KE Holdings

KE Holdings Inc. (Beike) is based in Beijing, China. It runs an integrated online and offline platform for housing transactions and services. It earns revenue from existing home and new home transactions, home renovation and furnishing, home rental services and other services. It runs the Lianjia brand stores and connects other brokerage stores and agents to its platform.

Gross transaction value was RMB933.8 billion in Q2 2026, and net revenues were RMB24.5 billion. It had 60,274 stores and 540,634 agents at June 30, 2026. The American Depositary Shares (ADSs) trade on the NYSE in US dollars, and each ADS represents three Class A ordinary shares. The Class A shares also trade in Hong Kong.

KE Holdings reports in RMB. It files a 20-F each year and furnishes quarterly results on Form 6-K.

The price of KE Holdings depends on the Chinese housing market and on whether its lower costs can keep profits up while revenue falls. In Q2 2026 net revenues fell 5.7%, but gross margin rose to 28.6% from 21.9% and income from operations rose to RMB3,026 million from RMB1,059 million. Cash, cash equivalents, restricted cash and short-term investments were RMB56.0 billion at June 30, 2026, and the company buys back shares.

For the price to rise, three things must be true. Existing home sales in China must keep growing, after their gross transaction value grew 8.0% in Q2 2026. The higher contribution margins must hold while the company invests in AI and service quality.

New home sales, which depend on developers with weak finances, must not fall further. The Q3 2026 report on November 16, 2026 is the next test. Because of the risk of China and the VIE structure, the market can keep a low multiple even if profits rise.

1. Nov 16, 2026Pending

   Q3 2026 resultsGross margin stays near the 28.6% of Q2 2026 and the gross transaction value of existing homes grows, and this passes; a lower margin or a fall in existing home volume fails.
2. Mar 17, 2027 · est.Pending

   Q4 2026 results and capital returnIncome from operations for 2026 is well above the RMB2,111 million of 2025 and buybacks continue, and this passes; a fall in profit in the second half fails.

Every passed and failed checkpoint across all picks

• November 5, 2026KE Holdings said that it will report Q3 2026 results on November 16, 2026.
• November 4, 2026The monthly return to the Hong Kong exchange showed that issued Class A shares fell by 18,469,584 in October 2026 to 3,282,388,526, and Class B shares fell by 754,837 to 134,148,325.
• August 21, 2026KE Holdings reported Q2 2026 results. Gross transaction value rose 6.3% to RMB933.8 billion, net revenues fell 5.7% to RMB24.5 billion and net income rose to RMB2,624 million from RMB1,307 million. It bought back about $250 million of shares in the quarter and made its first buybacks in Hong Kong.

Next earnings

November 16, 2026, as the company confirmed.

• 20-FAnnual report for the period ended Dec 31, 2025Filed April 24, 2026 · beke-20251231x20f
• 20-FAnnual report for the period ended Dec 31, 2024Filed April 17, 2025 · beke-20241231x20f

Every filing on SEC EDGAR (CIK 1809587)

• The Chinese housing market is weak. Net revenues fell 5.7% in Q2 2026, and the gross transaction value of new homes grew only 1.2%. Lower prices and fewer sales cut commissions.
• KE Holdings is a Cayman Islands company that controls part of its business in China through VIE contracts. Chinese rules on such structures, on data and on listings abroad can change, and US rules can affect the listing of the ADSs.
• New home revenue depends on developers, and many of them have weak finances. Accounts receivable and contract assets were RMB4,929 million at June 30, 2026, net of an allowance for credit losses of RMB1,791 million.
• The home rental business leases homes. Lease liabilities were RMB12,663 million at June 30, 2026, and lower rents or empty homes can cause losses.
• Agent numbers fell. Active agents were 454,571 at June 30, 2026, 7.5% fewer than a year before.

At June 30, 2026, KE Holdings had cash and cash equivalents of RMB7,387 million and short-term investments of RMB39,586 million, which is RMB46,973 million in the figures. Restricted cash was RMB9,039 million, and customer deposits payable were RMB5,685 million. Read more

Yield at the current rate

1.6% (current annual rate, at today’s price)

Dividend yield

1.6% (last 12 months, at today’s price of $17.65)

Paid per share

$0.276 in the last 12 months (1 payment)

Current annual rate

$0.276 ($0.276 × 1 a year)

Latest ex-dividend date

April 8, 2026, $0.276 per share

Dividends per share by year

Source: company filings and market data, read on November 12, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.