The company has successfully scaled its algorithm-driven model, achieving a consistent 85.1% gross margin and a significant improvement in operating margins to 33.0% as of 2025Q4.
| Sales/Revenue | 8.27B | 7.36B | 5.95B | 4.51B | 4.26B | 1.94B | 998.72M |
| Revenue Growth % | 12.4% | 23.58% | 31.94% | 5.92% | 119.05% | 94.69% | - |
| Cost of Goods Sold | 1.24B | 1.24B | 1.06B | 754.86M | 554.65M | 240.21M | 137.81M |
| COGS % of Revenue | 14.94% | 16.85% | 17.81% | 16.73% | 13.02% | 12.35% | 13.8% |
| Gross Profit | 7.03B | 6.12B | 4.89B | 3.76B | 3.7B | 1.7B | 860.91M |
| Gross Margin % | 85.06% | 83.15% | 82.19% | 83.27% | 86.98% | 87.65% | 86.2% |
| Gross Profit Growth % | 14.98% | 25.02% | 30.24% | 1.4% | 117.38% | 97.95% | - |
| Operating Expenses | 4.57B | 4.94B | 4.31B | 3.89B | 4.74B | 2.65B | 1.37B |
| OpEx % of Revenue | 55.26% | 67.2% | 72.43% | 86.14% | 111.31% | 136.24% | 137.46% |
| Selling, General & Admin | 2.89B | 3.17B | 2.8B | 2.72B | 3.93B | 2.14B | 1.05B |
| SG&A % of Revenue | 34.99% | 43.06% | 47.09% | 60.31% | 92.36% | 110.3% | 105.12% |
| Research & Development | 1.65B | 1.82B | 1.54B | 1.18B | 821.98M | 513.36M | 325.57M |
| R&D % of Revenue | 20% | 24.69% | 25.93% | 26.22% | 19.3% | 26.4% | 32.6% |
| Other Operating Expenses | 22.05M | -39.79M | -35.38M | -17.59M | -14.98M | -8.85M | -2.57M |
| Operating Income | 2.46B | 1.17B | 580.97M | -129.52M | -1.04B | -944.9M | -511.92M |
| Operating Margin % | 29.8% | 15.95% | 9.76% | -2.87% | -24.33% | -48.6% | -51.26% |
| Operating Income Growth % | 110.08% | 101.89% | 548.56% | 87.5% | -9.67% | -84.58% | - |
| EBITDA | 3.28B | 1.86B | 1.01B | 157.88M | -846.88M | -836.86M | -454.37M |
| EBITDA Margin % | 39.66% | 25.28% | 16.95% | 3.5% | -19.88% | -43.04% | -45.5% |
| EBITDA Growth % | 76.35% | 84.31% | 539% | 118.64% | -1.2% | -84.18% | - |
| D&A (Non-Cash Add-back) | 815.01M | 686.48M | 427.89M | 287.4M | 189.44M | 108.04M | 57.55M |
| EBIT | 3.2B | 1.83B | 1.22B | 117M | -1.01B | -944.9M | -511.92M |
| Net Interest Income | 705.96M | 625.28M | 606.76M | 226.48M | 34.48M | 3.1M | 145K |
| Interest Income | 705.96M | 625.28M | 606.76M | 226.48M | 34.48M | 3.1M | 145K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 736.11M | 659.71M | 640.82M | 246.51M | 24.77M | 3.01M | 9.86M |
| Pretax Income | 3.2B | 1.83B | 1.22B | 117M | -1.01B | -941.89M | -502.06M |
| Pretax Margin % | 38.71% | 24.91% | 20.53% | 2.59% | -23.75% | -48.44% | -50.27% |
| Income Tax | 509.75M | 265.63M | 122.57M | 9.75M | 59.53M | 0 | 0 |
| Effective Tax Rate % | 15.93% | 14.49% | 10.03% | 8.33% | -5.88% | 0% | 0% |
| Net Income | 2.74B | 1.58B | 1.1B | 107.25M | -1.07B | -937.79M | -502.06M |
| Net Margin % | 33.09% | 21.54% | 18.47% | 2.38% | -25.15% | -48.23% | -50.27% |
| Net Income Growth % | 72.61% | 44.16% | 924.97% | 110.01% | -14.21% | -86.79% | - |
| Net Income (Continuing) | 2.69B | 1.57B | 1.1B | 107.25M | -1.07B | -941.89M | -502.06M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 50.26M | 95.45M | -9K | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 5.74 | 3.51 | 2.44 | 0.24 | -2.76 | -2.05 | -1.07 |
| EPS Growth % | 63.53% | 43.85% | 916.67% | 108.7% | -34.63% | -91.59% | - |
| EPS (Basic) | 5.88 | 3.52 | 2.44 | 0.24 | -2.85 | -2.05 | -1.07 |
| Diluted Shares Outstanding | 463.5M | 451.39M | 451.37M | 456.07M | 448.14M | 458.46M | 458.46M |
| Basic Shares Outstanding | 450.52M | 449.98M | 450.5M | 434.47M | 433.3M | 458.46M | 458.46M |
| Dividend Payout Ratio | 20.22% | - | 51.21% | - | - | - | - |
Regulatory and Macro Sensitivity
As indicated by the most recent quarterly data, BZ's year-over-year revenue growth has decelerated from 46.0% in 2023Q4 to 14.0% in 2025Q4, suggesting that the platform is transitioning from a high-growth expansion phase into a more mature, market-penetrated stage within the Chinese labor market.
The consistent decline in top-line growth rates implies that the initial surge in user acquisition is moderating, likely reflecting broader macroeconomic headwinds in China. Investors should monitor whether the company can maintain pricing power or if future growth will require significantly higher customer acquisition costs.
According to the provided financial statements, BZ has maintained a robust gross margin profile, consistently hovering around 85% over the last ten quarters, which underscores the inherent scalability of its mobile-first, algorithm-driven recruitment model compared to traditional staffing agencies that rely on labor-intensive headhunting processes.
This high gross margin suggests that the company possesses significant operating leverage, as the cost of supporting additional users remains minimal relative to revenue generation. The stability of this metric indicates that the core platform infrastructure is highly efficient and largely insulated from direct variable cost inflation.
Based on reported figures, the operating margin has expanded significantly from 6.1% in 2024Q1 to 33.0% in 2025Q4, demonstrating that management has successfully optimized SG&A expenditures while simultaneously scaling the platform's revenue base to achieve greater bottom-line profitability over the observed two-year period.
The divergence between revenue growth and operating income growth suggests that the company is moving past its peak marketing investment phase. This trend implies that the business model is becoming increasingly self-sustaining, though continued monitoring of SG&A as a percentage of revenue is warranted to ensure this efficiency persists.
As noted in the income statement data, the net margin of 33.09% appears to be supported by substantial interest income generated from the company's $4.1 billion cash position, which may mask the underlying volatility of core operational earnings during periods of slower top-line growth.
While the net income figures appear strong, the reliance on interest income suggests that the quality of earnings is partially dependent on the company's capital structure rather than purely operational performance. Investors should distinguish between core recruitment service profitability and the non-operating gains derived from the cash reserve.
Analysis of the quarterly filings reveals that Stock-Based Compensation remains a persistent and material expense, consistently exceeding $200 million per quarter, which effectively dilutes the impact of operational improvements on the company's reported earnings per share for common shareholders.
The high level of SBC suggests that retaining top-tier technical talent in the competitive Beijing market remains a costly necessity for maintaining the platform's matching algorithms. This expense warrants further investigation to determine if it is a structural requirement for innovation or a potential drag on long-term shareholder value.
Quick answers to the most common questions about buying BZ stock.
For fiscal year 2025, Kanzhun Limited (BZ) reported total revenue of $8.27B. This represents a 727.8% increase compared to $998.7M in 2019.
Kanzhun Limited (BZ) is profitable, generating $2.74B in net income for the fiscal year ending 2025 with a net profit margin of 33.1%.
Kanzhun Limited (BZ) reported an operating income of $2.46B, resulting in an operating profit margin of 29.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Kanzhun Limited (BZ) generated $7.03B in gross profit for the year, representing a gross profit margin of 85.1%. This demonstrates the company's core pricing power and production efficiency.