KE Holdings Inc. (BEKE) Income Statement
BEKE 2025 at a glance
Fiscal year ended December 31, 2025 · Chinese yuanBEKE revenue and net income
Where BEKE's revenue goes
2025Each bar shows an amount and its share of revenue. BEKE kept 3.2% of revenue as net income.
BEKE profit margins
BEKE growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +1.2% | +16.0% | +6.1% | — |
| Gross profit | −11.9% | +13.6% | +3.7% | — |
| Operating income | −39.2% | — | −0.1% | — |
| Net income | −26.3% | — | +1.5% | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
BEKE income statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥94.58B | CN¥93.46B | CN¥77.78B | CN¥60.67B | CN¥80.75B | CN¥70.48B | CN¥46.01B | CN¥28.65B | CN¥25.51B |
| Cost of revenue | CN¥74.37B | CN¥70.51B | CN¥56.06B | CN¥46.89B | CN¥64.93B | CN¥53.62B | CN¥34.75B | CN¥21.78B | CN¥20.74B |
| Gross profit | CN¥20.21B | CN¥22.94B | CN¥21.72B | CN¥13.78B | CN¥15.82B | CN¥16.86B | CN¥11.27B | CN¥6.87B | CN¥4.77B |
| Research & development | CN¥2.58B | CN¥2.28B | CN¥1.94B | CN¥2.55B | CN¥3.19B | CN¥2.48B | CN¥1.57B | CN¥670.9M | CN¥251.8M |
| Sales, general & admin | CN¥8.08B | CN¥8.96B | CN¥8.24B | CN¥7.35B | CN¥8.92B | CN¥11.30B | CN¥11.48B | CN¥7.42B | CN¥5.28B |
| Total operating expenses | CN¥17.38B | CN¥18.30B | CN¥16.07B | CN¥13.80B | CN¥15.37B | CN¥14.02B | CN¥13.05B | CN¥8.09B | CN¥5.53B |
| Operating income | CN¥2.83B | CN¥4.65B | CN¥5.65B | −CN¥16.5M | CN¥451.7M | CN¥2.84B | −CN¥1.79B | −CN¥1.22B | −CN¥763.9M |
| Interest income | CN¥834.5M | CN¥1.29B | CN¥1.29B | CN¥743.5M | CN¥354.6M | CN¥163.6M | CN¥437.9M | CN¥172.7M | CN¥126.4M |
| Interest expense | CN¥7.4M | CN¥28.6M | CN¥28.2M | CN¥14.5M | CN¥30.4M | CN¥188.6M | CN¥207.0M | CN¥43.5M | CN¥43.9M |
| Income before taxes | CN¥4.68B | CN¥6.87B | CN¥7.88B | CN¥292.3M | CN¥1.14B | CN¥4.39B | −CN¥1.28B | −CN¥499.1M | −CN¥138.3M |
| Income taxes | CN¥1.69B | CN¥2.79B | CN¥1.99B | CN¥1.69B | CN¥1.67B | CN¥1.61B | CN¥904.4M | −CN¥71.4M | CN¥399.3M |
| Net income | CN¥2.99B | CN¥4.06B | CN¥5.88B | −CN¥1.39B | −CN¥524.1M | CN¥2.78B | −CN¥2.18B | −CN¥467.8M | −CN¥574.4M |
| EBITDA | CN¥5.76B | CN¥7.90B | CN¥9.31B | CN¥1.81B | CN¥2.52B | CN¥5.75B | −CN¥55.3M | CN¥336.8M | CN¥716.7M |
| Gross margin | 21.4% | 24.6% | 27.9% | 22.7% | 19.6% | 23.9% | 24.5% | 24.0% | 18.7% |
| Operating margin | 3.0% | 5.0% | 7.3% | −0.0% | 0.6% | 4.0% | −3.9% | −4.3% | −3.0% |
| Net margin | 3.2% | 4.3% | 7.6% | −2.3% | −0.6% | 3.9% | −4.7% | −1.6% | −2.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥24.47B | CN¥18.89B | CN¥21.88B | CN¥23.05B | CN¥26.01B | CN¥23.33B | CN¥31.13B | CN¥22.58B | CN¥23.37B | CN¥16.38B | CN¥20.20B | CN¥17.81B |
| Cost of revenue | CN¥17.48B | CN¥14.33B | CN¥17.19B | CN¥18.12B | CN¥20.31B | CN¥18.51B | CN¥23.95B | CN¥17.45B | CN¥16.85B | CN¥12.26B | CN¥15.06B | CN¥12.93B |
| Gross profit | CN¥6.99B | CN¥4.56B | CN¥4.69B | CN¥4.94B | CN¥5.70B | CN¥4.82B | CN¥7.17B | CN¥5.13B | CN¥6.52B | CN¥4.12B | CN¥5.14B | CN¥4.88B |
| Research & development | CN¥547.2M | CN¥492.6M | CN¥705.4M | CN¥648.3M | CN¥633.4M | CN¥583.6M | CN¥738.7M | CN¥572.9M | CN¥504.5M | CN¥467.3M | CN¥533.6M | CN¥471.6M |
| Sales, general & admin | CN¥3.43B | CN¥2.79B | CN¥4.18B | CN¥3.59B | CN¥2.08B | CN¥3.65B | CN¥5.31B | CN¥3.83B | CN¥3.96B | CN¥3.64B | CN¥2.65B | CN¥3.49B |
| Total operating expenses | CN¥3.98B | CN¥3.29B | CN¥4.83B | CN¥4.24B | CN¥4.29B | CN¥4.23B | CN¥6.16B | CN¥4.41B | CN¥4.50B | CN¥4.11B | CN¥4.50B | CN¥3.97B |
| Operating income | CN¥3.02B | CN¥1.27B | −CN¥141.5M | CN¥692.5M | CN¥1.41B | CN¥590.6M | CN¥1.01B | CN¥727.0M | CN¥2.02B | CN¥11.9M | −CN¥173.1M | CN¥911.3M |
| Interest income | CN¥126.5M | CN¥134.9M | CN¥165.4M | CN¥176.6M | CN¥236.8M | CN¥268.6M | CN¥312.0M | CN¥310.5M | CN¥356.6M | CN¥309.7M | CN¥340.1M | CN¥349.1M |
| Interest expense | — | — | — | — | — | CN¥28.6M | — | — | — | CN¥28.2M | CN¥28.2M | CN¥28.2M |
| Income before taxes | CN¥3.56B | CN¥1.83B | CN¥275.3M | CN¥1.30B | CN¥1.72B | CN¥1.38B | CN¥1.61B | CN¥1.67B | CN¥2.75B | CN¥839.0M | CN¥761.7M | CN¥1.67B |
| Income taxes | CN¥946.4M | CN¥576.6M | CN¥194.1M | CN¥550.3M | CN¥411.5M | CN¥527.5M | CN¥1.03B | CN¥503.1M | CN¥849.0M | CN¥406.8M | CN¥91.6M | CN¥501.2M |
| Net income | CN¥2.62B | CN¥1.26B | CN¥86.6M | CN¥749.3M | CN¥1.30B | CN¥855.8M | CN¥570.0M | CN¥1.17B | CN¥1.89B | CN¥431.8M | CN¥663.7M | CN¥1.16B |
| EBITDA | CN¥3.21B | CN¥2.03B | CN¥209.2M | CN¥1.58B | CN¥2.74B | CN¥1.60B | CN¥1.40B | CN¥1.87B | CN¥2.26B | CN¥1.16B | CN¥2.19B | CN¥1.27B |
| Gross margin | 28.6% | 24.1% | 21.4% | 21.4% | 21.9% | 20.7% | 23.0% | 22.7% | 27.9% | 25.2% | 25.5% | 27.4% |
| Operating margin | 12.3% | 6.7% | −0.6% | 3.0% | 5.4% | 2.5% | 3.2% | 3.2% | 8.6% | 0.1% | −0.9% | 5.1% |
| Net margin | 10.7% | 6.6% | 0.4% | 3.3% | 5.0% | 3.7% | 1.8% | 5.2% | 8.1% | 2.6% | 3.3% | 6.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported in BEKE's financial statements (latest annual report filed April 24, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
BEKE financial results
In fiscal year 2025 (ended December 31, 2025), KE reported revenue of CN¥94.6 billion, up 1.2% from the year before. It had net income of CN¥3.0 billion (down 26.3%), a net profit margin of 3.2%. Over five years revenue grew at an average rate of 6.1% a year. Figures are in Chinese yuan, the currency of its financial statements.
See the BEKE stock overview for the latest quote and news, or the BEKE chart for price history and technical indicators.
BEKE income statement FAQ
What is KE's annual revenue?
KE reported total revenue of CN¥94.6 billion for fiscal year 2025, which ended on December 31, 2025. That was up 1.2% from CN¥93.5 billion the previous year.
Is KE profitable?
Yes. KE reported net income of CN¥3.0 billion in fiscal 2025, a net profit margin of 3.2%; its operating margin was 3.0%.
What is KE's gross margin?
KE's gross margin was 21.4% in fiscal 2025: for every $100 of revenue, KE kept $21 after the direct cost of its products and services.
How much does KE spend on research and development?
KE spent CN¥2.6 billion on research and development in fiscal 2025, 2.7% of revenue.
How fast is KE growing?
Revenue grew 6.1% a year on average over the last five fiscal years, from CN¥70.5 billion to CN¥94.6 billion.
When will KE report its next earnings?
KE is expected to report results for the quarter ending September 30, 2026 on November 9, 2026.
When does KE's fiscal year end?
KE's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on April 24, 2026.