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Side-by-side financial comparison of Xponential Fitness, Inc. (XPOF) and Zhihu Inc. (ZH). Click either name above to swap in a different company.
Zhihu Inc. is the larger business by last-quarter revenue ($92.0M vs $83.0M, roughly 1.1× Xponential Fitness, Inc.). Zhihu Inc. runs the higher net margin — 32.7% vs -39.6%, a 72.3% gap on every dollar of revenue. Over the past eight quarters, Xponential Fitness, Inc.'s revenue compounded faster (2.0% CAGR vs -19.0%).
Xponential Fitness is one of the largest global franchisor of fitness boutiques. Its franchises operate in 49 U.S. states and 31 countries with more than 3,000 studios open. The company is headquartered in Irvine, California.
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.
XPOF vs ZH — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $83.0M | $92.0M |
| Net Profit | $-32.9M | $30.1M |
| Gross Margin | — | 53.6% |
| Operating Margin | -9.9% | — |
| Net Margin | -39.6% | 32.7% |
| Revenue YoY | -0.3% | — |
| Net Profit YoY | 24.4% | — |
| EPS (diluted) | $-1.18 | — |
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 | $83.0M | — | ||
| Q3 25 | $78.8M | $92.6M | ||
| Q2 25 | $76.2M | $100.1M | ||
| Q1 25 | $76.9M | $100.6M | ||
| Q4 24 | $83.2M | — | ||
| Q3 24 | $80.5M | $120.4M | ||
| Q2 24 | $76.9M | $128.5M |
| Q1 26 | — | $30.1M | ||
| Q4 25 | $-32.9M | — | ||
| Q3 25 | $-4.9M | — | ||
| Q2 25 | $969.0K | — | ||
| Q1 25 | $-1.9M | — | ||
| Q4 24 | $-43.5M | — | ||
| Q3 24 | $-12.1M | $-1.3M | ||
| Q2 24 | $-9.6M | $-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 | -9.9% | — | ||
| Q3 25 | 4.5% | -15.1% | ||
| Q2 25 | 19.5% | -12.7% | ||
| Q1 25 | 12.6% | — | ||
| Q4 24 | -62.4% | — | ||
| Q3 24 | -8.2% | -10.0% | ||
| Q2 24 | -4.0% | -19.7% |
| Q1 26 | — | 32.7% | ||
| Q4 25 | -39.6% | — | ||
| Q3 25 | -6.2% | — | ||
| Q2 25 | 1.3% | — | ||
| Q1 25 | -2.5% | — | ||
| Q4 24 | -52.3% | — | ||
| Q3 24 | -15.1% | -1.1% | ||
| Q2 24 | -12.4% | -8.6% |
| Q1 26 | — | — | ||
| Q4 25 | $-1.18 | — | ||
| Q3 25 | $-0.18 | — | ||
| Q2 25 | $-0.01 | — | ||
| Q1 25 | $-0.10 | — | ||
| Q4 24 | $-1.39 | — | ||
| Q3 24 | $-0.29 | — | ||
| Q2 24 | $-0.30 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $481.8M |
| Total DebtLower is stronger | $525.0M | — |
| Stockholders' EquityBook value | $-269.1M | $554.1M |
| Total Assets | $345.6M | $742.3M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $481.8M | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $383.5M | ||
| Q2 25 | — | $446.5M | ||
| Q1 25 | — | $446.5M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $458.0M | ||
| Q2 24 | — | $434.7M |
| Q1 26 | — | — | ||
| Q4 25 | $525.0M | — | ||
| Q3 25 | $376.4M | — | ||
| Q2 25 | $377.8M | — | ||
| Q1 25 | $379.1M | — | ||
| Q4 24 | $352.4M | — | ||
| Q3 24 | $353.8M | — | ||
| Q2 24 | $330.1M | — |
| Q1 26 | — | $554.1M | ||
| Q4 25 | $-269.1M | — | ||
| Q3 25 | $-230.4M | $578.9M | ||
| Q2 25 | $-225.0M | $587.4M | ||
| Q1 25 | $-225.2M | $573.2M | ||
| Q4 24 | $-216.6M | — | ||
| Q3 24 | $-155.7M | $619.2M | ||
| Q2 24 | $-151.9M | $605.5M |
| Q1 26 | — | $742.3M | ||
| Q4 25 | $345.6M | — | ||
| Q3 25 | $355.3M | $772.8M | ||
| Q2 25 | $399.8M | $802.2M | ||
| Q1 25 | $412.4M | $783.1M | ||
| Q4 24 | $403.4M | — | ||
| Q3 24 | $472.2M | $856.2M | ||
| Q2 24 | $475.2M | $840.5M |
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 | $10.7M | — |
| Free Cash FlowOCF − Capex | $10.2M | — |
| FCF MarginFCF / Revenue | 12.3% | — |
| Capex IntensityCapex / Revenue | 0.6% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $24.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $10.7M | — | ||
| Q3 25 | $9.3M | — | ||
| Q2 25 | $2.5M | — | ||
| Q1 25 | $5.8M | — | ||
| Q4 24 | $776.0K | — | ||
| Q3 24 | $5.2M | — | ||
| Q2 24 | $3.0M | — |
| Q1 26 | — | — | ||
| Q4 25 | $10.2M | — | ||
| Q3 25 | $8.2M | — | ||
| Q2 25 | $996.0K | — | ||
| Q1 25 | $5.4M | — | ||
| Q4 24 | $674.0K | — | ||
| Q3 24 | $3.4M | — | ||
| Q2 24 | $872.0K | — |
| Q1 26 | — | — | ||
| Q4 25 | 12.3% | — | ||
| Q3 25 | 10.4% | — | ||
| Q2 25 | 1.3% | — | ||
| Q1 25 | 7.0% | — | ||
| Q4 24 | 0.8% | — | ||
| Q3 24 | 4.2% | — | ||
| Q2 24 | 1.1% | — |
| Q1 26 | — | — | ||
| Q4 25 | 0.6% | — | ||
| Q3 25 | 1.4% | — | ||
| Q2 25 | 2.0% | — | ||
| Q1 25 | 0.6% | — | ||
| Q4 24 | 0.1% | — | ||
| Q3 24 | 2.3% | — | ||
| Q2 24 | 2.8% | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 2.60× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
XPOF
| Franchise | $51.5M | 62% |
| Products | $9.7M | 12% |
| Franchise Marketing Fund Revenue | $8.9M | 11% |
| Service Other | $8.3M | 10% |
| Spartan Fitness | $4.5M | 5% |
ZH
Segment breakdown not available.
