KE Holdings Inc. (BEKE)

KE Holdings Cash Flow Statement

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

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	2,991	4,078	5,890	-1,397	-524.77
Depreciation & Amortization	1,072	1,012	1,402	1,503	1,371
Stock-Based Compensation	1,905	2,726	3,216	2,425	1,538
Other Adjustments	355.93	-294.9	-1,168	893.67	1,178
Change in Receivables	1,446	-2,368	821.36	5,346	2,539
Changes in Inventories	-1,251	-1,306	-176.65	-	-
Changes in Accounts Payable	-3,387	2,419	487.21	-1,025	-236.89
Changes in Accrued Expenses	-1,010	1,361	328.6	-233.14	-1,319
Changes in Income Taxes Payable	-326.13	330.17	156.28	-41.69	-418.88
Changes in Unearned Revenue	-361.58	1,387	1,405	921.1	-2,194
Changes in Other Operating Activities	-1,810	101.98	-946.63	126.9	1,662
Operating Cash Flow	-376.17	9,447	11,414	8,519	3,595
Operating Cash Flow Growth	-	-17.23%	33.99%	136.96%	-61.60%
Capital Expenditures	-607.73	-1,037	-873.99	-793.03	-1,430
Sale of Property, Plant & Equipment	15	12.19	14.84	19.13	18.52
Purchases of Investments	-42,903	-61,217	-54,569	-60,322	-65,994
Proceeds from Sale of Investments	48,741	54,869	52,116	55,775	39,237
Payments for Business Acquisitions	-	105.02	-9.89	-3,148	-21.84
Other Investing Activities	649.09	-2,110	-654.59	-4	3,306
Investing Cash Flow	5,894	-9,378	-3,977	-8,472	-24,884
Short-Term Debt Issued	1,025	606.03	426.63	892.4	767.54
Short-Term Debt Repaid	-1,108	-608.42	-755.97	-727.6	-1,841
Net Short-Term Debt Issued (Repaid)	-82.83	-2.39	-329.34	164.8	-1,073
Long-Term Debt Issued	1,183	-	-	-	-
Long-Term Debt Repaid	-161.43	-	-	-	-
Net Long-Term Debt Issued (Repaid)	1,022	-	-	-	-
Issuance of Common Stock	0	0	0	0	0.01
Repurchase of Common Stock	-6,581	-5,101	-5,151	-1,320	-
Net Common Stock Issued (Repurchased)	-6,581	-5,101	-5,151	-1,320	0.01
Common Dividends Paid	-2,884	-2,831	-1,431	-	-
Other Financing Activities	-1,267	2,140	-307.64	-58.09	-0.87
Financing Cash Flow	-9,793	-5,795	-7,218	-1,213	-1,074
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-82.59	169.48	44.61	28.64	-442.14
Net Cash Flow	-4,358	-5,556	263.2	-1,138	-22,805
Free Cash Flow	-983.9	8,410	10,540	7,726	2,165
Free Cash Flow Growth	-	-20.21%	36.43%	256.83%	-74.45%
FCF Margin	-1.04%	9.00%	13.55%	12.73%	2.68%
Free Cash Flow Per Share	-0.85	7.13	8.76	6.23	1.82
Levered Free Cash Flow	-3,749	8,331	7,336	-763.19	-4,163
Unlevered Free Cash Flow	-6,332	6,503	5,366	4,440	-1,943

Updated May 20, 2026. Data Source: Fiscal.ai. standard template. Financial Sources.

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