$BEKE

KE Holdings Inc.

CIK:0001809587|SEC Filings

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥) ¥ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 CNY (¥) ¥ / shares shares	Dec. 31, 2023 CNY (¥) ¥ / shares shares
Net revenues:
Total net revenues	¥ 94,580,205	$ 13,524,789	¥ 93,457,498	¥ 77,776,932
Cost of revenues:
Commission-split (including costs generated from related parties of RMB869,298, RMB601,193 and RMB331,521, for 2023, 2024 and 2025, respectively)	(20,873,405)	(2,984,857)	(22,766,957)	(20,419,577)
Commission and compensation-internal	(17,656,184)	(2,524,801)	(18,903,786)	(17,015,927)
Cost of home renovation and furnishing (including costs generated from related parties of RMB176,824, RMB116,207 and RMB48,000, for 2023, 2024 and 2025, respectively)	(10,581,816)	(1,513,180)	(10,229,696)	(7,705,325)
Cost of home rental services (including costs generated from related parties of RMB9,042, RMB11,150 and RMB11,493, for 2023, 2024 and 2025, respectively)	(20,020,954)	(2,862,958)	(13,619,506)	(6,163,044)
Cost related to stores (including costs generated from related parties of RMB15,356, RMB7,594 and RMB5,410, for 2023, 2024 and 2025, respectively)	(2,851,831)	(407,806)	(2,854,988)	(2,872,093)
Others (including costs generated from related parties of RMB9,401, RMB13,496 and RMB6,697, for 2023, 2024 and 2025, respectively)	(2,383,938)	(340,898)	(2,138,510)	(1,882,952)
Total cost of revenues	(74,368,128)	(10,634,500)	(70,513,443)	(56,058,918)
Gross profit	20,212,077	2,890,289	22,944,055	21,718,014
Operating expenses:
Sales and marketing expenses (including expenses generated from related parties of RMB6,776, RMB21,001 and RMB9,113, for 2023, 2024 and 2025, respectively)	(7,328,909)	(1,048,020)	(7,783,341)	(6,654,178)
General and administrative expenses (including expenses generated from related parties of RMB15,732, RMB5,702 and RMB378, for 2023, 2024 and 2025, respectively)	(8,075,414)	(1,154,769)	(8,960,747)	(8,236,569)
Research and development expenses (including expenses generated from related parties of RMB92,080, RMB152,818 and RMB208,679, for 2023, 2024 and 2025, respectively)	(2,580,564)	(369,016)	(2,283,424)	(1,936,780)
Impairment of goodwill, intangible assets and other long-lived assets	(116,332)	(16,635)	(151,576)	(93,417)
Total operating expenses	(18,101,219)	(2,588,440)	(19,179,088)	(16,920,944)
Income from operations	2,110,858	301,849	3,764,967	4,797,070
Interest income, net (including income generated from related parties of RMB6,987, RMB7,010 and RMB11,895, for 2023, 2024 and 2025, respectively)	807,505	115,472	1,260,163	1,263,332
Share of results of equity investees	16,420	2,348	10,192	9,098
Impairment loss and provision related to equity investments accounted for using equity method	(103,662)	(14,823)		(10,369)
Fair value changes in investments, net	462,668	66,161	312,791	78,320
Impairment loss for equity investments accounted for using measurement alternative	(2,731)	(391)	(9,408)	(28,800)
Foreign currency exchange loss	(59,746)	(8,544)	(34,674)	(93,956)
Other income, net	1,445,791	206,745	1,566,038	1,869,300
Income before income tax expense	4,677,103	668,817	6,870,069	7,883,995
Income tax expense	(1,686,089)	(241,108)	(2,791,889)	(1,994,391)
Net income	2,991,014	427,709	4,078,180	5,889,604
Net loss (income) attributable to noncontrolling interests shareholders	2,961	423	(13,280)	(6,380)
Net income attributable to KE Holdings Inc.	2,993,975	428,132	4,064,900	5,883,224
Net income attributable to KE Holdings Inc.'s ordinary shareholders	2,993,975	428,132	4,064,900	5,883,224
Other comprehensive income (loss)
Currency translation adjustments	(429,040)	(61,352)	217,142	574,223
Unrealized gains on available-for-sale investments, net of reclassification	109,957	15,724	147,668	82,800
Total other comprehensive income (loss)	(319,083)	(45,628)	364,810	657,023
Total comprehensive income	2,671,931	382,081	4,442,990	6,546,627
Comprehensive loss (income) attributable to noncontrolling interests shareholders	2,961	423	(13,280)	(6,380)
Comprehensive income attributable to KE Holdings Inc.	2,674,892	382,504	4,429,710	6,540,247
Comprehensive income attributable to KE Holdings Inc.'s ordinary shareholders	¥ 2,674,892	$ 382,504	¥ 4,429,710	¥ 6,540,247
Weighted average number of ordinary shares used in computing net income per share, basic and diluted
- Basic (in shares)	3,326,149,994	3,326,149,994	3,409,772,592	3,521,379,938
- Diluted (in shares)	3,472,076,149	3,472,076,149	3,537,408,029	3,611,653,020
Net income per share attributable to ordinary shareholders
- Basic (per share) \| (per share)	¥ 0.9	$ 0.13	¥ 1.19	¥ 1.67
- Diluted (per share) \| (per share)	¥ 0.86	$ 0.12	¥ 1.15	¥ 1.63
Share-based compensation expenses included in:
Share-based compensation expenses included in: \| ¥	¥ 1,904,924		¥ 2,726,075	¥ 3,215,549
Cost of revenues
Share-based compensation expenses included in:
Share-based compensation expenses included in:	446,120	$ 63,794	521,293	502,523
Sales and marketing expenses
Share-based compensation expenses included in:
Share-based compensation expenses included in:	181,877	26,008	197,320	180,465
General and administrative expenses
Share-based compensation expenses included in:
Share-based compensation expenses included in:	1,111,415	158,931	1,821,817	2,345,895
Research and development expenses
Share-based compensation expenses included in:
Share-based compensation expenses included in:	165,512	23,668	185,645	186,666
Existing home transaction services
Net revenues:
Total net revenues	25,020,035	3,577,817	28,201,003	27,954,135
New home transaction services
Net revenues:
Total net revenues	30,597,319	4,375,358	33,653,403	30,575,778
Home renovation and furnishing
Net revenues:
Total net revenues	15,426,141	2,205,909	14,768,947	10,850,497
Home rental services
Net revenues:
Total net revenues	21,900,320	3,131,704	14,334,479	6,099,747
Emerging and other services
Net revenues:
Total net revenues	¥ 1,636,390	$ 234,001	¥ 2,499,666	¥ 2,296,775

CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Cash flows from operating activities:
Net income	¥ 2,991,014	$ 427,709	¥ 4,078,180	¥ 5,889,604
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation of property, plant and equipment	934,119	133,577	743,728	775,042
Amortization of intangible assets	138,260	19,771	268,684	627,146
Provision of allowance for expected credit losses	134,177	19,187	296,569	418,779
Impairment of goodwill, intangible assets and other long-lived assets	116,332	16,635	151,576	93,417
Impairment loss and provision related to equity investments accounted for using equity method	103,662	14,823		10,369
Impairment loss for equity investments accounted for using measurement alternative	2,731	391	9,408	28,800
Inventory impairment charge	7,326	1,048
Deferred tax expenses (benefits)	(252,956)	(36,172)	146,921	(328,579)
Share of results of equity investees	(16,420)	(2,348)	(10,192)	(9,098)
Dividend received from equity method investments	9,000	1,287	15,827	14,862
Fair value changes in investments	(146,389)	(20,934)	(312,791)	(78,320)
Investment and interest income	210,344	30,079	(252,967)	(1,413,018)
Foreign currency exchange loss (gain)	50,640	7,241	(339,280)	93,956
Loss on disposal of property, plant and equipment and intangible assets	137,482	19,660	30	629
Share-based compensation expenses	1,904,924	272,401	2,726,075	3,215,549
Changes in assets and liabilities:
Accounts receivable and contract assets	1,482,558	212,003	(2,409,998)	834,677
Amounts due from and prepayments to related parties	(36,358)	(5,199)	42,445	(13,314)
Inventories	(1,251,484)	(178,960)	(1,305,668)	(176,650)
Prepayments, receivables and other assets	(1,006,223)	(143,888)	1,035,912	(706,659)
Right-of-use assets	4,213,226	602,483	(5,598,510)	(6,333,845)
Other non-current assets	(288,357)	(41,235)	(12,357)	(29,481)
Accounts payable	(3,344,006)	(478,186)	2,457,443	482,543
Amounts due to related parties	(43,451)	(6,213)	(38,904)	4,665
Employee compensation and welfare payable	(1,910,275)	(273,166)	268,693	(1,219,733)
Contract liabilities and deferred revenue	(361,575)	(51,705)	1,386,666	1,404,932
Lease liabilities	(4,728,546)	(676,173)	4,674,433	6,123,445
Accrued expenses and other current liabilities	900,203	128,726	1,092,547	1,548,334
Income taxes payable	(326,128)	(46,636)	330,167	156,278
Other liabilities			2,500	(86)
Net cash provided by (used in) operating activities	(376,170)	(53,794)	9,447,137	11,414,244
Cash flows from investing activities:
Purchases of time deposits and held-to-maturity debt investments	(8,853,194)	(1,265,990)	(24,012,427)	(14,513,592)
Maturities of time deposits and held-to-maturity debt investments	20,892,247	2,987,552	12,126,718	8,918,346
Purchases of available-for-sale debt investments	(441,384)	(63,117)
Sales and maturities of available-for-sale debt investments	548,592	78,448		1,392,881
Purchases of other long-term investments	(6,485,531)	(927,419)	(3,927,566)	(1,181,611)
Disposal of other long-term investments	18,467	2,641	132,689	338,678
Purchases of other short-term investments	(27,123,161)	(3,878,560)	(33,276,784)	(38,874,183)
Maturities of other short-term investments	27,281,924	3,901,263	42,609,517	41,465,679
Cash paid for business combinations, net of cash acquired			105,024	(9,893)
Proceeds from disposal of subsidiaries and long-lived assets	15,003	2,145	12,185	14,838
Purchases of property, plant and equipment, intangible assets and other long-lived assets	(607,727)	(86,904)	(1,037,179)	(873,990)
Financing receivables originated	(81,570,189)	(11,664,382)	(58,107,189)	(27,785,767)
Collections of financing receivables principal	83,024,884	11,872,401	56,592,404	27,112,807
Loans to related parties and others	(2,101,805)	(300,554)	(941,600)	(47,000)
Repayments of loans from related parties and others	1,296,201	185,354	346,183	65,367
Net cash provided by (used in) investing activities	5,894,327	842,878	(9,378,025)	(3,977,440)
Cash flows from financing activities:
Repurchase of ordinary shares	(6,581,195)	(941,098)	(5,101,091)	(5,150,628)
Proceeds from issuance of ordinary shares upon exercise of share option	2		2	2
Proceeds from short-term borrowings	1,025,272	146,612	606,033	426,634
Repayments of short-term borrowings	(1,108,100)	(158,456)	(608,424)	(755,972)
Proceeds from long-term borrowings	200,433	28,662
Repayments of long-term borrowings	(17,516)	(2,505)
Proceeds from related party loans	982,600	140,510
Repayments of related party loans	(143,915)	(20,580)
Dividends paid to equity holders of the Company	(2,881,151)	(411,999)	(2,830,704)	(1,425,707)
Liquidation of subsidiaries	(6,901)	(987)		(51,020)
Dividends paid to non-controlling shareholders of subsidiaries	(2,625)	(375)		(4,900)
Rental deposit paid on behalf of others	(133,797)	(19,133)
Rental deposit received on behalf of others	547,141	78,240
Change in customer deposits payable and other amounts collected and payable on behalf of others, net	(1,675,947)	(239,657)	2,139,549	(256,619)
Others	2,500	357
Net cash used in financing activities	(9,793,199)	(1,400,409)	(5,794,635)	(7,218,210)
Effect of exchange rate change on cash, cash equivalents and restricted cash	(82,585)	(11,807)	169,476	44,608
Net increase (decrease) in cash, cash equivalents and restricted cash	(4,357,627)	(623,132)	(5,556,047)	263,202
Cash and cash equivalents at the beginning of the year	11,442,965	1,636,322	19,634,716	19,413,202
Restricted cash at the beginning of the year	8,858,449	1,266,741	6,222,745	6,181,057
Total	20,301,414	2,903,063	25,857,461	25,594,259
Cash and cash equivalents at the end of the year	7,773,182	1,111,550	11,442,965	19,634,716
Restricted cash at the end of the year	8,170,605	1,168,381	8,858,449	6,222,745
Total	15,943,787	2,279,931	20,301,414	25,857,461
Cash, cash equivalents and restricted cash change during the year	(4,357,627)	(623,132)	(5,556,047)	263,202
Supplemental disclosures:
Cash paid for income taxes	(2,347,488)	(335,686)	(2,216,919)	(2,250,992)
Cash paid for interest	(6,947)	(993)	(12,466)	(17,479)
Non-cash investing activities
Changes in accounts payable related to property, plant and equipment	¥ 95,314	$ 13,630	¥ (168,608)	¥ (2,653)

CONSOLIDATED BALANCE SHEETS
¥ in Thousands, $ in Thousands

Dec. 31, 2025

CNY (¥)

Dec. 31, 2025

USD ($)

Dec. 31, 2024

CNY (¥)

Current assets:

Cash and cash equivalents

¥ 7,773,182

$ 1,111,550

¥ 11,442,965

Restricted cash

8,170,605

1,168,381

8,858,449

Short-term investments

39,579,961

5,659,859

41,317,700

Financing receivables, net of allowance for credit losses of RMB147,330 and RMB174,478 as of December 31, 2024 and 2025, respectively

1,353,682

193,574

2,835,527

Accounts receivable and contract assets, net of allowance for credit losses of RMB1,636,163 and RMB1,612,202 as of December 31, 2024 and 2025, respectively

3,936,976

562,980

5,497,989

Amounts due from and prepayments to related parties

¥ 409,867

$ 58,610

¥ 379,218

Other Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration]

Related Party

Loan receivables from related parties

¥ 315,755

$ 45,152

¥ 18,797

Inventories

2,854,034

408,121

1,609,876

Prepayments, receivables and other assets

3,726,128

532,829

4,642,824

Total current assets

68,120,190

9,741,056

76,603,345

Non-current assets:

Property, plant and equipment, net

2,069,624

295,952

2,400,211

Right-of-use assets

19,144,129

2,737,574

23,366,879

Long-term investments, net

20,148,524

2,881,201

23,790,106

Intangible assets, net

722,676

103,341

857,635

Goodwill

4,660,360

666,423

4,777,420

Long-term loan receivables from related parties

39,573

5,659

131,410

Other non-current assets

1,763,102

252,121

1,222,277

Total non-current assets

48,547,988

6,942,271

56,545,938

TOTAL ASSETS

116,668,178

16,683,327

133,149,283

Current liabilities

Accounts payable (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB66,266 and RMB57,987 as of December 31, 2024 and 2025, respectively)

6,052,129

865,443

9,492,629

Amounts due to related parties (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB322 and RMB463 as of December 31, 2024 and 2025, respectively)

¥ 348,467

$ 49,830

¥ 391,446

Other Liability, Current, Related Party [Extensible Enumeration]

¥ 497,939

$ 71,204

Employee compensation and welfare payable (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB374,213 and RMB411,090 as of December 31, 2024 and 2025, respectively)

6,504,197

930,088

¥ 8,414,472

Customer deposits payable (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB4,141,792 and RMB3,369,240 as of December 31, 2024 and 2025, respectively)

4,157,248

594,479

6,078,623

Income taxes payable (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB35,277 and RMB34,984 as of December 31, 2024 and 2025, respectively)

702,607

100,471

1,028,735

Short-term borrowings (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of nil as of both December 31, 2024 and 2025)

207,717

29,703

288,280

Lease liabilities current portion (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB369 and RMB198 as of December 31, 2024 and 2025, respectively)

10,658,576

1,524,156

13,729,701

Contract liabilities and deferred revenue (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB2,785 and RMB2,990 as of December 31, 2024 and 2025, respectively)

5,690,293

813,701

6,051,867

Accrued expenses and other current liabilities (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB210,085 and RMB109,199 as of December 31, 2024 and 2025, respectively)

7,588,077

1,085,080

7,268,505

Total current liabilities

42,407,250

6,064,155

52,744,258

Non-current liabilities

Deferred tax liabilities (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB2,374 and RMB1,679 as of December 31, 2024 and 2025, respectively)

317,209

45,360

317,697

Lease liabilities non-current portion (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB452 and RMB146 as of December 31, 2024 and 2025, respectively)

6,969,571

996,635

8,636,770

Long-term borrowings (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of nil as of both December 31, 2024 and 2025)

182,917

26,157

Long-term loan payable to related parties (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of nil as of both December 31, 2024 and 2025)

259,249

37,072

Other non-current liabilities (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of nil as of both December 31, 2024 and 2025)

2,148

307

2,563

Total non-current liabilities

7,731,094

1,105,531

8,957,030

TOTAL LIABILITIES

50,138,344

7,169,686

61,701,288

Commitments and contingencies

KE Holdings Inc. shareholders' equity:

Ordinary shares

450

^[1]

461

^[1]

Treasury shares

(848,433)

(121,324)

(949,410)

Additional paid-in capital

64,802,176

9,266,588

72,460,562

Statutory reserves

1,054,872

150,845

926,972

Accumulated other comprehensive income

290,029

41,474

609,112

(Accumulated deficit) / Retained earnings

1,142,194

163,332

(1,723,881)

Total KE Holdings Inc. shareholders' equity

66,441,288

9,500,979

71,323,816

Non-controlling interests

88,546

12,662

124,179

TOTAL SHAREHOLDERS' EQUITY

66,529,834

9,513,641

71,447,995

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

¥ 116,668,178

$ 16,683,327

¥ 133,149,283

[1]	Excluding the Class A ordinary shares registered in the name of the depositary bank for future issuance of ADSs upon the exercise or vesting of awards granted under our share incentive plans and the Class A ordinary shares repurchased but not cancelled in the form of ADSs.