Zhihu (ZH) Research & Development (2020 - 2025)
Zhihu's (ZH) quarterly Research & Development came in at -$17.6 billion in Q4 2025, down 1995478.23% year-on-year from N/an in Q4 2024, and down 4433601.26% quarter-over-quarter from $397000.0 in Q3 2025.
Zhihu (ZH) Research & Development (2020 - 2025) Analysis & Trends
Zhihu has disclosed Research & Development across 6 years of filings, most recently posting -$17.6 billion for Q4 2025.
- Research & Development for Q4 2025 came in at -$17.6 billion, down 1995478.23% year-over-year; the trailing twelve-month figure through Dec 2025 was -$38.0 billion (down 45873.56% YoY), and the FY2025 annual result was $75.1 million, down 25.2% from the prior year.
- Research & Development came in at -$17.6 billion for Q4 2025 at Zhihu, down from $397000.0 in the prior quarter.
- In the past five years, Research & Development ranged from a high of $32.8 million in Q4 2023 to a low of -$20.3 billion in Q2 2025.
- The 5-year median for Research & Development is -$27.0 million (2023), against an average of -$1.9 billion.
- Across the five-year window, Research & Development soared 209.64% in 2023 and tumbled 1995478.23% in 2025, its largest moves.
- Zhihu's Research & Development stood at -$32.6 million in 2021, then gained by 8.47% to -$29.9 million in 2022, then jumped 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.
- The last three Research & Development figures came in at -$17.6 billion (Q4 2025), $397000.0 (Q3 2025), and -$20.3 billion (Q2 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | Nebius | 1,913,603.98 Bn | 1,913,603.98 Bn | 295.20 Mn | 67.40 Mn |
| 2 | Alphabet | 4,425.33 Bn | 4,209.71 Bn | 102.29 Bn | 17.03 Bn |
| 3 | Meta Platforms | 1,502.66 Bn | 1,421.48 Bn | 46.09 Bn | 17.70 Bn |
| 4 | Spotify Technology | 119.69 Bn | 109.44 Bn | 1.75 Bn | 387.52 Mn |
| 5 | 33.22 Bn | 30.45 Bn | 511.94 Mn | 207.25 Mn | |
| 6 | 13.64 Bn | 12.34 Bn | 768.96 Mn | 380.79 Mn | |
| 7 | Kanzhun | 13.02 Bn | 10.92 Bn | 255.62 Bn | -61.44 Bn |
| 8 | Snap | 9.72 Bn | 6.90 Bn | 1.29 Bn | 478.30 Mn |
| 9 | Zillow | 8.26 Bn | 7.48 Bn | 519.00 Mn | 150.00 Mn |
| 10 | Zhihu | 105.93 Mn | -359.25 Mn | 49.31 Bn | -17.60 Bn |
Historic Data
Download Data| Date | Value |
|---|---|
| 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 |
| Jun 30, 2021 | -18.68 Mn |
| Mar 31, 2021 | -16.23 Mn |