Zhihu Inc. (ZH) Earnings
Zhihu Inc. is expected to report next earnings on December 2, 2026 (in NaN days), with a consensus EPS estimate of $-0.01. ZH has beaten EPS estimates in 5 of its last 7 reported quarters (average surprise -835.3% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 26, 2026 | $-0.01 | $-0.07 | -501.4% | $102M | -1.8% |
| Jun 3, 2026 | — | $-0.02 | — | $94M | +4.1% |
| Mar 25, 2026 | $-0.01 | $-0.37 | -3127.4% | $92M | +0.1% |
| Nov 25, 2025 | $-0.08 | $-0.03 | +62.5% | $93M | -85.5% |
| Aug 27, 2025 | $-0.12 | $0.15 | +225.0% | $100M | -86.7% |
| May 27, 2025 | $-0.03 | $0.01 | +131.6% | $100M | -87.2% |
| Mar 26, 2025 | — | $0.16 | — | $118M | +4.7% |
| Nov 26, 2024 | — | $-0.03 | — | $120M | -10.1% |
| Aug 22, 2024 | — | $-0.07 | — | $129M | -4.0% |
| Jun 12, 2024 | — | $-0.19 | — | $133M | +15.1% |
| Nov 29, 2023 | $-0.46 | $-0.30 | +34.8% | $140M | -10.8% |
| Aug 23, 2023 | $-0.39 | $-0.30 | +23.1% | $144M | +0.1% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · August 26, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Core Business Stability: Total user daily usage time remains stable at 39 minutes. High-quality content creation grew >16% YoY. - AI Integration Strategy: Zhihu is pivoting from a closed community to an open ecosystem where professional content serves as 'AI assets.' This includes integrating AI search with social discovery and launching 'AI Kunshan' agents to help users find expert content. - Developer Ecosystem: The AI Works platform hosts >2,600 projects, and the open data API has attracted >17,600 developers (20% new to Zhihu). - IP Multimedia Expansion: AI lowers barriers for adapting text IP into comics/dramas. 'Yan Yan Story' became a top-3 IP provider for native AI comic dramas on Douyin in H1 2026. - Expert Data Solutions: Transitioning from manual labeling to a 'research-driven data lab.' Experts define tasks, set quality standards, and validate model outputs for coding, search, and deep research. - Cost Discipline: Operating expenses decreased 13% YoY. R&D expenses fell 25.4% YoY due to efficiency gains. Gross margin declined to 57% from 62.5% YoY due to content investment.
Guidance
- Revenue Trend: Management does not expect simple sequential improvement to continue; Q3/Q4 may fluctuate due to structural recovery in marketing services and client budget cycles. - Investment Approach: Cautious and disciplined. New initiatives (AI assets, expert data) are in validation phases and require near-term investment, which may impact short-term profitability. - Profitability Outlook: Long-term goal is sustainable profitability, but quarterly results will be affected by business rhythm and phased investments in AI capabilities. - Operational Focus: Prioritize unit traffic efficiency in advertising rather than volume growth; maintain stable membership base while improving IP development efficiency.
Segment performance
Total revenue was RMB 690.1 million (down 3.7% YoY, up 5.9% sequentially). Marketing Services generated RMB 199 million (approx. 29% of total), down 10.7% YoY but up 4% sequentially, driven by performance ads in gaming and tech. Content and IP Operations generated RMB 425.9 million (approx. 62% of total), up 4.4% YoY and 5.9% sequentially, supported by stable membership (13.1 million avg) and surging IP licensing (+600% YoY). Vocational Training contributed RMB 86 million (approx. 12% of total), down significantly YoY due to strategic refinement.
Risks & headwinds
- Market & Economic Risks: Marketing services remain in structural recovery, sensitive to client budget cuts and industry demand fluctuations. - Regulatory Risks: Changes in industry regulations and filing requirements may delay the launch or monetization of IP projects. - Execution Risks: New AI-driven revenue streams (content assets, expert data) are unproven at scale; initial validation does not guarantee stable growth or ROI. - Competitive Risks: Competition in AI comic dramas is shifting from cost/efficiency to content quality and story innovation, requiring continuous creative output.
Analyst Q&A
Q: What are the revenue/profit trends for H2?
A: CEO Zhou Yuan stated that simple sequential improvement from Q2 should not be expected. Marketing services remain in structural recovery, subject to client budget cycles. Paid content is stable, but IP operations depend on project timing and regulatory filings. New AI initiatives require near-term investment, so profitability may fluctuate. The focus remains on core stability and validating ROI before scaling investments.
Q: What is Zhihu's advantage in AI comic dramas?
A: COO Zhang Longle explained that competition has shifted from production speed to content quality and IP strength. Zhihu’s advantage lies in its vast original story library and creator ecosystem, which reduces trial-and-error costs. In H1 2026, Zhihu ranked among the top 3 IP providers for native AI comics on Douyin. They plan to flexibly choose between licensing and in-house production based on project economics.
Q: Elaborate on the expert data solutions business model.
A: CFO Wang Han described it as a 'research-driven data lab' rather than traditional labeling. The team identifies model capability gaps (e.g., in coding or deep research) and designs complex training environments. Experts play a critical role in defining tasks and validating model outputs. The goal is to build reusable pipelines and evaluation frameworks that can serve multiple clients and models, moving from one-off projects to scalable productized capabilities.