Q2 2026 KANZHUN LIMITED Earnings Call Transcript
Key Points
- Revenue grew 14% year-over-year to RMB2.4 billion, with adjusted operating margin reaching a record high of 43.8%.
- Monthly active users exceeded 70 million, and paying enterprise customers increased 11% year-over-year to 7.2 million.
- AI-powered features, including AI sourcing and AI interviews (over 10,000 daily), are driving monetization and efficiency gains.
- Shareholder returns totaled $530 million in 2026 (dividends and buybacks), exceeding 100% of last year's adjusted net income.
- Gross margin improved to 87% due to AI-driven operational efficiencies and lower app store commission fees.
- Sales and marketing expenses surged 38% year-over-year due to FIFA World Cup sponsorship, pressuring near-term profitability.
- Revenue growth guidance for Q3 2026 (11.4%-15.6%) is slower than Q2's 14%, indicating potential macro headwinds.
- Operating cash flow declined 10% year-over-year due to higher advertising, tax payments, and lower interest income.
- The company faces significant macro uncertainty, with weak consumption and recruitment demand broadly stable but not robust.
- Overseas expansion (e.g., OfferToday) is expected to take 5-15 years to reach meaningful revenue, limiting near-term contribution.
Ladies and gentlemen, thank you for standing by, and welcome to Kanzhun Limited second quarter 2026 financial results conference call. (Operator Instructions) 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, Ms. Wenbei 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
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