Zhihu (ZH) Research & Development (2020 - 2026)
Zhihu (ZH) posted Research & Development of -$17.6 billion for Q4 2025, down 4433601.26% sequentially from $397000.0 in Q3 2025, and down 1995478.23% YoY from N/an in Q4 2024.
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Analysis
Zhihu (ZH) Research & Development (2020 - 2026) Analysis & Trends
Zhihu has reported Research & Development for 6 years, with the latest figure at -$17.6 billion in Q4 2025.
- Quarterly Research & Development fell 1995478.23% year-over-year to -$17.6 billion in Q4 2025, while the trailing twelve-month figure through Dec 2025 was -$38.0 billion (down 45873.56% YoY) and the FY2025 annual result came in at $179.1 million, down 18.26% from the prior year.
- Research & Development eased to -$17.6 billion in Q4 2025 per ZH's latest filing, from $397000.0 in the prior quarter.
- Over five years, Research & Development peaked at $32.8 million in Q4 2023 and troughed at -$20.3 billion in Q2 2025.
- A 5-year average of -$1.9 billion and a median of -$27.0 million in 2023 frame the typical range for Research & Development.
- The sharpest annual moves came in 2023 and 2025: Research & Development surged 209.64% in 2023, then tumbled 1995478.23% in 2025.
- Over 5 years, Research & Development stood at -$32.6 million in 2021, then climbed by 8.47% to -$29.9 million in 2022, then soared by 209.64% to $32.8 million in 2023, then plunged by 102.69% to -$882000.0 in 2024, then sank by 1995478.23% to -$17.6 billion in 2025.
- According to Business Quant data, Research & Development over the past three periods registered -$17.6 billion, $397000.0, and -$20.3 billion for Q4 2025, Q3 2025, and Q2 2025 respectively.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,083.83 Bn | 3,654.79 Bn | 73.85 Bn | 18.22 Bn |
| 2 | Meta Platforms | 1,456.07 Bn | 1,365.81 Bn | 49.47 Bn | 21.66 Bn |
| 3 | Spotify Technology | 111.71 Bn | 104.79 Bn | 1.86 Bn | 468.43 Mn |
| 4 | Nebius | 50.03 Bn | 40.93 Bn | 448.70 Mn | 191.00 Mn |
| 5 | 28.44 Bn | 25.65 Bn | 734.60 Mn | 231.28 Mn | |
| 6 | Bilibili | 13.59 Bn | 11.45 Bn | 433.97 Mn | -148.13 Mn |
| 7 | Tencent Music Entertainment | 12.71 Bn | 9.21 Bn | 582.00 Mn | -35.00 Mn |
| 8 | 12.21 Bn | 10.93 Bn | 922.30 Mn | 451.01 Mn | |
| 9 | Match | 9.45 Bn | 8.86 Bn | 648.84 Mn | 158.25 Mn |
| 10 | Zhihu | 220.44 Mn | -357.04 Mn | - | 1.11 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 1.11 Mn |
| Mar 31, 2026 | -15.96 Bn |
| Dec 31, 2025 | -17.60 Bn |
| Sep 30, 2025 | 397,000.00 |
| Jun 30, 2025 | -20.34 Bn |
| Mar 31, 2025 | -19.55 Mn |
| Dec 31, 2024 | -882,000.00 |
| Sep 30, 2024 | -25.54 Mn |
| Jun 30, 2024 | -28.80 Mn |
| Mar 31, 2024 | -27.33 Mn |
| Dec 31, 2023 | 32.76 Mn |
| Sep 30, 2023 | -34.22 Mn |
| Jun 30, 2023 | -32.58 Mn |
| Mar 31, 2023 | -26.64 Mn |
| Dec 31, 2022 | -29.88 Mn |
| Sep 30, 2022 | -22.60 Mn |
| Jun 30, 2022 | -33.38 Mn |
| Mar 31, 2022 | -26.27 Mn |
| Dec 31, 2021 | -32.64 Mn |
| Sep 30, 2021 | -28.66 Mn |