KE Holdings (BEKE) Cash Flow: Operating & Free Cash Flow

KE Holdings (BEKE) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), KE Holdings used CNY 376.17M of cash in operating activities and spent CNY 607.73M on capital expenditures. That left free cash flow of −CNY 983.90M. It returned CNY 9.46B to shareholders through CNY 2.88B in dividends and CNY 6.58B in share buybacks.

KE Holdings Cash Flow Statement Analysis

Values in billions CNY

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for KE Holdings Inc. (BEKE) - 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
Operating Activities
Net Income	2.99	4.08	5.89	-1.40	-0.52	2.78	-2.18	-0.43	-0.54
Depreciation & Amortization	1.07	1.01	1.40	1.50	1.37	1.17	1.04	0.79	0.81
Deferred Income Tax	-0.25	0.15	-0.33	0.30	-0.17	-0.36	-0.44	-0.51	-0.20
Stock Based Compensation	1.90	2.73	3.22	2.43	1.54	2.25	2.96	0.38	0.48
Change in Working Capital	-6.52	1.93	2.08	5.09	0.03	2.99	-1.76	3.08	-6.86
Change in Accounts Receivable	1.45	-2.37	0.83	5.35	2.54	-5.84	-5.04	-0.77	-0.50
Change in Inventory	-1.25	-1.31	-0.18	0.00	-1.02	4.26	-0.46	1.78	-4.18
Change in Accounts Payable	-3.39	2.42	0.64	-0.87	-3.22	2.30	2.72	1.10	-0.70
Change in Other Working Capital	-1.81	0.10	0.50	0.61	1.66	2.26	1.02	0.97	-1.48
Other Operating Activities	0.36	-0.29	-0.84	0.53	1.18	0.53	0.50	-0.09	-0.15
Net Cash from Operating Activities	-0.38	9.45	11.41	8.46	3.60	9.36	0.11	3.22	-6.46
Investing Activities
Capital Expenditures	-0.61	-1.04	-0.87	-0.79	-1.43	-0.89	-0.70	-0.54	-0.58
Acquisitions	0.01	0.11	-0.01	-3.15	-0.02	0.01	-0.74	-0.29	0.07
Purchases of Investments	-42.90	-61.22	-54.57	-60.32	-65.99	-53.96	-12.27	-41.07	-56.42
Sales/Maturities of Investments	48.74	54.87	52.12	55.78	39.24	39.77	11.14	46.31	55.46
Other Investing Activities	0.65	-2.11	-0.64	0.02	3.31	0.09	-1.29	-1.80	-1.32
Net Cash from Investing Activities	5.89	-9.38	-3.98	-8.47	-24.88	-14.98	-3.87	2.61	-2.78
Financing Activities
Debt Repayment	-0.16	-0.61	-0.76	0.16	-1.84	-5.98	6.76	-0.12	0.97
Common Stock Issued	0.00	0.00	0.00	0.00	0.00	31.63	0.23	0.00	0.00
Common Stock Repurchased	-6.58	-5.10	-5.15	-1.32	0.00	0.00	-0.35	-0.31	0.00
Dividends Paid	-2.88	-2.83	-1.43	-0.06	-0.08	-0.04	0.00	0.00	-0.13
Other Financing Activities	-1.27	2.14	-0.31	0.06	0.00	-0.21	16.38	1.12	17.46
Net Cash from Financing Activities	-9.79	-5.79	-7.22	-1.15	-1.07	25.41	23.03	-1.28	9.58
Summary
Effect of Forex Changes on Cash	-0.08	0.17	0.04	0.03	-0.44	-2.18	-0.09	0.00	0.00
Net Change in Cash	-4.36	-5.56	0.26	-1.14	-22.36	17.61	19.17	4.54	0.34
Cash at Beginning of Period	19.45	25.86	25.59	26.73	49.54	31.93	12.76	8.22	7.88
Cash at End of Period	15.95	20.30	25.86	25.59	26.73	49.54	31.93	12.76	8.22
Free Cash Flow	-0.98	8.41	10.54	7.67	2.17	8.47	-0.59	2.67	-7.03
Supplemental Disclosures
Interest Paid	-	0.01	0.02	0.01	0.00	0.19	-	-	-
Income Taxes Paid	-	2.22	2.25	1.45	2.30	2.08	-	-	-

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 Cash Flow

What is KE Holdings's free cash flow?

KE Holdings had negative free cash flow of CNY 983.90M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of −CNY 376.17M minus CNY 607.73M of capital expenditures.

How much does KE Holdings spend on capital expenditures?

KE Holdings spent CNY 607.73M on capital expenditures in fiscal 2025, compared with CNY 1.04B a year earlier.

Does KE Holdings pay dividends or buy back shares?

Yes. In fiscal 2025 KE Holdings returned CNY 2.88B in dividends and CNY 6.58B in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition