Zhihu (NYSE:ZH) Announces Quarterly Earnings Results

Zhihu (NYSE:ZH) released its earnings results on Wednesday. The company reported ($0.38) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.30), FiscalAI reports. Zhihu had a negative return on equity of 4.77% and a negative net margin of 7.18%.The business had revenue of $91.98 million during the quarter, compared to analysts’ expectations of $640.41 million.

Here are the key takeaways from Zhihu’s conference call:

• Achieved our first-ever full-year non-GAAP profit, with adjusted net income of RMB 37.9 million in 2025 versus an adjusted net loss of RMB 96.3 million in 2024.
• Total Q4 revenue was RMB 643.5 million (down year‑over‑year) but showed a clear sequential recovery—marketing services rose 24% sequentially while paid membership ARPU and renewal rates improved modestly.
• Accelerating AI integration and monetization: the company is building expert data solutions, AI productivity tools, and AI‑driven IP initiatives (including Yanyan Stories and AI comic/drama formats) as new scalable revenue streams.
• Q4 GAAP net loss was RMB 210.8 million, driven in part by a one‑time non‑cash goodwill impairment of RMB 126.3 million that materially increased operating expenses for the quarter.
• Balance sheet and capital allocation actions include RMB 4.5 billion in cash and equivalents as of Dec 31, 2025, and ~47.7 million Class A shares repurchased in 2025 (about 6.29% of issued ordinary shares).

Zhihu Trading Up 0.7%

ZH opened at $2.72 on Friday. Zhihu has a 12-month low of $2.68 and a 12-month high of $5.55. The business’s fifty day simple moving average is $3.38 and its 200-day simple moving average is $3.89. The company has a market capitalization of $239.88 million, a price-to-earnings ratio of -7.56 and a beta of 0.26.

Wall Street Analyst Weigh In

Several research analysts recently commented on ZH shares. Wall Street Zen raised shares of Zhihu from a “sell” rating to a “hold” rating in a research note on Sunday, December 28th. Weiss Ratings reissued a “sell (d)” rating on shares of Zhihu in a research report on Monday, December 29th. One analyst has rated the stock with a Sell rating, According to MarketBeat, Zhihu currently has an average rating of “Sell”.

Institutional Trading of Zhihu

An institutional investor recently bought a new position in Zhihu stock. Ameriprise Financial Inc. bought a new position in shares of Zhihu Inc. Sponsored ADR (NYSE:ZH) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 25,006 shares of the company’s stock, valued at approximately $100,000. 28.92% of the stock is owned by institutional investors.

Zhihu Company Profile

Zhihu is China’s leading online question-and-answer platform, providing a space where users can ask questions, share knowledge, and engage with content across science, technology, business, culture, and lifestyle. Founded in 2011 and headquartered in Beijing, Zhihu has cultivated a community-driven environment that emphasizes credible, in-depth answers from experts, professionals, and enthusiasts.

The company’s core service revolves around its Q&A platform, enabling registered users to post questions and receive comprehensive responses.