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Jun 30
KE Holdings Q2 2025 Earnings Report
KE Holdings reported modest revenue growth in Q2 2025 amid declining profitability.
Key Takeaways
KE Holdings posted $3.63B in revenue and $182M in net income for Q2 2025, with increased contributions from non-housing services. However, net income and EPS declined significantly compared to the same quarter last year.
Net revenues grew to $3.63B, up 11.3% year-over-year.
Net income fell to $182M, down 31.2% from Q2 2024.
Adjusted net income reached $254M, reflecting a 32.4% decrease.
Non-housing services accounted for a record 41% of total net revenues.
KE Holdings
KE Holdings
KE Holdings Revenue by Segment
KE Holdings Revenue by Geographic Location
Revenue by Segment
Existing Home Services Revenue
CapyFin.comNew Home Services Revenue
CapyFin.comHome Renovation Revenue
CapyFin.comHome Rental Revenue
CapyFin.comEmerging Services Revenue
CapyFin.comRevenue by Geographic Location
China Revenue
CapyFin.com Forward Guidance
KE Holdings expects to pursue growth through AI-driven efficiency and diversified services, despite softness in the housing market.
Positive Outlook
- Platform scale expansion with more agents and stores.
- AI technology driving productivity gains.
- Record contribution from non-housing services.
- Improved operational efficiency in rental and renovation segments.
- Expanded and extended $5B share repurchase program to 2028.
Challenges Ahead
- Ongoing weakness in China’s real estate demand.
- Decline in mobile MAUs year-over-year.
- Existing home transaction revenues declined 8.4%.
- Net income and adjusted net income decreased over 30%.
- Gross margin dropped to 21.9% from 27.9%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income