Zhihu (ZH) Tax Rate (2020 - 2026)

Zhihu (ZH) posted Tax Rate of 3.48% for Q4 2025, down 288.09% sequentially from 1.85% in Q3 2025, and down 666.0% YoY from 0.62% in Q4 2024.

Analysis

Zhihu (ZH) Tax Rate (2020 - 2026) Analysis & Trends

Zhihu has reported Tax Rate for 6 years, with the latest figure at 3.48% in Q4 2025.

Quarterly Tax Rate fell 666.0% year-over-year to 3.48% in Q4 2025, while the trailing twelve-month figure through Dec 2025 was 12.76% (up 118.0% YoY) and the FY2025 annual result came in at 12.5%, down 1777.0% from the prior year.
Tax Rate eased to 3.48% in Q4 2025 per ZH's latest filing, from 1.85% in the prior quarter.
Over five years, Tax Rate peaked at 3.18% in Q4 2024 and troughed at 8087.35% in Q2 2024.
A 5-year average of 518.48% and a median of 0.44% in 2022 frame the typical range for Tax Rate.
The sharpest annual moves came in 2024 and 2025: Tax Rate tumbled 808819 bps in 2024, then jumped 805900 bps in 2025.
Over 5 years, Tax Rate stood at 0.79% in 2021, then soared by 96 bps to 1.56% in 2022, then sank by 418 bps to 4.95% in 2023, then jumped by 164 bps to 3.18% in 2024, then sank by 210 bps to 3.48% in 2025.
According to Business Quant data, Tax Rate over the past three periods registered 3.48%, 1.85%, and 28.35% for Q4 2025, Q3 2025, and Q2 2025 respectively.

Peer Set

#	Company	Market Cap	Enterprise Value	Gross Profit (Qtr)	Tax Rate (Qtr)
1	Alphabet	4,083.83 Bn	3,654.79 Bn	73.85 Bn	19.14%
2	Meta Platforms	1,456.07 Bn	1,365.81 Bn	49.47 Bn	15.50%
3	Spotify Technology	111.71 Bn	104.79 Bn	1.86 Bn	24.31%
4	Nebius	50.03 Bn	40.93 Bn	448.70 Mn	-2,014.71%
5	Reddit	28.44 Bn	25.65 Bn	734.60 Mn	1.55%
6	Bilibili	13.59 Bn	11.45 Bn	433.97 Mn	-8.73%
7	Tencent Music Entertainment	12.71 Bn	9.21 Bn	582.00 Mn	-16.81%
8	Pinterest	12.21 Bn	10.93 Bn	922.30 Mn	5.07%
9	Match	9.45 Bn	8.86 Bn	648.84 Mn	20.55%
10	Zhihu	220.44 Mn	-357.04 Mn	-	-

Historic Data

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