KE Holdings, Inc. Class A (HK:2423)
:2423
Earnings Data
Report Date
May 14, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.36Last Year’s EPS
0.43Same Quarter Last Year
Strong Buy
Based on 9 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Neutral
The call presents a balanced picture: the company is making measurable progress on strategic priorities (diversification, cost optimization, AI enablement) and several operating segments show improving unit economics (rental, renovation, margins improvement). However, near-term top-line and bottom-line performance were materially weaker YoY due to a high base, market volatility and one-off optimization costs. The narrative stresses long-term resilience and efficiency-driven transformation but acknowledges meaningful short-term headwinds.Company Guidance
Diversified revenue mix and platform resilience
Non-housing transaction revenue reached a record high of 41% of total revenue; existing-home GTV accounted for 67.6% of total GTV, and GTV contribution from connected brands rose to ~63% of existing-home GTV — signaling a more countercyclical and lighter-revenue mix that outperformed broader industry trends.
Existing-home scale and productivity gains
Platform facilitated RMB 2.15 trillion in existing-home GTV for full year 2025; number of existing-home transactions rose >10% YoY and transaction volume from platform-connected stores increased ~15% YoY. Platform had >58,000 connected stores and >445,000 agents at year-end, with per-agent transactions rising (average transactions per connected agent increased ~6% YoY).
Operational efficiency and cost optimization
Company reported improved cost structure and efficiency: operating expenses ratio down 1.4 percentage points YoY; fixed labor costs declined sequentially for four consecutive quarters; G&A expenses down 23.9% YoY and sales & marketing down 17.7% YoY, supporting better profit elasticity across segments.
Home rental business turned profitable with rapid scale
Managed rental units exceeded 700,000 (up ~62% YoY). Rental revenue in Q4 grew 18.1% YoY to RMB 5.4 billion, and full-year rental contribution margin improved to 8.6% (up 3.6 percentage points YoY); rental achieved operating-level profitability for the year driven by lighter product models and improved unit economics.
Home renovation progress on profitability
Full-year revenue for renovation and furnishing grew 4.4% to RMB 15.4 billion with contribution margin improving to 31.4% (up 0.7 percentage points YoY) and operating losses significantly narrowed due to centralized procurement and product standardization.
New-home margin improvement despite scale headwinds
New-home Q4 contribution margin rose to 28.3%, up 2.6 percentage points YoY and 4.2 percentage points QoQ, reflecting lower variable cost ratio and reduced fixed personnel expenses from operational optimization.
Strong shareholder returns and healthy liquidity
Total share repurchases in 2025 were approximately USD 921 million (about +29% YoY), plus a final cash dividend of ~USD 0.3 billion; full-year total shareholder return was ~USD 1.22 billion (+~9% YoY), representing ~170% of 2025 non-GAAP net profit. Cash liquidity (ex-customer deposits) stood at ~RMB 68.7 billion.
Strategic pivot and AI integration
Management articulated a shift from scale-driven to efficiency-driven growth, embedding AI across workflows (marketing automation, pricing, matching and decision support) to raise unit economics, standardize processes and scale professional capabilities — establishing a clear strategic direction to strengthen long-term competitiveness.
HK:2423 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
HK:2423 Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Mar 16, 2026 | HK$42.71 | HK$43.71 | +2.34% |
Nov 10, 2025 | HK$40.12 | HK$41.51 | +3.47% |
Aug 26, 2025 | HK$50.10 | HK$49.61 | -0.98% |
May 15, 2025 | HK$52.16 | HK$49.31 | -5.46% |
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 May 14, 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 May 14, 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 2026 (Q1) is 0.36.