KE Holdings Inc. Sponsored ADR Class A (BEKE)
NYSE:BEKE
Want to see BEKE full AI Analyst Report?
Earnings Data
Report Date
Sep 02, 2026After Close (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.32Last Year’s EPS
0.23Same Quarter Last Year
Strong Buy
Based on 7 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presents a constructive operational and profitability story: despite meaningful year-over-year revenue and GTV declines (driven in part by a high prior-year base and market volatility), the company achieved notable margin expansion, improved contribution margins across core businesses, material expense reductions, strong buyback activity and a healthy cash buffer. Management emphasizes a multi-year strategic transformation centered on AI, productization and putting managers back on the front line to drive decision-support capabilities. Key risks include continued scale pressure in new home and renovation revenue, a Q1 operating cash outflow (timing-related), and broader market uncertainty. On balance the improvements in profitability, efficiency and capital return materially outweigh the near-term revenue contractions.Company Guidance
Strong Profitability and Margin Expansion
Q1 non-GAAP operating profit was RMB 1.67 billion, up 45.1% year-over-year and 416.2% quarter-over-quarter; non-GAAP operating margin reached 8.8% (7-quarter high, +3.9 ppts YoY). GAAP net income was RMB 1.26 billion (+46.7% YoY) and non-GAAP net income was RMB 1.61 billion (+15.7% YoY). GAAP operating profit improved to RMB 1.27 billion from RMB 591 million a year earlier.
Gross Margin Improvement
Group gross margin expanded to 24.1%, up ~3 percentage points year-over-year, driven by higher-margin mix toward existing-home transactions and contribution margin expansion across core businesses.
Operating Expense Reductions and Efficiency Gains
Total GAAP operating expenses in Q1 were RMB 3.3 billion, down 22.3% YoY (lowest in nearly 3 years) and down ~33% QoQ. Store costs were RMB 571 million (-20.3% YoY). Sales & marketing expenses fell 39% YoY; G&A down 8.6% YoY; R&D down 15.6% YoY—reflecting refined management, cost control and organizational efficiency.
Existing Home Transaction Resilience and Productivity
Existing-home GTV was RMB 534.4 billion (down 7.9% YoY but +10.9% QoQ); existing-home revenue RMB 6.1 billion (down 10.7% YoY but +12.7% QoQ). Contribution margin for existing-home transactions reached 41.3% (highest in 7 quarters, +3.2 ppts YoY). Platform metrics: nationwide per-capita transaction volume +26% YoY and per-capita commission +8.5% (Jan–Apr cumulative per-capita commission +20% YoY). Platform existing-home transactions grew ~12% YoY (Non-Lianjia +16% YoY).
Home Rental Scale and Unit-Economics Improvement
Managed rental units exceeded 740,000 (+~47% YoY). Q1 rental revenue was RMB 500 million (slight decline -1.5% YoY) while contribution margin improved to 14.8% (+8.1 ppts YoY, +4 ppts QoQ). Net-method rental units (higher-margin recognition) accounted for over 40% of managed inventory, with productivity gains driven by AI and specialization.
Share Repurchases and Strong Liquidity
Q1 share repurchases were approximately USD 195–200 million (around +40% YoY). Cumulative repurchases since program start totaled ~USD 2.7 billion (~13.5% of shares outstanding prior to program). Broader cash balances (ex-customer deposits) remained ~RMB 65.6 billion after buybacks.
Strategic Transformation and AI Adoption
Company rolling out organizational restructuring and AI-driven initiatives (managers back to frontline, productization of services, decision-support focus). Frontline app/platform adoption: over 7,100 employees covered, >4,400 applications in use, total tracked business surpassing RMB 4.12 million—showing early operationalization of AI tools and faster iteration cycles.
Home Renovation Profitability Improvement
Home renovation & furnishing contribution margin reached 36.2% in Q1 (+3.6 ppts YoY, +7.4 ppts QoQ) driven by centralized procurement, material cost savings and improved order assignment efficiency, with losses narrowing and increased standardization efforts.
KE Holdings Inc. Sponsored ADR Class A (BEKE) Earnings, Revenues Date & History
BEKE Earnings History
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
BEKE Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
May 19, 2026 | $17.80 | $18.72 | +5.17% |
Mar 16, 2026 | $16.48 | $16.65 | +1.01% |
Nov 10, 2025 | $15.37 | $15.89 | +3.40% |
Aug 26, 2025 | $18.54 | $18.30 | -1.27% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does KE Holdings Inc. Sponsored ADR Class A (BEKE) report earnings?
KE Holdings Inc. Sponsored ADR Class A (BEKE) is schdueled to report earning on Sep 02, 2026, After Close (Confirmed).
What is KE Holdings Inc. Sponsored ADR Class A (BEKE) earnings time?
KE Holdings Inc. Sponsored ADR Class A (BEKE) earnings time is at Sep 02, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is BEKE EPS forecast?
BEKE EPS forecast for the fiscal quarter 2026 (Q2) is 0.32.