Zhihu Inc. Reports Unaudited Second Quarter 2026 Financial Results

Zhihu Inc. reported Q2 2026 revenues of RMB690.1 million, down 3.7% year-over-year, with a net loss of RMB37.4 million compared to net income of RMB72.5 million in Q2 2025. Gross margin declined to 57.0% from 62.5%, primarily due to increased content-related costs. However, the company showed some positive signs with paid content and IP operations revenue growing year-over-year, and adjusted operating losses narrowing by 32.0%. The company maintained disciplined cost management with total operating expenses down 13.0% and continued share repurchases.