Ke Holdings (BEKE) financial statements

Real Estate · Real Estate Services · Market cap $18.5B

Ke Holdings reported revenue of 94.6B CNY in fiscal 2025, up 18.6% a year over 7 years.

Net income was 3.0B CNY and the operating margin 2.2%, against -4.3% in 2018.

Free cash flow was -984M CNY, and the company returned 2.9B CNY in dividends and 6.6B CNY in net buybacks.

The diluted share count rose 155% over the period (dilution).

Revenue and free cash flow

Fiscal years, $ billions (CNY).

-25025507510020182019202020212022202320242025RevenueFree cash flow
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Income statement

Fiscal years, in CNY, from Ke Holdings's 10-K filings with the SEC.

Fiscal year20182019202020212022202320242025
Revenue28.6B CNY46.0B CNY70.5B CNY80.8B CNY60.7B CNY77.8B CNY93.5B CNY94.6B CNY
Cost of revenue21.8B CNY34.7B CNY53.6B CNY64.9B CNY46.9B CNY56.1B CNY70.5B CNY74.4B CNY
Gross profit6.9B CNY11.3B CNY16.9B CNY15.8B CNY13.8B CNY21.7B CNY22.9B CNY20.2B CNY
Research and development671M CNY1.6B CNY2.5B CNY3.2B CNY2.5B CNY1.9B CNY2.3B CNY2.6B CNY
Selling, general and admin7.4B CNY11.5B CNY11.3B CNY13.2B CNY11.9B CNY14.9B CNY16.7B CNY15.4B CNY
Operating income-1.2B CNY-1.8B CNY2.8B CNY-1.4B CNY-833M CNY4.8B CNY3.8B CNY2.1B CNY
Interest expense44M CNY181M CNY188M CNY6M CNY14M CNY17M CNY13M CNY7M CNY
Pre-tax income-499M CNY-1.3B CNY4.4B CNY1.1B CNY292M CNY7.9B CNY6.9B CNY4.7B CNY
Income tax-71M CNY904M CNY1.6B CNY1.7B CNY1.7B CNY2.0B CNY2.8B CNY1.7B CNY
Net income-468M CNY-2.2B CNY2.8B CNY-524M CNY-1.4B CNY5.9B CNY4.1B CNY3.0B CNY
EPS (diluted)-1.75 CNY-2.94 CNY0.32 CNY-0.15 CNY-0.39 CNY1.63 CNY1.15 CNY0.86 CNY
Diluted shares1.36B1.38B2.27B3.55B3.57B3.61B3.54B3.47B
Gross margin24.0%24.5%23.9%19.6%22.7%27.9%24.6%21.4%
Operating margin-4.3%-3.9%4.0%-1.7%-1.4%6.2%4.0%2.2%
Net margin-1.6%-4.7%3.9%-0.6%-2.3%7.6%4.3%3.2%

Balance sheet

Fiscal years, in CNY, from Ke Holdings's 10-K filings with the SEC.

Fiscal year20182019202020212022202320242025
Cash and short-term investments9.1B CNY26.2B CNY56.7B CNY49.8B CNY54.9B CNY53.9B CNY52.8B CNY47.4B CNY
Receivables—8.1B CNY13.2B CNY9.3B CNY4.1B CNY3.0B CNY5.3B CNY3.1B CNY
Inventory———19M CNY128M CNY304M CNY1.6B CNY2.9B CNY
Total current assets—51.9B CNY87.5B CNY69.9B CNY70.4B CNY69.8B CNY76.6B CNY68.1B CNY
Property, plant and equipment—1.1B CNY1.5B CNY2.0B CNY2.0B CNY2.0B CNY2.4B CNY2.1B CNY
Goodwill1.1B CNY2.5B CNY2.5B CNY1.8B CNY4.9B CNY4.9B CNY4.8B CNY4.7B CNY
Total assets—67.3B CNY104.3B CNY100.3B CNY109.3B CNY120.3B CNY133.1B CNY116.7B CNY
Total current liabilities—27.8B CNY33.6B CNY28.9B CNY33.3B CNY39.5B CNY52.7B CNY42.4B CNY
Total liabilities—35.7B CNY37.5B CNY33.3B CNY40.3B CNY48.1B CNY61.7B CNY50.1B CNY
Shareholders' equity-7.8B CNY-8.9B CNY66.8B CNY67.0B CNY68.9B CNY72.1B CNY71.3B CNY66.4B CNY
Net debt-9.1B CNY-24.3B CNY-41.0B CNY-20.4B CNY-19.4B CNY-19.6B CNY-11.4B CNY-7.8B CNY

Cash flow

Fiscal years, in CNY, from Ke Holdings's 10-K filings with the SEC.

Fiscal year20182019202020212022202320242025
Operating cash flow3.2B CNY113M CNY9.4B CNY3.6B CNY8.5B CNY11.4B CNY9.4B CNY-376M CNY
Capital spending543M CNY703M CNY887M CNY1.4B CNY793M CNY874M CNY1.0B CNY608M CNY
Free cash flow2.7B CNY-590M CNY8.5B CNY2.2B CNY7.7B CNY10.5B CNY8.4B CNY-984M CNY
Stock-based compensation382M CNY3.0B CNY2.3B CNY1.5B CNY2.4B CNY3.2B CNY2.7B CNY1.9B CNY
Dividends paid—————1.4B CNY2.8B CNY2.9B CNY
Share buybacks (net)—-207M CNY——-1.3B CNY-5.2B CNY-5.1B CNY-6.6B CNY
Free cash flow margin9.3%-1.3%12.0%2.7%12.7%13.6%9.0%-1.0%
Dividends per share—————0.39 CNY0.80 CNY0.83 CNY
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Questions

What was Ke Holdings's revenue in 2025?

94.6B CNY in fiscal 2025, from its 10-K filing.

How much free cash flow does Ke Holdings generate?

-984M CNY in fiscal 2025 (operating cash flow minus capital spending).

From Ke Holdings's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.