Zhihu's revenue in 2025 reaches 2.75 billion yuan, achieving full-year profitability for the first time.

Sina Tech, March 25 — In the afternoon news, Zhihu released its 2025 Q4 and full-year financial results. The report shows that in Q4 2025, Zhihu’s revenue was 644 million yuan, and the adjusted net loss was 39.4 million yuan.

In Q4 2025, Zhihu continued to explore upgrades to its business model and optimize the composition of its revenue. Paid reading contributed 334 million yuan in revenue, accounting for 51.8%; marketing services revenue reached 235 million yuan, accounting for 36.5%, including education, consumer goods, and other business revenue such as copyrights, which contributed 75.2 million yuan and accounted for 11.7%. As of the end of Q4, Zhihu’s total cash and cash equivalents, time deposits, restricted funds, and short-term investments amounted to 4.45 billion yuan.

For the full year of 2025, Zhihu’s revenue was 2.75 billion yuan, and its adjusted net profit was 37.9 million yuan—marking the first time Zhihu achieved full-year profitability under non-GAAP (Non-GAAP) accounting standards.

Zhihu founder, Chairman, and CEO Zhou Yuan said: “2025 is a structural turning point for Zhihu. Building on the foundation we established by achieving our first quarterly non-GAAP profit in Q4 2024, we achieved non-GAAP profitability for the full year for the first time in 2025. This milestone demonstrates that the transformation toward high-quality growth has effectively strengthened our operating model and earnings resilience. In the fourth quarter, we made steady progress in the community ecosystem and commercialization efficiency. Looking ahead to 2026, while solidifying the foundation of our core business, we will accelerate our commercialization explorations related to AI. Leveraging our large network of experts, trusted content assets, and diverse real user scenarios, we are building a differentiated moat around the community and further enhancing Zhihu’s strategic position in the broader AI ecosystem.”

A wealth of information and precise insights—only on the Sina Finance app

Edited by: Song Yafang