KANZHUN LIMITED American Depository Shares 2026 Q2 Earnings Call
Review the key takeaways and the transcript of this earnings call.
- Kanzhun Limited reported second quarter 2026 revenue of RMB 2.4 billion, a 14% year-on-year increase.
- Adjusted income from operations excluding share-based compensation was RMB 1.05 billion, up 19% year-on-year, with an adjusted operating margin of 43.8%, a 1.9 percentage point increase year-on-year.
- The number of paid enterprise customers reached 7.2 million over the trailing 12 months ended June 30, 2026, up 11% year-on-year.
- Average monthly active users exceeded 70 million in the second quarter.
- Share-based compensation expenses decreased 19% year-on-year to RMB 186 million, representing 7.8% of revenue, down 3.1 percentage points year-on-year.
- Total operating costs and expenses increased 6% year-on-year to RMB 1.5 billion, with sales and marketing expenses rising 38% due to the FIFA World Cup campaign and higher employee-related expenses.
- R&D expenses were RMB 431 million, up 3% year-on-year, with adjusted R&D expenses up 7% excluding share-based compensation, driven by AI infrastructure investments.
- Interest and investment income increased to RMB 1.6 billion from RMB 157 million last year, mainly from fair value changes of an investee company that went public in January 2026.
- Income tax expenses rose to RMB 515 million from RMB 97 million last year, reflecting tax impacts from investment income and OECD pillar two rules.
- Net income was RMB 1.9 billion, up 173% year-on-year; adjusted net income increased 9% to RMB 1.03 billion.
- Net cash provided by operating activities was RMB 945 million, down 10% year-on-year due to higher marketing and tax payments.
- Cash position as of June 30, 2026, was RMB 18.8 billion, excluding investments in securities.
- The company repurchased approximately $300 million worth of shares year-to-date, representing over 4.7% of total share capital.
- Total shareholder return in 2026 through dividends and share repurchases exceeded $530 million, surpassing 100% of last year's adjusted net income.
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Transcript
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Thank you for standing by, and welcome to Kanzhun Limited Second Quarter 2026 Financial Results Conference Call. At this time, all participants are in listen-only mode. After the speaker's presentation, question and answer session. Today's conference is being recorded. At this time, I'd like to turn the conference over to Ms. Laura Zhan, Senior Manager of Investor Relations.
Please go ahead, ma'am. Thank you, operator.
Good evening and good morning, everyone. Welcome to our second quarter 2026 earnings conference call. Joining me today are our Founder, Chairman and CEO, Mr. Jonathan Peng Zhao, and our Deputy CFO, Mr. Wang. Before we start, we would like to remind you that today's discussion may contain forward-looking statements, which are based on management's current expectations and observations that involve known and unknown risks, uncertainties and other factors not under the company's control, which may cause actual results, performance or achievements of the company to be materially different. The company cautions you not to place undue reliance on forward-looking statements and did not undertake any obligation to update the forward-looking information, except as required by law. During today's call, management will also discuss certain non-GAAP financial measures for comparison purpose only.
For a definition of non-GAAP financial measures and reconciliation of GAAP to non-GAAP financial measures, please see earnings release issued earlier today. In addition, a podcast replay of this conference call will be available on our website at ir.kanzhun.com. With that, I will now turn the call to Jonathan, our Founder, Chairman and CEO.
大家好，欢迎参加公司2026年二季度业绩发布会。我谨代表公司全体员工、管理层和董事会，向我们的用户和投资人致以诚挚感谢。 Hello, everyone. Welcome to the company's second quarter 2026 earnings call.
On behalf of all our employees, management and board of directors, I would like to express our sincere gratitude to our users and investors.
今天主要给大家报告三个方面的内容：二季度的业绩、公司的增长策略的变化和股东回报。 Today, I will mainly focus on three areas: second quarter results, changes in company's growth strategy, and shareholder returns.
先说一下业绩。二季度公司实现收入24亿元，同比增长14%。利润方面，二季度扣除股权激励费用后的经调整营业利润10.5亿元，同比增长19%。经调整营业利润率为43.8%，同比提升1.9个百分点。 In second quarter, the company generated revenue of RMB 1.44 billion, up 14% year-on-year.
In terms of profitability, adjusted income from operations, excluding share-based compensation expenses, was RMB 1.05 billion, up 19% year-on-year. Our adjusted operating margin was 43.8%, 1.9 percentage points year-on-year.
截止到6月30号，过去12个月付费企业端客户数达到720万，同比增长11%。 As of June 30th, the total paying enterprise customers in the past 12 months reached 7.2 million, up 11% year-on-year.
多个核心经营指标本季度创下历史新高。二季度，BOSS Zhipin APP端平均月活跃用户规模，即MAU突破了7000万。 Several key operating metrics reached record highs in this quarter.
Average monthly active users, or MAU, are at exceeding 17 million in the second quarter.
平台每个求职者平均收获的达成次数，同比环比均实现增长。再一次的，在用户规模增长的同时，用户收获也在提升。 The average number of matches per job seekers increased both year-on-year and quarter-on-quarter.
Once again, data has also proved that user outcomes also improved.
接下来阐述一下公司增长策略在高线城市和低线城市的分化。 Next, I would like to expand how the company's growth strategy differs from higher tier and lower tier cities.
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