KE Holdings Inc. (BEKE) Cash Flow Statement
Where BEKE’s cash came from and went, 2025
December 31, 2025 · Chinese yuan- Cash from operations
- −CN¥365.9M −103.9% vs 2024
- Capital expenditures
- CN¥591.2M 0.6% of revenue
- Free cash flow
- −CN¥957.1M −1.0% margin
- Returned to shareholders
- CN¥9.20B
- Change in cash
- −CN¥3.49B cash at year-end CN¥15.95B
Cash from operations
−CN¥365.9M
Capital expenditures
−CN¥591.2M
Investments (net)
+CN¥5.84B
Acquisitions & other
+CN¥486.9M
Dividends
−CN¥2.80B
Share buybacks (net)
−CN¥6.40B
Net borrowing (repayment)
+CN¥938.8M
Other financing
−CN¥1.26B
Currency & other
+CN¥664.0M
Change in cash
−CN¥3.49B
Drawn to scale: where the cash came from and how it was used. Hover for values.
BEKE operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
BEKE cash flow trends, 2017–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −CN¥6.46B2017 | −CN¥365.9M2025 | — | |
| Capital expenditures | CN¥575.2M2017 | CN¥591.2M2025 | +0.3%/yr | |
| Free cash flow | −CN¥7.03B2017 | −CN¥957.1M2025 | — | |
| Free cash flow margin | −27.6%2017 | −1.0%2025 | +26.6 pts | |
| Operating cash flow / net income | 3.372020 | −0.122025 | −3.49 | |
| Stock-based compensation | CN¥475.8M2017 | CN¥1.90B2025 | +18.9%/yr | |
| Dividends paid | CN¥127.2M2017 | CN¥2.80B2025 | +47.2%/yr | |
| Share buybacks (net) | CN¥02017 | CN¥6.40B2025 | — | |
| Capex / revenue | 2.3%2017 | 0.6%2025 | −1.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BEKE cash flow by activity
OperatingInvestingFinancingChange in cash
BEKE net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
BEKE cash flow statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||
| Net income | CN¥2.99B | CN¥4.06B | CN¥5.89B | −CN¥1.40B | −CN¥524.8M | CN¥2.78B | −CN¥2.18B | −CN¥427.7M | −CN¥537.6M |
| Depreciation & amortization | CN¥1.07B | CN¥1.01B | CN¥1.40B | CN¥1.50B | CN¥1.37B | CN¥1.17B | CN¥1.04B | CN¥792.3M | CN¥811.2M |
| Stock-based compensation | CN¥1.90B | CN¥2.73B | CN¥3.22B | CN¥2.43B | CN¥1.54B | CN¥2.25B | CN¥2.96B | CN¥382.2M | CN¥475.8M |
| Change in working capital | −CN¥6.52B | CN¥1.93B | CN¥1.82B | CN¥4.29B | CN¥32.4M | CN¥2.99B | −CN¥1.76B | CN¥3.08B | −CN¥6.86B |
| Other non-cash items | CN¥180.7M | −CN¥281.6M | −CN¥1.17B | CN¥1.64B | CN¥1.18B | CN¥165.8M | CN¥59.7M | −CN¥608.7M | −CN¥348.3M |
| Cash from operating activities | −CN¥365.9M | CN¥9.45B | CN¥11.16B | CN¥8.46B | CN¥3.60B | CN¥9.36B | CN¥112.6M | CN¥3.22B | −CN¥6.46B |
| Investing activities | |||||||||
| Capital expenditures | −CN¥591.2M | −CN¥1.04B | −CN¥874.0M | −CN¥793.0M | −CN¥1.43B | −CN¥887.0M | −CN¥703.0M | −CN¥542.9M | −CN¥575.2M |
| Investments (net) | CN¥5.84B | −CN¥9.38B | −CN¥3.98B | −CN¥8.47B | −CN¥24.88B | −CN¥14.98B | −CN¥3.87B | CN¥2.61B | −CN¥2.78B |
| Acquisitions & other investing | CN¥486.9M | CN¥1.04B | CN¥874.0M | CN¥793.0M | CN¥1.43B | CN¥887.0M | CN¥703.0M | CN¥542.9M | CN¥575.2M |
| Cash from investing activities | CN¥5.73B | −CN¥9.38B | −CN¥3.98B | −CN¥8.47B | −CN¥24.88B | −CN¥14.98B | −CN¥3.87B | CN¥2.61B | −CN¥2.78B |
| Financing activities | |||||||||
| Dividends paid | −CN¥2.80B | −CN¥2.83B | −CN¥1.43B | −CN¥55.8M | −CN¥76.6M | −CN¥38.6M | −CN¥28.01B | CN¥0 | −CN¥127.2M |
| Share repurchases & issuance (net) | −CN¥6.40B | −CN¥5.10B | −CN¥5.15B | −CN¥1.32B | CN¥0 | CN¥38.6M | −CN¥2.76B | −CN¥306.2M | CN¥0 |
| Net borrowing (repayment) | CN¥938.8M | −CN¥2.4M | −CN¥329.3M | CN¥164.8M | −CN¥1.07B | −CN¥5.98B | CN¥6.76B | −CN¥124.1M | CN¥973.5M |
| Shares issued | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥31.63B | CN¥16.08B | CN¥2.58B | CN¥0 |
| Other financing | −CN¥1.26B | CN¥2.14B | −CN¥55.9M | CN¥55.8M | CN¥75.8M | −CN¥245.5M | CN¥30.96B | −CN¥3.44B | CN¥8.73B |
| Cash from financing activities | −CN¥9.53B | −CN¥5.79B | −CN¥6.96B | −CN¥1.15B | −CN¥1.07B | CN¥25.41B | CN¥23.03B | −CN¥1.28B | CN¥9.58B |
| Summary | |||||||||
| Net change in cash | −CN¥3.49B | −CN¥5.56B | CN¥263.2M | −CN¥1.14B | −CN¥22.81B | CN¥17.61B | CN¥19.17B | CN¥4.54B | CN¥336.2M |
| Cash at end of period | CN¥15.95B | CN¥20.30B | CN¥25.86B | CN¥25.59B | CN¥26.73B | CN¥49.54B | CN¥31.93B | CN¥12.76B | CN¥8.22B |
| Free cash flow | −CN¥957.1M | CN¥8.41B | CN¥10.28B | CN¥7.67B | CN¥2.17B | CN¥8.47B | −CN¥590.4M | CN¥2.67B | −CN¥7.03B |
| Free cash flow margin | −1.0% | 9.0% | 13.2% | 12.6% | 2.7% | 12.0% | −1.3% | 9.3% | −27.6% |
| Capex / revenue | 0.6% | 1.1% | 1.1% | 1.3% | 1.8% | 1.3% | 1.5% | 1.9% | 2.3% |
| Operating cash flow / net income | −0.12 | 2.32 | 1.89 | — | — | 3.37 | — | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | CN¥2.62B | CN¥1.26B | CN¥87.9M | CN¥749.3M | CN¥1.30B | CN¥855.8M | CN¥570.0M | CN¥163.4M | CN¥1.89B | CN¥431.8M | CN¥669.6M | CN¥1.16B |
| Depreciation & amortization | CN¥188.1M | CN¥201.0M | — | CN¥285.4M | CN¥218.0M | CN¥213.4M | CN¥276.5M | CN¥202.4M | CN¥209.5M | CN¥323.7M | CN¥354.8M | CN¥352.7M |
| Stock-based compensation | — | CN¥366.1M | — | CN¥450.1M | CN¥489.2M | CN¥527.2M | CN¥595.1M | CN¥606.6M | CN¥731.1M | CN¥793.4M | CN¥818.4M | CN¥814.1M |
| Change in working capital | −CN¥2.84B | — | — | — | −CN¥3.88B | −CN¥2.25B | — | — | −CN¥3.41B | CN¥31.4M | −CN¥225.3M | −CN¥225.3M |
| Other non-cash items | CN¥6.56B | −CN¥3.29B | CN¥1.82B | −CN¥633.7M | CN¥2.70B | −CN¥3.31B | CN¥3.76B | −CN¥523.5M | CN¥5.35B | −CN¥2.50B | CN¥151.7M | −CN¥142.9M |
| Cash from operating activities | CN¥6.53B | −CN¥1.47B | CN¥1.91B | CN¥851.1M | CN¥826.2M | −CN¥3.97B | CN¥5.20B | CN¥448.9M | CN¥4.77B | −CN¥915.3M | CN¥1.77B | CN¥1.96B |
| Investing activities | ||||||||||||
| Capital expenditures | −CN¥6.53B | −CN¥1.85B | CN¥0 | CN¥0 | −CN¥482.3M | −CN¥1.04B | CN¥0 | CN¥0 | −CN¥462.4M | −CN¥874.0M | −CN¥874.0M | −CN¥874.0M |
| Investments (net) | — | — | — | −CN¥944.3M | — | CN¥6.29B | −CN¥2.02B | −CN¥518.8M | −CN¥8.13B | CN¥1.29B | CN¥3.71B | −CN¥15.32B |
| Acquisitions & other investing | −CN¥133.1M | CN¥6.87B | — | CN¥0 | CN¥2.15B | CN¥1.04B | — | CN¥0 | CN¥462.4M | CN¥874.0M | CN¥874.0M | CN¥874.0M |
| Cash from investing activities | −CN¥6.66B | CN¥5.01B | — | −CN¥944.3M | CN¥1.66B | CN¥6.29B | — | −CN¥518.8M | −CN¥8.13B | CN¥1.29B | CN¥3.71B | −CN¥15.32B |
| Financing activities | ||||||||||||
| Dividends paid | −CN¥2.07B | — | — | — | −CN¥2.88B | −CN¥2.83B | — | — | −CN¥2.83B | −CN¥1.43B | −CN¥1.43B | −CN¥1.43B |
| Share repurchases & issuance (net) | −CN¥3.08B | — | — | — | −CN¥2.83B | −CN¥5.10B | — | — | −CN¥2.70B | −CN¥5.15B | −CN¥5.15B | −CN¥5.15B |
| Shares issued | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Other financing | CN¥1.81B | CN¥502.9M | — | −CN¥3.16B | −CN¥470.5M | CN¥8.19B | CN¥1.11B | −CN¥1.59B | CN¥1.60B | CN¥5.13B | CN¥5.10B | CN¥3.96B |
| Cash from financing activities | −CN¥3.34B | CN¥502.9M | — | −CN¥3.16B | −CN¥6.18B | CN¥261.1M | CN¥1.11B | −CN¥1.59B | −CN¥3.93B | −CN¥1.45B | −CN¥1.48B | −CN¥2.61B |
| Summary | ||||||||||||
| Net change in cash | −CN¥3.20B | CN¥4.03B | −CN¥22.7M | −CN¥3.27B | −CN¥3.69B | CN¥2.62B | CN¥4.48B | −CN¥1.71B | −CN¥7.26B | −CN¥1.07B | CN¥3.86B | −CN¥15.82B |
| Cash at end of period | CN¥16.43B | CN¥19.98B | CN¥15.94B | CN¥15.97B | CN¥19.23B | CN¥22.92B | CN¥20.30B | CN¥15.82B | CN¥17.53B | CN¥24.78B | CN¥25.86B | CN¥22.00B |
| Free cash flow | CN¥6.61B | −CN¥1.47B | CN¥1.30B | CN¥851.1M | CN¥343.9M | −CN¥3.97B | CN¥5.20B | CN¥448.9M | CN¥4.77B | −CN¥915.3M | CN¥895.3M | CN¥1.96B |
| Free cash flow margin | 27.0% | −7.8% | 6.0% | 3.7% | 1.3% | −17.0% | 16.7% | 2.0% | 20.4% | −5.6% | 4.4% | 11.0% |
| Capex / revenue | 26.7% | 9.8% | 0.0% | 0.0% | 1.9% | 4.4% | 0.0% | 0.0% | 2.0% | 5.3% | 4.3% | 4.9% |
| Operating cash flow / net income | 2.50 | −1.17 | 21.76 | 1.14 | 0.64 | −4.63 | 9.13 | 2.75 | 2.52 | −2.12 | 2.64 | 1.69 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported; data from EODHD.
BEKE cash generation
In fiscal 2025 (ended December 31, 2025), KE generated -CN¥365.9 million of cash from operations (down 103.9%) and spent CN¥591.2 million on capital expenditures, leaving free cash flow of -CN¥957.1 million, −1.0% of revenue. It returned CN¥9.2 billion to shareholders through dividends (CN¥2.8 billion) and net share buybacks (CN¥6.4 billion). Cash and equivalents fell by CN¥3.5 billion over the year.
Related: BEKE income statement, BEKE balance sheet, BEKE dividend history. See the BEKE stock overview for the latest quote and news.
BEKE cash flow FAQ
What is KE's free cash flow?
KE's free cash flow was -CN¥957.1 million in fiscal 2025: -CN¥365.9 million of operating cash flow minus CN¥591.2 million of capital expenditures It was CN¥8.4 billion a year earlier..
How much cash does KE generate from operations?
KE generated -CN¥365.9 million of cash from operating activities in fiscal 2025, −0.12 times its net income of CN¥3.0 billion.
How much does KE spend on capital expenditures?
KE spent CN¥591.2 million on capital expenditures in fiscal 2025, 0.6% of revenue, compared with CN¥1.0 billion the year before.
How much stock does KE buy back?
KE spent CN¥6.4 billion on net share repurchases in fiscal 2025.
How much does KE pay in dividends?
KE paid CN¥2.8 billion in dividends in fiscal 2025.