Zhihu Inc. (ZH) Q4 and Full-Year 2025 Earnings Overview

Zhihu Inc. (NYSE: ZH) Earnings Report Highlights

Zhihu Inc. reported fourth-quarter and full-year 2025 results on March 25, 2026. For the fourth quarter, total revenues were RMB643.5 million (US$92.0 million), down from RMB859.2 million in the same period of 2024. Gross margin declined to 53.6% from 62.9% a year earlier, reflecting weaker profitability.

The company posted a net loss of RMB210.8 million (US$30.1 million), compared with net income of RMB86.4 million in the prior-year quarter. Adjusted net loss was RMB39.4 million (US$5.6 million), versus adjusted net income of RMB97.1 million in Q4 2024.

For the full year 2025, Zhihu reported total revenues of RMB2.749 billion (US$393.1 million), down from RMB3.599 billion in 2024.

Full-year gross margin was 59.9%, compared with 60.6% in 2024. Full-year net loss was RMB195.2 million (US$27.9 million), while the company achieved adjusted net income of RMB37.9 million (US$5.4 million), compared with an adjusted net loss in 2024. Zhihu also ended 2025 with RMB4.451 billion (US$636.5 million) in cash, cash equivalents, term deposits, restricted cash, and short-term investments.

Zhihu remains a major online content community in China and is dual-listed on the NYSE (ZH) and HKEX (2390).