Zhihu Inc. (ZH) Revenue History
Annual and quarterly revenue from 2019 to 2024
Compound Annual Growth Rate (CAGR)
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ZH Revenue Growth
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 May 8, 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 MOMO (-2.7% YoY), JOYY (-1.3% YoY), and DOYU (-11.1% YoY), ZH has underperformed the peer group in terms of 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 | $3.0B | -20.3% | +40.4% | -13.4% | |
 MOMO | $10.1B | -2.7% | -6.6% | 12.7% | |
 JOYY | $2.2B | -1.3% | -9.3% | -18.1% | |
 DOYU | $4.3B | -11.1% | -10.1% | -13.2% | |
 HUYA | $6.1B | -2.1% | +38.2% | -3.1% | |
 BIDU | $133.1B | -2.6% | +4.4% | 16.0% |
ZH Historical Revenue Data (2019–2024)
| 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 ComparisonZH — Frequently Asked Questions
Quick answers to the most common questions about buying ZH stock.
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.