KE Holdings Inc. ADR (BEKE) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$2.12	$2.85	+34.4%	—	$24.5B	—
Q1 26	$0.91	$1.42	+56.0%	—	$18.9B	—
Q4 25	$0.74	$0.46	-37.8%	—	$22.2B	—
Q3 25	$1.1	$1.12	+1.8%	—	$23.1B	—
Q2 25	$1.53	$1.55	+1.3%	—	$26B	—
Q1 25	$1.02	$1.19	+16.7%	—	$23.3B	—
Q4 24	$1.83	$1.14	-37.7%	—	$31.1B	—
Q3 24	$1.51	$1.53	+1.3%	—	$22.6B	—
Q2 24	$1.52	$2.28	+50.0%	—	$3.3B	—
Q1 24	$0.77	$1.18	+53.2%	—	$2.3B	—
Q4 23	$1.36	$1.44	+5.9%	—	$20.2B	—
Q3 23	$0.85	$1.8	+111.8%	—	$17.8B	—
Q2 23	$1.3	$1.96	+50.8%	—	$19.5B	—
Q1 23	$1.72	$2.92	+69.8%	—	$20.3B	—
Q4 22	$0.56	$1.29	+130.4%	—	$16.7B	—
Q3 22	$0.91	$1.57	+72.5%	—	$17.6B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$2.7	—	—	$94.6B	—
FY24	—	$3.57	—	—	$93.5B	—
FY23	—	$5.01	—	—	$77.8B	—
FY22	—	-$1.17	—	—	$60.7B	—

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$25.5B	$28.6B	$46B	$70.5B	$80.8B	$60.7B	$77.8B	$93.5B	$94.6B
YoY change	—	+12.3%	+60.6%	+53.2%	+14.6%	-24.9%	+28.2%	+20.2%	+1.2%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	25.5B	28.6B	46B	70.5B	80.8B	60.7B	77.8B	93.5B	94.6B
Cost of revenue	20.7B	21.8B	34.7B	53.6B	64.9B	46.9B	56.1B	70.5B	74.4B
Gross profit	4.8B	6.9B	11.3B	16.9B	15.8B	13.8B	21.7B	22.9B	20.2B
Gross margin	18.7%	24%	24.5%	23.9%	19.6%	22.7%	27.9%	24.6%	21.4%
Research & development	251.8M	670.9M	1.6B	2.5B	3.2B	2.5B	1.9B	2.3B	2.6B
Selling, general & administrative	5.3B	7.4B	11.5B	11.3B	13.2B	11.9B	14.9B	16.7B	15.4B
Operating expenses	5.3B	7.8B	12.7B	12.9B	15.4B	13.8B	16.1B	18.3B	17.4B
Operating income	-565.7M	-882.5M	-1.4B	4B	451.7M	-16.5M	5.7B	4.6B	2.8B
Operating margin	-2.22%	-3.08%	-3.13%	5.61%	0.56%	-0.03%	7.27%	4.97%	2.99%
Non-operating income, net	346.2M	262.1M	-65.4M	269.4M	334.4M	-434.7M	968.1M	962.2M	1B
Pretax income	-138.3M	-499.1M	-1.3B	4.4B	1.1B	292.3M	7.9B	6.9B	4.7B
Income tax	399.3M	-71.4M	904.4M	1.6B	1.7B	1.7B	2B	2.8B	1.7B
Net income	-537.6M	-427.7M	-2.2B	2.8B	-524.8M	-1.4B	5.9B	4.1B	3B
Net margin	-2.11%	-1.49%	-4.74%	3.94%	-0.65%	-2.3%	7.57%	4.36%	3.16%
EBITDA	390.5M	78.1M	18.6M	5.4B	2.4B	2.4B	8.5B	7.1B	3.8B
EPS	-1.75	-2.01	-3.41	0.96	-0.45	-1.17	5.01	3.57	2.7
Diluted EPS	-1.75	-2.01	-3.41	0.96	-0.45	-1.17	4.89	3.45	2.58

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	17.8B	20.2B	2.3B	3.3B	22.6B	31.1B	23.3B	26B	23.1B	22.2B	18.9B	24.5B
Cost of revenue	—	—	—	—	—	—	—	—	18.1B	17.4B	14.3B	17.5B
Gross profit	—	—	—	—	—	—	—	—	4.9B	4.8B	4.6B	7B
Gross margin	—	—	—	—	—	—	—	—	21.4%	21.4%	24.1%	28.6%
Research & development	—	—	—	—	—	—	—	—	648.3M	715.2M	492.6M	548.7M
Selling, general & administrative	—	—	—	—	—	—	—	—	3.6B	4.2B	2.8B	3.4B
Operating expenses	—	—	—	—	—	—	—	—	4.2B	4.9B	3.3B	4B
Operating income	—	—	—	—	—	—	—	—	692.5M	457.4M	1.3B	3.3B
Operating margin	—	—	—	—	—	—	—	—	3%	2.06%	6.74%	13.6%
Non-operating income, net	—	—	—	—	—	—	—	—	428M	-316.7M	424.1M	99.6M
Pretax income	—	—	—	—	—	—	—	—	1.3B	279.1M	1.8B	3.6B
Income tax	—	—	—	—	—	—	—	—	550.3M	196.8M	576.6M	949.1M
Net income	—	—	—	—	—	—	—	—	746.7M	82.3M	1.3B	2.6B
Net margin	—	—	—	—	—	—	—	—	3.24%	0.37%	6.64%	10.7%
EBITDA	—	—	—	—	—	—	—	—	674.7M	1.6B	1.1B	3.7B
EPS	0.99	0.57	0.39	1.68	1.05	0.51	0.75	1.17	0.69	0.09	1.14	2.43
Diluted EPS	0.96	0.57	0.36	1.62	0.99	0.48	0.72	1.11	0.66	0.09	1.11	2.34

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	—	—	120.4B	139B	—	17.5B	18.7B
Enterprise value	—	—	—	—	—	77.7B	103.1B	—	-11.1B	-2.1B
Shares outstanding	6B	8.6B	8.6B	5.4B	8.6B	8.6B	8.6B	1.1B	1.1B	1.1B

Valuation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	—	23.6	—	5.84	26.9
P/S	—	—	—	—	—	1.98	1.79	—	0.18	0.21
P/B	—	—	—	—	—	1.74	1.93	—	0.26	1.93
EV/EBITDA	—	—	—	—	—	32.5	12.1	—	-2.94	-2.45
EV/Sales	—	—	—	—	—	1.28	1.33	—	-0.12	-0.16
Earnings yield	—	—	—	—	—	—	4.24%	—	17.1%	3.71%
FCF yield	—	—	—	—	—	6.37%	7.4%	—	-5.63%	3.47%
PEG	—	—	—	—	—	—	—	—	—	0.25

Profitability

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	18.7%	24%	24.5%	23.9%	19.6%	22.7%	27.9%	24.6%	21.4%	28.6%
Operating margin	-2.22%	-3.08%	-3.13%	5.61%	0.56%	-0.03%	7.27%	4.97%	2.99%	12.3%
Net margin	-2.11%	-1.49%	-4.74%	3.94%	-0.65%	-2.3%	7.57%	4.36%	3.16%	5.32%
ROE	-4.32%	-2.88%	-6.91%	4.16%	-0.78%	-2.02%	8.16%	5.71%	4.5%	7%
ROA	-1.7%	-1.1%	-3.24%	2.66%	-0.52%	-1.28%	4.89%	3.06%	2.56%	2.57%
ROIC	-10.7%	-9.61%	-7.82%	13.8%	0%	0%	11.6%	6.67%	4.77%	11.8%
Return on tangible assets	-1.81%	-1.18%	-3.82%	2.89%	-0.56%	-1.46%	5.45%	3.37%	2.84%	4.66%

Financial health

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.5	1.33	1.87	2.6	2.42	2.11	1.76	1.45	1.61	1.7
Quick ratio	1.5	1.33	1.87	2.6	2.42	2.11	1.76	1.42	1.54	1.64
Debt / equity	0.46	0.4	0.41	0.12	0.11	0.18	0.25	0.32	0.28	0.22
Debt / assets	0.18	0.15	0.19	0.08	0.07	0.11	0.15	0.17	0.16	0.13
Net debt / EBITDA	-18.3	-72.7	-707	-8.96	-17.8	-17.9	-4.22	-4.24	-7.55	-4.59
Interest coverage	-2.15	-10.5	-6.04	24.3	97.2	21.2	414.1	495.2	631.5	631.5
Effective tax rate	0%	0%	0%	36.7%	100%	100%	25.3%	40.6%	36%	32.6%

Per share

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	4.26	3.32	5.34	13.1	9.41	7.03	9.07	82.2	85.3	81.3
EPS (basic)	-1.75	-2.01	-3.41	0.96	-0.45	-1.17	5.01	3.57	2.7	2.7
EPS (diluted)	-1.75	-2.01	-3.41	0.96	-0.45	-1.17	4.89	3.45	2.58	0.63
Book value per share	2.08	1.72	3.66	12.4	7.82	8.01	8.42	62.9	60	8.8
FCF per share	-1.17	0.31	-0.07	1.58	0.25	0.89	1.2	7.4	-0.89	6.31
Cash per share	2.14	1.35	3.03	10.5	5.81	6.36	6.29	46.4	42.7	42.3
Capex per share	0.1	0.06	0.08	0.16	0.17	0.09	0.1	0.91	—	—

Capital allocation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.26%	1.9%	1.53%	1.26%	1.77%	1.31%	1.12%	1.11%	—	—
Capex / operating cash flow	-19.2%	43%	215.2%	17.2%	42.5%	10.2%	7.65%	11.8%	—	—
Payout ratio	-23.7%	0%	0%	—	0%	0%	24.2%	69.4%	96.3%	44.9%
Dividend yield	—	—	—	—	—	0%	1.03%	—	16.5%	6.52%

Yield

6.52%

trailing twelve months

Frequency

Annual

Last dividend

$0.276

ex-dividend Apr 8, 2026

Payout ratio

45%

of earnings

Dividend growth

1 year

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Apr 8, 2026	$0.276
Apr 9, 2025	$0.36
Apr 4, 2024	$0.351

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$17.8B	$20.2B	$2.3B	$3.3B	$22.6B	$31.1B	$23.3B	$26B	$23.1B	$22.2B	$18.9B	$24.5B
YoY change	+1.22%	+20.6%	-88.7%	-83.2%	+26.8%	+54.1%	+914.7%	+692.4%	+2.07%	-28.7%	-19%	-5.66%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	12.8B	11.6B	26.2B	56.7B	49.8B	54.9B	53.9B	52.8B	47.4B
Receivables	2.7B	3.4B	8.1B	13.2B	9.3B	4.1B	3B	5.3B	3.9B
Inventory	—	—	—	—	19M	127.6M	304.2M	1.6B	2.9B
Total current assets	24.1B	27.4B	51.9B	87.5B	69.9B	70.4B	69.8B	76.6B	68.1B
Property, plant & equipment	10.7B	11.1B	11.9B	7.8B	8.8B	12.5B	18.8B	24.7B	20.1B
Goodwill & intangibles	2B	2.7B	10.1B	8.3B	5.9B	13.4B	12.3B	12.1B	11.5B
Total assets	31.6B	38.9B	67.3B	104.3B	100.3B	109.3B	120.3B	133.1B	116.7B
Accounts payable	359.3M	1.4B	4B	6.4B	5.7B	5.8B	6.3B	9.5B	6.1B
Short-term debt	3.1B	3.1B	5.2B	4.1B	3.2B	5.6B	9.7B	14B	11.4B
Total current liabilities	16B	20.6B	27.8B	33.6B	28.9B	33.3B	39.5B	52.7B	42.4B
Long-term debt	2.6B	2.9B	7.8B	3.8B	4.3B	6.6B	8.3B	8.6B	7.4B
Total liabilities	19.1B	24B	35.7B	37.5B	33.3B	40.3B	48.1B	61.7B	50.1B
Shareholders' equity	12.4B	14.9B	31.5B	66.8B	67.1B	69.1B	72.2B	71.4B	66.5B
Total debt	5.7B	6B	13B	8B	7.5B	12.2B	18B	22.7B	18.8B
Net debt	446.1M	-3.2B	-11.3B	-33B	-12.9B	-7.2B	-1.6B	11.2B	11B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	54.2B	53.9B	53.9B	7.2B	7.5B	52.8B	44.6B	45B	49B	47.4B	45B	47B
Receivables	2.8B	3B	3.2B	548.1M	460.4M	5.3B	5.1B	4.1B	3.8B	3.9B	4B	4.9B
Inventory	—	304.2M	—	—	—	1.6B	—	2.6B	—	2.9B	2.8B	2.8B
Total current assets	69.2B	69.8B	70.5B	9.9B	9.8B	76.6B	70.2B	67.8B	68.4B	68.1B	67.1B	70.3B
Property, plant & equipment	18B	18.8B	20.3B	3.2B	3.4B	24.7B	26B	24.5B	24.1B	20.1B	18.1B	14.1B
Goodwill & intangibles	12.3B	12.3B	11.7B	1.6B	1.6B	12.1B	11.2B	11.9B	10.8B	11.5B	10.7B	11.4B
Total assets	118.4B	120.3B	119B	17.2B	17.2B	133.1B	130.6B	123.7B	119.3B	116.7B	112.3B	112.4B
Accounts payable	5.5B	6.3B	5.7B	938.4M	897.5M	9.5B	7.9B	7.1B	6B	6.1B	5B	6.1B
Short-term debt	8.6B	9.7B	10.7B	1.7B	1.9B	14B	13.8B	13.2B	12.7B	11.4B	9.8B	9.3B
Total current liabilities	38B	39.5B	41.8B	6.1B	6.1B	52.7B	52.8B	45.7B	42.6B	42.4B	41B	41.3B
Long-term debt	8.1B	8.3B	7.9B	1.1B	1.2B	8.6B	8.6B	8.8B	8.4B	7.4B	6.5B	5.1B
Total liabilities	46.4B	48.1B	49.9B	7.3B	7.3B	61.7B	61.7B	54.9B	51.4B	50.1B	47.9B	46.8B
Shareholders' equity	72B	72.2B	69.1B	9.9B	10B	71.4B	69B	68.8B	67.9B	66.5B	64.4B	65.6B
Total debt	16.7B	18B	18.6B	2.8B	3B	22.7B	22.3B	22B	21.1B	18.8B	16.3B	14.4B
Net debt	867M	-1.6B	750.5M	1.5B	1.7B	11.2B	9.6B	10.9B	11.9B	11B	5.2B	7B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-537.6M	-427.7M	-2.2B	2.8B	-524.8M	-1.4B	5.9B	4.1B	3B
Depreciation & amortization	811.2M	792.3M	1B	1.2B	1.4B	1.5B	1.4B	1B	1.1B
Stock-based compensation	475.8M	382.2M	3B	2.3B	1.5B	2.4B	3.2B	2.7B	1.9B
Change in working capital	-3.5B	1B	-1B	-677.7M	1.2B	5B	1.2B	811.3M	-6.2B
Operating cash flow	-3B	1.3B	326.6M	5.2B	3.4B	7.8B	11.4B	8.8B	-376.2M
Capital expenditure	-575.2M	-542.9M	-703M	-887M	-1.4B	-793M	-874M	-1B	—
Investing cash flow	-2.8B	2.6B	-3.9B	-15B	-24.9B	-8.5B	-4B	-9.4B	6.5B
Dividends paid	-127.2M	0	0	—	0	0	-1.4B	-2.8B	-2.9B
Share repurchases	0	-306.2M	-2.8B	0	0	-1.3B	-5.2B	-5.1B	-6.6B
Financing cash flow	9.2B	-1.5B	20.2B	24.4B	-1.1B	-1.6B	-7.7B	-6.4B	-10.9B
Net change in cash	3.4B	2.3B	16.7B	14.6B	-22.6B	-2.2B	-267.1M	-7B	-4.8B
Free cash flow	-7B	2.7B	-590.4M	8.5B	2.2B	7.7B	10.3B	8.4B	-983.9M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	—	—	—	—	—	—	—	—	—	—	—	—
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	—	—	—	—	—	—	—	826.2M	851.1M	1.9B	-1.5B	6.6B
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	—	—	—	—	—	—	—	—	—	—	—	—
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	—	—	—	—	—	—	—	—	—	—	—	—
Net change in cash	—	—	—	—	—	—	—	826.2M	851.1M	1.9B	-1.5B	6.6B
Free cash flow	2B	895.3M	-915.3M	670M	63.1M	4.1B	-4B	343.9M	851.1M	1.3B	-1.5B	6.4B

KE Holdings Inc. ADR Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement