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Side-by-side financial comparison of Riot Platforms, Inc. (RIOT) and Zhihu Inc. (ZH). Click either name above to swap in a different company.
Riot Platforms, Inc. is the larger business by last-quarter revenue ($152.8M vs $92.0M, roughly 1.7× Zhihu Inc.). Zhihu Inc. runs the higher net margin — 32.7% vs -452.0%, a 484.7% gap on every dollar of revenue. Over the past eight quarters, Riot Platforms, Inc.'s revenue compounded faster (38.8% CAGR vs -19.0%).
Riot Platforms, Inc. is a leading U.S.-based enterprise focused on Bitcoin mining, operating multiple large-scale, energy-efficient data centers across North America. It also invests in blockchain infrastructure development and holds Bitcoin as a core long-term reserve asset, centering its business strategy around the digital asset ecosystem.
Zhihu is a Chinese social question and answer site and news aggregator. Originally based in Chengdu and with creators from Sichuan, China, the website launched on January 26, 2011. The number of registered users on Zhihu exceeded 10 million by the end of 2013, and reached 17 million as of May 2015, with 250 million monthly page views.
RIOT vs ZH — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $152.8M | $92.0M |
| Net Profit | $-690.7M | $30.1M |
| Gross Margin | — | 53.6% |
| Operating Margin | -447.9% | — |
| Net Margin | -452.0% | 32.7% |
| Revenue YoY | 7.2% | — |
| Net Profit YoY | -606.3% | — |
| EPS (diluted) | $-1.89 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $92.0M | ||
| Q4 25 | $152.8M | — | ||
| Q3 25 | $180.2M | $92.6M | ||
| Q2 25 | $153.0M | $100.1M | ||
| Q1 25 | $161.4M | $100.6M | ||
| Q4 24 | $142.6M | — | ||
| Q3 24 | $84.8M | $120.4M | ||
| Q2 24 | $70.0M | $128.5M |
| Q1 26 | — | $30.1M | ||
| Q4 25 | $-690.7M | — | ||
| Q3 25 | $104.5M | — | ||
| Q2 25 | $219.5M | — | ||
| Q1 25 | $-296.4M | — | ||
| Q4 24 | $136.4M | — | ||
| Q3 24 | $-154.4M | $-1.3M | ||
| Q2 24 | $-84.4M | $-11.1M |
| Q1 26 | — | 53.6% | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 61.3% | ||
| Q2 25 | — | 62.5% | ||
| Q1 25 | — | 61.8% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 63.9% | ||
| Q2 24 | — | 59.6% |
| Q1 26 | — | — | ||
| Q4 25 | -447.9% | — | ||
| Q3 25 | 44.4% | -15.1% | ||
| Q2 25 | — | -12.7% | ||
| Q1 25 | -144.9% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -143.3% | -10.0% | ||
| Q2 24 | -167.2% | -19.7% |
| Q1 26 | — | 32.7% | ||
| Q4 25 | -452.0% | — | ||
| Q3 25 | 58.0% | — | ||
| Q2 25 | 143.4% | — | ||
| Q1 25 | -183.6% | — | ||
| Q4 24 | 95.7% | — | ||
| Q3 24 | -182.1% | -1.1% | ||
| Q2 24 | -120.6% | -8.6% |
| Q1 26 | — | — | ||
| Q4 25 | $-1.89 | — | ||
| Q3 25 | $0.26 | — | ||
| Q2 25 | $0.58 | — | ||
| Q1 25 | $-0.90 | — | ||
| Q4 24 | $0.39 | — | ||
| Q3 24 | $-0.54 | — | ||
| Q2 24 | $-0.32 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $233.5M | $481.8M |
| Total DebtLower is stronger | $840.8M | — |
| Stockholders' EquityBook value | $2.9B | $554.1M |
| Total Assets | $3.9B | $742.3M |
| Debt / EquityLower = less leverage | 0.29× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $481.8M | ||
| Q4 25 | $233.5M | — | ||
| Q3 25 | $330.7M | $383.5M | ||
| Q2 25 | $255.4M | $446.5M | ||
| Q1 25 | $163.7M | $446.5M | ||
| Q4 24 | $277.9M | — | ||
| Q3 24 | $355.7M | $458.0M | ||
| Q2 24 | $481.2M | $434.7M |
| Q1 26 | — | — | ||
| Q4 25 | $840.8M | — | ||
| Q3 25 | $5.3M | — | ||
| Q2 25 | $5.3M | — | ||
| Q1 25 | $5.3M | — | ||
| Q4 24 | $584.6M | — | ||
| Q3 24 | $5.7M | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $554.1M | ||
| Q4 25 | $2.9B | — | ||
| Q3 25 | $3.5B | $578.9M | ||
| Q2 25 | $3.3B | $587.4M | ||
| Q1 25 | $2.9B | $573.2M | ||
| Q4 24 | $3.1B | — | ||
| Q3 24 | $2.7B | $619.2M | ||
| Q2 24 | $2.6B | $605.5M |
| Q1 26 | — | $742.3M | ||
| Q4 25 | $3.9B | — | ||
| Q3 25 | $4.5B | $772.8M | ||
| Q2 25 | $4.3B | $802.2M | ||
| Q1 25 | $3.7B | $783.1M | ||
| Q4 24 | $3.9B | — | ||
| Q3 24 | $2.9B | $856.2M | ||
| Q2 24 | $2.7B | $840.5M |
| Q1 26 | — | — | ||
| Q4 25 | 0.29× | — | ||
| Q3 25 | 0.00× | — | ||
| Q2 25 | 0.00× | — | ||
| Q1 25 | 0.00× | — | ||
| Q4 24 | 0.19× | — | ||
| Q3 24 | 0.00× | — | ||
| Q2 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-572.9M | — |
| Free Cash FlowOCF − Capex | $-774.3M | — |
| FCF MarginFCF / Revenue | -506.6% | — |
| Capex IntensityCapex / Revenue | 131.8% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.4B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-572.9M | — | ||
| Q3 25 | $-114.0M | — | ||
| Q2 25 | $-231.3M | — | ||
| Q1 25 | $-122.1M | — | ||
| Q4 24 | $-255.1M | — | ||
| Q3 24 | $-56.3M | — | ||
| Q2 24 | $-42.5M | — |
| Q1 26 | — | — | ||
| Q4 25 | $-774.3M | — | ||
| Q3 25 | $-139.7M | — | ||
| Q2 25 | $-291.7M | — | ||
| Q1 25 | $-154.9M | — | ||
| Q4 24 | $-495.4M | — | ||
| Q3 24 | $-127.6M | — | ||
| Q2 24 | $-96.1M | — |
| Q1 26 | — | — | ||
| Q4 25 | -506.6% | — | ||
| Q3 25 | -77.5% | — | ||
| Q2 25 | -190.7% | — | ||
| Q1 25 | -96.0% | — | ||
| Q4 24 | -347.5% | — | ||
| Q3 24 | -150.5% | — | ||
| Q2 24 | -137.2% | — |
| Q1 26 | — | — | ||
| Q4 25 | 131.8% | — | ||
| Q3 25 | 14.3% | — | ||
| Q2 25 | 39.5% | — | ||
| Q1 25 | 20.4% | — | ||
| Q4 24 | 168.6% | — | ||
| Q3 24 | 84.1% | — | ||
| Q2 24 | 76.5% | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | -1.09× | — | ||
| Q2 25 | -1.05× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -1.87× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
ZH
Segment breakdown not available.
