ZHNYSEServices-Business Services, NECFiscal year ends December 31Also trades as ZHIHF

Zhihu Inc.

Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 17, 2026

$3.44+0.05 (+1.47%)

Close on Oct 19, 2026

Zhihu Inc. balance sheet

Millions of CNY, except per-share data. Shares in millions.

Line item	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31	FY 2019 2019-12-31	FY 2018 2018-12-31
Cash & Equivalents	3,369	3,999	2,107	4,526	2,157	958	900	713
Short-Term Investments	841	539	1,770	787	2,240	1,046	–	–
Cash & Short-Term Investments	4,210	4,538	3,876	5,313	4,397	2,004	900	713
Receivables	358	421	665	834	832	486	–	–
Inventory	26	31	22	10	4.60	–	–	–
Prepaid Expenses & Other	107	163	232	199	272	124	–	–
Other Current Assets	11	6.09	17	7.95	3.17	4.66	–	–
Total Current Assets	4,732	5,485	6,378	7,320	8,334	3,720	–	–
Property, Plant & Equipment	5.35	8.49	11	7.29	9.87	8.11	–	–
Gross Property, Plant & Equipment	45	46	45	38	36	29	–	–
Accumulated Depreciation	-40	-37	-34	-31	-26	-21	–	–
Long-Term Investments	158	51	45	–	19	–	–	–
Operating Lease Right-of-Use Assets	42	7.15	40	100	127	3.24	–	–
Goodwill	–	126	191	126	74	–	–	–
Intangible Assets	30	55	123	80	68	23	–	–
Other Long-Term Assets	13	0.62	7.99	22	14	6.45	–	–
Total Assets	5,191	5,733	6,795	7,656	8,805	3,761	–	–
Accounts Payable	681	836	1,039	916	1,027	502	–	–
Short-Term Debt	35	–	–	–	–	–	–	–
Current Debt	35	–	–	–	–	–	–	–
Current Portion of Leases	21	17	42	53	41	2.89	–	–
Current Income Taxes Payable	16	22	21	26	66	7.07	–	–
Deferred Revenue (Current)	186	236	304	356	240	160	–	–
Other Current Liabilities	–	–	–	166	127	65	–	–
Total Current Liabilities	1,268	1,525	1,945	1,825	1,898	1,015	–	–
Long-Term Leases	16	1.82	3.64	43	82	–	–	–
Operating Lease Liabilities	37	19	46	97	123	2.90	–	–
Deferred Tax Liabilities	27	6.83	23	12	14	–	–	–
Other Long-Term Liabilities	4.65	3.96	122	82	73	–	–	–
Total Liabilities	1,316	1,537	2,094	1,962	2,067	1,015	–	–
Total Debt	35	–	–	–	–	–	–	–
Additional Paid-In Capital	13,183	13,113	13,487	13,615	13,350	–	–	–
Retained Earnings	-9,071	-8,878	-8,708	-7,862	-6,281	-4,949	–	–
Treasury Stock	-275	-112	-162	-34	–	–	–	–
Comprehensive Income & Other	-34	12	-21	-66	-339	-196	–	–
Shareholders' Equity	3,804	4,136	4,600	5,654	6,731	-5,144	–	–
Noncontrolling Interest	71	60	102	41	7.50	–	–	–
Total Equity	3,875	4,196	4,702	5,694	6,738	-5,144	-3,992	-2,723
Total Liabilities & Equity	5,191	5,733	6,795	7,656	8,805	3,761	–	–
Shares Outstanding(shares)	–	–	–	–	–	–	–	59

Italic numbers are calculated by StockData (for example Q4 = full year − nine months). Per-share data and share counts are adjusted for stock splits. Hover a number for its source; click it to open the filing on SEC.gov. Click a row to chart it.

Ratios

Latest available, balances at Dec 31, 2025

Profitability, FY2025

Gross margin: 59.9%
Operating margin: -18.5%
Net margin: –
Return on equity, FY2025: –

Financial strength

Current ratio: 3.73
Debt to equity: –
Debt to assets: –
Cash to current liabilities: 265.6%

Valuation

P/E ratio: –
Price to sales: –
Price to book: –
Dividend yield: –

Valuation ratios need the share price and fill in once daily prices are connected.