Zhihu Inc (ZH) Cash Flow Statement
Where ZH’s cash came from and went, 2025
December 31, 2025 · Chinese yuan- Cash from operations
- −CN¥415.5M
- Capital expenditures
- CN¥8.9M 0.3% of revenue
- Free cash flow
- −CN¥424.4M −15.9% margin
- Returned to shareholders
- CN¥369.6M
- Change in cash
- −CN¥2.42B cash at year-end CN¥2.11B
Drawn to scale: where the cash came from and how it was used. Hover for values.
ZH operating cash flow, capex and free cash flow
ZH cash flow trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −CN¥715.5M2019 | −CN¥415.5M2025 | — | |
| Capital expenditures | CN¥5.8M2019 | CN¥8.9M2025 | +7.5%/yr | |
| Free cash flow | −CN¥721.3M2019 | −CN¥424.4M2025 | — | |
| Free cash flow margin | −107.9%2019 | −15.9%2025 | +92.0 pts | |
| Stock-based compensation | CN¥179.7M2019 | CN¥164.7M2025 | −1.4%/yr | |
| Share buybacks (net) | CN¥02019 | CN¥369.6M2025 | — | |
| Capex / revenue | 0.9%2019 | 0.3%2025 | −0.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ZH cash flow by activity
ZH net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
ZH cash flow statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | −CN¥839.5M | −CN¥169.0M | −CN¥839.5M | −CN¥1.58B | −CN¥1.30B | −CN¥517.5M | −CN¥1.00B |
| Depreciation & amortization | CN¥24.9M | CN¥21.9M | CN¥25.4M | CN¥25.2M | CN¥21.5M | CN¥19.6M | CN¥20.2M |
| Stock-based compensation | CN¥164.7M | CN¥59.3M | CN¥164.7M | CN¥373.9M | CN¥548.5M | CN¥180.1M | CN¥179.7M |
| Change in working capital | CN¥240.3M | −CN¥84.5M | CN¥240.3M | −CN¥133.8M | CN¥291.4M | −CN¥10.1M | CN¥85.4M |
| Other non-cash items | −CN¥5.8M | −CN¥108.0M | −CN¥6.4M | CN¥198.2M | −CN¥2.7M | CN¥83.5M | CN¥3.4M |
| Cash from operating activities | −CN¥415.5M | −CN¥280.2M | −CN¥415.5M | −CN¥1.11B | −CN¥440.2M | −CN¥244.4M | −CN¥715.5M |
| Investing activities | |||||||
| Capital expenditures | −CN¥8.9M | −CN¥2.7M | −CN¥8.9M | −CN¥714,000 | −CN¥7.4M | −CN¥2.0M | −CN¥5.8M |
| Investments (net) | −CN¥1.61B | CN¥2.56B | −CN¥1.68B | CN¥3.49B | −CN¥3.14B | CN¥432.1M | −CN¥2.10B |
| Acquisitions & other investing | −CN¥63.6M | CN¥2.7M | CN¥8.9M | CN¥714,000 | CN¥7.4M | CN¥9,000 | CN¥179,000 |
| Cash from investing activities | −CN¥1.68B | CN¥2.56B | −CN¥1.68B | CN¥3.49B | −CN¥3.14B | CN¥430.1M | −CN¥2.10B |
| Financing activities | |||||||
| Share repurchases & issuance (net) | −CN¥369.6M | −CN¥400.7M | −CN¥369.6M | −CN¥128.0M | CN¥4.85B | CN¥0 | CN¥2.99B |
| Net borrowing (repayment) | CN¥0 | CN¥0 | CN¥35.0M | CN¥0 | — | — | — |
| Shares issued | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥4.85B | CN¥0 | CN¥3.01B |
| Other financing | CN¥4.5M | −CN¥3.2M | −CN¥30.5M | CN¥19.6M | −CN¥4.83B | CN¥9.3M | −CN¥3.00B |
| Cash from financing activities | −CN¥365.1M | −CN¥403.9M | −CN¥365.1M | −CN¥108.3M | CN¥4.88B | CN¥9.3M | CN¥3.00B |
| Summary | |||||||
| Net change in cash | −CN¥2.42B | CN¥1.89B | −CN¥2.42B | CN¥2.37B | CN¥1.20B | CN¥57.5M | CN¥187.1M |
| Cash at end of period | CN¥2.11B | CN¥4.00B | CN¥2.11B | CN¥4.53B | CN¥2.16B | CN¥957.8M | CN¥900.4M |
| Free cash flow | −CN¥424.4M | −CN¥282.9M | −CN¥424.4M | −CN¥1.12B | −CN¥447.7M | −CN¥246.4M | −CN¥721.3M |
| Free cash flow margin | −15.9% | −7.8% | −10.1% | −30.4% | −15.3% | −19.3% | −107.9% |
| Capex / revenue | 0.3% | 0.1% | 0.2% | 0.0% | 0.3% | 0.2% | 0.9% |
| Mar '26 | |
|---|---|
| Operating activities | |
| Net income | −CN¥8.5M |
| Depreciation & amortization | CN¥24.9M |
| Stock-based compensation | CN¥24.3M |
| Change in working capital | CN¥240.3M |
| Other non-cash items | −CN¥696.5M |
| Cash from operating activities | −CN¥415.5M |
| Investing activities | |
| Capital expenditures | −CN¥8.9M |
| Acquisitions & other investing | −CN¥1.67B |
| Cash from investing activities | −CN¥1.68B |
| Financing activities | |
| Share repurchases & issuance (net) | −CN¥369.6M |
| Shares issued | CN¥0 |
| Other financing | CN¥4.5M |
| Cash from financing activities | −CN¥365.1M |
| Summary | |
| Net change in cash | CN¥2.11B |
| Cash at end of period | CN¥2.11B |
| Free cash flow | −CN¥424.4M |
| Free cash flow margin | −65.5% |
| Capex / revenue | 1.4% |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported; data from EODHD.
ZH cash generation
In fiscal 2025 (ended December 31, 2025), Zhihu generated -CN¥415.5 million of cash from operations and spent CN¥8.9 million on capital expenditures, leaving free cash flow of -CN¥424.4 million, −15.9% of revenue. It returned CN¥369.6 million to shareholders through dividends (CN¥0) and net share buybacks (CN¥369.6 million). Cash and equivalents fell by CN¥2.4 billion over the year.
Related: ZH income statement. See the ZH stock overview for the latest quote and news.
ZH cash flow FAQ
What is Zhihu's free cash flow?
Zhihu's free cash flow was -CN¥424.4 million in fiscal 2025: -CN¥415.5 million of operating cash flow minus CN¥8.9 million of capital expenditures It was -CN¥282.9 million a year earlier..
How much cash does Zhihu generate from operations?
Zhihu generated -CN¥415.5 million of cash from operating activities in fiscal 2025.
How much does Zhihu spend on capital expenditures?
Zhihu spent CN¥8.9 million on capital expenditures in fiscal 2025, 0.3% of revenue, compared with CN¥2.7 million the year before.
How much stock does Zhihu buy back?
Zhihu spent CN¥369.6 million on net share repurchases in fiscal 2025.