Zhihu Inc. (NYSE:ZH) is a leading online content community in China, known for its question-and-answer format similar to Quora. The company provides a platform for users to share knowledge and insights across various topics. Despite its popularity, Zhihu faces competition from other Chinese tech giants like Baidu and Tencent, which also offer content-sharing platforms.
On November 25, 2025, Zhihu reported an earnings per share (EPS) of -$0.08, missing the estimated EPS of $0.18. This disappointing result was accompanied by actual revenue of $92.53 million, significantly below expectations. The company's Q3 2025 earnings call, attended by analysts from major financial institutions, provided further insights into these figures.
Zhihu's Q3 2025 financial results showed a revenue of approximately $92.53 million, down from $116 million in the same period of 2024. The gross margin slightly decreased to 61.3% from 63.9% the previous year. The company experienced a net loss of $6.6 million, a notable increase from the $1.2 million loss in Q3 2024. The adjusted net loss was $3 million, compared to $1.8 million last year.
Despite these challenges, Zhihu's CEO, Yuan Zhou, remains optimistic about the company's future. He expressed confidence in achieving a full-year non-GAAP breakeven, citing solid progress during the quarter. The average number of monthly subscribing members reached 14.3 million, indicating a strong user base.
Zhihu's financial metrics reveal a mixed picture. The company has a price-to-sales ratio of 0.66, while the enterprise value to sales ratio is negative at -0.28, suggesting a unique financial situation. The debt-to-equity ratio is low at 0.055, indicating conservative debt use. Additionally, Zhihu maintains a strong liquidity position with a current ratio of 3.48.
