Zhihu (ZH) Operating Expenses (2020 - 2025)

Zhihu has disclosed Operating Expenses across 6 years of filings, most recently posting -$87.0 billion for Q4 2025.

• Operating Expenses for Q4 2025 came in at -$87.0 billion, down 18.23% year-over-year; the trailing twelve-month figure through Dec 2025 was -$232.7 billion (down 214.85% YoY), and the FY2025 annual result was $308.2 million, down 15.5% from the prior year.
• Operating Expenses came in at -$87.0 billion for Q4 2025 at Zhihu, down from -$70.3 billion in the prior quarter.
• In the past five years, Operating Expenses ranged from a high of $119.9 million in Q4 2023 to a low of -$87.0 billion in Q4 2025.
• The 5-year median for Operating Expenses is -$117.4 million (2022), against an average of -$15.4 billion.
• Across the five-year window, Operating Expenses surged 200.93% in 2023 and sank 78948.18% in 2025, its largest moves.
• Zhihu's Operating Expenses stood at -$134.2 million in 2021, then grew by 11.47% to -$118.8 million in 2022, then soared by 200.93% to $119.9 million in 2023, then sank by 61500.31% to -$73.6 billion in 2024, then declined by 18.23% to -$87.0 billion in 2025.
• The last three Operating Expenses figures came in at -$87.0 billion (Q4 2025), -$70.3 billion (Q3 2025), and -$75.3 billion (Q2 2025), per Business Quant data.