The earnings call presented a mixed sentiment. While there were notable achievements in revenue growth, share repurchase, and operational efficiency, the company faced challenges with a significant decline in net income, existing and new home transaction challenges, and a decrease in gross margin.

Company Guidance

During the third quarter of 2025, KE Holdings achieved significant milestones in its financial and operational performance. The company's total gross transaction volume (GTV) was RMB 736.7 billion, flat year-over-year, while total revenues increased by 2.1% to RMB 23.1 billion. The gross margin was 21.4%, a decrease of 1.3 percentage points from the previous year. GAAP net income fell by 36.1% year-over-year to RMB 747 million, and non-GAAP net income decreased by 27.8% to RMB 1.29 billion. The company highlighted its strategic focus on balancing scale and efficiency, optimizing cost structures, and enhancing shareholder returns, with share repurchase spending reaching a two-year high in a single quarter. In its home rental services, the company reported a record revenue of RMB 5.7 billion, marking a 45.3% increase year-over-year, driven by an increase in rental units under management to over 660,000. The contribution margin for home rental services improved by 4.3 percentage points year-over-year. KE Holdings also emphasized its strategic developments in AI technology to enhance operational efficiency and profitability across its business segments.

Revenue Growth and Share Repurchase

Total revenues reached RMB 23.1 billion, up 2.1% year-over-year. The company achieved the highest share repurchase spending in the past 2 years, with a cumulative amount of approximately USD 675 million, up 15.7% year-over-year.

Home Rental Services Surge

Revenue from home rental services reached a record high of RMB 5.7 billion in Q3, up 45.3% year-over-year, driven by rapid growth in the number of rental units under management.

Improved Operational Efficiency

The company optimized costs and expenses, significantly enhancing shareholder returns and achieving city-level profitability in home renovation and rental business before deducting headquarter expenses.

KE Holdings, Inc. Class A (HK:2423) Earnings, Revenues Date & History

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HK:2423 Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Mar 12, 2026	2025 (Q4)	0.35 / -	0.409	―	―	―
Nov 10, 2025	2025 (Q3)	0.38 / 0.41	0.548	-25.55% (-0.14)	―	―
Aug 26, 2025	2025 (Q2)	0.54 / 0.56	0.825	-31.88% (-0.26)	―	―
May 15, 2025	2025 (Q1)	0.35 / 0.43	0.424	1.18% (<+0.01)	―	―
Mar 18, 2025	2024 (Q4)	0.62 / 0.41	0.522	-21.65% (-0.11)	―	―
Nov 21, 2024	2024 (Q3)	0.53 / 0.55	0.645	-15.04% (-0.10)	―	―
Aug 12, 2024	2024 (Q2)	0.57 / 0.82	0.703	17.35% (+0.12)	―	―
May 23, 2024	2024 (Q1)	0.36 / 0.42	1.084	-60.89% (-0.66)	―	―
Mar 14, 2024	2023 (Q4)	0.49 / 0.52	0.489	6.75% (+0.03)	―	―
Nov 08, 2023	2023 (Q3)	0.28 / 0.65	0.572	12.76% (+0.07)	―	―

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

HK:2423 Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 10, 2025	HK$40.88	HK$42.30	+3.47%
Aug 26, 2025	HK$51.05	HK$50.55	-0.98%
May 15, 2025	HK$53.15	HK$50.25	-5.46%
Mar 18, 2025	HK$62.85	HK$65.84	+4.76%

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. Class A (HK:2423) report earnings?

KE Holdings, Inc. Class A (HK:2423) is schdueled to report earning on Mar 12, 2026, After Close (Confirmed).

What is KE Holdings, Inc. Class A (HK:2423) earnings time?

KE Holdings, Inc. Class A (HK:2423) earnings time is at Mar 12, 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 the P/E ratio of KE Holdings, Inc. Class A stock?

The P/E ratio of KE Holdings, Inc. Class A is N/A.

What is HK:2423 EPS forecast?

HK:2423 EPS forecast for the fiscal quarter 2025 (Q4) is 0.35.