← KE Holdings Inc.
| Annual Trend | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Revenue | — | $28.6b | $46.0b | $10.8b | $12.7b | $8.8b | $11.0b | $12.8b | $13.5b | |
| Total net revenues | — | $28.6b | $46.0b | $70.5b | $80.8b | $60.7b | $77.8b | $93.5b | $94.6b | |
| Revenues: | ||||||||||
| Cost of Revenue | — | ($21.8b) | $34.7b | $8.2b | $10.2b | $6.8b | $7.9b | $9.7b | $10.6b | |
| Reconciled Cost Of Revenue | — | — | — | — | — | $46.9b | $56.1b | $70.5b | $74.4b | |
| Total cost of revenues | — | ($21.8b) | ($34.7b) | ($53.6b) | ($64.9b) | ($46.9b) | ($56.1b) | ($70.5b) | ($74.4b) | |
| Gross Profit | — | $6.9b | $11.3b | $2.6b | $2.5b | $2.0b | $3.1b | $3.1b | $2.9b | |
| Research And Development | — | — | — | — | — | $2.5b | $1.9b | $2.3b | $2.6b | |
| Other Operating Expenses | — | — | — | — | — | ($668.4m) | ($762.1m) | ($731.2m) | ($600.9m) | |
| Operating Expenses | — | — | $13.1b | $2.1b | $2.7b | $2.1b | $2.4b | $2.6b | $2.6b | |
| Total operating expenses | — | ($8.1b) | ($13.1b) | ($14.0b) | ($17.2b) | ($14.6b) | ($16.9b) | ($19.2b) | ($18.1b) | |
| Operating Income (Loss) | — | ($1.2b) | ($1.8b) | $435.5m | ($212.6m) | ($120.8m) | $675.7m | $515.8m | $301.8m | |
| Additional Financial Items | ||||||||||
| Income (Loss) from Equity Method Investments | — | — | $11.4m | ($1.7m) | $6.2m | $6.5m | $1.3m | $1.4m | $2.3m | |
| Operating Lease, Lease Income | — | — | — | — | — | — | $6.0b | $13.0b | $18.5b | |
| Amortization of Intangible Assets | — | — | $477.3m | $95.2m | $77.1m | $84.7m | $88.3m | $36.8m | $19.8m | |
| Debt and Equity Securities, Unrealized Gain (Loss) | — | — | $4.0m | ($158.7m) | — | — | — | — | — | |
| Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount | — | — | $0 | $9.0m | $28.8m | $85.8m | $4.1m | $1.3m | $391k | |
| Foreign Currency Transaction Gain (Loss), before Tax | — | — | ($54.1m) | $537k | $3.3m | ($18.5m) | ($13.2m) | $46.5m | ($7.2m) | |
| Goodwill, Impairment Loss | — | — | $0 | $22.7m | $732.4m | $141.8m | $93.4m | $98.2m | $116.3m | |
| Income (Loss) from Continuing Operations before Income Taxes, Domestic | — | — | $2.4b | $6.3b | $2.5b | $2.9b | $10.6b | $9.1b | $5.9b | |
| Investment Income, Interest | — | — | — | — | — | — | $199.0m | $34.7m | — | |
| Lease Income | — | — | — | — | — | — | — | $13.0b | $18.5b | |
| Realized Investment Gains (Losses) | — | — | $104.9m | $26.8m | $76.5m | $115.4m | — | — | — | |
| Undistributed Earnings (Loss) Allocated to Participating Securities, Basic | — | — | $0 | $46.3m | $0 | $0 | — | — | — | |
| Commission and compensation-internal | — | ($15.8b) | ($19.4b) | ($23.3b) | ($26.3b) | ($17.9b) | ($17.9b) | ($18.9b) | ($17.7b) | |
| Impairment of goodwill, intangible assets and other long-lived assets | — | $0 | $0 | ($236.1m) | ($746.7m) | ($148.1m) | ($93.4m) | ($151.6m) | ($116.3m) | |
| Interest income, net (including income generated from related parties of RMB6,987, RMB7,010 and RMB11,895, for 2023, 2024 and 2025, respectively) | — | $121.4m | $230.3m | $163.6m | $354.6m | $743.5m | $1.3b | $1.3b | $807.5m | |
| Share of results of equity investees | — | $1.8m | $11.4m | ($37.6m) | $36.6m | $44.6m | $9.1m | $10.2m | $16.4m | |
| Impairment loss and provision related to equity investments accounted for using equity method | — | — | — | — | — | — | ($10.4m) | — | ($103.7m) | |
| Fair value changes in investments, net | — | ($39.2m) | ($109.2m) | $360.1m | $564.8m | ($512.2m) | $78.3m | $312.8m | $462.7m | |
| Impairment loss for equity investments accounted for using measurement alternative | — | — | $0 | ($9.0m) | ($183.8m) | ($591.9m) | ($28.8m) | ($9.4m) | ($2.7m) | |
| Foreign currency exchange loss | — | — | ($54.1m) | $3.5m | $21.0m | ($127.4m) | ($94.0m) | ($34.7m) | ($59.7m) | |
| Other income, net | — | $634.8m | $431.3m | $1.1b | $1.7b | $1.6b | $1.9b | $1.6b | $1.4b | |
| Net loss (income) attributable to noncontrolling interests shareholders | — | ($40.1m) | ($3.4m) | ($731k) | $637k | $11.2m | ($6.4m) | ($13.3m) | $3.0m | |
| Currency translation adjustments | — | $193k | $63.4m | ($1.9b) | ($841.2m) | $2.6b | $574.2m | $217.1m | ($429.0m) | |
| Unrealized gains on available-for-sale investments, net of reclassification | — | — | — | — | $35.6m | ($375.1m) | $82.8m | $147.7m | $110.0m | |
| Comprehensive loss (income) attributable to noncontrolling interests shareholders | — | ($40.1m) | ($3.4m) | ($731k) | $637k | $11.2m | ($6.4m) | ($13.3m) | $3.0m | |
| Comprehensive income attributable to KE Holdings Inc. | — | ($467.6m) | ($2.1b) | $880.2m | ($1.3b) | $840.9m | $6.5b | $4.4b | $2.7b | |
| Comprehensive income attributable to KE Holdings Inc.'s ordinary shareholders | — | ($2.4b) | ($4.0b) | ($1.2b) | ($1.3b) | $840.9m | $6.5b | $4.4b | $2.7b | |
| - Basic (in shares) | — | $1.4b | $1.4b | $2.2b | $3.5b | $3.6b | $3.5b | $3.4b | $3.3b | |
| - Diluted (in shares) | — | $1.4b | $1.4b | $2.3b | $3.5b | $3.6b | $3.6b | $3.5b | $3.5b | |
| Diluted EPS | — | — | — | — | — | ($1.17) | $4.89 | $3.45 | $2.58 | |
| Diluted NI Availto Com Stockholders | — | — | — | — | — | ($1.4b) | $5.9b | $4.1b | $3.0b | |
| Earnings From Equity Interest | — | $1.8m | $11.4m | ($37.6m) | $36.6m | $44.6m | $9.1m | $10.2m | $16.4m | |
| Gain On Sale Of PPE | — | — | — | — | ($467k) | $653k | ($629k) | — | — | |
| Gain On Sale Of Security | — | — | — | — | — | $156.2m | $934.7m | $957.4m | $1.1b | |
| Impairment Of Capital Assets | — | — | — | — | — | $148.1m | $93.4m | $151.6m | $116.3m | |
| Interest Income | — | — | — | — | — | $769.1m | $1.3b | $1.3b | $834.5m | |
| Interest Income Non Operating | — | — | — | — | — | $769.1m | $1.3b | $1.3b | $834.5m | |
| Minority Interests | — | ($40.1m) | ($3.4m) | ($731k) | $637k | $11.2m | ($6.4m) | ($13.3m) | $3.0m | |
| Net Income From Continuing And Discontinued Operation | — | — | — | — | — | ($1.4b) | $5.9b | $4.1b | $3.0b | |
| Net Income From Continuing Operation Net Minority Interest | — | — | — | — | — | ($1.4b) | $5.9b | $4.1b | $3.0b | |
| Net Interest Income | — | $121.4m | $230.3m | $163.6m | $354.6m | $743.5m | $1.3b | $1.3b | $807.5m | |
| Normalized EBITDA | — | — | — | — | — | $2.4b | $8.5b | $7.1b | $4.9b | |
| Normalized Income | — | — | — | — | — | ($948.3m) | $5.3b | $3.5b | $2.4b | |
| Other Gand A | — | — | — | — | — | $7.3b | $8.2b | $9.0b | $8.1b | |
| Otherunder Preferred Stock Dividend | — | — | — | — | $0 | $0 | — | — | — | |
| Reconciled Depreciation | — | — | — | — | — | $1.5b | $1.4b | $1.0b | $1.1b | |
| Selling General And Administration | — | — | — | — | — | $11.9b | $14.9b | $16.7b | $15.4b | |
| Special Income Charges | — | — | — | — | — | ($739.9m) | ($132.6m) | ($161.0m) | ($222.7m) | |
| Tax Effect Of Unusual Items | — | — | — | — | — | ($145.9m) | $202.9m | $199.1m | $325.1m | |
| Tax Provision | — | — | — | — | — | $1.7b | $2.0b | $2.8b | $1.7b | |
| Tax Rate For Calcs | — | — | — | — | — | $0 | $0 | $0 | $0 | |
| Write Off | — | — | — | — | — | $591.9m | $39.2m | $9.4m | $106.4m | |
| Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | — | — | ($1.3b) | $672.4m | $179.0m | $42.4m | $1.1b | $941.2m | $668.8m | |
| Investment Income, Net | — | — | $96.8m | $185.6m | $487.7m | $795.8m | $950.3m | $679.3m | $721.6m | |
| Total other comprehensive income (loss) | — | $193k | $63.4m | ($1.9b) | ($805.6m) | $2.2b | $657.0m | $364.8m | ($319.1m) | |
| Total comprehensive income | — | ($427.5m) | ($2.1b) | $880.9m | ($1.3b) | $829.7m | $6.5b | $4.4b | $2.7b | |
| Total Unusual Items | — | — | — | — | — | ($583.7m) | $802.1m | $796.4m | $901.8m | |
| Total Unusual Items Excluding Goodwill | — | — | — | — | — | ($583.7m) | $802.1m | $796.4m | $901.8m | |
| Pre-Tax Income | — | ($499.1m) | ($1.3b) | $4.4b | $1.1b | $292.3m | $7.9b | $6.9b | $4.7b | |
| Net Income Continuous Operations | — | — | — | — | — | ($1.4b) | $5.9b | $4.1b | $3.0b | |
| Net Income (Loss) Attributable to Parent | — | ($2.4b) | ($2.2b) | $425.7m | ($82.2m) | ($201.0m) | $828.6m | $556.9m | $428.1m | |
| Net Income (Loss) Available to Common Stockholders, Basic | — | ($2.4b) | ($4.1b) | $110.4m | ($82.2m) | ($201.0m) | $828.6m | $556.9m | $428.1m | |
| Net Income (Loss) Attributable to Noncontrolling Interest | — | — | $3.4m | $112k | ($100k) | ($1.6m) | $899k | $1.8m | ($423k) | |
| Net Income Including Noncontrolling Interests | — | — | — | — | — | ($1.4b) | $5.9b | $4.1b | $3.0b | |
| Earnings Per Share, Basic | — | ($1.75) | ($2.94) | $0.05 | ($0.02) | ($0.06) | $0.24 | $0.16 | $0.13 | |
| Earnings Per Share, Diluted | — | ($1.75) | ($2.94) | $0.05 | ($0.02) | ($0.06) | $0.23 | $0.16 | $0.12 | |
| Weighted Average Number of Shares Outstanding, Basic | — | 1.4b | 1.4b | 2.2b | 3.5b | 3.6b | 3.5b | 3.4b | 3.3b | |
| Basic Average Shares | — | — | — | — | — | $1.2b | $1.2b | $1.1b | $1.1b | |
| Diluted Average Shares | — | — | — | — | — | $1.2b | $1.2b | $1.2b | $1.2b | |
| Weighted Average Number of Shares Outstanding, Diluted | — | 1.4b | 1.4b | 2.3b | 3.5b | 3.6b | 3.6b | 3.5b | 3.5b | |
| Research and Development Expense | — | — | $1.6b | $379.8m | $501.2m | $369.1m | $272.8m | $312.8m | $369.0m | |
| Research and development expenses (including expenses generated from related parties of RMB92,080, RMB152,818 and RMB208,679, for 2023, 2024 and 2025, respectively) | — | ($670.9m) | ($1.6b) | ($2.5b) | ($3.2b) | ($2.5b) | ($1.9b) | ($2.3b) | ($2.6b) | |
| General and Administrative Expense | — | — | $8.4b | $1.2b | $1.4b | $1.1b | $1.2b | $1.2b | $1.2b | |
| General and administrative expenses (including expenses generated from related parties of RMB15,732, RMB5,702 and RMB378, for 2023, 2024 and 2025, respectively) | — | ($4.9b) | ($8.4b) | ($7.6b) | ($8.9b) | ($7.3b) | ($8.2b) | ($9.0b) | ($8.1b) | |
| Other Nonoperating Income (Expense) | — | — | $431.3m | $161.8m | $267.1m | $227.4m | $263.3m | $214.5m | $206.7m | |
| Selling and Marketing Expense | — | — | $3.1b | $569.4m | $676.2m | $663.1m | $937.2m | $1.1b | $1.0b | |
| Commission-split (including costs generated from related parties of RMB869,298, RMB601,193 and RMB331,521, for 2023, 2024 and 2025, respectively) | — | ($1.4b) | ($11.2b) | ($24.8b) | ($31.8b) | ($20.5b) | ($25.7b) | ($22.8b) | ($20.9b) | |
| 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) | — | — | — | ($127.9m) | ($195.9m) | ($3.6b) | ($7.7b) | ($10.2b) | ($10.6b) | |
| 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) | — | — | — | — | — | ($1.8b) | ($6.2b) | ($13.6b) | ($20.0b) | |
| Cost related to stores (including costs generated from related parties of RMB15,356, RMB7,594 and RMB5,410, for 2023, 2024 and 2025, respectively) | — | ($3.4b) | ($3.1b) | ($3.2b) | ($3.8b) | ($3.3b) | ($2.9b) | ($2.9b) | ($2.9b) | |
| Others (including costs generated from related parties of RMB9,401, RMB13,496 and RMB6,697, for 2023, 2024 and 2025, respectively) | — | ($1.2b) | ($1.1b) | ($2.2b) | ($3.0b) | ($1.6b) | ($1.9b) | ($2.1b) | ($2.4b) | |
| Sales and marketing expenses (including expenses generated from related parties of RMB6,776, RMB21,001 and RMB9,113, for 2023, 2024 and 2025, respectively) | — | ($2.5b) | ($3.1b) | ($3.7b) | ($4.3b) | ($4.6b) | ($6.7b) | ($7.8b) | ($7.3b) | |
| Interest Expense | — | — | $181.1m | $188.4m | $6.1m | $14.1m | $17.2m | $12.7m | $6.8m | |
| Income before income tax expense | — | ($499.1m) | ($1.3b) | $4.4b | $1.1b | $292.3m | $7.9b | $6.9b | $4.7b | |
| Income tax expense | — | $71.4m | ($904.4m) | ($1.6b) | ($1.7b) | ($1.7b) | ($2.0b) | ($2.8b) | ($1.7b) | |
| Other Cost of Operating Revenue | — | — | $1.1b | $343.8m | $469.2m | $235.8m | $265.2m | $293.0m | $340.9m | |
| Interest Expense Non Operating | — | — | — | — | — | $14.5m | $19.1m | $13.9m | $7.4m | |
| Net Non Operating Interest Income Expense | — | $121.4m | $230.3m | $163.6m | $354.6m | $743.5m | $1.3b | $1.3b | $807.5m | |
| Operating Expense | — | — | — | — | — | $13.8b | $16.1b | $18.3b | $17.4b | |
| Other Income Expense | — | — | — | — | — | ($434.7m) | $968.1m | $962.2m | $1.0b | |
| Other Non Operating Income Expenses | — | — | — | — | — | $104.4m | $156.9m | $155.6m | $123.2m | |
| Rent Expense Supplemental | — | — | — | — | — | $1.8b | $6.2b | $13.6b | — | |
| Interest Income (Expense), Net | — | — | $230.3m | $25.1m | $55.6m | $107.8m | $177.9m | — | — | |
| Interest Income (Expense), Nonoperating, Net | — | — | — | — | — | — | — | $172.6m | $115.5m | |
| Income Tax Expense (Benefit) | — | — | $904.4m | $246.6m | $261.4m | $245.0m | $280.9m | $382.5m | $241.1m | |
| Total Expenses | — | — | — | — | — | $60.7b | $72.1b | $88.8b | $91.8b | |
| Total Other Finance Cost | — | — | — | — | — | $11.1m | $9.1m | $14.7m | $19.6m |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.