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Earnings are out

ZH · NYSE · Internet Content & Information

Zhihu (ADR)

Hosts a China-focused content community monetized through memberships, marketing, and content-related services.

$2.85

After-hours close−0.00 (−0.18%)

At close$2.86(−6.70%)

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Profile

Zhihu Inc.ZHCommunication Services

Runs a China-focused online content community where creators and users exchange knowledge, experience, and insights. Revenue comes from paid membership, marketing services, IP operations, and selected content-related services.

Built around an online Q&A-origin community, the platform lets creators and users exchange knowledge, experience, and insights across content verticals and formats. Its monetization spans paid membership, marketing services, IP operations, and selected content-related services. Premium offerings include Yanyan Story, audiobooks, and audio dramas; marketing services serve advertisers seeking its professional user base and trusted-content environment.

Substantially all revenue and long-lived assets are in China, making the company's operating base geographically concentrated. Founder Yuan Zhou remains chairman and CEO. Operations and the ADS are shaped by the evolving interpretation and enforcement of PRC laws and regulations.

Company facts

CEOYuan Zhou

ListedMar 26, 2021

ExchangeNYSE

HeadquartersBeijing, China

CountryChina

Employees1,154

CIK0001835724

ISINUS98955N2071

Key statistics

Market cap$230.5M

EPS (ttm)−$0.5565

P/E (ttm)−5.12

ROE-7.9%

P/B0.4269

P/S0.6273

Dividend yield—

Beta1.07vs XLC 0.44

Year to date −14.3% · Average volume (30d) 196.4K

Analysts

No analyst consensus on record.

Earnings

EPS

Estimate−$0.01

Reported−$0.07−501.4%

Revenue

Estimate$104.6M

Reported$101.6M−2.9%

History

Report date	EPS est	EPS	Surprise	Revenue est	Revenue	Surprise	Next session
Aug 26, 2026Q2 FY26	−$0.01	−$0.07	−501.4%	$104.6M	$101.6M	−2.9%	−2.53%
Jun 3, 2026Q1 FY26	—	−$0.02	—	$91.4M	$94.4M	+3.3%	+1.98%
Mar 25, 2026Q4 FY25	−$0.01	−$0.37	−3,127.4%	$91.9M	$92.0M	+0.1%	−4.59%
Nov 25, 2025Q3 FY25	−$0.08	−$0.03	+62.5%	$640.4M	$92.5M	−85.5%	−1.35%

View details

Financial highlights

	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
Revenue	$108.4M	$105.6M	$98.0M	$94.4M	$96.4M	$102.4M
Gross profit	$67.0M	$66.0M	$60.1M	$50.6M	$57.4M	$58.4M
Operating income	−$7.8M	−$13.4M	−$14.9M	−$20.2M	−$9.3M	−$11.3M
Net income	−$1.5M	$10.7M	−$6.9M	−$30.6M	—	−$5.6M
Diluted EPS	−$0.02	$0.13	−$0.08	−$0.38	−$0.02	−$0.07
Gross margin	61.8%	62.5%	61.3%	53.6%	59.6%	57.0%
Operating margin	-7.2%	-12.7%	-15.1%	-21.4%	-9.7%	-11.0%

Fiscal years (4-quarter sums)FY21 $440.4M · FY22 $537.6M · FY23 $628.2M · FY24 $536.0M · FY25 $406.5M

Revenue by product · FY25

Membership$229.0M · 56%

Advertising$125.6M · 31%

Service, Other$54.5M · 13%

Balance sheet, Jun 30, 2026Cash & short-term investments $642.1M · Total debt $18.9M · Total assets $752.2M · Shareholders' equity $545.3M

Dividends

No dividends on record.

Ownership

Institutions 15.16%Insiders —

Shares outstanding 80.87M · Float 30.31M · 37.5% free float

Insiders — filings are in the shares behind the receipt.

This listing is a depositary receipt and the Form 4 positions here are filed in the shares behind it, a different unit from the share count and in a ratio the filings never state, so no insider percentage is shown.

Top shareholders13F · 13D/G · Form 4

Holder	Shares	% outstanding	Form	Filed
Plus Channel Limited	25.43M	10.00%	13D	Dec 29, 2025
Acadian Asset Management LLC	3.23M	4.00%	13F	May 13, 2026
FIL Ltd	1.94M	2.40%	13F	May 15, 2026
E Fund Management (Hong Kong) Co., Ltd.	664.7K	0.82%	13F	Apr 8, 2026
State Street Corp	611.1K	0.76%	13F	May 15, 2026

Insider tradesForm 4

Date	Insider	Role	Shares	Avg price
Jun 5, 2026	Li-Lan Cheng	director	−360	$2.85