Kanzhun Limited (BZ) Cash Flow Statement
Where BZ’s cash came from and went, 2025
December 31, 2025 · Chinese yuan- Cash from operations
- CN¥4.55B +28.5% vs 2024
- Capital expenditures
- CN¥119.1M 1.4% of revenue
- Free cash flow
- CN¥4.43B 53.6% margin
- Returned to shareholders
- CN¥695.8M 16% of free cash flow
- Change in cash
- CN¥1.55B cash at year-end CN¥4.10B
Drawn to scale: where the cash came from and how it was used. Hover for values.
BZ operating cash flow, capex and free cash flow
BZ cash flow trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −CN¥105.7M2019 | CN¥4.55B2025 | — | |
| Capital expenditures | CN¥64.0M2019 | CN¥119.1M2025 | +10.9%/yr | |
| Free cash flow | −CN¥169.7M2019 | CN¥4.43B2025 | — | |
| Free cash flow margin | −17.0%2019 | 53.6%2025 | +70.6 pts | |
| Operating cash flow / net income | 9.352022 | 1.692025 | −7.66 | |
| Stock-based compensation | CN¥34.2M2019 | CN¥912.0M2025 | +72.8%/yr | |
| Dividends paid | CN¥02021 | CN¥553.0M2025 | — | |
| Share buybacks (net) | CN¥02019 | CN¥142.8M2025 | — | |
| Capex / revenue | 6.4%2019 | 1.4%2025 | −5.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BZ cash flow by activity
BZ net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
BZ cash flow statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | CN¥2.69B | CN¥1.57B | CN¥1.10B | CN¥107.2M | −CN¥1.07B | −CN¥941.9M | −CN¥502.1M |
| Depreciation & amortization | CN¥815.0M | CN¥683.5M | CN¥427.9M | CN¥287.4M | CN¥189.4M | CN¥108.0M | CN¥57.5M |
| Stock-based compensation | CN¥912.0M | CN¥1.14B | CN¥1.06B | CN¥692.2M | CN¥417.3M | CN¥124.1M | CN¥34.2M |
| Change in working capital | CN¥162.8M | CN¥146.4M | CN¥737.7M | −CN¥41.0M | CN¥603.9M | CN¥567.2M | CN¥304.6M |
| Other non-cash items | −CN¥27.9M | CN¥1.9M | −CN¥274.8M | −CN¥42.8M | CN¥1.50B | CN¥538.4M | CN¥26,000 |
| Cash from operating activities | CN¥4.55B | CN¥3.54B | CN¥3.05B | CN¥1.00B | CN¥1.64B | CN¥395.9M | −CN¥105.7M |
| Investing activities | |||||||
| Capital expenditures | −CN¥119.1M | −CN¥856.0M | −CN¥955.5M | −CN¥340.1M | −CN¥259.9M | −CN¥138.2M | −CN¥64.0M |
| Investments (net) | −CN¥4.54B | −CN¥2.02B | −CN¥9.94B | −CN¥2.82B | −CN¥342.0M | CN¥605.5M | −CN¥1.16B |
| Acquisitions & other investing | CN¥50.6M | CN¥856.0M | CN¥955.5M | CN¥340.1M | CN¥29,000 | CN¥36,000 | CN¥11,000 |
| Cash from investing activities | −CN¥4.61B | −CN¥2.02B | −CN¥9.94B | −CN¥2.82B | −CN¥601.9M | CN¥467.3M | −CN¥1.22B |
| Financing activities | |||||||
| Dividends paid | −CN¥553.0M | CN¥0 | −CN¥562.9M | CN¥0 | CN¥0 | — | — |
| Share repurchases & issuance (net) | −CN¥142.8M | −CN¥1.65B | −CN¥71.8M | −CN¥918.9M | −CN¥11.6M | CN¥0 | CN¥0 |
| Net borrowing (repayment) | — | — | — | — | CN¥0 | — | — |
| Shares issued | CN¥2.00B | CN¥0 | CN¥0 | CN¥0 | CN¥6.41B | CN¥2.88B | CN¥993.5M |
| Other financing | CN¥347.6M | CN¥191.3M | CN¥217.7M | CN¥249.7M | CN¥36.0M | CN¥0 | CN¥0 |
| Cash from financing activities | CN¥1.65B | −CN¥1.46B | −CN¥417.0M | −CN¥669.2M | CN¥6.43B | CN¥2.88B | CN¥993.5M |
| Summary | |||||||
| Net change in cash | CN¥1.55B | CN¥80.1M | −CN¥7.28B | −CN¥1.59B | CN¥7.34B | CN¥3.59B | −CN¥292.9M |
| Cash at end of period | CN¥4.10B | CN¥2.55B | CN¥2.47B | CN¥9.75B | CN¥11.34B | CN¥4.00B | CN¥407.4M |
| Free cash flow | CN¥4.43B | CN¥2.69B | CN¥2.09B | CN¥662.9M | CN¥1.38B | CN¥257.7M | −CN¥169.7M |
| Free cash flow margin | 53.6% | 36.5% | 35.1% | 14.7% | 32.4% | 13.3% | −17.0% |
| Capex / revenue | 1.4% | 11.6% | 16.1% | 7.5% | 6.1% | 7.1% | 6.4% |
| Operating cash flow / net income | 1.69 | 2.26 | 2.77 | 9.35 | — | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | CN¥1.95B | CN¥1.16B | CN¥649.3M | CN¥806.6M | CN¥716.4M | CN¥518.1M | CN¥449.6M | CN¥468.4M | CN¥421.7M | CN¥245.0M | CN¥331.2M | CN¥425.7M |
| Depreciation & amortization | — | CN¥991.4M | CN¥991.4M | — | −CN¥176.4M | CN¥686.5M | — | — | −CN¥160.9M | CN¥427.9M | CN¥427.9M | CN¥427.9M |
| Stock-based compensation | CN¥186.4M | CN¥191.0M | CN¥214.1M | CN¥216.4M | CN¥229.7M | CN¥251.8M | CN¥278.2M | CN¥275.1M | CN¥301.4M | CN¥289.0M | CN¥297.4M | CN¥288.4M |
| Change in working capital | — | CN¥162.8M | CN¥162.8M | — | CN¥265.6M | −CN¥265.6M | — | — | CN¥304.3M | −CN¥304.3M | −CN¥20.2M | −CN¥20.2M |
| Other non-cash items | −CN¥1.19B | −CN¥1.31B | −CN¥694.1M | CN¥150.8M | CN¥16.6M | −CN¥187.6M | CN¥228.3M | CN¥68.9M | CN¥2.0M | CN¥248.0M | −CN¥109.5M | −CN¥309.2M |
| Cash from operating activities | CN¥944.8M | CN¥1.19B | CN¥1.32B | CN¥1.17B | CN¥1.05B | CN¥1.00B | CN¥956.1M | CN¥812.3M | CN¥868.6M | CN¥905.5M | CN¥926.8M | CN¥812.6M |
| Investing activities | ||||||||||||
| Capital expenditures | CN¥0 | −CN¥119.1M | −CN¥119.1M | CN¥0 | −CN¥36.5M | −CN¥36.5M | CN¥0 | CN¥0 | −CN¥325.5M | −CN¥433.6M | −CN¥955.5M | −CN¥955.5M |
| Investments (net) | — | — | — | −CN¥1.67B | −CN¥824.5M | −CN¥678.8M | −CN¥723.1M | −CN¥698.0M | −CN¥72.3M | −CN¥523.5M | −CN¥489.5M | −CN¥1.06B |
| Acquisitions & other investing | −CN¥308.6M | −CN¥1.43B | −CN¥1.32B | CN¥0 | CN¥36.5M | CN¥36.5M | — | CN¥0 | CN¥325.5M | CN¥433.6M | CN¥955.5M | CN¥955.5M |
| Cash from investing activities | −CN¥308.6M | −CN¥1.55B | −CN¥1.44B | −CN¥1.67B | −CN¥824.5M | −CN¥678.8M | — | −CN¥698.0M | −CN¥72.3M | −CN¥523.5M | −CN¥489.5M | −CN¥1.06B |
| Financing activities | ||||||||||||
| Dividends paid | — | −CN¥553.0M | −CN¥553.0M | — | — | — | — | — | — | −CN¥562.9M | −CN¥562.9M | −CN¥562.9M |
| Share repurchases & issuance (net) | — | −CN¥42.0M | −CN¥42.0M | — | −CN¥7.4M | −CN¥93.4M | — | — | −CN¥9.2M | −CN¥113.8M | −CN¥71.8M | −CN¥71.8M |
| Shares issued | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Other financing | −CN¥1.39B | CN¥235.7M | CN¥138.5M | CN¥2.05B | CN¥151.7M | CN¥7.4M | −CN¥520.4M | −CN¥753.8M | −CN¥72.7M | CN¥572.1M | CN¥192.6M | CN¥590.9M |
| Cash from financing activities | −CN¥1.39B | −CN¥359.3M | −CN¥456.5M | CN¥2.05B | CN¥144.3M | −CN¥86.0M | −CN¥520.4M | −CN¥753.8M | −CN¥81.8M | −CN¥104.6M | −CN¥442.2M | −CN¥43.8M |
| Summary | ||||||||||||
| Net change in cash | −CN¥771.5M | −CN¥753.1M | −CN¥593.2M | CN¥1.54B | CN¥369.1M | CN¥237.3M | −CN¥263.1M | −CN¥656.2M | CN¥725.2M | CN¥274.2M | CN¥28.3M | −CN¥296.1M |
| Cash at end of period | CN¥2.58B | CN¥3.35B | CN¥4.10B | CN¥4.70B | CN¥3.16B | CN¥2.79B | CN¥2.55B | CN¥2.82B | CN¥3.47B | CN¥2.75B | CN¥2.47B | CN¥2.44B |
| Free cash flow | CN¥944.8M | CN¥1.19B | CN¥1.20B | CN¥1.17B | CN¥1.09B | CN¥966.6M | CN¥956.1M | CN¥812.3M | CN¥543.0M | CN¥472.0M | −CN¥28.7M | CN¥812.6M |
| Free cash flow margin | 39.4% | 57.9% | 57.9% | 54.3% | 51.8% | 50.3% | 52.4% | 42.5% | 28.3% | 27.7% | −1.8% | 50.6% |
| Capex / revenue | 0.0% | 5.8% | 5.7% | 0.0% | 1.7% | 1.9% | 0.0% | 0.0% | 17.0% | 25.4% | 60.5% | 59.5% |
| Operating cash flow / net income | 0.49 | 1.03 | 2.04 | 1.46 | 1.47 | 1.94 | 2.13 | 1.73 | 2.06 | 3.70 | 2.80 | 1.91 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported; data from EODHD.
BZ cash generation
In fiscal 2025 (ended December 31, 2025), Kanzhun generated CN¥4.6 billion of cash from operations (up 28.5%) and spent CN¥119.1 million on capital expenditures, leaving free cash flow of CN¥4.4 billion, 53.6% of revenue. It returned CN¥695.8 million to shareholders through dividends (CN¥553.0 million) and net share buybacks (CN¥142.8 million). Cash and equivalents rose by CN¥1.6 billion over the year.
Related: BZ income statement, BZ balance sheet, BZ dividend history. See the BZ stock overview for the latest quote and news.
BZ cash flow FAQ
What is Kanzhun's free cash flow?
Kanzhun's free cash flow was CN¥4.4 billion in fiscal 2025: CN¥4.6 billion of operating cash flow minus CN¥119.1 million of capital expenditures It was CN¥2.7 billion a year earlier..
How much cash does Kanzhun generate from operations?
Kanzhun generated CN¥4.6 billion of cash from operating activities in fiscal 2025, 1.69 times its net income of CN¥2.7 billion.
How much does Kanzhun spend on capital expenditures?
Kanzhun spent CN¥119.1 million on capital expenditures in fiscal 2025, 1.4% of revenue, compared with CN¥856.0 million the year before.
How much stock does Kanzhun buy back?
Kanzhun spent CN¥142.8 million on net share repurchases in fiscal 2025.
How much does Kanzhun pay in dividends?
Kanzhun paid CN¥553.0 million in dividends in fiscal 2025, 12.5% of free cash flow.