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Sep 30, 2025
Zhihu Q3 2025 Earnings Report
Zhihu reported its Q3 2025 results with a narrower non-GAAP net loss, disciplined cost controls, and decreased revenue across all segments.
Key Takeaways
Zhihu faced declining revenues year-over-year across all segments in Q3 2025, but made progress on cost controls and remains on track for non-GAAP breakeven. Net loss increased under GAAP, while adjusted loss narrowed.
Total revenue declined to $92.6M from $118.6M YoY.
Net loss widened to $6.6M vs. $1.3M YoY under GAAP.
Adjusted net loss narrowed to $3.0M from $3.7M YoY.
Average monthly subscribing members dropped to 14.3M.
Revenue by Segment
Forward Guidance
Zhihu expects to achieve full-year non-GAAP breakeven through continued cost optimization and innovation in AI and content strategy.
Positive Outlook
- On track to achieve full-year non-GAAP breakeven
- Improved operating efficiency
- Strengthened monetization resilience
- Increased contribution from high-quality content
- Synergistic application of AI capabilities
Challenges Ahead
- Decline in overall revenue YoY
- Decrease in paying membership revenue
- Reduced average monthly subscribing members
- Drop in gross margin YoY
- Wider GAAP net loss compared to prior year
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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