Paid Membership was Zhihu’s largest product and service line in fiscal 2025, bringing in $1.54B of $2.75B (56%).
| Product and Service | FY 2020 | FY 2023 | FY 2025 |
|---|---|---|---|
| Paid Membership | $1.83B | $1.54B | |
| Paid Membership Service | — | — | |
| Marketing Services | $1.65B | $843.93M | |
| Advertising Service | — | — | |
| Others | $719.34M | $366.13M | |
| Content-Commerce Solutions | — | — | |
| Vocational Training | — | — | |
| Total | $4.20B | $2.75B |
Zhihu brought in $2.75B from its three product and service lines in fiscal 2025, the year ended December 31, 2025. That was down 34.5% from $4.20B in fiscal 2023, the previous year with figures. Paid Membership was the largest at $1.54B (56.0%), ahead of Marketing Services at $843.93M (30.7%) and Others at $366.13M (13.3%).
Compared with fiscal 2023, the previous year with figures, every line above 2% of revenue shrank. Paid Membership held up best, down 15.7% to $1.54B, and Others fell the most, down 49.1% to $366.13M. From fiscal 2023 to 2025, combined revenue from these lines fell from $4.20B to $2.75B, a compound annual decline of 19.1%. Paid Membership's share of the total rose from 43.5% to 56.0%.
Zhihu (ZH) reports its revenue by product and service. In fiscal 2025, Paid Membership was its largest product and service line, bringing in $1.54B (56.0% of the total), followed by Marketing Services at $843.93M (30.7%).
Paid Membership was Zhihu's largest product and service line in fiscal 2025, bringing in $1.54B, or 56.0% of the $2.75B total across its three product and service lines.
Every figure comes from Zhihu's annual financial filings, as reported. Each line keeps the name Zhihu gives it, and years follow its fiscal calendar.
Zhihu's revenue by product and service goes back to fiscal 2020, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.