ZH Zhihu (ZH) Q1 FY26 earnings call
A structurally standard call with one twist: prepared remarks were delivered by AI agents standing in for the CEO and CFO. The quarter marks Zhihu's pivot from subscription community to full-chain IP operator — sequential revenue growth resumed, non-GAAP profitability returned, and AI short-drama adaptations began converting the Yan'an Stories library into licensing income while legacy ad and training lines stabilize or shrink by design.
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ZH operating KPIs by quarter
| KPI | This call Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Paid subscribers | 13.1MAverage monthly subscribing members reached 13.1 million, up 7.9% sequentially with structural optimization.Source: earnings call transcript | 13.11MAverage monthly subscriber numbers were 13.11 million, broadly stable while member ARPU also remains stable.Source: earnings call transcript | +0.1% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.