# Zhihu Inc.: overview

ZH · NYSE · CIK 1835724 · [Industrials](/sectors/industrials.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/zh.md) · [Financials](/companies/zh/financials.md) · [Filings](/companies/zh/filings.md) · [Insiders](/companies/zh/insiders.md)

Revenue is not reported in this company’s XBRL financial statements.

## Last eight quarters

Not reported.

## Last five fiscal years

| Line item | Unit | FY2021 (2021-12-31) | FY2022 (2022-12-31) | FY2023 (2023-12-31) | FY2024 (2024-12-31) | FY2025 (2025-12-31) |
| --- | --- | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [464](/filings/0001104659-22-043847.md) | [523](/filings/0001104659-23-051969.md) | [591](/filings/0001104659-24-052248.md) | [493](/filings/0001410578-25-000729.md) | [393](/filings/0001104659-26-044557.md) |
| Gross margin | % | [52.5%](/filings/0001104659-22-043847.md) | [50.2%](/filings/0001104659-23-051969.md) | [54.7%](/filings/0001104659-24-052248.md) | [60.6%](/filings/0001410578-25-000729.md) | [59.9%](/filings/0001104659-26-044557.md) |
| Operating margin | % | [(47.0%)](/filings/0001104659-22-043847.md) | [(44.5%)](/filings/0001104659-23-051969.md) | [(25.5%)](/filings/0001104659-24-052248.md) | [(13.4%)](/filings/0001410578-25-000729.md) | [(18.5%)](/filings/0001104659-26-044557.md) |
| Net margin | % | [(43.9%)](/filings/0001104659-22-043847.md) | [(43.8%)](/filings/0001104659-23-051969.md) | [(20.0%)](/filings/0001104659-24-052248.md) | [(4.7%)](/filings/0001410578-25-000729.md) | [(7.1%)](/filings/0001104659-26-044557.md) |
| Diluted EPS | $ per share | [(0.96)](/filings/0001104659-22-043847.md) | [(0.75)](/filings/0001104659-23-051969.md) | [(0.40)](/filings/0001104659-24-052248.md) | [(0.09)](/filings/0001410578-25-000729.md) | [(0.11)](/filings/0001104659-26-044557.md) |
| Free cash flow | $m | [(70.3)](/filings/0001104659-22-043847.md) | [(162)](/filings/0001104659-23-051969.md) | [(59.7)](/filings/0001104659-24-052248.md) | [(38.8)](/filings/0001410578-25-000729.md) | [(52.2)](/filings/0001104659-26-044557.md) |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Gross margin (gross profit / revenue). XBRL Gross profit: us-gaap:GrossProfit; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; Net income: us-gaap:ProfitLoss.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.

Each value links to the filing it came from. d marks a derived value. A ratio is not reported when any input is missing.

## Insider purchases and sales

The last 20 open-market transactions on Form 4 (codes P and S). Reported price is as stated on the form, not a market price. [All insider transactions](/companies/zh/insiders.md)

None in coverage.

## Funds that report holding it

From each manager’s latest Form 13F, largest reported value first. Reported value is as filed: filing data, not a price. [All funds](/funds.md)

| Fund | Quarter ended | Reported value | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | --- | --- |
| [FIL Ltd](/funds/318989.md) | 2026-06-30 | $11.5m | 3,639,387 |  | Added +1,701,677 |
| [GOLDMAN SACHS GROUP INC](/funds/886982.md) | 2026-06-30 | $1.8m | 577,573 |  | Added +83,457 |
| [First Beijing Investment Ltd](/funds/1701717.md) | 2026-06-30 | $1.7m | 551,048 |  | Unchanged |
| [E Fund Management Co., Ltd.](/funds/1842296.md) | 2026-06-30 | $1.6m | 508,019 |  | Reduced −156,652 |
| [E Fund Management (Hong Kong) Co., Ltd.](/funds/1777469.md) | 2026-06-30 | $1.6m | 508,019 |  | Reduced −156,652 |
| [Dodge & Cox](/funds/200217.md) | 2026-06-30 | $1.6m | 501,092 |  | Added +20,000 |
| [STATE STREET CORP](/funds/93751.md) | 2026-06-30 | $1.5m | 469,155 |  | Reduced −141,895 |
| [UBS Group AG](/funds/1610520.md) | 2026-06-30 | $1.4m | 454,892 |  | Added +7,082 |
| [Maven Securities LTD](/funds/1633046.md) | 2026-06-30 | $1.3m | 400,387 |  | Reduced −79,369 |
| [MORGAN STANLEY](/funds/895421.md) | 2026-06-30 | $729.1k | 232,938 |  | Reduced −81,995 |

## Recent filings

[All 322 filings](/companies/zh/filings.md)

| Filed | Accepted | Form | What it is | Accession |
| --- | --- | --- | --- | --- |
| 2026-10-26 | 06:01 ET | [6-K](/filings/0001104659-26-118558.md) | Report of a foreign private issuer, period 2026-10-26 | 0001104659-26-118558 |
| 2026-10-21 | 16:13 ET | [6-K](/filings/0001104659-26-117840.md) | Report of a foreign private issuer, period 2026-10-21 | 0001104659-26-117840 |
| 2026-10-20 | 07:12 ET | [6-K](/filings/0001104659-26-117133.md) | Report of a foreign private issuer, period 2026-10-20 | 0001104659-26-117133 |
| 2026-10-20 | 06:01 ET | [6-K](/filings/0001104659-26-117032.md) | Report of a foreign private issuer, period 2026-10-20 | 0001104659-26-117032 |
| 2026-10-16 | 09:22 ET | [6-K](/filings/0001104659-26-116456.md) | Report of a foreign private issuer, period 2026-10-16 | 0001104659-26-116456 |
| 2026-10-13 | 06:04 ET | [6-K](/filings/0001104659-26-115167.md) | Report of a foreign private issuer, period 2026-10-13 | 0001104659-26-115167 |
| 2026-10-05 | 06:06 ET | [6-K](/filings/0001104659-26-113462.md) | Report of a foreign private issuer, period 2026-10-05 | 0001104659-26-113462 |
| 2026-09-28 | 06:01 ET | [6-K](/filings/0001104659-26-111098.md) | Report of a foreign private issuer, period 2026-09-28 | 0001104659-26-111098 |
| 2026-09-24 | 08:24 ET | [6-K](/filings/0001104659-26-110224.md) | Report of a foreign private issuer, period 2026-09-24 | 0001104659-26-110224 |
| 2026-09-21 | 06:03 ET | [6-K](/filings/0001104659-26-109032.md) | Report of a foreign private issuer, period 2026-09-21 | 0001104659-26-109032 |

## Latest annual report

[Form 20-F for the fiscal year ended Dec 31, 2025](/filings/0001104659-26-044557.md), filed Apr 17, 2026.

## Forecast league

Not in this season’s league. [This season’s league](/leagues.md)

## About the filer

- CIK: 1835724
- Tickers: ZH, ZHIHF
- Exchange: NYSE
- SIC code: 7389 Services-Business Services, NEC
- State of incorporation: E9
- Filer category: Accelerated filer

Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 26, 2026, 06:03 ET. No prices; not investment advice.