KE Holdings Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Jun '25 Jun 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	3,908	4,078	5,890	-1,397	-524.77	2,778
Depreciation & Amortization	910.42	1,012	1,402	1,503	1,371	1,174
Stock-Based Compensation	2,218	2,726	3,216	2,425	1,538	2,253
Other Adjustments	-849.62	-294.9	-1,168	1,587	1,178	165.8
Change in Receivables	-718.46	-2,410	834.68	5,161	2,646	-5,835
Changes in Accounts Payable	-176.34	2,457	482.54	-866.39	-566.71	2,303
Changes in Accrued Expenses	-249.01	1,361	366.25	-233.14	-1,319	2,886
Changes in Income Taxes Payable	-250.71	330.17	156.28	-41.69	-418.88	-418.88
Changes in Unearned Revenue	791.11	1,387	1,111	921.1	-2,194	2,501
Changes in Other Operating Activities	-1,723	-1,200	-1,132	153.89	1,885	1,145
Operating Cash Flow	-2,283	9,447	11,158	8,519	3,595	9,362
Operating Cash Flow Growth	-	-15.33%	30.98%	136.96%	-61.60%	8212.42%
Capital Expenditures	-1,057	-1,037	-873.99	-793.03	-1,430	-887
Sale of Property, Plant & Equipment	14.1	12.19	14.84	19.13	18.52	24.67
Purchases of Investments	-53,508	-61,217	-51,656	-60,322	-65,994	-54,099
Proceeds from Sale of Investments	64,920	54,869	49,202	55,775	39,237	39,768
Payments for Business Acquisitions	125.07	105.02	-9.89	-3,148	-21.84	-10.8
Other Investing Activities	-1,688	-2,110	-654.59	-4	3,306	89.28
Investing Cash Flow	5,416	-9,378	-3,977	-8,472	-24,884	-14,978
Short-Term Debt Issued	236.73	606.03	426.63	759	260	250
Short-Term Debt Repaid	-481.58	-608.42	-755.97	-400	-	-970
Net Short-Term Debt Issued (Repaid)	-244.85	-2.39	-329.34	359	260	-720
Long-Term Debt Issued	56.63	-	0	133.4	507.54	3,303
Long-Term Debt Repaid	-	-	-	-327.6	-1,841	-8,561
Net Long-Term Debt Issued (Repaid)	56.63	-	0	-194.2	-1,333	-5,258
Issuance of Common Stock	0	0	0	0	0.01	31,630
Repurchase of Common Stock	-5,230	-5,101	-5,151	-1,320	-	-
Net Common Stock Issued (Repurchased)	-5,230	-5,101	-5,151	-1,320	0.01	31,630
Common Dividends Paid	-2,881	-2,831	-1,426	-	-	-
Other Financing Activities	99.51	2,140	-55.92	-58.09	-0.87	-245.46
Financing Cash Flow	-10,318	-5,795	-6,962	-1,213	-1,074	25,406
Effect of Exchange Rate Changes on Cash and Cash Equivalents	178.01	169.48	44.61	28.64	-442.14	-2,184
Net Cash Flow	1,706	-5,556	263.2	-1,138	-22,805	17,607
Free Cash Flow	-3,340	8,410	10,284	7,726	2,165	8,475
Free Cash Flow Growth	-	-18.22%	33.11%	256.83%	-74.45%	-
FCF Margin	-3.24%	9.00%	13.22%	12.73%	2.68%	12.02%
Free Cash Flow Per Share	-3.16	6.76	8.14	6.20	1.80	6.35
Levered Free Cash Flow	1,955	8,373	7,066	-577.81	-4,270	3,445
Unlevered Free Cash Flow	319.21	6,546	5,096	4,625	-2,050	10,503

Updated Nov 10, 2025. Data Source: Fiscal.ai. standard template. Financial Sources.

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