97	1.14	1.03	1.08	1.00	1.07	0.95	0.85	0.74	1.01	0.82	0.64	0.48	0.51	0.38	0.26	0.19	0.22	0.17	0.17	0.17	0.17
Cost of revenue	0.26	0.29	0.26	0.27	0.28	0.32	0.30	0.38	0.42	0.47	0.48	0.50	0.48	0.47	0.49	0.44	0.41	0.54	0.40	0.26	0.21	0.18	0.16	0.13	0.11	0.10	0.09	0.09	0.09	0.09
Gross profit	0.39	0.34	0.40	0.44	0.45	0.54	0.53	0.56	0.55	0.67	0.55	0.58	0.51	0.61	0.46	0.40	0.34	0.48	0.42	0.38	0.28	0.33	0.22	0.13	0.08	0.12	0.08	0.08	0.08	0.08
Total operating expenses +	0.45	0.48	0.50	0.53	0.50	0.85	0.61	0.74	0.77	0.85	0.91	0.92	0.73	0.81	0.75	0.87	0.98	0.85	0.75	0.73	0.62	0.43	0.34	0.28	0.29	0.39	0.34	0.34	0.34	0.34
Selling, general and administrative	0.34	0.36	0.06	0.07	0.04	0.38	0.06	0.11	0.09	0.09	0.11	0.11	0.10	0.12	0.08	0.10	0.31	0.18	0.19	0.16	0.16	0.11	0.05	0.05	0.08	0.07	0.06	0.06	0.06	0.06
Research and development	0.11	0.12	0.11	0.14	0.14	0.15	0.18	0.21	0.20	0.23	0.25	0.24	0.18	0.20	0.17	0.23	0.17	0.21	0.18	0.12	0.11	0.08	0.08	0.08	0.09	0.09	0.09	0.09	0.09	0.09
Other operating expenses	0.00	0.00	0.33	0.32	0.32	0.32	0.38	0.42	0.48	0.53	0.54	0.56	0.45	0.49	0.50	0.54	0.51	0.47	0.37	0.44	0.35	0.24	0.21	0.15	0.13	0.24	0.19	0.19	0.19	0.19
Operating income	-0.06	-0.14	-0.10	-0.09	-0.05	0.01	-0.08	-0.18	-0.23	-0.18	-0.35	-0.34	-0.22	-0.21	-0.29	-0.47	-0.65	-0.37	-0.32	-0.35	-0.35	-0.10	-0.13	-0.16	-0.21	-0.27	-0.26	-0.26	-0.26	-0.26
Non-operating income (net)	0.06	-0.08	0.05	0.19	0.04	0.07	0.07	0.10	0.06	0.08	0.07	0.05	0.04	0.04	-0.02	-0.02	0.04	-0.01	0.05	0.03	0.02	0.01	0.02	0.04	0.01	0.03	0.01	0.01	0.01	0.01
Income before tax	-0.01	-0.22	-0.05	0.10	-0.01	0.08	-0.01	-0.09	-0.17	-0.10	-0.28	-0.29	-0.17	-0.17	-0.31	-0.49	-0.61	-0.38	-0.27	-0.32	-0.33	-0.09	-0.11	-0.12	-0.20	-0.24	-0.25	-0.25	-0.25	-0.25
Income tax expense	0.00	-0.01	0.00	0.03	0.00		0.00	-0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net income	-0.01	-0.21	-0.05	0.07	-0.01	0.09	-0.01	-0.08	-0.17	-0.10	-0.28	-0.29	-0.18	-0.17	-0.31	-0.49	-0.61	-0.38	-0.27	-0.32	-0.33	-0.09	-0.11	-0.12	-0.20	-0.24	-0.25	-0.25	-0.25	-0.25

5 days ago

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	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21	Dec-20	Dec-19
Total cash and short-term investments +	4.24	4.86	5.46	6.26	7.21	3.10	3.54
Cash and cash equivalents	3.37	4.00	2.11	4.53	2.16	0.96	0.90
Short-term investments	0.87	0.86	3.36	1.74	5.06	2.14	2.64
Accounts receivable, net	0.41	0.50	0.68	0.86	0.99	0.50	0.25
Inventories			0.02	0.01	0.00	0.07	0.03
Other current assets	0.08	0.13	0.21	0.19	0.13	0.12	0.08
Total current assets	4.74	5.48	6.38	7.32	8.33	3.72	3.90
Total non-current assets +	0.46	0.25	0.42	0.34	0.47	0.04	0.08
Property, plant and equipment, net	0.05	0.02	0.05	0.11	0.14	0.01	0.04
Goodwill	0.00	0.13	0.19	0.13	0.07	0.00
Intangible assets	0.03	0.05	0.12	0.08	0.07	0.02	0.03
Long-term investments	0.37	0.05	0.04	0.00	0.18	0.00
Other non-current assets
Total assets	5.19	5.73	6.80	7.66	8.81	3.76	3.98

Total current liabilities +	1.27	1.52	1.95	1.82	1.90	1.01	0.76
Accounts payable	0.68	0.84	1.04	0.92	1.03	0.50	0.29
Short-term debt	0.06	0.02	0.04	0.05	0.04	0.00	0.02
Current portion of long-term debt	0.04
Deferred revenue
Other current liabilities	0.34	0.37	0.79	0.47	0.52	0.31	0.32
Total non-current liabilities +	0.05	0.01	0.15	0.14	0.17	7.89	7.21
Long-term debt
Capital lease obligations	0.04	0.02	0.05	0.10	0.12	0.00	0.03
Other non-current liabilities	0.00	0.00	0.12	0.08	0.07
Total liabilities	1.32	1.54	2.09	1.96	2.07	1.01	7.98

Total stockholders' equity +	3.81	4.14	4.60	5.65	6.74	2.75	-3.99
Common stock and paid-in capital	12.88	13.01	13.31	13.52	13.02	7.70	-0.05
Retained earnings	-9.07	-8.88	-8.71	-7.86	-6.28	-4.95	-3.94
Common shares outstanding	80	91	100	100	79	92	99

Show Quarterly Balance Sheet

	Mar-26	Dec-25	Sep-25	Jun-25	Mar-25	Dec-24	Sep-24	Jun-24	Mar-24	Dec-23	Sep-23	Jun-23	Mar-23	Dec-22	Sep-22	Jun-22	Mar-22	Dec-21	Sep-21	Jun-21	Mar-21	Dec-20	Sep-20	Jun-20	Mar-20	Dec-19	Sep-19	Jun-19	Mar-19	Dec-18
Total cash and short-term investments +	4.27	4.24	4.37	4.61	4.56	4.86	5.00	5.01	5.22	5.46	5.65	6.16	6.26	6.26	6.62	5.85	6.84	7.21	6.77	5.75	7.80	3.10	3.23	0.00	3.54	3.54	0.89	0.89	0.89	0.89
Cash and cash equivalents	2.98	3.37	2.73	3.20	3.24	4.00	3.21	3.16	2.19	2.11	3.13	4.03	4.17	4.53	3.40	2.25	2.39	2.16	1.47	0.88	6.01	0.96	0.66		-3.54	0.90	0.23	0.23	0.23	0.23
Short-term investments	1.29	0.87	1.64	1.41	1.32	0.86	1.78	1.85	3.02	3.36	2.52	2.12	2.09	1.74	3.23	3.60	4.44	5.06	5.31	4.86	1.79	2.14	2.57		7.09	2.64	0.66	0.66	0.66	0.66
Accounts receivable, net	0.42	0.38	0.35	0.38	0.47	0.42	0.49	0.57	0.67	0.68	0.64	0.76	0.78	0.86	0.77	0.87	0.85	0.99	0.72	0.60	0.50	0.50	0.36			0.25	0.08	0.08	0.08	0.08
Inventories								0.05	0.02	0.02	0.00		0.01	0.01	0.00	0.00	0.13	0.13	0.00			0.07
Other current assets	0.10	0.11	0.15	0.14	0.14	0.01	0.26	0.25	0.24	0.21	0.33	0.24	0.22	0.19	0.23	0.47	0.40	0.27	0.83	1.37	0.10	0.06	0.09			0.11
Total current assets	4.78	4.74	4.87	5.13	5.16	5.48	5.75	5.84	6.13	6.38	6.62	7.16	7.25	7.32	7.63	7.19	8.09	8.33	8.32	7.71	8.40	3.72	3.67		3.54	3.90	0.98	0.98	0.98	0.98
Total non-current assets +	0.32	0.46	0.63	0.62	0.52	0.25	0.26	0.27	0.41	0.42	0.43	0.47	0.36	0.34	0.35	1.18	0.31	0.47	0.41	0.88	0.30	0.04	0.05		-3.54	0.08	0.02	0.02	0.02	0.02
Property, plant and equipment, net		0.05	0.05	0.06	0.07						0.06	0.09		0.11	0.12	0.13	0.14	0.14	0.11	0.09	0.09	0.01	0.02			0.04
Goodwill		0.00	0.13	0.13	0.13	0.13	0.13	0.13	0.19	0.19	0.19	0.19	0.13	0.13	0.13	0.07	0.07	0.07	0.05
Intangible assets	0.03	0.03	0.04	0.05	0.05	0.05	0.06	0.06	0.12	0.12	0.13	0.13	0.08	0.08	0.09	0.06	0.06	0.07	0.06	0.02	0.02	0.02	0.03			0.03	0.01	0.01	0.01	0.01
Long-term investments	0.24	0.37	0.40	0.38	0.26	0.05	0.05	0.05	0.05	0.04	0.03	0.03	0.03	0.00	0.00	0.90	0.02	0.18	0.18	0.76	0.18
Other non-current assets
Total assets	5.10	5.19	5.50	5.75	5.68	5.73	6.01	6.11	6.54	6.80	7.05	7.63	7.61	7.66	7.98	8.37	8.40	8.81	8.74	8.59	8.70	3.76	3.72			3.98	1.00	1.00	1.00	1.00

Total current liabilities +	1.26	1.27	1.32	1.47	1.48	1.52	1.64	1.68	1.89	1.95	1.91	2.09	1.94	1.82	1.92	2.12	1.87	1.90	1.60	1.42	1.23	1.01	0.86			0.76	0.19	0.19	0.19	0.19
Accounts payable	0.68	0.68	0.68	0.76	0.74	0.84	0.89	0.91	1.02	1.04	0.95	1.14	1.00	0.92	0.92	1.21	1.02	1.03	0.81	0.75	0.60	0.50	0.43			0.38
Short-term debt	0.04	0.06	0.13	0.20	0.09		0.07	0.08	0.03	0.04	0.05	0.06	0.06	0.05	0.05	0.05	0.05	0.04	0.03	0.02	0.02	0.00	0.00			0.02
Current portion of long-term debt		0.04	0.11	0.16	0.06		0.05	0.05
Deferred revenue
Other current liabilities	0.33	0.34	0.30	0.29	0.40	0.04	0.38	0.67	0.82	0.79	0.90	0.86	0.86	0.47	0.92	0.55	0.78	0.76	0.75	0.61	0.60	0.47	0.42			0.36
Total non-current liabilities +	0.02	0.05	0.06	0.07	0.04	0.01	0.03	0.03	0.14	0.15	0.15	0.20	0.13	0.14	0.14	0.16	0.17	0.17	0.12	0.05	0.05	0.00	0.00			0.00	1.80	1.80	1.80	1.80
Long-term debt
Capital lease obligations	0.03	0.04	0.05	0.07	0.07	0.02	0.02	0.03	0.04	0.05	0.05	0.08	0.09	0.10	0.11	0.12	0.13	0.12	0.09	0.08	0.07	0.00
Other non-current liabilities	0.01	0.00	0.00	0.00	0.00	0.00	0.01	0.02	0.11	0.12	0.13	0.15	0.09	0.08	0.08	0.08	0.08	0.07	0.05
Total liabilities	1.28	1.32	1.38	1.54	1.52	1.54	1.66	1.71	2.03	2.09	2.07	2.29	2.08	1.96	2.06	2.28	2.04	2.07	1.72	1.48	1.28	1.01	0.86			0.77	1.99	1.99	1.99	1.99

Total stockholders' equity +	3.74	3.81	4.05	4.14	4.10	4.14	4.29	4.31	4.39	4.60	4.89	5.27	5.48	5.65	5.89	6.07	6.35	6.74	7.01	7.11	7.41	2.75	2.86		3.22	3.22	-1.00	-1.00
Common stock and paid-in capital	12.81	12.88	4.05	12.96	12.97	13.01	4.29	13.27	13.10	13.31	4.89	13.59	13.34	13.52	5.89	13.45	12.63	13.02	7.01	7.11	7.41	7.70	7.62	0.00	3.22	7.16	-0.01	-0.01	0.98	0.98
Retained earnings	-9.07	-9.07		-8.82	-8.88	-8.88		-8.95	-8.71	-8.71		-8.32	-7.86	-7.86		-7.38	-6.28	-6.28				-4.95	-4.76			-3.94	-0.98	-0.98	-0.98	-0.98
Common shares outstanding	77	79	80	80	82	262	91	93	93	96	98	100	101	100	101	101	99	98	97	97	94	92	99	99	99	99	444	444	444	444

5 days ago

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	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21	Dec-20	Dec-19
Operating cash flow +	-0.42	-0.28	-0.42	-1.11	-0.44	-0.24	-0.72
Net income
Depreciation, depletion and amortization	0.02	0.02	0.02	0.03	0.02	0.02	0.02
Stock-based compensation	0.16	0.06	0.16	0.37	0.55	0.18	0.18
Change in inventory					0.03	0.04	0.05
Other working capital changes	-0.61	-0.36	-0.61	-1.51	-1.04	-0.48	-0.97
Cash flow from investing +	-1.68	2.56	-1.68	3.49	-3.14	0.43	-2.10
Capital expenditures	-0.01	0.00	-0.01	0.00	-0.01	0.00	-0.01
Others incl. marketable securities changes	-1.67	2.57	-1.67	3.49	-3.13	0.43	-2.10
Cash flow from financing +	-0.37	-0.40	-0.37	-0.11	4.88	0.01	3.00
Dividend payout
Common stock repurchases	-0.37	-0.40	-0.37	-0.13	4.85	0.00	2.99
Net Debt Issuance	0.00	0.00	0.00	0.02	0.02	0.01	0.01

Change in cash	-2.46	1.88	-2.46	2.27	1.30	0.19	0.18

Show Quarterly Cash Flow

	Mar-26	Dec-25	Sep-25	Jun-25	Mar-25	Dec-24	Sep-24	Jun-24	Mar-24	Dec-23	Sep-23	Jun-23	Mar-23	Dec-22	Sep-22	Jun-22	Mar-22	Dec-21	Sep-21	Jun-21	Mar-21	Dec-20	Sep-20	Jun-20	Mar-20	Dec-19	Sep-19	Jun-19	Mar-19	Dec-18
Operating cash flow +	-0.42											0.05	0.06	0.04	0.04	0.04						0.05	-0.30	0.05	0.05	-0.19	-0.18	-0.18	-0.18	-0.18
Net income
Depreciation, depletion and amortization	0.02																					0.00	0.01	0.00	0.00	0.00	0.01	0.01	0.01	0.01
Stock-based compensation	0.11		0.02	0.02	0.01		-0.01	0.03	0.01	0.01	0.05	0.05	0.05	0.04	0.04	0.04	0.25	0.14	0.16	0.12	0.13	0.06	0.03	0.05	0.04	0.05
Change in inventory
Other working capital changes	-0.55	0.00	-0.02	-0.02	-0.01	0.00	0.01	-0.03	-0.01	-0.01	-0.05	0.00	0.00	0.00	0.00	0.00	-0.25	-0.14	-0.16	-0.12	-0.13	-0.02	-0.34	0.00	0.01	-0.25	-0.18	-0.18	-0.18	-0.18
Cash flow from investing +	-1.68																					0.31	0.12	0.31	0.31	-0.87
Capital expenditures	-0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Others incl. marketable securities changes	-1.67	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.31	0.13	0.31	0.31	-0.87	0.00	0.00	0.00	0.00
Cash flow from financing +	-0.37																					0.00	0.01	0.00	0.00	0.00	0.75	0.75	0.75	0.75
Dividend payout
Common stock repurchases	-0.37																									2.99
Net Debt Issuance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.01	0.00	0.00	-2.98	0.75	0.75	0.75	0.75

Change in cash	-2.46	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.05	0.06	0.04	0.04	0.04	0.00	0.00	0.00	0.00	0.00	0.36	-0.17	0.36	0.36	-1.06	0.57	0.57	0.57	0.57