Kanzhun (BZ) Q4 2025 earnings summary

Executive summary

• FY2025 revenue reached RMB 8.27 billion, up 12.4% year-on-year, with Q4 revenue at RMB 2.08 billion, up 14%.

• Adjusted net income for 2025 was RMB 3.60 billion, up 32.9% year-on-year, with an adjusted net margin of 43.6%.

• Net income for 2025 was RMB 2.69 billion, up 71.7% year-on-year.

• Paid enterprise customers reached 6.83 million, up 11.6% year-on-year, reflecting robust user and customer base expansion.

• User base grew strongly, with average MAU at 60.7 million, up 14.5% year-on-year, and nearly 46 million new verified users in 2025.

Financial highlights

• Adjusted operating profit for 2025 was RMB 3.38 billion, up 45.7% year-on-year, with a margin of 40.8%.

• Adjusted gross margin for 2025 was 85.3%.

• Net cash from operating activities was RMB 4.55 billion, up 28.5% year-on-year; cash position at year-end was RMB 19.95 billion.

• Free cash flow for 2025 was RMB 4.48 billion.

• Sales and marketing expenses fell 18% for the year; R&D expenses decreased 9% for the year.

Outlook and guidance

• Q1 2026 revenue expected between RMB 2.05 billion and RMB 2.085 billion, up 6.6% to 8.4% year-on-year.

• At least 40 million new verified users targeted for 2026.

• Adjusted operating margin expected to slightly increase in 2026 despite further AI and marketing investments.

• Focus on user growth, monetization efficiency, and ARPPU expansion.

• Ongoing investment in technology and network effects to reinforce competitive advantage.