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Sep 30, 2025
KE Holdings Q3 2025 Earnings Report
KE Holdings reported modest revenue growth in Q3 2025, driven by strong gains in home rental services and ongoing efficiency improvements.
Key Takeaways
KE Holdings posted $3.2B in revenue and $105M in net income in Q3 2025, supported by growth in rental services and cost controls despite pressure in home transaction segments.
Net income reached $105M, with adjusted EPS at $0.16.
Revenue rose to $3.2B, led by a 45.3% surge in home rental services.
Adjusted net income was $181M, down 27.8% year-over-year.
AI integration and cost-cutting initiatives improved operational efficiency.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
KE Holdings plans to accelerate AI integration across core services to drive growth and operational efficiency amid a challenging real estate environment.
Positive Outlook
- Strong contribution from rental and furnishing segments.
- Pilot program in Shanghai to improve transaction efficiency.
- City-level profitability in new business units.
- Continued investment in AI-driven service enhancements.
- Largest quarterly share repurchase in two years ($281M).
Challenges Ahead
- Net income declined 36.1% year-over-year.
- New home GTV fell 13.7% year-over-year.
- Operating margin dropped to 2.6%.
- Gross margin compressed to 21.4%.
- Decrease in Lianjia store commission revenue.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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