Kanzhun Ltd financial statements

Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data Kanzhun Ltd files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	668	654	838	1,008	1,182
Cost of revenue	87	109	149	170	177
Gross profit	581	545	689	838	1,006
Research and development	129	171	217	249	236
Selling and marketing	305	290	280	284	242
General and administrative	312	104	114	150	172
Operating income	-163	-18.8	81.8	161	352
Interest income	3.88	9.45
Other non-operating income	1.22	1.65	4.64	4.73	2.72
Pre-tax income	-159	17	172	251	458
Income tax	9.34	1.41	17.3	36.4	72.9
Net income to minority interests			-0	-2.42	-6.42
Net income	-168	15.5	155	217	391
EBITDA	-150	1.53	118	225	426
EPS, basic	-0.37	0.02	0.18	0.25	0.43
EPS, diluted	-0.37	0.02	0.17	0.24	0.42
Shares, basic (weighted)	529	869	870	882	901
Shares, diluted (weighted)	529	912	903	909	927

Balance sheet

	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,780	1,414	348	350	587
Short-term investments	139	501	495	910	1,351
Receivables	0.16	1.43	2.36	5.58	4.74
Inventory				0.42	0.34
Other current assets	114	87.1	62.4	50.5	52.2
Total current assets	2,034	2,005	1,884	2,069	2,911
Property, plant and equipment	57.9	100	253	238	178
Lease right-of-use assets	48.5	42	39.8	41.5	23.1
Goodwill		0.83	0.8	0.89	0.93
Intangible assets	0.07	1.49	1.14	34.6	14.4
Long-term investments			348	262	271
Other non-current assets	0.63	0.58	0.56
Total assets	2,141	2,150	2,527	2,646	3,513
Accounts payable	8.31	26.9	88.6	15.2	17.2
Deferred revenue	307	299	394	423	463
Total current liabilities	437	439	614	574	625
Lease liabilities	28.8	20.8	17.6	16.6	9.16
Total liabilities	466	462	635	596	642
Paid-in capital	2,295	2,240	2,183	2,224	2,590
Retained earnings	-580	-520	-351	-126	175
Treasury stock		-133	-67.6	-208	-29.2
Other comprehensive income	-40.4	101	127	144	121
Shareholders' equity	1,675	1,688	1,891	2,037	2,864
Minority interests			-0	13.1	7.19
Total equity	1,675	1,688	1,891	2,050	2,872
Total liabilities and equity	2,141	2,150	2,527	2,646	3,513

Cash flow statement

	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-168	15.5	155	215	385
Depreciation and amortization	12.6	20.3	36.4	64.2	74.1
Stock-based compensation	65.5	100	149	157	130
Deferred income tax		1.35	1.98	1.17	-2.99
Change in receivables	0.94	-0.87	-0.99	-2.4	1.02
Change in inventory				-0.42	0.09
Change in payables	2.11	1.48	3.49	-3.93	-0.68
Cash from operations	258	145	429	485	651
Capital expenditures	-40.8	-49.3	-135	-117	-17
Acquisitions		-1.44	-0.01	-20.6
Purchases of investments	-618	-756		-1,424	-2,922
Sales and maturities of investments				1,083	2,533
Cash from investing	-94.4	-408	-1,400	-276	-659
Debt issued	0
Debt repaid	0
Stock issued	0	36.2	30.7	26.2	286
Share buybacks	-1.82		-10.1	-226	-20.4
Dividends paid			-79.3		-79.1
Cash from financing	1,009	-97	-58.7	-200	237
Exchange rate effect	-20
Net change in cash	1,152	-231	-1,025	11	222
Free cash flow	217	96.1	295	368	634
Interest paid	0
Income taxes paid		14.7	18.8	42	72.1

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $14.11 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	85.1%	Gross profit / revenue.
Operating margin	29.8%	Operating income / revenue.
EBITDA margin	36.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	38.7%	Pre-tax income / revenue.
Net margin	33.1%	Net income / revenue.
FCF margin	53.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	55.1%	Cash from operations / revenue.
Effective tax rate	15.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	16.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	12.7%	Net income / average total assets.
Return on invested capital (ROIC)	14.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	20.0%	Research and development expense / revenue.
Stock-based pay / revenue	11.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.4%	Capital expenditures / revenue.
D&A / revenue	6.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	17.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	21.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y	20.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	22.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	119.3%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	89.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	553.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	80.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	193.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	75.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	175.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	34.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	64.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	72.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	87.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	40.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	19.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	32.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	17.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	2.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	4.66x	Current assets / current liabilities.
Quick ratio	3.11x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	3.10x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	18.3%	Total liabilities / total assets.
Working capital	$2.29B	Current assets - current liabilities.
Goodwill and intangibles / assets	0.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$2.85B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.38x	Revenue / average total assets.
Fixed asset turnover	5.69x	Revenue / average property, plant and equipment.
Inventory turnover	465x	Cost of revenue / average inventory.
Days inventory	1 days	365 x average inventory / cost of revenue.
Receivables turnover	229x	Revenue / average receivables.
Days sales outstanding	2 days	365 x average receivables / revenue.
Days payables	33 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-31 days	Days inventory + days sales outstanding - days payables.
FCF conversion	162.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	2.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.42	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.43	Net income per basic share, as reported (split-adjusted).
Revenue per share	$1.28	Revenue / diluted weighted shares.
FCF per share	$0.68	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.70	Cash from operations / diluted weighted shares.
Book value per share	$3.09	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$3.07	Tangible book value / shares outstanding.
Cash per share	$2.09	(Cash + short-term investments) / shares outstanding.
Payout ratio	20.2%	Dividends paid / net income, when net income is positive.
Dividends / FCF	12.5%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	3.2%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$6.53B	Share price x shares outstanding.
Enterprise value	$4.59B	Market cap + total debt - cash - short-term investments.
P/E	16.7x	Market cap / net income. Only when net income is positive.
P/S	5.52x	Market cap / revenue.
P/B	2.28x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.29x	Market cap / tangible book value, when positive.
P/FCF	10.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	10.0x	Market cap / cash from operations, when positive.
EV/Sales	3.88x	Enterprise value / revenue.
EV/EBIT	13.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	10.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	7.24x	Enterprise value / free cash flow, when both are positive.
FCF yield	9.7%	Free cash flow / market cap.
Earnings yield	6.0%	Net income / market cap (the inverse of P/E).
Dividend yield	1.2%	Dividends paid over the period / market cap.
Shareholder yield	1.5%	(Dividends paid + share buybacks) / market cap.
PEG	0.09x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Kanzhun Ltd's revenue in fiscal 2025?

Kanzhun Ltd reported revenue of $1.18B for fiscal 2025, 17.3% higher than the year before.

Was Kanzhun Ltd profitable in fiscal 2025?

Yes. Net income was $391.1M, a net margin of 33.1%.

How much free cash flow did Kanzhun Ltd generate in fiscal 2025?

Cash from operations of $651.0M minus capital expenditures of $17.0M left free cash flow of $633.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to Kanzhun Ltd