KE Holdings Inc ADR's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), KE Holdings Inc ADR reported revenue of $94.6B (+1.2% year on year) and net income of $3.0B (-26.3% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Total net revenues | $94.6B | $93.5B | $77.8B | $60.7B |
| Commission-split (including costs generated from related parties of RMB869,298, RMB601,193 and RMB331,521, for 2023, 2024 and 2025, respectively) | ($20.9B) | ($22.8B) | ($25.7B) | ($20.5B) |
| Commission and compensation-internal | ($17.7B) | ($18.9B) | ($17.9B) | ($17.9B) |
| Cost of home renovation and furnishing (including costs generated from related parties of RMB176,824, RMB116,207 and RMB48,000, for 2023, 2024 and 2025, respectively) | ($10.6B) | ($10.2B) | ($7.7B) | ($3.6B) |
| Cost of home rental services (including costs generated from related parties of RMB9,042, RMB11,150 and RMB11,493, for 2023, 2024 and 2025, respectively) | ($20.0B) | ($13.6B) | — | — |
| Cost related to stores (including costs generated from related parties of RMB15,356, RMB7,594 and RMB5,410, for 2023, 2024 and 2025, respectively) | ($2.9B) | ($2.9B) | ($2.9B) | ($3.3B) |
| Others (including costs generated from related parties of RMB9,401, RMB13,496 and RMB6,697, for 2023, 2024 and 2025, respectively) | ($2.4B) | ($2.1B) | ($1.9B) | ($1.6B) |
| Total cost of revenues | ($74.4B) | ($70.5B) | ($56.1B) | ($46.9B) |
| Gross profit | $20.2B | $22.9B | $21.7B | $13.8B |
| Sales and marketing expenses (including expenses generated from related parties of RMB6,776, RMB21,001 and RMB9,113, for 2023, 2024 and 2025, respectively) | ($7.3B) | ($7.8B) | ($6.7B) | ($4.6B) |
| General and administrative expenses (including expenses generated from related parties of RMB15,732, RMB5,702 and RMB378, for 2023, 2024 and 2025, respectively) | ($8.1B) | ($9.0B) | ($8.2B) | ($7.3B) |
| Research and development expenses (including expenses generated from related parties of RMB92,080, RMB152,818 and RMB208,679, for 2023, 2024 and 2025, respectively) | ($2.6B) | ($2.3B) | ($1.9B) | ($2.5B) |
| Impairment of goodwill, intangible assets and other long-lived assets | ($116.3M) | ($151.6M) | ($93.4M) | ($148.1M) |
| Total operating expenses | ($18.1B) | ($19.2B) | ($16.9B) | ($14.6B) |
| Income from operations | $2.1B | $3.8B | $4.8B | ($832.9M) |
| Interest income, net (including income generated from related parties of RMB6,987, RMB7,010 and RMB11,895, for 2023, 2024 and 2025, respectively) | $807.5M | $1.3B | — | — |
| Share of results of equity investees | $16.4M | $10.2M | $9.1M | $44.6M |
| Impairment loss and provision related to equity investments accounted for using equity method | ($103.7M) | — | — | — |
| Fair value changes in investments, net | $462.7M | $312.8M | $78.3M | ($512.2M) |
| Impairment loss for equity investments accounted for using measurement alternative | ($2.7M) | ($9.4M) | ($28.8M) | ($591.9M) |
| Foreign currency exchange loss | ($59.7M) | ($34.7M) | — | — |
| Other income, net | $1.4B | $1.6B | $1.9B | $1.6B |
| Income before income tax expense | $4.7B | $6.9B | $7.9B | $292.3M |
| Income tax expense | ($1.7B) | ($2.8B) | ($2.0B) | ($1.7B) |
| Net income | $3.0B | $4.1B | $5.9B | ($1.4B) |
| Net loss (income) attributable to noncontrolling interests shareholders | $3.0M | ($13.3M) | ($6.4M) | $11.2M |
| Net income attributable to KE Holdings Inc. | $3.0B | $4.1B | $5.9B | ($1.4B) |
| Net income attributable to KE Holdings Inc.'s ordinary shareholders | $3.0B | $4.1B | $5.9B | ($1.4B) |
| Currency translation adjustments | ($429.0M) | $217.1M | $574.2M | $2.6B |
| Unrealized gains on available-for-sale investments, net of reclassification | $110.0M | $147.7M | $82.8M | ($375.1M) |
| Total other comprehensive income (loss) | ($319.1M) | $364.8M | $657.0M | $2.2B |
| Total comprehensive income | $2.7B | $4.4B | $6.5B | $829.7M |
| Comprehensive loss (income) attributable to noncontrolling interests shareholders | $3.0M | ($13.3M) | ($6.4M) | $11.2M |
| Comprehensive income attributable to KE Holdings Inc. | $2.7B | $4.4B | $6.5B | $840.9M |
| Comprehensive income attributable to KE Holdings Inc.'s ordinary shareholders | $2.7B | $4.4B | $6.5B | $840.9M |
| - Basic (in shares) | 3.3B | 3.4B | 3.5B | 3.6B |
| - Diluted (in shares) | 3.5B | 3.5B | 3.6B | 3.6B |
| - Basic (per share) | $0.90 | $1.19 | $1.67 | -$0.39 |
| - Diluted (per share) | $0.86 | $1.15 | $1.63 | -$0.39 |
| Share-based compensation expenses included in: | $1.9B | $2.7B | $3.2B | $2.4B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $7.8B | $11.4B | $19.6B | $19.4B |
| Restricted cash | $8.2B | $8.9B | $6.2B | $6.2B |
| Short-term investments | $39.6B | $41.3B | $34.3B | $35.5B |
| Financing receivables, net of allowance for credit losses of RMB147,330 and RMB174,478 as of December 31, 2024 and 2025, respectively | $1.4B | $2.8B | $1.3B | $667.2M |
| Accounts receivable and contract assets, net of allowance for credit losses of RMB1,636,163 and RMB1,612,202 as of December 31, 2024 and 2025, respectively | $3.9B | $5.5B | $3.2B | $4.2B |
| Amounts due from and prepayments to related parties | $409.9M | $379.2M | $419.3M | $406.0M |
| Loan receivables from related parties | $315.8M | $18.8M | $28.0M | $50.5M |
| Inventories | $2.9B | — | — | — |
| Prepayments, receivables and other assets | $3.7B | $6.3B | $4.7B | $4.1B |
| Total current assets | $68.1B | $76.6B | $69.8B | $70.4B |
| Property, plant and equipment, net | $2.1B | $2.4B | $2.0B | $2.0B |
| Right-of-use assets | $19.1B | $23.4B | $17.6B | $11.3B |
| Long-term investments, net | $20.1B | $23.8B | $23.6B | $17.9B |
| Intangible assets, net | $722.7M | $857.6M | $1.1B | $1.7B |
| Goodwill | $4.7B | $4.8B | $4.9B | $4.9B |
| Long-term loan receivables from related parties | $39.6M | $131.4M | $27.0M | $22.9M |
| Other non-current assets | $1.8B | $1.2B | $1.5B | $1.0B |
| Total non-current assets | $48.5B | $56.5B | $50.6B | $38.9B |
| TOTAL ASSETS | $116.7B | $133.1B | $120.3B | $109.3B |
| Accounts payable (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB66,266 and RMB57,987 as of December 31, 2024 and 2025, respectively) | $6.1B | $9.5B | $6.3B | $5.8B |
| Amounts due to related parties (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB322 and RMB463 as of December 31, 2024 and 2025, respectively) | $348.5M | $391.4M | $430.4M | — |
| Loan payable to related parties (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of nil as of both December 31, 2024 and 2025) | $497.9M | — | — | — |
| Employee compensation and welfare payable (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB374,213 and RMB411,090 as of December 31, 2024 and 2025, respectively) | $6.5B | $8.4B | $8.1B | $9.4B |
| Customer deposits payable (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB4,141,792 and RMB3,369,240 as of December 31, 2024 and 2025, respectively) | $4.2B | $6.1B | $3.9B | $4.2B |
| Income taxes payable (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB35,277 and RMB34,984 as of December 31, 2024 and 2025, respectively) | $702.6M | $1.0B | $698.6M | $542.3M |
| Short-term borrowings (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of nil as of both December 31, 2024 and 2025) | $207.7M | $288.3M | $290.4M | $619.0M |
| Lease liabilities current portion (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB369 and RMB198 as of December 31, 2024 and 2025, respectively) | $10.7B | $13.7B | $9.4B | $5.0B |
| Contract liabilities and deferred revenue (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB2,785 and RMB2,990 as of December 31, 2024 and 2025, respectively) | $5.7B | $6.1B | — | — |
| Accrued expenses and other current liabilities (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB210,085 and RMB109,199 as of December 31, 2024 and 2025, respectively) | $7.6B | $7.3B | $5.7B | $4.1B |
| Total current liabilities | $42.4B | $52.7B | $39.5B | $33.3B |
| Deferred tax liabilities (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB2,374 and RMB1,679 as of December 31, 2024 and 2025, respectively) | $317.2M | $317.7M | $279.3M | $351.2M |
| Lease liabilities non-current portion (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB452 and RMB146 as of December 31, 2024 and 2025, respectively) | $7.0B | $8.6B | $8.3B | $6.6B |
| Long-term borrowings (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of nil as of both December 31, 2024 and 2025) | $182.9M | — | — | — |
| Long-term loan payable to related parties (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of nil as of both December 31, 2024 and 2025) | $259.2M | — | — | — |
| Other non-current liabilities (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of nil as of both December 31, 2024 and 2025) | $2.1M | $2.6M | $389.0K | $475.0K |
| Total non-current liabilities | $7.7B | $9.0B | $8.6B | $7.0B |
| TOTAL LIABILITIES | $50.1B | $61.7B | $48.1B | $40.3B |
| Ordinary shares | 450.0K | 461.0K | 475.0K | 487.0K |
| Treasury shares | -848.4M | -949.4M | -866.2M | -225.3M |
| Additional paid-in capital | $64.8B | $72.5B | $77.6B | $80.3B |
| Statutory reserves | $1.1B | $927.0M | $811.1M | $660.8M |
| Accumulated other comprehensive income | $290.0M | $609.1M | $244.3M | ($412.7M) |
| (Accumulated deficit) / Retained earnings | $1.1B | ($1.7B) | ($5.7B) | ($11.4B) |
| Total KE Holdings Inc. shareholders' equity | $66.4B | $71.3B | $72.1B | $68.9B |
| Non-controlling interests | $88.5M | $124.2M | $101.3M | $134.1M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income | $3.0B | $4.1B | $5.9B | ($1.4B) |
| Depreciation of property, plant and equipment | $934.1M | $743.7M | $775.0M | $918.3M |
| Amortization of intangible assets | $138.3M | $268.7M | $627.1M | $584.5M |
| Provision of allowance for expected credit losses | $134.2M | $296.6M | — | — |
| Impairment of goodwill, intangible assets and other long-lived assets | $116.3M | $151.6M | $93.4M | $148.1M |
| Impairment loss and provision related to equity investments accounted for using equity method | $103.7M | — | — | — |
| Impairment loss for equity investments accounted for using measurement alternative | $2.7M | $9.4M | $28.8M | $591.9M |
| Inventory impairment charge | $7.3M | — | — | — |
| Deferred tax expenses (benefits) | ($253.0M) | $146.9M | ($328.6M) | $301.8M |
| Share of results of equity investees | ($16.4M) | ($10.2M) | ($9.1M) | ($44.6M) |
| Dividend received from equity method investments | $9.0M | $15.8M | $14.9M | $55.8M |
| Fair value changes in investments | ($146.4M) | ($312.8M) | ($78.3M) | $512.2M |
| Investment and interest income | $210.3M | ($253.0M) | ($1.4B) | — |
| Foreign currency exchange loss (gain) | $50.6M | ($339.3M) | $94.0M | $127.4M |
| Loss on disposal of property, plant and equipment and intangible assets | $137.5M | $30.0K | $629.0K | ($653.0K) |
| Share-based compensation expenses | $1.9B | $2.7B | $3.2B | $2.4B |
| Accounts receivable and contract assets | $1.5B | ($2.4B) | $834.7M | — |
| Amounts due from and prepayments to related parties | ($36.4M) | $42.4M | ($13.3M) | $185.4M |
| Inventories | ($1.3B) | — | — | — |
| Prepayments, receivables and other assets | ($1.0B) | ($269.8M) | ($883.3M) | ($382.7M) |
| Right-of-use assets | $4.2B | ($5.6B) | ($6.3B) | ($3.5B) |
| Other non-current assets | ($288.4M) | ($12.4M) | ($29.5M) | ($54.0M) |
| Accounts payable | ($3.3B) | $2.5B | $482.5M | ($866.4M) |
| Amounts due to related parties | ($43.5M) | ($38.9M) | $4.7M | ($158.4M) |
| Employee compensation and welfare payable | ($1.9B) | $268.7M | ($1.2B) | ($957.6M) |
| Contract liabilities and deferred revenue | ($361.6M) | $1.4B | — | — |
| Lease liabilities | ($4.7B) | $4.7B | $6.1B | $4.1B |
| Accrued expenses and other current liabilities | $900.2M | $1.1B | $1.6B | $652.8M |
| Income taxes payable | ($326.1M) | $330.2M | $156.3M | ($41.7M) |
| Net cash provided by (used in) operating activities | ($376.2M) | $9.4B | $11.2B | $8.5B |
| Purchases of time deposits and held-to-maturity debt investments | ($8.9B) | ($24.0B) | — | — |
| Maturities of time deposits and held-to-maturity debt investments | $20.9B | $12.1B | — | — |
| Purchases of available-for-sale debt investments | ($441.4M) | — | — | ($1.2B) |
| Sales and maturities of available-for-sale debt investments | $548.6M | — | $1.4B | $2.9B |
| Purchases of other long-term investments | ($6.5B) | ($3.9B) | ($1.2B) | — |
| Disposal of other long-term investments | $18.5M | $132.7M | — | — |
| Purchases of other short-term investments | ($27.1B) | ($33.3B) | ($38.9B) | — |
| Maturities of other short-term investments | $27.3B | $42.6B | $41.5B | — |
| Proceeds from disposal of subsidiaries and long-lived assets | $15.0M | $12.2M | $14.8M | — |
| Purchases of property, plant and equipment, intangible assets and other long-lived assets | ($607.7M) | ($1.0B) | ($874.0M) | ($793.0M) |
| Financing receivables originated | ($81.6B) | ($58.1B) | ($27.8B) | ($11.5B) |
| Collections of financing receivables principal | $83.0B | $56.6B | $27.1B | $11.6B |
| Loans to related parties and others | ($2.1B) | ($941.6M) | ($47.0M) | ($50.1M) |
| Repayments of loans from related parties and others | $1.3B | $346.2M | $65.4M | $19.5M |
| Net cash provided by (used in) investing activities | $5.9B | ($9.4B) | ($4.0B) | ($8.5B) |
KE Holdings Inc ADR score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.