← KE Holdings Inc.
| Annual Trend | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and Cash Equivalents, at Carrying Value | $3.7b | $6.3b | $3.2b | $2.8b | $2.8b | $1.6b | $1.1b | |
| Prepaid Expense and Other Assets, Current | $5.3b | $716.8m | $491.2m | $588.3m | $657.3m | $856.6m | $532.8m | |
| Short-term Investments | $1.8b | $2.4b | $4.6b | $5.1b | $4.8b | $5.7b | $5.7b | |
| Cash and cash equivalents | $24.3b | $41.0b | $20.4b | $19.4b | $19.6b | $11.4b | $7.8b | |
| Financing receivables, net of allowance for credit losses of RMB147,330 and RMB174,478 as of December 31, 2024 and 2025, respectively | $2.1b | $3.9b | $702.5m | $667.2m | $1.3b | $2.8b | $1.4b | |
| 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 | — | — | $9.3b | $4.2b | $3.2b | $5.5b | $3.9b | |
| Loan receivables from related parties | $1.9b | $36.4m | $42.8m | $50.5m | $28.0m | $18.8m | $315.8m | |
| Prepayments, receivables and other assets | $5.3b | $4.7b | $3.1b | $4.1b | $4.7b | $6.3b | $3.7b | |
| Long-term loan receivables from related parties | — | — | — | $22.9m | $27.0m | $131.4m | $39.6m | |
| Accounts Receivable | — | — | — | $4.1b | $3.0b | $5.5b | $3.9b | |
| Accrued Interest Receivable | — | — | — | $11.0m | $14.7m | $15.3m | $7.3m | |
| Allowance For Doubtful Accounts Receivable | — | — | — | ($2.0b) | ($1.6b) | ($1.6b) | ($1.6b) | |
| Cash Cash Equivalents And Short Term Investments | — | — | — | $54.9b | $53.9b | $52.8b | $47.4b | |
| Cash Equivalents | — | — | — | $771.4m | $1.6b | $973.3m | $430.3m | |
| Gross Accounts Receivable | — | — | — | $6.0b | $4.6b | $7.1b | $5.5b | |
| Loans Receivable | — | — | — | $50.5m | $28.0m | $18.8m | $315.8m | |
| Other Current Assets | — | — | — | $499.9m | $541.8m | $542.9m | $427.6m | |
| Other Inventories | — | — | — | $127.6m | $304.2m | $519.2m | $619.9m | |
| Other Receivables | — | — | — | $788.9m | $1.6b | $2.9b | $1.4b | |
| Other Short Term Investments | — | — | — | $35.5b | $34.3b | $41.3b | $39.6b | |
| Prepaid Assets | — | — | — | $2.6b | $2.7b | $2.8b | $2.0b | |
| Taxes Receivable | — | — | — | $660.1m | $707.4m | $637.7m | $745.5m | |
| Inventory, Net | — | — | — | $127.6m | $304.2m | $1.6b | $408.1m | |
| Accounts Receivable, after Allowance for Credit Loss | — | — | — | — | $3.0b | $5.3b | $3.1b | |
| Assets, Current | $51.9b | $13.4b | $11.0b | $10.2b | $9.8b | $10.5b | $9.7b | |
| Total current assets | $51.9b | $87.5b | $69.9b | $70.4b | $69.8b | $76.6b | $68.1b | |
| Long-term investments, net | $2.3b | $3.1b | $17.0b | $17.9b | $23.6b | $23.8b | $20.1b | |
| Property, Plant and Equipment, Net | $1.1b | $225.7m | $309.4m | $295.3m | $276.8m | $328.8m | $296.0m | |
| Goodwill | $2.5b | $378.2m | $283.4m | $715.4m | $684.1m | $654.5m | $666.4m | |
| Intangible Assets, Net (Excluding Goodwill) | $2.6b | $251.7m | $179.1m | $244.6m | $150.3m | $117.5m | $103.3m | |
| Intangible assets, net | $2.6b | $1.6b | $1.1b | $1.7b | $1.1b | $857.6m | $722.7m | |
| Goodwill And Other Intangible Assets | — | — | — | $6.7b | $6.2b | $6.0b | $5.8b | |
| Other Intangible Assets | — | — | — | $1.8b | $1.3b | $1.2b | $1.1b | |
| Operating Lease, Right-of-Use Asset | $5.6b | $1.0b | $1.1b | $1.6b | $2.5b | $3.2b | $2.7b | |
| Right-of-use assets | $5.6b | $6.8b | $7.2b | $11.3b | $17.6b | $23.4b | $19.1b | |
| Additional Financial Items | ||||||||
| Accounts Receivable, after Allowance for Credit Loss, Current | $8.1b | $2.0b | $1.5b | $4.1b | $3.0b | $5.3b | $3.1b | |
| Restricted cash | $7.4b | $8.6b | $6.3b | $6.2b | $6.2b | $8.9b | $8.2b | |
| Amounts due from and prepayments to related parties | $927.3m | $484.3m | $591.3m | $406.0m | $484.5m | $379.2m | $409.9m | |
| Other non-current assets | $725.5m | $994.4m | $1.2b | $1.0b | $1.5b | $1.2b | $1.8b | |
| 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) | $263.7m | $254.3m | $584.1m | $425.7m | $430.4m | $391.4m | $348.5m | |
| 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) | $9.1b | $11.2b | $9.8b | $9.4b | $8.1b | $8.4b | $6.5b | |
| 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) | $4.4b | $6.7b | $4.2b | $4.2b | $3.9b | $6.1b | $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) | $994.8m | $986.5m | $567.6m | $542.3m | $698.6m | $1.0b | $702.6m | |
| 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) | $720.0m | $0 | $260.0m | $619.0m | $290.4m | $288.3m | $207.7m | |
| 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) | $2.2b | $2.6b | $2.8b | $5.0b | $9.4b | $13.7b | $10.7b | |
| 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) | $3.0b | $3.0b | $3.5b | $4.1b | $5.7b | $7.3b | $7.6b | |
| 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) | $2.9b | $3.8b | $4.3b | $6.6b | $8.3b | $8.6b | $7.0b | |
| 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) | $4.9b | $0 | — | — | — | — | $182.9m | |
| 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) | $97.8m | $3.5m | $1.4m | $475k | $389k | $2.6m | $2.1m | |
| Ordinary shares | $202k | $482k | $489k | $487k | $475k | $461k | $450k | |
| Treasury shares | — | — | — | ($225.3m) | ($866.2m) | ($949.4m) | ($848.4m) | |
| Statutory reserves | $253.7m | $392.8m | $483.9m | $660.8m | $811.1m | $927.0m | $1.1b | |
| Non-controlling interests | $87.2m | $27.1m | $81.5m | $134.1m | $101.3m | $124.2m | $88.5m | |
| Accumulated Depreciation | — | — | — | ($2.8b) | ($3.2b) | ($3.5b) | ($3.7b) | |
| Available For Sale Securities | — | — | — | $16.3b | $20.7b | $20.6b | $11.6b | |
| Buildings And Improvements | — | — | — | $707.7m | $689.7m | $697.1m | $697.5m | |
| Capital Lease Obligations | — | — | — | $11.6b | $17.7b | $22.4b | $17.6b | |
| Cash Financial | — | — | — | $18.6b | $18.0b | $10.5b | $7.3b | |
| Construction In Progress | — | — | — | $194.8m | $293.9m | $176.0m | $184.5m | |
| Current Accrued Expenses | — | — | — | $215.2m | $291.9m | $366.5m | $312.3m | |
| Current Capital Lease Obligation | — | — | — | $5.0b | $9.4b | $13.7b | $10.7b | |
| Current Debt | — | — | — | $619.0m | $290.4m | $288.3m | $705.7m | |
| Current Debt And Capital Lease Obligation | — | — | — | $5.6b | $9.7b | $14.0b | $11.4b | |
| Current Deferred Assets | — | — | — | $155.6m | $338.8m | $551.5m | $511.4m | |
| Current Deferred Liabilities | — | — | — | $3.3b | $4.7b | $6.1b | $5.7b | |
| Duefrom Related Parties Current | — | — | — | $406.0m | $419.3m | $379.2m | $409.9m | |
| Duefrom Related Parties Non Current | — | — | $0 | $22.9m | — | — | — | |
| Dueto Related Parties Current | — | — | — | $425.7m | $430.4m | $391.4m | $348.5m | |
| Finished Goods | — | — | — | — | $0 | $1.1b | $2.2b | |
| Gross PPE | — | — | — | $16.0b | $22.7b | $28.9b | $24.5b | |
| Held To Maturity Securities | — | — | — | $147.5m | $1.7b | $1.8b | $1.1b | |
| Income Tax Payable | — | — | — | $542.3m | $698.6m | $1.0b | $702.6m | |
| Invested Capital | — | — | — | $69.5b | $72.4b | $71.6b | $67.6b | |
| Investmentin Financial Assets | — | — | — | $16.5b | $22.5b | $22.4b | $12.7b | |
| Investments And Advances | — | — | — | $17.9b | $23.6b | $23.8b | $20.1b | |
| Leases | — | — | — | $7.7b | $14.2b | $19.9b | $16.8b | |
| Line Of Credit | — | — | — | $619.0m | $290.4m | $288.3m | $207.7m | |
| Long Term Capital Lease Obligation | — | — | — | $6.6b | $8.3b | $8.6b | $7.0b | |
| Long Term Equity Investment | — | — | — | $371.0m | $436.3m | $361.0m | $1.8b | |
| Machinery Furniture Equipment | — | — | — | $1.5b | $1.4b | $1.6b | $1.7b | |
| Net PPE | — | — | — | $13.2b | $19.5b | $25.4b | $20.8b | |
| Net Tangible Assets | — | — | — | $62.2b | $65.9b | $65.3b | $60.7b | |
| Non Current Accounts Receivable | — | — | — | $169.9m | $193.0m | $194.8m | $357.5m | |
| Non Current Deferred Assets | — | — | — | $857.0m | $1.1b | $1.0b | $1.3b | |
| Non Current Deferred Liabilities | — | — | — | $351.2m | $279.3m | $317.7m | $317.2m | |
| Non Current Deferred Taxes Assets | — | — | — | $857.0m | $1.1b | $1.0b | $1.3b | |
| Non Current Note Receivables | — | — | — | $22.9m | $27.0m | $131.4m | $39.6m | |
| Ordinary Shares Number | — | — | — | $3.7b | $3.6b | $3.5b | $3.4b | |
| Other Current Borrowings | — | — | $194.2m | — | — | — | $497.9m | |
| Other Current Liabilities | — | — | — | $3.5b | $4.8b | $6.2b | $6.2b | |
| Other Equity Adjustments | — | — | — | $248.1m | $1.1b | $1.5b | $1.3b | |
| Other Investments | — | — | — | $1.1b | $660.1m | $1.0b | $5.7b | |
| Other Non Current Liabilities | — | — | — | $475k | $389k | $2.6m | $2.1m | |
| Other Payable | — | — | — | $13.7b | $12.3b | $14.7b | $11.5b | |
| Other Properties | — | — | — | $5.9b | $6.1b | $6.6b | $5.2b | |
| Properties | — | — | — | $0 | $0 | $0 | $0 | |
| Share Issued | — | — | — | $3.7b | $3.6b | $3.6b | $3.5b | |
| Tangible Book Value | — | — | — | $62.2b | $65.9b | $65.3b | $60.7b | |
| Treasury Shares Number | — | — | — | — | $0 | $142.0m | $133.0m | |
| Working Capital | — | — | — | $37.1b | $30.2b | $23.9b | $25.7b | |
| Total non-current assets | $15.4b | $16.8b | $30.4b | $38.9b | $50.6b | $56.5b | $48.5b | |
| Total non-current liabilities | $7.9b | $3.9b | $4.3b | $7.0b | $8.6b | $9.0b | $7.7b | |
| Total KE Holdings Inc. shareholders' equity | ($8.9b) | $66.8b | $67.0b | $68.9b | $72.1b | $71.3b | $66.4b | |
| TOTAL SHAREHOLDERS' EQUITY | ($8.8b) | $66.8b | $67.1b | $69.1b | $72.2b | $71.4b | $66.5b | |
| Total Capitalization | — | — | — | $68.9b | $72.1b | $71.3b | $66.9b | |
| Total Debt | — | — | — | $12.2b | $18.0b | $22.7b | $18.8b | |
| Total Tax Payable | — | — | — | $814.9m | $1.0b | $1.5b | $959.0m | |
| Assets | $67.3b | $16.0b | $15.7b | $15.9b | $16.9b | $18.2b | $16.7b | |
| TOTAL ASSETS | $67.3b | $104.3b | $100.3b | $109.3b | $120.3b | $133.1b | $116.7b | |
| LIABILITIES AND EQUITY | ||||||||
| Current liabilities: | ||||||||
| Operating Lease, Liability, Current | $2.2b | $402.4m | $432.0m | $720.9m | $1.3b | $1.9b | $1.5b | |
| Accounts Payable, Current | $4.2b | $1.0b | $942.9m | $847.2m | $891.4m | $1.3b | $865.4m | |
| Operating Lease, Liability, Noncurrent | $2.9b | $587.6m | $675.2m | $956.9m | $1.2b | $1.2b | $996.6m | |
| Deferred Revenue, Current | — | — | — | $3.3b | $4.7b | $829.1m | $813.7m | |
| 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) | $4.2b | $6.6b | $6.0b | $5.8b | $6.3b | $9.5b | $6.1b | |
| Payables And Accrued Expenses | — | — | — | $21.0b | $20.3b | $26.5b | $19.2b | |
| Liabilities, Current | $27.8b | $5.2b | $4.5b | $4.8b | $5.6b | $7.2b | $6.1b | |
| Total current liabilities | $27.8b | $33.6b | $28.9b | $33.3b | $39.5b | $52.7b | $42.4b | |
| Deferred Income Tax Liabilities, Net | $22.4m | $2.6m | $3.6m | $50.9m | $39.3m | $43.5m | $45.4m | |
| Other Liabilities, Noncurrent | $97.8m | $532k | $217k | $69k | $55k | $352k | $307k | |
| Long-term Debt | — | — | — | — | — | — | $182.9m | |
| 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) | $22.4m | $17.3m | $22.9m | $351.2m | $279.3m | $317.7m | $317.2m | |
| Long Term Debt And Capital Lease Obligation | — | — | — | $6.6b | $8.3b | $8.6b | $7.4b | |
| Non Current Deferred Taxes Liabilities | — | — | — | $351.2m | $279.3m | $317.7m | $317.2m | |
| Pensionand Other Post Retirement Benefit Plans Current | — | — | $9.8b | $9.4b | $8.1b | — | — | |
| Liabilities | $35.7b | $5.7b | $5.2b | $5.8b | $6.8b | $8.5b | $7.2b | |
| TOTAL LIABILITIES | $35.7b | $37.5b | $33.3b | $40.3b | $48.1b | $61.7b | $50.1b | |
| Stockholders’ equity: | ||||||||
| Common Stock, Value, Issued | $202k | $74k | $77k | $71k | $67k | $63k | $64k | |
| Additional Paid in Capital | $2.5b | $11.9b | $12.4b | $11.6b | $10.9b | $9.9b | $9.3b | |
| Retained Earnings (Accumulated Deficit) | ($11.8b) | ($1.4b) | ($1.5b) | ($1.7b) | ($799.0m) | ($236.2m) | $163.3m | |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | $63.3m | ($281.1m) | ($414.2m) | ($59.8m) | $34.4m | $83.4m | $41.5m | |
| Accumulated other comprehensive income | $63.3m | ($1.8b) | ($2.6b) | ($412.7m) | $244.3m | $609.1m | $290.0m | |
| (Accumulated deficit) / Retained earnings | ($11.8b) | ($9.2b) | ($9.8b) | ($11.4b) | ($5.7b) | ($1.7b) | $1.1b | |
| Capital Stock | — | — | — | $487k | $475k | $461k | $450k | |
| Gains Losses Not Affecting Retained Earnings | — | — | — | $248.1m | $1.1b | $1.5b | $1.3b | |
| Treasury Stock | — | — | — | $225.3m | $866.2m | $949.4m | $848.4m | |
| Stockholders' Equity Attributable to Parent | ($8.9b) | $10.2b | $10.5b | $10.0b | $10.2b | $9.8b | $9.5b | |
| Stockholders' Equity Attributable to Noncontrolling Interest | $87.2m | $4.1m | $12.8m | $19.4m | $14.3m | $17.0m | $12.7m | |
| Minority Interest | — | — | — | $134.1m | $101.3m | $124.2m | $88.5m | |
| Total Equity Gross Minority Interest | — | — | — | $69.1b | $72.2b | $71.4b | $66.5b | |
| Total Non Current Liabilities Net Minority Interest | — | — | — | $7.0b | $8.6b | $9.0b | $7.7b | |
| Liabilities and Equity | $67.3b | $16.0b | $15.7b | $15.9b | $16.9b | $18.2b | $16.7b | |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $67.3b | $104.3b | $100.3b | $109.3b | $120.3b | $133.1b | $116.7b |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.