Zhihu Inc. cash flow statement

In fiscal 2025, Zhihu Inc.'s operations generated −$50.6m of cash; it spent $183,535 on capital projects, leaving free cash flow of −$50.8m. It returned $23.2m through buybacks.

Cash flow statement

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

Zhihu Inc.: cash flow statement, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	−104	−35	−68	−166	−59	−39	−51
Depreciation and amortisation	3	3	3	4	4	3	3
Stock-based pay	26	26	85	56	23	8	12
Capital spending	1	0	1	0	1	0	0
Free cash flow	−104	−36	−69	−166	−60	−39	−51
Free cash flow after stock pay	−130	−62	−154	−222	−83	−48	−63
Share buybacks	—	—	—	19	52	56	23

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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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.