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 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|
| Marketing Services | $1.96B | $1.65B | $1.25B | $843.93M | |||
| Advertising Service | — | — | — | — | |||
| Paid Membership | $1.23B | $1.83B | $1.76B | $1.54B | |||
| Paid Membership Service | — | — | — | — | |||
| Others | $169.37M | $719.34M | $589.84M | $366.13M | |||
| Other Revenue | — | — | — | — | |||
| Vocational Training | $248.27M | — | — | — | |||
| Content-Commerce Solutions | — | — | — | — | |||
| Total | $3.60B | $4.20B | $3.60B | $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 23.6% from $3.60B in fiscal 2024. 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 2024, every line above 2% of revenue shrank. Paid Membership held up best, down 12.7% to $1.54B, and Others fell the most, down 37.9% to $366.13M.
Zhihu stopped reporting Vocational Training as a separate line after fiscal 2022, when it brought in $248.27M.
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 2019, 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.