Zhihu Inc. (ZH) Revenue History
Annual and quarterly revenue from 2019 to 2024
Compound Annual Growth Rate (CAGR)
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Revenue Growth Metrics
Revenue Breakdown (FY 2024)
ZH's revenue distribution by segment and geography for fiscal year 2024
By Product/Segment
ZH Revenue Analysis (2019–2024)
As of February 26, 2026, Zhihu Inc. (ZH) generated trailing twelve-month (TTM) revenue of $2.97 billion, reflecting significant decline in growth of -20.3% year-over-year. The most recent quarter (Q3 2025) recorded $658.9 million in revenue, down 7.2% sequentially.
Looking at the longer-term picture, ZH's 5-year compound annual growth rate (CAGR) stands at +40.4%, indicating outstanding long-term growth trajectory. The company achieved its highest annual revenue of $4.20 billion in 2023.
Revenue diversification analysis shows ZH's business is primarily driven by Membership (56%), Advertising (40%), and Service, Other (4%). With over half of revenue concentrated in Membership, the company maintains significant focus in this area while developing other growth vectors.
When compared to Communication Services sector peers including JOYY (-1.3% YoY), RDDT (+69.4% YoY), and DJT (+9.1% YoY), ZH has underperformed the peer group in terms of revenue growth. Compare ZH vs JOYY →
Peer Comparison
Compare ZH's revenue metrics with industry peers
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| ZHCurrent | $3.0B | -20.3% | +40.4% | -13.4% | |
| JOYY | $2.2B | -1.3% | -9.3% | -18.1% | |
| RDDT | $2.2B | +69.4% | +57.3% | 20.1% | |
| DJT | $4M | +9.1% | - | -5140.9% | |
| MOMO | $10.6B | -7.3% | -9.0% | 14.5% | |
| SNAP | $5.9B | +10.6% | +18.8% | -9.0% |
Historical Revenue Data
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2024 | $3.65B | -13.1% | $2.21B | 60.6% | $-487,900,175 | -13.4% |
| 2023 | $4.20B | +14.5% | $2.30B | 54.7% | $-1,072,080,141 | -25.5% |
| 2022 | $3.67B | +25.6% | $1.84B | 50.2% | $-1,631,918,904 | -44.5% |
| 2021 | $2.92B | +128.5% | $1.53B | 52.5% | $-1,372,703,818 | -47.0% |
| 2020 | $1.28B | +91.2% | $716.4M | 56.0% | $-569,970,474 | -44.6% |
| 2019 | $668.7M | - | $311.4M | 46.6% | $-1,055,617,411 | -157.9% |
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Start ComparisonFrequently Asked Questions
Is ZH's revenue growth accelerating or slowing?
ZH revenue declined -20.3% year-over-year, contrasting with the 5-year CAGR of +40.4%. TTM revenue fell to $3.0B. This reverses the prior growth trend.
What is ZH's long-term revenue growth rate?
Zhihu Inc.'s 5-year revenue CAGR of +40.4% reflects the variable expansion pattern. Current YoY growth of -20.3% is below this long-term average.
How is ZH's revenue distributed by segment?
ZH reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2019-2024 are available for download. Segment mix reveals concentration and diversification trends.