Zhihu (ZH) Operating Expenses (2020 - 2026)

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.