Zhihu (ZHIHF) Operating Expenses (2020 - 2025)

Zhihu's Operating Expenses history runs 6 years deep, the most recent figure standing at -$87.0 billion for Q4 2025.

• In Q4 2025, Operating Expenses fell 18.23% year-over-year to -$87.0 billion; the TTM figure through Dec 2025 stood at -$232.7 billion (down 214.85% YoY), while the FY2025 annual figure was $308.2 million, down 15.5% from the prior year.
• Operating Expenses came in at -$87.0 billion for Q4 2025 at Zhihu, down from -$70.3 billion in the prior quarter.
• In the past five years, Operating Expenses ranged from a high of $119.9 million in Q4 2023 to a low of -$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.
• Across the five-year window, Operating Expenses soared 200.93% in 2023 and plunged 78948.18% in 2025, its largest moves.
• Zhihu's Operating Expenses stood at -$134.2 million in 2021, then increased by 11.47% to -$118.8 million in 2022, then jumped by 200.93% to $119.9 million in 2023, then plunged by 61500.31% to -$73.6 billion in 2024, then fell 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.

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