KE Holdings Inc. Earnings Recaps
Q3 2025
Nov 11, 2025
KE Holdings reported mixed results for Q3 2025, with total revenues increasing slightly year-over-year while experiencing declines in net income amid ongoing optimization efforts and investments in AI technology.
Key takeaways
- Total revenues reached RMB 23.1 billion, up 2.1% year-over-year, but GAAP net income fell 36.1% to RMB 747 million.
- GTV for existing home transactions showed a 5.8% year-over-year increase, while new home transactions experienced significant declines, down 13.7% year-over-year.
- The company achieved city-level profitability in its home renovation and rental business, contributing to a record high combined profit for gross margins.
- Share repurchases in Q3 were at their highest level in two years, reinforcing a commitment to shareholder returns.
- Efficiency enhancements via AI and operational optimizations are central to the company's growth strategy moving forward.