Jun 2026 (Q2 FY26) — Aug 21, 2026
KE Holdings Inc. Q2 FY26 — Profitability Surges Amidst Strategic Transformation
Read the full callKE Holdings (BEKE) earnings
- Jun 2026 (Q2 FY26)
- Dec 2025
KE Holdings earnings: last reported Fri, 21 Aug 2026, for the quarter ended Jun 2026.
Guidance
What management said, and what became of it
2 of 2 judged targets kept · 6 open · verdicts reflect calls analysed to Mar 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| AI investment | increase | Dec 2024 | On AI, we're maintaining a disciplined investment approach. We continue to fill up investment in core business [ narrows ] and a foundational AI capabilities. | Pending |
| Store and agent number (outside Beijing and Shanghai) | stable | Jun 2025 | The overall scale of agents and stores on the platform remained stable with more than 58,000 connected stores and over 445,000 agents at year-end. | Achieved |
6 of KE Holdings Inc.'s 8 targets are still open. See which are on track and which have gone quiet. The 2 above are the free sample; 6 more targets are in the full ledger.
Claimed
- Non-GAAP Net income grew 74.9% year-over-year to CNY 3.185 billion.
- Non-GAAP net margin reached 13%, up 6 percentage points year-over-year, a 3-year high.
- Group's gross margin increased 6.7 percentage points year-over-year to 28.6%.
- GAAP operating expenses fell 14.1% year-over-year.
- Existing Home Transaction Services GTV grew 8% year-over-year to RMB 629.89 billion, with contribution margin up 6.1 percentage points to 46.1%.
Qualified
- Total revenue decreased 5.7% year-over-year.
- Home renovation and furnishing revenue was RMB 3.19 billion, down 30.1% year-over-year, reflecting proactive adjustments and market pressures.
- Home rental services revenue was RMB 4.83 billion, down 14.8% year-over-year, due to a product model transition.
- G&A expenses increased 18.9% quarter-over-quarter due to a RMB 280 million bad debt provision.
Price
$17.83 +1.77% · +$0.31
Performance −2.1% 1Y
1Y: $18.21 on 14 Oct 2025 → $17.83. High $19.59 (13 May 2026), low $14.26 (26 Jun 2026).
- Previous close
- $17.52
- 52-week range
- $14.26 – $19.59
- One year
- −2.73%
Overview
- Symbol
- BEKE
- Sector
- Real Estate
- Industry
- Real Estate Agents & Managers (For Others)
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
2 of 2 judged targets kept · 6 open · verdicts reflect calls analysed to Mar 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| AI investment | increase | Dec 2024 | On AI, we're maintaining a disciplined investment approach. We continue to fill up investment in core business [ narrows ] and a foundational AI capabilities. | Pending |
| Store and agent number (outside Beijing and Shanghai) | stable | Jun 2025 | The overall scale of agents and stores on the platform remained stable with more than 58,000 connected stores and over 445,000 agents at year-end. | Achieved |
Claimed
- Non-GAAP Net income grew 74.9% year-over-year to CNY 3.185 billion.
- Non-GAAP net margin reached 13%, up 6 percentage points year-over-year, a 3-year high.
- Group's gross margin increased 6.7 percentage points year-over-year to 28.6%.
- GAAP operating expenses fell 14.1% year-over-year.
- Existing Home Transaction Services GTV grew 8% year-over-year to RMB 629.89 billion, with contribution margin up 6.1 percentage points to 46.1%.
Qualified
- Total revenue decreased 5.7% year-over-year.
- Home renovation and furnishing revenue was RMB 3.19 billion, down 30.1% year-over-year, reflecting proactive adjustments and market pressures.
- Home rental services revenue was RMB 4.83 billion, down 14.8% year-over-year, due to a product model transition.
- G&A expenses increased 18.9% quarter-over-quarter due to a RMB 280 million bad debt provision.
The full ledger
Open KE Holdings Inc.’s full ledger
A free account opens 5 company ledgers a month. All 8 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 19, 2026
KE Holdings Q1 FY26 — Strong Profitability Amidst Market Volatility, Driven by Efficiency Gains and Strategic Transformation
Read the full callDec 2025 (Q4 FY25) — Mar 16, 2026
KE Holdings Inc. Q4 FY25 — Strategic Pivot to Efficiency-Driven Growth and Strong Shareholder Returns
Read the full callEvery analysed call
KE Holdings earnings calls (BEKE)
Financials
What the filings say
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | — | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Reserves | — | -11,776 | -1,414 | -1,545 | -1,654 | -799 | -236 | 163 |
| Total liabilities | — | 35,730 | 5,748 | 5,220 | 5,842 | 6,779 | 8,453 | 7,170 |
| Fixed assets | — | 1,134 | 226 | 309 | 295 | 277 | 329 | 296 |
| Investments | — | 1,845 | 2,404 | 4,614 | 5,145 | 4,825 | 5,661 | 5,660 |
| Total assets | — | 67,265 | 15,984 | 15,742 | 15,854 | 16,948 | 18,241 | 16,683 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 468 | 113 | 1,435 | 564 | 1,227 | 1,572 | 1,294 | -54 |
| Cash from investing | 379 | -3,874 | -2,295 | -3,905 | -1,228 | -560 | -1,285 | 843 |
| Cash from financing | -186 | 23,026 | 3,894 | -169 | -167 | -981 | -794 | -1,400 |
| Net cash flow | 661 | 19,170 | 2,698 | -3,579 | -165 | 37 | -761 | -623 |
| Capital expenditure | -79 | -703 | -136 | -224 | -115 | -123 | -142 | -87 |
| Free cash flow | 389 | -590 | 1,299 | 340 | 1,112 | 1,448 | 1,152 | -141 |
BEKE operating KPIs by quarter
| KPI | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Change vs prior quarter |
|---|---|---|---|
| Rental units under management Home rental services | 700K+At the end of Q4, we had over 700,000 rental units under management, a year-on-year increase of around 62%.Source: earnings call transcript | 740K+As of the end of the Q1, the number of rental units under our management exceeded 740,000 units representing an increase of around 47% year-over-year.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
24 filings between Mar 26, 2026 and Sep 25, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$102.65M
2 sales by 2 insiders
Compensation
not trading decisions- 3
- Option exercise — converted options into shares
- 3
- Tax withheld — shares kept back by the company to cover tax
Also filed: 16 other filings.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Peng Yongdong | — | $84.55M | Sep 25, 2026 |
| Shan Yigang | — | $18.09M | Sep 21, 2026 |
Latest filings (24)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 25, 2026 | Peng Yongdong Chief Executive Officer | Sale | 16,033,983 | $84.55M |
| Sep 21, 2026 | Shan Yigang Executive Director | Sale | 3,326,670 | $18.09M |
| Sep 3, 2026 | Zhu Hansong Director | Tax withheld | 803 | $14.2K |
| Sep 3, 2026 | Chen Xiaohong Director | Tax withheld | 1 | $18 |
| Sep 2, 2026 | Zhu Hansong Director | Option exercise | 3,750 | $0 |
| Sep 2, 2026 | Chen Xiaohong Director | Option exercise | 8,750 | $0 |
| Aug 14, 2026 | Peng Yongdong Chief Executive Officer | Other | 730,525 | $0 |
| Aug 14, 2026 | Peng Yongdong Chief Executive Officer | Other | 730,525 | $0 |
| Aug 14, 2026 | Shan Yigang Executive Director | Other | 316,964 | $0 |
| Aug 14, 2026 | Shan Yigang Executive Director | Other | 316,964 | $0 |
| Jun 8, 2026 | Shan Yigang Executive Director | Other | 372,320 | $0 |
| Jun 8, 2026 | Xu Wangang Executive Director | Other | 1 | $0 |
| Jun 8, 2026 | Peng Yongdong Chief Executive Officer | Other | 858,107 | $0 |
| Jun 8, 2026 | Peng Yongdong Chief Executive Officer | Other | 858,107 | $0 |
| Jun 8, 2026 | Shan Yigang Executive Director | Other | 372,320 | $0 |
| Apr 27, 2026 | Xu Wangang Executive Director | Other | 7,177,119 | $0 |
| Apr 27, 2026 | Xu Wangang Executive Director | Other | 7,177,119 | $0 |
| Apr 7, 2026 | Shan Yigang Executive Director | Other | 425,840 | $0 |
| Apr 7, 2026 | Peng Yongdong Chief Executive Officer | Other | 981,459 | $0 |
| Apr 7, 2026 | Xu Tao (XT) Chief Financial Officer | Other | 1 | $0 |
| Apr 7, 2026 | Shan Yigang Executive Director | Other | 425,840 | $0 |
| Apr 7, 2026 | Peng Yongdong Chief Executive Officer | Other | 981,459 | $0 |
| Mar 27, 2026 | Wu Jun Director | Tax withheld | 767 | $11.8K |
| Mar 26, 2026 | Wu Jun Director | Option exercise | 3,874 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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