KE Holdings Inc. (BEKE) Form 6-K — Aug 24, 2026
KE Holdings reported second quarter 2026 net income of RMB2,624 million (US$387 million), up 100.8% year-over-year, even as net revenues declined 5.7% to RMB24.5 billion. Gross margin expanded 6.7 percentage points to 28.6% and operating expenses fell 14.1%, pushing adjusted operating margin and adjusted net income margin to 14.6% and 13.0% — their highest levels in three years. Gross transaction value returned to growth, rising 6.3% year-over-year to RMB933.8 billion, with existing home GTV up 8.0% and new home GTV up 1.2%. For the first half of 2026, net revenues were RMB43.4 billion, down 12.0%, while net income rose to RMB3,879 million from RMB2,162 million a year earlier.
Key figures
- Eps
- Diluted net income per ADS RMB2.35 (US$0.35) Q2 2026; adjusted diluted per ADS RMB2.85 (US$0.42)
- Revenue
- RMB24.5 billion (US$3.6 billion) Q2 2026; RMB43.4 billion H1 2026
- Net Income
- RMB2,624 million (US$387 million) Q2 2026, +100.8% YoY; RMB3,879 million H1 2026 vs RMB2,162 million H1 2025
- Total Debt
- RMB12,940 million total financial indebtedness as of June 30, 2026 (down from RMB18,019 million at December 31, 2025)
- Revenue Yoy
- -5.7% Q2 2026; -12.0% H1 2026
- Cash Position
- RMB56.0 billion (US$8.3 billion) combined cash, cash equivalents, restricted cash and short-term investments as of June 30, 2026
- Agents
- 540634
- Gtv q2
- RMB933.8 billion (US$137.6 billion), +6.3% YoY
- Stores
- 60274
- Employees
- 107409
- Gross margin
- 28.6%, up 6.7 percentage points YoY from 21.9%
- Gearing ratio
- 41.6%
- Gtv new home q2
- RMB258.4 billion, +1.2% YoY
- Operating margin
- 12.3% vs 4.1% a year ago
- Q2 share buyback
- approximately US$250 million, including first Hong Kong repurchases
- Adjusted ebitda q2
- RMB4,175 million (US$615 million)
- Mobile mau millions
- 45.7
- Gtv existing home q2
- RMB629.9 billion, +8.0% YoY
- Adjusted operating margin
- 14.6% vs 6.2% a year ago
- Adjusted net income margin
- 13.0%
- Repurchase program capacity
- up to US$5 billion through August 31, 2028
- Rental units under management
- over 790,000, +34% YoY
- Cumulative buyback since launch
- US$2,967.7 million on NYSE plus HK$201.5 million on HKEX
AI analysis
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