Zhihu Inc. (ZH) Operating Expenses (2020 - 2025)

Zhihu (ZH) has 6 years of Operating Expenses data on file, last reported at -$87.0 billion in Q4 2025.

• Quarterly Operating Expenses fell 18.23% year-over-year to -$87.0 billion in Q4 2025, while the trailing twelve-month figure through Dec 2025 was -$232.7 billion (down 214.85% YoY) and the FY2025 annual result came in at $308.2 million, down 15.5% from the prior year.
• Operating Expenses fell to -$87.0 billion in Q4 2025 per ZH's latest filing, from -$70.3 billion in the prior quarter.
• The five-year high for Operating Expenses was $119.9 million in Q4 2023, with the low at -$87.0 billion in Q4 2025.
• Average Operating Expenses over 5 years is -$15.4 billion, with a median of -$117.4 million recorded in 2022.
• Year-over-year, Operating Expenses soared 200.93% in 2023 and tumbled 78948.18% in 2025.
• Zhihu's Operating Expenses stood at -$134.2 million in 2021, then gained by 11.47% to -$118.8 million in 2022, then soared by 200.93% to $119.9 million in 2023, then slumped by 61500.31% to -$73.6 billion in 2024, then decreased by 18.23% to -$87.0 billion in 2025.
• Business Quant data shows ZH's Operating Expenses at -$87.0 billion in Q4 2025, -$70.3 billion in Q3 2025, and -$75.3 billion in Q2 2025.