Zhihu (ZH) Invested Capital (2019 - 2025)

Zhihu has disclosed Invested Capital across 7 years of filings, most recently posting $551.3 million for Q4 2025.

• Invested Capital for Q4 2025 came in at $551.3 million, down 5.77% year-over-year; the trailing twelve-month figure through Dec 2025 was $551.3 million (down 5.77% YoY), and the FY2025 annual result was $551.3 million, down 2.87% from the prior year.
• Invested Capital came in at $551.3 million for Q4 2025 at Zhihu, down from $579.7 million in the prior quarter.
• In the past five years, Invested Capital ranged from a high of $1.1 billion in Q1 2021 to a low of $551.3 million in Q4 2025.
• The 5-year median for Invested Capital is $711.8 million (2023), against an average of $780.5 million.
• Across the five-year window, Invested Capital surged 238.69% in 2021 and declined 24.64% in 2022, its largest moves.
• Zhihu's Invested Capital stood at $1.1 billion in 2021, then slipped by 24.64% to $804.1 million in 2022, then dropped by 18.35% to $656.6 million in 2023, then declined by 10.9% to $585.1 million in 2024, then dropped by 5.77% to $551.3 million in 2025.
• The last three Invested Capital figures came in at $551.3 million (Q4 2025), $579.7 million (Q3 2025), and $588.1 million (Q2 2025), per Business Quant data.