KE Holdings Inc. (BEKE) Earnings Call Transcripts

KE Holdings Inc.'s Latest Earnings Call - Q1 FY2026

In the first quarter of 2026, KE Holdings Inc. (BEKE:US) reported a revenue of RMB 18.9 billion, a 19% decline year-over-year, attributed to a high base from the previous year. However, the company achieved a non-GAAP operating profit of RMB 1.67 billion, up 45.1% year-over-year, signaling improved operational efficiency and cost control. Management maintained a positive outlook, emphasizing ongoing strategic transformations and operational improvements, while noting that the existing home market is showing early signs of recovery.

Reported metrics

Guidance from management

Management signaled continued focus on operational efficiency and strategic transformation, with expectations for sustained improvements in profitability and market conditions. They emphasized that the recovery in the existing home market is expected to continue into Q2.

What management said

So thank you, Mr. Xu. With that, we conclude our Q&A session. Thank you once again for joining today's conference call. And should you have any further questions, please reach out to KE Holdings' Investor Relations team via the contact details listed on our website. This brings today's earnings call to a close. We look forward to connecting with you again next quarter. Thank you, and goodbye.

What analysts pressed on

Analysts expressed concerns about the sustainability of the revenue decline and the impact of ongoing strategic transformations on short-term performance. There were questions regarding the effectiveness of the home renovation business model and how it will adapt to current market conditions.

Main topics on the call

• Operational Efficiency Improvement — KE Holdings reported a non-GAAP operating margin of 8.8%, the highest in seven quarters, driven by cost structure optimization. Management stated, "The optimization of our cost and expense structure in 2025 has been refl...
• Revenue Decline — The company's revenue decreased by 19% year-over-year to RMB 18.9 billion, primarily due to a high base effect from the previous year. Despite this decline, management noted that the contribution margin of all core busin...
• Share Repurchase Program — During Q1, KE Holdings spent approximately USD 195 million on share repurchases, an increase of about 40% year-on-year. This reflects management's confidence in the company's long-term development, as stated, "This move ...
• Strategic Transformation — Management highlighted ongoing strategic transformations aimed at enhancing decision support for consumers in the housing market. CEO Yongdong Peng emphasized, "The industry is transitioning from finding listings to maki...

Read the full KE Holdings Inc. transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 21 KE Holdings Inc. earnings call transcripts on record, spanning March 16, 2021 to May 19, 2026. Based on this history, KE Holdings Inc. reports quarterly. The most recent call on file is dated May 19, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

BEKE

Exchange

NYSE

Country

US

Sector

Real Estate

Industry

Real Estate Management and Development

Calls on record

21

First call

March 16, 2021

Most recent

May 19, 2026

Reporting cadence

quarterly