KE Holdings Inc ADR

BEKE: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Beike Earnings: Despite Near-Term Profitability Softness, Secular Margin Outlook Remains Bright

Jeff Zhang

Mar 17, 2026

KE Holdings, or Beike, saw revenue and adjusted net profit decline 29% and 62% year on year, respectively, in the fourth quarter of 2025. While the soft top line is consistent with subdued property sales, the margin deterioration was driven by one-off severance costs related to agent optimization.

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KE Holdings Inc ADR

Beike Earnings: Despite Near-Term Profitability Softness, Secular Margin Outlook Remains Bright

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