KE Holdings (BEKE) Financial Statements & Analysis

KE Holdings (BEKE) Income Statement

KE Holdings reported revenue of CNY 94.58B in fiscal 2025 (fiscal year ended Dec 31, 2025), up 1.2% from CNY 93.46B a year earlier. Net income was CNY 2.99B, down 26.3% year over year, a net margin of 3.2%. Gross margin was 21.4% and operating margin 3.0%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was CNY 24.54B, down 5.7% from the same quarter a year earlier.

KE Holdings Income Statement Analysis

Values in billions CNY

Income Statement Balance Sheet Cash Flow Ratios

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KE Holdings Inc. income statement - Annual data in billions CNY
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	94.58	93.46	77.78	60.67	80.75	70.48	46.01	28.65	25.51
Cost of Revenue	74.37	70.51	56.06	46.89	64.93	53.62	34.75	21.78	20.74
Gross Profit	20.21	22.94	21.72	13.78	15.82	16.86	11.27	6.87	4.77
Operating Expenses
Research & Development	2.58	2.28	1.94	2.55	3.19	2.48	1.57	0.67	0.25
Selling, General & Administrative	15.40	16.74	14.89	11.92	13.23	11.30	11.48	7.42	5.28
Operating Expenses	17.38	18.30	16.92	13.80	15.37	14.02	13.05	8.09	5.53
Operating Income	2.83	4.65	4.80	-0.02	0.45	2.84	-1.79	-1.22	-0.76
Other Income/Expense
Interest Income	0.83	1.29	1.26	0.77	0.39	0.16	0.53	0.17	0.13
Interest Expense	0.01	0.01	-0.02	0.01	0.01	0.00	0.21	0.04	0.04
Other Income/Expense	1.85	0.96	3.09	-0.43	0.33	1.55	0.51	0.72	0.63
Income
Income Before Tax	4.68	6.87	7.88	0.29	1.14	4.39	-1.28	-0.50	-0.14
Income Tax Expense	1.69	2.79	1.99	1.69	1.67	1.61	0.90	-0.07	0.40
Net Income	2.99	4.06	5.88	-1.39	-0.52	2.78	-2.18	-0.47	-0.57
Net Income - Continuous Operations	2.99	4.08	5.88	-1.40	-0.52	2.78	-2.18	-0.47	-0.57
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	5.76	7.90	6.29	1.81	2.52	5.75	-0.06	0.34	0.72
EBIT	2.23	6.88	4.89	0.31	1.15	3.08	-	-	-
Depreciation & Amortization	1.07	1.01	1.40	1.50	1.37	1.17	1.04	0.79	0.81
Earnings Per Share
Basic EPS	3.00	4.00	5.00	-1.00	-	1.00	-2.00	-	-
Diluted EPS	3.00	3.00	5.00	-1.00	-	1.00	-2.00	-	-
Basic Shares Outstanding	1.11	1.14	1.17	1.19	1.18	1.16	1.14	1.14	1.14
Diluted Shares Outstanding	1.16	1.18	1.20	1.19	1.18	1.16	1.14	1.19	1.14

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About KE Holdings Financial Statements

What was KE Holdings's revenue in fiscal 2025?

KE Holdings reported revenue of CNY 94.58B in fiscal 2025 (fiscal year ended Dec 31, 2025). That was up 1.2% from CNY 93.46B a year earlier.

Is KE Holdings profitable?

Yes. KE Holdings earned net income of CNY 2.99B in fiscal 2025, a net margin of 3.2%. In fiscal 2024 it earned CNY 4.06B.

What is KE Holdings's operating margin?

KE Holdings's operating income was CNY 2.83B on revenue of CNY 94.58B in fiscal 2025, an operating margin of 3.0%, compared with 5.0% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition