KE
BEKE · NYSEReal Estate Agents & Managers (For Others) · Fiscal year ends Dec 31 · Reports in CNY
KE reported revenue of CNY 94.6B in the fiscal year ended Dec 2025, up 1.2% from the year before. Operating income was CNY 2.1B, an operating margin of 2.2%, and net income was CNY 3B. Operating cash flow of −CNY 376M less capital expenditure of CNY 608M left free cash flow of −CNY 984M. It held more cash than debt (net cash CNY 7.6B).
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | CNY 80.8B | CNY 60.7B | CNY 77.8B | CNY 93.5B | CNY 94.6B |
| Cost of revenue | CNY 64.9B | CNY 46.9B | CNY 56.1B | CNY 70.5B | CNY 74.4B |
| Gross profit | CNY 15.8B | CNY 13.8B | CNY 21.7B | CNY 22.9B | CNY 20.2B |
| Research & development | CNY 3.2B | CNY 2.5B | CNY 1.9B | CNY 2.3B | CNY 2.6B |
| Operating income | −CNY 1.4B | −CNY 833M | CNY 4.8B | CNY 3.8B | CNY 2.1B |
| Net interest incomeBanks | CNY 355M | CNY 743M | CNY 1.3B | – | – |
| Interest expense | CNY 6M | CNY 14M | CNY 17M | CNY 13M | CNY 7M |
| Pre-tax income | CNY 1.1B | CNY 292M | CNY 7.9B | CNY 6.9B | CNY 4.7B |
| Income tax | CNY 1.7B | CNY 1.7B | CNY 2B | CNY 2.8B | CNY 1.7B |
| Net income | −CNY 524M | −CNY 1.4B | CNY 5.9B | CNY 4.1B | CNY 3B |
| Diluted EPS | −0.15 | −0.39 | 1.63 | 1.15 | 0.86 |
| Diluted shares | 3,549M | 3,569M | 3,612M | 3,537M | 3,472M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | CNY 20.4B | CNY 19.4B | CNY 19.6B | CNY 11.4B | CNY 7.8B |
| Receivables | CNY 9.3B | CNY 4.1B | CNY 3B | CNY 5.3B | CNY 3.1B |
| Inventory | CNY 19M | CNY 128M | CNY 304M | CNY 1.6B | CNY 2.9B |
| Current assets | CNY 69.9B | CNY 70.4B | CNY 69.8B | CNY 76.6B | CNY 68.1B |
| Net PP&E | CNY 2B | CNY 2B | CNY 2B | CNY 2.4B | CNY 2.1B |
| Goodwill | CNY 1.8B | CNY 4.9B | CNY 4.9B | CNY 4.8B | CNY 4.7B |
| Total assets | CNY 100B | CNY 109B | CNY 120B | CNY 133B | CNY 117B |
| Payables | CNY 6B | CNY 5.8B | CNY 6.3B | CNY 9.5B | CNY 6.1B |
| Deferred revenue | CNY 1.1B | CNY 3.3B | CNY 3.6B | CNY 4.4B | CNY 4.4B |
| Current liabilities | CNY 28.9B | CNY 33.3B | CNY 39.5B | CNY 52.7B | CNY 42.4B |
| Short-term debt | – | – | CNY 290M | CNY 288M | – |
| Long-term debt | – | – | – | CNY 0 | CNY 183M |
| Total liabilities | CNY 33.3B | CNY 40.3B | CNY 48.1B | CNY 61.7B | CNY 50.1B |
| Shareholders' equity | CNY 67B | CNY 68.9B | CNY 72.1B | CNY 71.3B | CNY 66.4B |
| Backlog (remaining obligations) | – | – | – | CNY 6.3B | CNY 6.1B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | CNY 3.6B | CNY 8.5B | CNY 11.4B | CNY 9.4B | −CNY 376M |
| Capital expenditure | CNY 1.4B | CNY 793M | CNY 874M | CNY 1B | CNY 608M |
| Free cash flow | CNY 2.2B | CNY 7.7B | CNY 10.5B | CNY 8.4B | −CNY 984M |
| Depreciation & amortisation | CNY 880M | CNY 918M | CNY 775M | CNY 744M | CNY 934M |
| Stock-based compensation | CNY 1.5B | CNY 2.4B | CNY 3.2B | CNY 2.7B | CNY 1.9B |
| Acquisitions | CNY 22M | CNY 3.1B | CNY 10M | −CNY 105M | – |
| Share buybacks | – | CNY 1.3B | CNY 5.2B | CNY 5.1B | CNY 6.6B |
| Dividends paid | – | – | CNY 1.4B | CNY 2.8B | CNY 2.9B |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −24.9% | 28.2% | 20.2% | 1.2% |
| Operating income growth (YoY) | – | – | – | −21.5% | −43.9% |
| EPS growth (YoY) | – | – | – | −29.4% | −25.2% |
| Gross margin | 19.6% | 22.7% | 27.9% | 24.6% | 21.4% |
| Operating margin | −1.7% | −1.4% | 6.2% | 4.0% | 2.2% |
| Net margin | −0.6% | −2.3% | 7.6% | 4.3% | 3.2% |
| Return on equityBlank when equity is negative | −0.8% | −2.0% | 8.2% | 5.7% | 4.5% |
| ROCEEBIT ÷ (assets − current liabilities) | −1.9% | −1.1% | 5.9% | 4.7% | 2.8% |
| Free cash flow margin | 2.7% | 12.7% | 13.6% | 9.0% | −1.0% |
| Cash conversion (CFO ÷ net income) | −6.86x | −6.15x | 1.94x | 2.32x | −0.13x |
| Receivable days | 42 | 25 | 14 | 21 | 12 |
| Inventory days | 0 | 1 | 2 | 8 | 14 |
| Payable days | 34 | 45 | 41 | 49 | 30 |
| Interest cover | −222x | −59.3x | 278x | 298x | 313x |
| Debt ÷ equity | – | – | – | 0.00x | 0.00x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | – | – | −CNY 11.2B | −CNY 7.6B |
| Current ratio | 2.42x | 2.11x | 1.76x | 1.45x | 1.61x |
Recent filings
More in Real Estate Agents & Managers (For Others)
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.