KE (BEKE) Q4 2025 earnings summary

Executive summary

• Net revenues for 2025 rose 1.2% year-over-year to RMB 94.6 billion, driven by growth in home rental and renovation services, despite declines in home transaction segments and a 5% drop in total GTV to RMB 3,183.3 billion.

• Diversification efforts led non-housing transaction segments to account for 41% of total revenue.

• Operational efficiency improved, with opex ratio down 1.4 percentage points year-over-year and fixed labor costs declining for four consecutive quarters.

• Shareholder returns reached US$1.2 billion in 2025, up 9% year-over-year, including US$921 million in share buybacks and a final cash dividend of approximately US$0.3 billion.

Financial highlights

• Q4 2025 GTV was RMB 724.1 billion, down 36.7% year-over-year; Q4 revenue was RMB 22.2 billion, down 28.7%.

• Gross margin for 2025 was 21.4%; net income RMB 2,991 million, down 26.7% year-over-year; non-GAAP net income RMB 5,017 million, non-GAAP net margin 5.3%.

• Adjusted EBITDA for 2025 was RMB 6,877 million, with a margin of 7.3%.

• Cash, cash equivalents, and short-term investments totaled RMB 68.7 billion at year-end 2025 (excluding customer deposits).

• Share repurchase program reduced total issued shares by 12.6% since September 2022.

Outlook and guidance

• Focus for 2026 is on efficiency-driven growth, balancing margin improvement, diversification, and prudent financial discipline.

• Continued investment in technology, AI, and digital tools to enhance operational efficiency and customer value.

• Plans include building systematic service capabilities across the residential lifecycle and validating the decision support service model.