실적분석 2026년 8월 25일

Kanzhun ($BZ) Q2 2026 Earnings Analysis — Adjusted Earnings Beat, Revenue Slight Miss, Shareholder Returns Expanded

Earnings Scorecard

Revenue: CNY 2.399 billion (approximately $354 million) (+14.1% YoY, estimate $2.408 billion) ❌ Miss

EPS: Adjusted diluted CNY 2.23 (approximately $0.33) (estimate $2.12) ✅ Beat

Guidance: Newly issued — Q3 2026 revenue CNY 2.41–2.50 billion (+11.4% to +15.6% YoY)

Stock reaction: After-hours -0.26% ($15.40) — as of 08-25 20:43 Korea Standard Time

The Positives

MAUs at 70.2 million: Monthly active users on the app rose 10.4% YoY, crossing the 70 million threshold for the first time

Operating income +32.6%: Operating margin expanded by 5.0 percentage points, with adjusted operating income also up 19.2%

Expanded shareholder returns: Annual dividend of approximately $230 million declared; buybacks exceeding $300 million since the start of the year

Kanzhun, which operates China's online recruitment platform Boss Zhipin (BOSS Direct Recruitment), delivered a quarter in which operating leverage in the core business returned as both paying enterprise customers and the user base grew together. The message to investors is that operating profit expanded faster than revenue, alongside simultaneous dividends and buybacks.

The Negatives

Revenue slight miss: CNY 2.399 billion fell modestly short of the $2.408 billion estimate

Marketing spend +38.3%: Sales and marketing expense surged on campaigns including the 2026 World Cup sponsorship

Valuation gains lifted net income: Fair-value gains on equity investments (CNY 1.466 billion pre-tax) significantly boosted net income

On the surface, results came in just shy of estimates, and the jump in marketing expense remains a short-term cost burden. Looking at GAAP net income alone suggests the business performed better than the core operations would indicate, so it is safer to separate adjusted earnings from the valuation gains.

What Management Said

Founder and CEO Jonathan Peng Zhao noted that revenue and profit growth accelerated and that the company is broadening the application of artificial intelligence across the entire recruitment process. Deputy CFO Wenbei Wang explained that the combination of the World Cup sponsorship and operational efficiency drove a 5.0 percentage point expansion in operating margin, while emphasizing shareholder returns.

Market Reaction and Key Points Ahead

With revenue coming in slightly below estimates, the beat on adjusted earnings and the scale of dividend and buyback returns appear to have offset each other, producing directionless price action.

Monitor where Q3 revenue lands within the guidance range.

Watch whether the share of sales and marketing expense normalizes once the World Cup marketing spend rolls off.

Track whether the monetization of AI-driven recruitment features translates into revenue growth.