Zhihu Inc. (ZH) quarterly income statement — complete revenue, gross profit & net income history
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 | Q1'21 |
|---|
| Sales/Revenue | 634.63M | 658.93M | 710.04M | 728.27M | 872.31M | 826.46M | 936.95M | 966.44M | 1.12B | 1.03B | 1.08B | 998.89M | 1.07B | 950.05M | 847.08M | 743.65M | 1.01B | 821.36M | 639.16M | 484.52M |
| Revenue Growth % | -27.25% | -20.27% | -24.22% | -24.64% | -21.8% | -19.77% | -13.03% | -3.25% | 4% | 8.43% | 27.18% | 34.32% | 5.69% | 15.67% | 32.53% | 53.48% | 98.27% | 118.46% | - | 153.53% |
| Cost of Goods Sold | 294.58M | 255.29M | 266.14M | 278.03M | 323.4M | 298.18M | 378.54M | 419.81M | 455.89M | 477.42M | 497.43M | 484.26M | 467.41M | 486.98M | 442.19M | 407.92M | 537.07M | 397.6M | 262.13M | 208.3M |
| COGS % of Revenue | 46.42% | 38.74% | 37.48% | 38.18% | 37.07% | 36.08% | 40.4% | 43.44% | 40.87% | 46.34% | 46.17% | 48.48% | 43.58% | 51.26% | 52.2% | 54.85% | 52.92% | 48.41% | 41.01% | 42.99% |
| Gross Profit | 340.06M | 403.64M | 443.9M | 450.24M | 548.91M | 528.28M | 558.42M | 546.64M | 659.64M | 552.74M | 579.91M | 514.62M | 605.18M | 463.07M | 404.89M | 335.73M | 477.76M | 423.76M | 377.03M | 276.23M |
| Gross Margin % | 53.58% | 61.26% | 62.52% | 61.82% | 62.93% | 63.92% | 59.6% | 56.56% | 59.13% | 53.66% | 53.83% | 51.52% | 56.42% | 48.74% | 47.8% | 45.15% | 47.08% | 51.59% | 58.99% | 57.01% |
| Gross Profit Growth % | -38.05% | -23.59% | -20.51% | -17.63% | -16.79% | -4.43% | -3.71% | 6.22% | 9% | 19.37% | 43.23% | 53.28% | 26.67% | 9.28% | 7.39% | 21.54% | 45.66% | 96.07% | - | 247.56% |
| Operating Expenses | 475.68M | 503.46M | 534.03M | 502.74M | 536.86M | 610.76M | 742.91M | 772.69M | 834.23M | 905.59M | 917.51M | 732.38M | 813.45M | 753.38M | 871.64M | 984.29M | 851.38M | 745.41M | 728.01M | 623.15M |
| OpEx % of Revenue | 74.95% | 76.41% | 75.21% | 69.03% | 61.54% | 73.9% | 79.29% | 79.95% | 74.78% | 87.91% | 85.16% | 73.32% | 75.84% | 79.3% | 102.9% | 132.36% | 83.89% | 90.75% | 113.9% | 128.61% |
| Selling, General & Admin | 354.29M | 389.09M | 389.74M | 361.15M | 388.01M | 435.43M | 532.88M | 574.19M | 606.3M | 653.97M | 673.77M | 548.57M | 608.85M | 585.86M | 645.09M | 817.68M | 644.27M | 561.23M | 607.24M | 515.46M |
| SG&A % of Revenue | 55.83% | 59.05% | 54.89% | 49.59% | 44.48% | 52.69% | 56.87% | 59.41% | 54.35% | 63.48% | 62.54% | 54.92% | 56.76% | 61.67% | 76.15% | 109.96% | 63.49% | 68.33% | 95.01% | 106.39% |
| Research & Development | 121.39M | 114.36M | 144.29M | 141.59M | 148.85M | 175.32M | 210.03M | 198.5M | 227.93M | 251.62M | 243.74M | 183.82M | 204.6M | 167.52M | 226.55M | 166.61M | 207.11M | 184.18M | 120.77M | 107.69M |
| R&D % of Revenue | 19.13% | 17.36% | 20.32% | 19.44% | 17.06% | 21.21% | 22.42% | 20.54% | 20.43% | 24.42% | 22.62% | 18.4% | 19.08% | 17.63% | 26.74% | 22.4% | 20.41% | 22.42% | 18.9% | 22.23% |
| Other Operating Expenses | 7 | 0 | 8 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -135.62M | -99.81M | -90.14M | -52.5M | 12.05M | -82.48M | -184.49M | -226.05M | -174.6M | -352.84M | -337.6M | -217.76M | -208.27M | -290.31M | -466.75M | -648.56M | -373.62M | -321.65M | -350.98M | -346.93M |
| Operating Margin % | -21.37% | -15.15% | -12.69% | -7.21% | 1.38% | -9.98% | -19.69% | -23.39% | -15.65% | -34.25% | -31.34% | -21.8% | -19.42% | -30.56% | -55.1% | -87.21% | -36.82% | -39.16% | -54.91% | -71.6% |
| Operating Income Growth % | -1225.78% | -21.02% | 51.14% | 76.77% | 106.9% | 76.62% | 45.35% | -3.81% | 16.17% | -21.54% | 27.67% | 66.42% | 44.25% | 9.74% | -32.98% | -86.94% | -263.06% | -152.33% | - | -61.94% |
| EBITDA | -110.73M | -45.89M | -85.43M | -47.76M | 85.01M | -9.71M | -178.34M | -219.89M | -96.21M | -280.82M | -285.52M | -174.96M | -170.19M | -307.33M | -487.01M | -612.23M | -378.63M | -268.82M | -319.91M | -328.38M |
| EBITDA Margin % | -17.45% | -6.96% | -12.03% | -6.56% | 9.75% | -1.17% | -19.03% | -22.75% | -8.62% | -27.26% | -26.5% | -17.52% | -15.87% | -32.35% | -57.49% | -82.33% | -37.31% | -32.73% | -50.05% | -67.77% |
| EBITDA Growth % | -230.25% | -372.73% | 52.1% | 78.28% | 188.36% | 96.54% | 37.54% | -25.68% | 43.47% | 8.63% | 41.37% | 71.42% | 55.05% | -14.33% | -52.23% | -86.44% | -285.65% | -149.52% | - | -61.15% |
| D&A (Non-Cash Add-back) | 24.89M | 0 | 4.7M | 4.74M | 0 | 0 | 6.15M | 6.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBIT | -215.38M | -45.89M | 100.19M | -10.32M | 85.01M | -9.71M | -87.95M | -165.47M | -96.21M | -280.82M | -285.52M | -174.96M | -170.19M | -307.33M | -487.01M | -612.23M | -378.63M | -268.82M | -319.91M | -328.38M |
| Net Interest Income | 47.35M | 17.31M | 20.25M | 20.61M | 26.31M | 31.14M | 26.75M | 30.76M | 38.83M | 40.36M | 39.99M | 39.49M | 33.67M | 14.6M | 10.48M | 9.36M | 9.88M | 9.85M | 8.25M | 3.33M |
| Interest Income | 47.35M | 17.31M | 20.25M | 20.61M | 26.31M | 31.14M | 26.75M | 30.76M | 38.83M | 40.36M | 39.99M | 39.49M | 33.67M | 14.6M | 10.48M | 9.36M | 9.88M | 9.85M | 8.25M | 3.33M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -79.76M | 53.92M | 190.33M | 42.18M | 72.97M | 72.77M | 96.54M | 60.59M | 78.38M | 72.02M | 52.09M | 42.8M | 38.08M | -17.02M | -20.26M | 36.33M | -5.01M | 52.83M | 31.07M | 18.54M |
| Pretax Income | -215.38M | -45.89M | 100.19M | -10.32M | 85.01M | -9.71M | -87.95M | -165.47M | -96.21M | -280.82M | -285.52M | -174.96M | -170.19M | -307.33M | -487.01M | -612.23M | -378.63M | -268.82M | -319.91M | -328.38M |
| Pretax Margin % | -33.94% | -6.96% | 14.11% | -1.42% | 9.75% | -1.17% | -9.39% | -17.12% | -8.62% | -27.26% | -26.5% | -17.52% | -15.87% | -32.35% | -57.49% | -82.33% | -37.31% | -32.73% | -50.05% | -67.77% |
| Income Tax | -7.5M | 850K | 28.4M | -232.55K | -2.7M | -928.16K | -7.09M | 1.29M | 4.83M | -258K | 2.4M | 4.85M | 2.65M | 2.77M | 6.46M | 2.4M | 3.01M | 302.22K | 1.58M | 544K |
| Effective Tax Rate % | 3.48% | -1.85% | 28.35% | 2.25% | -3.18% | 9.56% | 8.06% | -0.78% | -5.02% | 0.09% | -0.84% | -2.77% | -1.56% | -0.9% | -1.33% | -0.39% | -0.79% | -0.11% | -0.49% | -0.17% |
| Net Income | -205.75M | -46.66M | 71.79M | -10.07M | 87.59M | -10.26M | -83.02M | -165.8M | -101.7M | -280.86M | -288.72M | -182.21M | -173M | -312.8M | -493.47M | -614.63M | -381.64M | -269.12M | -321.49M | -328.93M |
| Net Margin % | -32.42% | -7.08% | 10.11% | -1.38% | 10.04% | -1.24% | -8.86% | -17.16% | -9.12% | -27.26% | -26.8% | -18.24% | -16.13% | -32.92% | -58.26% | -82.65% | -37.61% | -32.77% | -50.3% | -67.89% |
| Net Income Growth % | -334.91% | -354.7% | 186.47% | 93.92% | 186.13% | 96.35% | 71.25% | 9% | 41.22% | 10.21% | 41.49% | 70.36% | 54.67% | -16.23% | -53.49% | -86.86% | -330.36% | -149.03% | - | -60.85% |
| Net Income (Continuing) | -207.88M | -46.74M | 71.79M | -10.09M | 87.72M | -8.78M | -80.87M | -166.76M | -101.04M | -280.56M | -287.92M | -179.81M | -172.85M | -310.1M | -493.47M | -614.63M | -381.64M | -269.12M | -321.49M | -328.93M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 70.95M | 69.67M | 66.35M | 62.92M | 59.56M | 56.01M | 87.91M | 114.24M | 101.8M | 87.74M | 74.09M | 52.07M | 40.57M | 31.29M | 15.69M | 11.59M | 7.5M | 3.4M | 0 | 0 |
| EPS (Diluted) | -2.58 | -0.57 | 0.87 | -0.12 | 0.93 | -0.11 | -0.90 | -1.77 | -1.08 | -2.84 | -2.79 | -1.78 | -1.79 | -2.94 | -4.81 | -6.19 | -3.91 | -2.77 | -3.31 | -3.43 |
| EPS Growth % | -377.42% | -418.18% | 196.67% | 93.22% | 186.11% | 96.13% | 67.74% | 0.56% | 39.66% | 3.4% | 42% | 71.24% | 54.22% | -6.14% | -45.32% | -80.47% | -298.98% | -149.55% | - | -68.97% |
| EPS (Basic) | -2.58 | -0.57 | 0.90 | -0.12 | 0.93 | -0.11 | -0.90 | -1.77 | -1.08 | -2.84 | -2.79 | -1.78 | -1.79 | -2.94 | -4.81 | -6.19 | -3.91 | -2.77 | -3.31 | -3.43 |
| Diluted Shares Outstanding | 78.51M | 79.83M | 80.25M | 81.5M | 91.42M | 91.42M | 92.99M | 92.82M | 96.21M | 98.16M | 100.24M | 100.63M | 100.44M | 101.08M | 101.24M | 99.06M | 97.87M | 97.31M | 96.84M | 94.49M |
| Basic Shares Outstanding | 78.51M | 79.83M | 80.25M | 81.5M | 91.42M | 91.42M | 91.84M | 92.82M | 96.21M | 98.16M | 100.24M | 100.63M | 100.44M | 101.08M | 101.24M | 99.06M | 97.87M | 97.31M | 96.84M | 94.49M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |