NYSE$ZH
Zhihu Inc-ADR · Q4 2025 earnings
Q4 2025 earnings · · Before market open · Investor relations
Briefing
Zhihu Q4 2025: revenue falls 25% to RMB643.5M as goodwill impairment drives GAAP loss despite first full-year non-GAAP profit
Zhihu reported unaudited Q4 2025 results on March 25, 2026, with total revenue of RMB643.5 million (US$92.0 million), down from RMB859.2 million a year earlier, as marketing services and paid membership both declined amid ongoing refinement of service offerings and fewer average monthly subscribing members (12.2 million). Gross margin compressed to 53.6% from 62.9% as the company broadened content offerings. A RMB126.3 million goodwill impairment tied to prior acquisitions pushed Q4 to a GAAP net loss of RMB210.8 million versus net income of RMB86.4 million in Q4 2024; adjusted net loss was RMB39.4 million. For full-year 2025, revenue was RMB2.75 billion and Zhihu achieved its first-ever full-year non-GAAP profitability with adjusted net income of RMB37.9 million, helped by cost discipline, lower operating expenses, and RMB231.9 million of investment income. Cash and equivalents plus term deposits and short-term investments totaled RMB4.45 billion at year-end, and the company had repurchased 31.1 million Class A shares for US$66.5 million under existing programs.
- Q4 revenue fell 25% year over year to RMB643.5M, with marketing services at RMB234.8M and paid membership at RMB333.5M, both down on weaker demand and fewer average monthly subscribing members (12.2M).
- A RMB126.3M goodwill impairment drove a Q4 GAAP net loss of RMB210.8M; adjusted net loss was RMB39.4M versus adjusted net income of RMB97.1M in Q4 2024.
- Full-year 2025 revenue was RMB2.75B with 59.9% gross margin; Zhihu delivered its first full-year non-GAAP profit at RMB37.9M through expense cuts and improved operating leverage.
- Liquidity remained solid with RMB4.45B in cash, term deposits, restricted cash and short-term investments; share repurchases totaled US$66.5M for 31.1M Class A shares in 2025.
- Management highlighted 41+ minutes of daily user time on platform and plans to accelerate AI-related commercialization in 2026 while prioritizing higher-margin revenue streams.
Headline financials
Revenue & EPS history
Zhihu · Revenue · Quarterly
¥644M
Revenue by segment
Zhihu · ¥644M total across 3 segments · Q4 2025
- Paid Membership¥333M—51.8%
- Marketing Services¥235M—36.5%
- Other¥75.2M—11.7%
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 13 quarterly earnings reports · overlaid with Q4 2025
-5.2%
Avg return
Earnings day
+3.4%
Avg return
5 days after
+1.9%
Avg return
30 days after
21%
3 / 14 earnings
Positive
+24.8%
Q1 2022
Best reaction
-31.8%
Q4 2021
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.3% | +7.6% | — | |
| Q4 2025 | -7.7% | -10.6% | +12.6% | |
| Q2 2023 | -8.3% | +1.0% | -1.0% | |
| Q1 2023 | -2.0% | +4.5% | +2.7% | |
| Q4 2022 | +4.2% | -3.4% | -2.5% | |
| Q3 2022 | -2.9% | +28.6% | +23.8% | |
| Q2 2022 | -10.4% | -2.0% | +0.0% | |
| Q1 2022 | +24.8% | -11.3% | -2.1% | |
| Q4 2019 | -15.2% | -5.6% | +24.3% | |
| Q4 2020 | -15.2% | -18.3% | -42.2% | |
| Q4 2021 | -31.8% | +49.8% | +1.9% | |
| Q3 2021 | -2.8% | -0.8% | -31.2% | |
| Q2 2021 | -3.2% | +10.2% | +3.8% | |
| Q1 2021 | -3.4% | -2.1% | +34.4% | |
| Q3 2020 | — | — | — | |
| Q2 2020 | — | — | — | |
| Q1 2020 | — | — | — |
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