Hong Kong · Delayed Price · Currency is HKD KE Holdings Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 delivered strong profit and margin growth despite lower revenue and GTV, driven by cost optimization, AI adoption, and strategic transformation. All core business segments improved contribution margins, and share repurchases increased, reflecting confidence in long-term growth.
Fiscal Year 2025
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Revenue and GTV declined year-over-year in Q4 due to a high base, but operational efficiency and contribution margins improved across segments. Shareholder returns rose, with significant share repurchases and dividends, while AI adoption and cost optimization support future growth.
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Q3 2025 saw stable GTV and modest revenue growth, but margins and net income declined year-over-year. Home rental services delivered strong growth and profitability, while AI-driven efficiency and share repurchases were key strategic focuses.
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Q2 2025 saw revenue rise 11.3% year-over-year to RMB 26 billion, but net income fell 31.2% as gross margin declined. Diversification advanced, with non-housing services at 41% of revenue, and the share repurchase program expanded to $5 billion.
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Q1 2025 saw robust growth with GTV up 34% and net revenue up 42.4% year-over-year, driven by strong performance in both existing and new home transactions, rapid expansion in rental and renovation services, and significant AI-driven efficiency gains. Cautious optimism remains amid trade uncertainties.
Fiscal Year 2024
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Record revenue and customer growth in 2024 driven by expanded agent network, digitalization, and AI adoption. Strong performance in existing home, renovation, and rental segments offset new home market softness. Robust cash reserves supported share buybacks and dividends.
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Q3 2024 saw strong year-over-year growth in GTV and revenue, with robust expansion in home renovation and rental services. Recent policy measures have driven a market rebound, especially in Tier 1 cities, while margins declined due to higher costs and investments in growth.
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Q2 2024 saw strong revenue and profit growth, driven by robust existing home transactions, rapid expansion in home renovation and rental services, and stable monetization. Share repurchase program expanded to $3 billion, with high cash reserves supporting future growth.