KE Holdings Inc

Latest Results (31.08.2026):

KE Holdings Inc. — Second Quarter 2026: Beike reported solid profitability improvement in Q2 2026 despite a decline in total net revenues; gross transaction value (GTV) rose modestly while cost and operating-structure optimizations drove strong margin expansion and higher net and adjusted net income year‑over‑year.

Top-line and volume

GTV was RMB933.8 billion (US$137.6 billion), up 6.3% YoY; total net revenues were RMB24.5 billion (US$3.6 billion), down 5.7% YoY — existing-home and new-home service revenues rose, while home renovation/furnishing (-30.1%) and home rental (-14.8%) declined.

Profitability

Net income was RMB2,624 million (US$387 million), up 100.8% YoY; adjusted net income was RMB3,185 million (US$469 million), up 74.9% YoY. Basic net income per ADS was RMB2.43 (US$0.36).

Margins and operating performance

Gross margin improved to 28.6% (up 6.7 percentage points YoY). Operating margin rose to 12.3% from 4.1% YoY; adjusted operating margin reached 14.6% (the highest in three years). Adjusted EBITDA was RMB4,175 million (US$615 million).

Cost and efficiency moves

Total cost of revenues fell 13.7% YoY to RMB17.5 billion; operating expenses decreased 14.1% YoY (notably sales & marketing down 26.1%). Contribution margins increased across major segments (existing-home 46.1%, new-home 28.8%, renovation 39.6%, rentals 15.3%).

User and network metrics

Average mobile MAU was 45.7 million (down from 48.7 million YoY). Number of stores was 60,274 (-0.4% YoY) and active stores 57,803 (-1.5%); total agents 540,634 (-3.1%) and active agents 454,571 (-7.5%).

Balance sheet and liquidity

Cash, cash equivalents, restricted cash and short‑term investments totaled RMB56.0 billion (US$8.3 billion) as of June 30, 2026.

Capital return

The company repurchased approximately US$250 million of shares in Q2 (including its first repurchases in Hong Kong). Since program launch, aggregate repurchases are ~185.4 million ADSs (≈556.3 million Class A shares) for ~US$2,967.7 million on the NYSE plus ~4.9 million Class A shares in Hong Kong.

Management view

Management says organizational transformation, platform‑AI integration and cost-structure adjustments are strengthening operating foundations and enabling a pivot to quality growth, with resources to be redirected toward customer‑value capabilities going forward.