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 FY2025 was RMB 3.60 billion, up 32.9% year-on-year, with adjusted net margin at 43.6%.

• Paid enterprise customers reached 6.83 million in 2025, up 11.6% year-on-year, reflecting robust user and customer base expansion.

• User base expanded with nearly 46 million new verified users in 2025; average MAU exceeded 60.7 million, up 14.5% year-on-year.

• Maintained industry-leading position as China's largest online recruitment platform, driven by user growth, service innovation, and AI advancements.

Financial highlights

• Q4 adjusted operating margin reached 43.3%; full-year adjusted operating margin was 40.8%, up 9 percentage points.

• Adjusted gross margin for FY2025 was 85.3%.

• Net cash from operating activities was RMB 4.55 billion for 2025, up 28.5% year-on-year; cash position at year-end was RMB 19.95 billion.

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

• Adjusted income from operations for FY2025 was RMB 3.38 billion, up 45.7% year-on-year.

Outlook and guidance

• Q1 2026 revenue expected between RMB 2.05–2.085 billion, up 6.6%–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.

• Plans to allocate at least 50% of prior year's adjusted net income to share buybacks and dividends annually for the next three years, with buyback limit raised to $400 million.

• Continued focus on user growth, monetization efficiency, and ARPPU expansion.