Zhihu (ZH) Cost of Revenue (2020 - 2025)

Zhihu has disclosed Cost of Revenue across 6 years of filings, most recently posting $42.7 billion for Q4 2025.

• Cost of Revenue for Q4 2025 came in at $42.7 billion, up 96315965078239.81% year-over-year; the trailing twelve-month figure through Dec 2025 was $115.9 billion (up 75589.57% YoY), and the FY2025 annual result was $179.1 million, down 18.26% from the prior year.
• Cost of Revenue came in at $42.7 billion for Q4 2025 at Zhihu, up from $35.7 billion in the prior quarter.
• In the past five years, Cost of Revenue ranged from a high of $42.7 billion in Q4 2025 to a low of $0.04 in Q4 2024.
• The 5-year median for Cost of Revenue is $65.0 million (2022), against an average of $5.8 billion.
• Across the five-year window, Cost of Revenue slumped 100.0% in 2024 and jumped 96315965078239.81% in 2025, its largest moves.
• Zhihu's Cost of Revenue stood at $84.6 million in 2021, then slipped by 19.36% to $68.3 million in 2022, then retreated by 4.0% to $65.5 million in 2023, then tumbled by 100.0% to $0.04 in 2024, then jumped by 96315965078239.8% to $42.7 billion in 2025.
• The last three Cost of Revenue figures came in at $42.7 billion (Q4 2025), $35.7 billion (Q3 2025), and $37.5 billion (Q2 2025), per Business Quant data.