BEKE KE Holdings Inc.
Price Chart
Executive Summary
KE Holdings (BEKE) reported mixed but overall negative financial results for Q4 and full-year 2025. While net revenues grew 1.2% for the year to $13.5B, driven by strong growth in home rental services, the fourth quarter saw a sharp 28.7% YoY revenue decline and a swing to an operating loss. GTV fell across all major segments, with Q4 GTV down 36.7% YoY. Despite cost controls and a $1.2B shareholder return via buybacks and dividends, declining core transaction volumes and profitability point to weakening fundamentals.
Key Financial Metrics
Actionable Insight
Traders should monitor whether the sharp Q4 deterioration reflects a temporary housing market slump or a structural decline. The strong home rental growth is positive but not yet offsetting core transaction weakness. The $5B share repurchase program provides some floor, but fundamentals are weakening.
Key Facts
- Q4 2025 net revenues down 28.7% YoY to $3.2B; full-year 2025 revenue up 1.2% to $13.5B
- Q4 2025 net income plummeted to $12M from $577M in Q4 2024; adjusted net income down 61.5%
- GTV for full-year 2025 down 5.0% YoY to $455.2B; Q4 GTV down 36.7% YoY
- Home rental services revenue surged 52.8% for the year, but home transaction services declined sharply
- Company returned $1.2B to shareholders in 2025 via $921M in buybacks and $300M dividend
Financial Impact
Revenue and profit declines, especially in Q4, indicate deteriorating core business performance despite cost-cutting. Full-year net income down 26.7% to $428M.
Risk Factors
- Continued decline in China's housing market could further pressure GTV and revenue
- Home transaction services (core business) are shrinking in volume and margin
- Heavy reliance on cost-cutting to maintain profitability is not sustainable long-term
Market Snapshot
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3256066 |
Track record builds as more directional reports settle.
Filters
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May 20, 2026
3d ago
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6-K
| $18.05 awaiting T+5 | awaiting T+5 | — | $16.40 (−9.14%) |
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May 19, 2026
4d ago
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Press Release
| $17.81 awaiting T+5 | awaiting T+5 | — | $16.40 (+7.92%) |
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May 18, 2026
5d ago
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6-K
| — | awaiting T+5 | — | — |
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May 15, 2026
8d ago
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Press Release
| $18.86 awaiting T+5 | awaiting T+5 | — | $16.40 (+13.02%) |
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May 11, 2026
12d ago
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6-K
| $19.19 $17.80 | ▼ −7.24% | ▼ −7.16% | $16.40 (−14.54%) |
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May 8, 2026
15d ago
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6-K
| $18.87 $18.86 | ▼ −0.05% | ▼ −1.52% | $16.40 (−13.09%) |
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May 7, 2026
16d ago
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Press Release
| $18.41 $19.59 | ▲ +6.41% | ▲ +4.91% | $16.40 (−10.92%) |
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May 4, 2026
19d ago
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6-K
| $17.46 $19.19 | ▲ +9.91% | ▲ +6.97% | $16.40 (−6.07%) |
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Apr 27, 2026
26d ago
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6-K
| $16.03 $17.46 | ▲ +8.92% | ▲ +8.52% | $16.40 (+2.31%) |
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Apr 24, 2026
29d ago
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6-K
| $16.18 $17.13 | ▲ +5.87% | ▲ +4.96% | $16.40 (+1.36%) |
US Market Status
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