EarningsQ2 2026 Earnings Report

KE Holdings Inc. Sponsored ADR Class A (KE8A) Q2 2026 Earnings Report

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Previous Report: Q4 2025

Next Report: Q1 2026

DE:KE8A Q2 2026 EPS Results

Actual EPS€0.38

Consensus EPS€0.29

Beat/MissBeat by +€0.09

One Year Ago EPS€0.21

DE:KE8A Q2 2026 Revenue Results

Actual Revenue€3.22B

Expected Revenue€3.25B

Beat/MissMissed by -€33.70M

YoY Revenue Growth+0.25%

Earnings Announcement Details

QuarterQ2 2026

Date05/19/2026

TimeBefore Open

Conference CallTuesday, May 19, 2026

DE:KE8A Upcoming Earnings

KE Holdings Inc. Sponsored ADR Class A's next earnings date is estimated for November 10, 2026, based on past reporting schedules.

Q2 2026 Earnings Call Audio

DE:KE8A Q2 2026 Earnings Call

0:00 / 0:00

Q2 2026 Earnings Slide Deck

Q2 2026 Earnings Call Summary

Q2 2026

Earnings Call Date:May 19, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call highlighted significant profitability and margin improvements, robust cash reserves, active share repurchases, and operational gains (notably in existing home operations, rental scale, and contribution margins) driven by cost discipline and refined operations. Headline revenue declined and certain segments (home renovation and reported rental revenue) faced pressure due to strategic exits, product-iteration impacts, and market weakness; a notable bad-debt provision also weighed on quarterly operating expense dynamics. Management emphasized sustainable margin focus, ROI discipline, AI-enabled operational transformation, and balance-sheet strength to navigate ongoing market uncertainty.

Company Guidance

Management's guidance emphasized prioritizing a solid balance sheet and strict ROI discipline while dynamically allocating resources to capture structural market opportunities—notably preserving liquidity (end‑Q2 broad cash ~RMB67.3bn, Q2 net operating cash inflow RMB6.61bn) and tightening receivables (new‑home AR ~39 days, down ~12 days YoY); they will favor core professional service providers and stage‑gated investments over broad expansion, keep renovation exits largely complete with no further broad‑based contractions this year, and measure success by ROI, customer value, operating efficiency and replicability. Operational levers called out include city/project‑level resource shifts to reinforce high‑quality supply and connected‑store productivity (existing‑home GTV RMB629.89bn, +8% YoY; existing‑home contribution margin 46.1%, +6.1pp YoY), improving mix in new homes (new‑home GTV RMB258.39bn, +1.2% YoY) and rentals (managed units >790k, +~34% YoY; rental revenue RMB4.83bn), while protecting margins (group gross margin 28.6%, +6.7pp YoY) and expense control (GAAP Opex down 14.1% YoY). They also confirmed ongoing shareholder returns (share buybacks ~US$250m in Q2, ~US$460m H1; ~US$2.99bn repurchased since Sept 2022, ~14.8% of pre‑program shares).

GTV Returned to Growth

Total GTV increased 6.3% year-over-year in Q2 2026, driven by recovery in existing home transactions and improved connected-store productivity.

Strong Profitability Expansion

Non-GAAP net income grew 74.9% YoY to RMB 3.185 billion; Non-GAAP net margin reached 13% (up 6.0 percentage points YoY, a three-year high). GAAP operating profit was RMB 3.026 billion (up 185.6% YoY) and GAAP operating margin expanded to 12.3% (up 8.3 percentage points YoY).

Gross Margin and Contribution Margin Improvement

Group gross margin rose 6.7 percentage points YoY to 28.6%. Contribution margins improved across core lines (e.g., existing home contribution margin 46.1%, up 6.1pp YoY; new home contribution margin 28.8%, up 4.4pp YoY; renovation contribution margin 39.6%, up 7.5pp YoY; rental contribution margin 15.3%, up 6.9pp YoY).

Existing Home Segment Momentum and Operational Alpha

Existing home GTV reached RMB 629.89 billion (up 8.0% YoY, 17.9% QoQ) and revenue RMB 7.02 billion (up 4.5% YoY, 14.5% QoQ). Connected-store output rose materially (connected store transaction volume grew ~30% YoY; average transactions per active connected store rose 26%), with non-Lianjia platform service revenue growth outpacing GTV (non-Lianjia platform service revenue +27.8% YoY).

New Home Business Stabilized with Improved Profitability

New home GTV RMB 258.39 billion (up 1.2% YoY, +77.1% QoQ) and revenue RMB 8.95 billion (up 3.8% YoY, +75.9% QoQ). Contribution margin rose to 28.8% (up 4.4pp YoY), supported by collaboration on high-quality projects and better conversion.

Cash Position, Cash Flow and Share Repurchases

Q2 net operating cash inflow was RMB 6.61 billion; broad cash balance ~RMB 67.3 billion (ex. customer deposits). Share repurchases: ~US$250 million in Q2, ~US$460 million H1 (up ~14% YoY), and ~US$2.99 billion repurchased since program start (representing ~14.8% of pre-program outstanding shares).

Cost and Expense Discipline

GAAP operating expenses down 14.1% YoY to RMB 3.989 billion; store-related costs down 25.9% YoY to RMB 560 million. Sales & marketing and R&D costs also declined YoY (S&M -26.1% YoY; R&D -13.4% YoY) demonstrating leaner baseline and higher operating efficiency.

Rental Business Scale and Unit Economics Progress

Managed rental units exceeded 790,000 (up ~34% YoY) with net-base products comprising over 50% of product mix. Contribution margin improved to 15.3% (up 6.9pp YoY) and managed-units-per-asset-manager rose ~40% YoY to ~170, with owner renewal rate at 74% (up 4pp YoY).

Emerging Businesses Growth

Emerging and other businesses revenue RMB 550 million, up 26.4% YoY and 70% QoQ, indicating early-stage diversification gains.

DE:KE8A Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Nov 10, 2026	2026 (Q3)	0.23 / -	0.149	―
May 19, 2026	2026 (Q1)	0.13 / 0.19	0.159	19.33% (+0.03)
May 19, 2026	2026 (Q2)	0.29 / 0.38	0.207	83.87% (+0.17)
Mar 16, 2026	2025 (Q4)	0.10 / 0.06	0.152	-59.65% (-0.09)
Nov 10, 2025	2025 (Q3)	0.14 / 0.15	0.204	-26.80% (-0.05)
Aug 26, 2025	2025 (Q2)	0.20 / 0.21	0.304	-32.02% (-0.10)
May 15, 2025	2025 (Q1)	0.13 / 0.16	0.157	0.85% (<+0.01)
Mar 18, 2025	2024 (Q4)	0.23 / 0.15	0.192	-20.83% (-0.04)
Nov 21, 2024	2024 (Q3)	0.19 / 0.20	0.24	-15.00% (-0.04)
Aug 12, 2024	2024 (Q2)	0.21 / 0.30	0.261	16.33% (+0.04)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed