Zhihu Inc. (ZH) stock

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

Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 17, 2026Score 2/30

$2.66+0.02 (+0.76%)

Close on Nov 13, 2026Market cap $239.28MP/E –Yield –

Zhihu operating margin

Operating margin is operating income as a percentage of revenue.

For fiscal 2025 it was -18.5%, against -13.4% the year before. The highest annual figure on record is -13.4% in fiscal 2024.

Period	Period end	Value	Change (pts)
FY2025	Dec 31, 2025	-18.5%	−5.1
FY2024	Dec 31, 2024	-13.4%	+12.2
FY2023	Dec 31, 2023	-25.5%	+19.0
FY2022	Dec 31, 2022	-44.5%	+2.5
FY2021	Dec 31, 2021	-47.0%	−2.4
FY2020	Dec 31, 2020	-44.6%	+113.3
FY2019	Dec 31, 2019	-157.9%	–

Trailing twelve months. Peers are matched on business description, industry and size. Ticks are peers, the dot is ZH.

Revenue growth-23.6% · median 7.0%

Gross margin59.9% · median 42.2%

Operating margin-18.5% · median 2.6%

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