Zhihu Inc. (ZH) Revenue History
Annual and quarterly revenue from 2019 to present
ZH Revenue Over Time (2019–2025)
ZH Revenue Growth History
4 of 6 years with positive growth- FY2019 revenue growth
- N/A
- FY2020 revenue growth
- +91.2%
- FY2021 revenue growth
- +128.5%
- FY2022 revenue growth
- +25.6%
- FY2023 revenue growth
- +14.5%
- FY2024 revenue growth
- -13.1%
- FY2025 revenue growth
- -26.7%
| Quarter | Revenue | YoY |
|---|---|---|
| Q4 2025 | $634.6M | -27.2% |
| Q3 2025 | $658.9M | -20.3% |
| Q2 2025 | $710.0M | -24.2% |
| Q1 2025 | $728.3M | -24.6% |
| Q4 2024 | $872.3M | -21.8% |
| Q3 2024 | $826.5M | -19.8% |
| Q2 2024 | $937.0M | -13.0% |
| Q1 2024 | $966.4M | -3.2% |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2025)
ZH's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
ZH Revenue Analysis (2019–2025)
Current Revenue & Growth
As of June 22, 2026, Zhihu Inc. (ZH) generated trailing twelve-month (TTM) revenue of $2.73 billion, reflecting significant decline in growth of -27.2% year-over-year. The most recent quarter (Q4 2025) recorded $634.6 million in revenue, down 3.7% sequentially.
Historical Growth Trajectory
ZH's 5-year compound annual growth rate (CAGR) stands at +15.9%, indicating consistent double-digit revenue growth. The 3-year CAGR of -10.0% is below the 5-year average, signalling a growth deceleration in recent years. Zhihu Inc.'s highest annual revenue of $4.20 billion was recorded in 2023.
Revenue by Segment
ZH's revenue is primarily driven by Membership (56%), Advertising (31%), and Service, Other (13%). With over half of revenue concentrated in Membership, the company has a focused business model while developing other growth vectors.
Peer Comparison
Compared to Communication Services sector peers — including MOMO (-2.8% YoY), JOYY (-1.3% YoY), and DOYU (-11.1% YoY) — ZH has underperformed the peer group in revenue growth. Compare ZH vs MOMO →
ZH Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| ZHCurrent | $2.7B | -27.2% | +15.9% | -13.9% | |
 MOMO | $10.4B | -2.8% | -7.2% | 13.1% | |
 JOYY | $2.1B | -1.3% | +48.5% | 2.6% | |
 DOYU | $3.8B | -11.1% | -16.8% | 0.3% | |
 HUYA | $6.5B | -2.1% | -9.8% | -2.5% | |
 BIDU | $129.1B | -86.5% | +3.8% | -4.5% |
ZH Historical Revenue Data (2019–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $2.67B | -26.7% | $1.60B | 59.9% | $-370,565,243 | -13.9% |
| 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% |
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
7+ years return with dividends reinvested.
DCA Calculator
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Peer Comparison
Compare growth, multiples, and margins vs sector.
ZH — Frequently Asked Questions
Quick answers to the most common questions about buying ZH stock.
Is ZH's revenue growth accelerating or slowing?
ZH revenue is declining -27.2% year-over-year. TTM revenue fell to $2.7B, contrasting with the 5-year CAGR of +15.9%. The reversal reflects either macro headwinds or company-specific challenges.
What is ZH's revenue history from 2019 to 2026?
Zhihu Inc. (ZH) revenue history spans 2019 to 2026. TTM revenue as of 2026 is $2.7B, growing at -27.2% YoY. The 5-year CAGR is +15.9%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is ZH's long-term revenue growth rate (CAGR)?
Zhihu Inc.'s 5-year revenue CAGR of +15.9% reflects the variable nature of its business expansion. As of 2026, the current YoY growth rate of -27.2% is below this long-term average. CAGR is the most reliable measure of sustained revenue momentum for ZH.
Why does ZH's quarterly revenue fluctuate?
ZH quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. Zhihu Inc.'s revenue data from 2019 to 2026 shows full historical quarterly detail on this page.
How is ZH's revenue distributed by segment?
ZH reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does ZH's revenue compare to industry peers?
Zhihu Inc. (ZH) with TTM revenue of $2.7B and -27.2% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.