Zhihu Inc.
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Operating Activities | |||||
| Net Income | $-27.9M | $-23.1M | $-118.2M | $-228.8M | $-203.8M |
| Depreciation & Amortization | $2.7M | $3.0M | $3.5M | $3.7M | $3.4M |
| Depreciation | — | — | — | — | — |
| Amortization | — | — | — | — | — |
| Stock-Based Compensation | $12.5M | $8.1M | $23.2M | $54.2M | $86.1M |
| Net Cash from Operating Activities | $-52.0M | $-38.4M | $-58.5M | $-161.7M | $-69.1M |
| Investing Activities | |||||
| Capital Expenditures | $189.0K | $374.0K | $1.2M | $104.0K | $1.2M |
| Business Acquisitions | — | — | — | — | — |
| Net Cash from Investing Activities | $-16.6M | $351.1M | $-236.8M | $506.1M | $-492.2M |
| Financing Activities | |||||
| Dividends Paid | — | — | — | — | — |
| Stock Repurchases | $23.9M | $54.9M | $52.1M | $18.6M | — |
| Net Cash from Financing Activities | $-18.8M | $-55.3M | $-51.4M | $-15.7M | $765.2M |
| Net Change in Cash | $-90.1M | $259.4M | $-340.7M | $343.4M | $188.2M |
| Free Cash Flow | $-52.2M | $-38.8M | $-59.7M | $-161.8M | $-70.3M |