Zhihu (ZH) Operating Expenses (2020 - 2025)
Zhihu (ZH) posted Operating Expenses of -$87.0 billion for Q4 2025, down 23.74% sequentially from -$70.3 billion in Q3 2025, and down 18.23% YoY from -$106.4 billion in Q4 2024.
Zhihu (ZH) Operating Expenses (2020 - 2025) Analysis & Trends
Zhihu has reported Operating Expenses for 6 years, with the latest figure 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.
- Over five years, Operating Expenses peaked at $119.9 million in Q4 2023 and troughed at -$87.0 billion in Q4 2025.
- A 5-year average of -$15.4 billion and a median of -$117.4 million in 2022 frame the typical range for Operating Expenses.
- The sharpest annual moves came in 2023 and 2025: Operating Expenses jumped 200.93% in 2023, then sank 78948.18% in 2025.
- Over 5 years, Operating Expenses stood at -$134.2 million in 2021, then rose by 11.47% to -$118.8 million in 2022, then surged by 200.93% to $119.9 million in 2023, then sank by 61500.31% to -$73.6 billion in 2024, then retreated by 18.23% to -$87.0 billion in 2025.
- According to Business Quant data, Operating Expenses over the past three periods registered -$87.0 billion, -$70.3 billion, and -$75.3 billion for Q4 2025, Q3 2025, and Q2 2025 respectively.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,209.11 Bn | 3,780.07 Bn | 73.85 Bn | 79.03 Bn |
| 2 | Meta Platforms | 1,537.88 Bn | 1,447.62 Bn | 49.47 Bn | 42.03 Bn |
| 3 | Taboola.com | 1,134.89 Bn | 1,134.76 Bn | 139.48 Mn | 132.22 Mn |
| 4 | Baidu | 289.34 Bn | 284.85 Bn | 1.88 Mn | 4.19 Bn |
| 5 | Spotify Technology | 102.76 Bn | 92.52 Bn | 1.75 Bn | 512.79 Mn |
| 6 | Joyy | 77.62 Bn | 76.74 Bn | 205.64 Mn | -187.82 Mn |
| 7 | BILI Social International | 60.58 Bn | 60.58 Bn | 405,933.00 | 303,858.00 |
| 8 | Nebius | 49.31 Bn | 39.68 Bn | 295.20 Mn | 527.00 Mn |
| 9 | 30.43 Bn | 27.64 Bn | 734.60 Mn | 573.19 Mn | |
| 10 | Zhihu | 792.14 Mn | 316.96 Mn | 49.31 Bn | -87.04 Bn |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | -87.04 Bn |
| Sep 30, 2025 | -70.34 Bn |
| Jun 30, 2025 | -75.27 Bn |
| Mar 31, 2025 | -69.41 Mn |
| Dec 31, 2024 | -73.62 Bn |
| Sep 30, 2024 | -88.99 Mn |
| Jun 30, 2024 | -101.89 Mn |
| Mar 31, 2024 | -106.40 Mn |
| Dec 31, 2023 | 119.90 Mn |
| Sep 30, 2023 | -123.16 Mn |
| Jun 30, 2023 | -122.64 Mn |
| Mar 31, 2023 | -106.15 Mn |
| Dec 31, 2022 | -118.79 Mn |
| Sep 30, 2022 | -101.64 Mn |
| Jun 30, 2022 | -128.43 Mn |
| Mar 31, 2022 | -155.18 Mn |
| Dec 31, 2021 | -134.18 Mn |
| Sep 30, 2021 | -115.98 Mn |
| Jun 30, 2021 | -112.61 Mn |
| Mar 31, 2021 | -93.89 Mn |