Zhihu Inc. balance sheet

At the end of fiscal 2025, Zhihu Inc. had total assets of $742m, total liabilities of $188m and shareholders' equity of $544m. It held $482m in cash against $5.0m of debt: net cash of $477m.

Balance sheet

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Zhihu Inc.: balance sheet, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash and equivalents	129	147	339	656	297	548	482
Receivables	—	74	131	121	94	58	51
Inventory	—	—	1	2	3	4	4
Total current assets	—	570	1,308	1,061	898	751	677
Goodwill	—	—	12	18	27	17	—
Total assets	—	576	1,382	1,110	957	785	742
Deferred revenue (current)	—	25	38	52	43	32	27
Total current liabilities	—	155	298	265	274	209	181
Short-term debt	—	—	—	—	—	—	5
Total debt	0	0	0	0	0	0	5
Total liabilities	—	155	324	284	295	211	188
Shareholders' equity	−573	−788	1,056	820	648	567	544
Non-controlling interests and other (assets − liabilities − equity)	—	1,209	—	—	—	—	—
Net debt (negative = net cash)	−129	−147	−339	−656	−297	−548	−477

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

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Figures from Zhihu Inc.'s SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Zhihu Inc.