Zhihu (ZH) EBITDA (2020 - 2025)
Zhihu (ZH) posted EBITDA of -$37.7 billion for Q4 2025, down 170.56% sequentially from -$13.9 billion in Q3 2025, and down 2384.11% YoY from $1.7 billion in Q4 2024.
Zhihu (ZH) EBITDA (2020 - 2025) Analysis & Trends
Zhihu has reported EBITDA for 6 years, with the latest figure at -$37.7 billion in Q4 2025.
- Quarterly EBITDA fell 2384.11% year-over-year to -$37.7 billion in Q4 2025, while the trailing twelve-month figure through Dec 2025 was -$64.3 billion (down 4157.93% YoY) and the FY2025 annual result came in at -$71.5 million, down 6.79% from the prior year.
- EBITDA slipped to -$37.7 billion in Q4 2025 per ZH's latest filing, from -$13.9 billion in the prior quarter.
- Over five years, EBITDA peaked at $1.7 billion in Q4 2024 and troughed at -$37.7 billion in Q4 2025.
- A 5-year average of -$3.2 billion and a median of -$46.6 million in 2023 frame the typical range for EBITDA.
- The sharpest annual moves came in 2024 and 2025: EBITDA jumped 6482.98% in 2024, then tumbled 118421.92% in 2025.
- Over 5 years, EBITDA stood at -$58.9 million in 2021, then jumped by 48.35% to -$30.4 million in 2022, then surged by 182.51% to $25.1 million in 2023, then surged by 6482.98% to $1.7 billion in 2024, then tumbled by 2384.11% to -$37.7 billion in 2025.
- According to Business Quant data, EBITDA over the past three periods registered -$37.7 billion, -$13.9 billion, and -$12.6 billion for Q4 2025, Q3 2025, and Q2 2025 respectively.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBITDA (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,213.06 Bn | 3,784.02 Bn | 73.85 Bn | 40.77 Bn |
| 2 | Meta Platforms | 1,538.90 Bn | 1,448.64 Bn | 49.47 Bn | 18.78 Bn |
| 3 | Taboola.com | 1,130.72 Bn | 1,130.59 Bn | 139.48 Mn | 7.26 Mn |
| 4 | Baidu | 289.26 Bn | 284.76 Bn | 1.88 Mn | 877.00 Mn |
| 5 | Spotify Technology | 102.75 Bn | 92.51 Bn | 1.75 Bn | 1.24 Bn |
| 6 | Joyy | 77.59 Bn | 76.70 Bn | 205.64 Mn | 18.27 Mn |
| 7 | BILI Social International | 60.58 Bn | 60.58 Bn | 405,933.00 | 102,075.00 |
| 8 | Nebius | 49.44 Bn | 39.81 Bn | 295.20 Mn | 129.50 Mn |
| 9 | 30.43 Bn | 27.65 Bn | 734.60 Mn | 231.72 Mn | |
| 10 | Zhihu | 793.34 Mn | 318.16 Mn | 49.31 Bn | -37.73 Bn |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | -37.73 Bn |
| Sep 30, 2025 | -13.95 Bn |
| Jun 30, 2025 | -12.58 Bn |
| Mar 31, 2025 | -7.25 Mn |
| Dec 31, 2024 | 1.65 Bn |
| Sep 30, 2024 | -11.77 Mn |
| Jun 30, 2024 | -25.30 Mn |
| Mar 31, 2024 | -31.13 Mn |
| Dec 31, 2023 | 25.09 Mn |
| Sep 30, 2023 | -47.99 Mn |
| Jun 30, 2023 | -45.13 Mn |
| Mar 31, 2023 | -31.68 Mn |
| Dec 31, 2022 | -30.41 Mn |
| Sep 30, 2022 | -39.16 Mn |
| Jun 30, 2022 | -69.86 Mn |
| Mar 31, 2022 | -102.13 Mn |
| Dec 31, 2021 | -58.88 Mn |
| Sep 30, 2021 | -50.05 Mn |
| Jun 30, 2021 | -54.29 Mn |
| Mar 31, 2021 | -52.27 Mn |