Zhihu (ZH) Research & Development (2020 - 2025)
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.
Zhihu (ZH) Research & Development (2020 - 2025) 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.
Powered by 
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,204.12 Bn | 3,775.09 Bn | 73.85 Bn | 18.22 Bn |
| 2 | Meta Platforms | 1,535.92 Bn | 1,445.66 Bn | 49.47 Bn | 21.66 Bn |
| 3 | Taboola.com | 1,133.50 Bn | 1,133.37 Bn | 139.48 Mn | 67.16 Mn |
| 4 | Baidu | 289.11 Bn | 284.61 Bn | 1.88 Mn | 635.00 Mn |
| 5 | Spotify Technology | 102.49 Bn | 92.25 Bn | 1.75 Bn | 387.52 Mn |
| 6 | Joyy | 77.64 Bn | 76.76 Bn | 205.64 Mn | -61.54 Mn |
| 7 | BILI Social International | 60.58 Bn | 60.58 Bn | 405,933.00 | - |
| 8 | Nebius | 49.21 Bn | 39.58 Bn | 295.20 Mn | 67.40 Mn |
| 9 | 30.41 Bn | 27.62 Bn | 734.60 Mn | 231.28 Mn | |
| 10 | Zhihu | 792.14 Mn | 316.96 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 |