KE Holdings Q2 2026 Net Revenue RMB24.5 Billion, Adjusted Operating Profit RMB3.59 Billion, GTV Up 6.3%

On August 21, KE Holdings released its second-quarter 2026 results. In the second quarter, the company achieved net revenue of RMB24.5 billion, adjusted operating profit of RMB3.59 billion, and an adjusted operating margin of 14.6%, up 8.5 percentage points year-on-year. Overall GTV reached RMB933.8 billion, up 6.3% year-on-year, marking the first positive growth in a year.

Existing-home transaction volume on the KE platform increased 25% year-on-year, driving existing-home GTV up 8% and revenue to RMB7 billion. The number of Beilian stores remained broadly stable year-on-year, while average existing-home transaction volume per store rose 26%, leading to a 30% increase in overall Beilian existing-home transaction volume. In the second quarter, the existing-home business contribution margin was 46.1%, up 6.1 percentage points year-on-year.

New-home business GTV grew 1.2% year-on-year in the second quarter and 77.1% quarter-on-quarter, with revenue up 3.8% to RMB8.9 billion. Net operating cash inflow in the second quarter was RMB6.6 billion. As of the end of the quarter, broad cash balance excluding customer deposits was approximately RMB67.3 billion, and new-home receivables turnover days were about 39 days, down about 12 days year-on-year.

Home renovation and furnishing revenue reached RMB3.2 billion, with a contribution margin of 39.6%, up 7.5 percentage points year-on-year. Property leasing revenue was RMB4.8 billion, with a contribution margin of 15.3%, up 6.9 percentage points year-on-year. As of the end of the second quarter, units under management exceeded 790,000, up about 34% year-on-year, and the owner renewal rate was about 74%, up about 4 percentage points year-on-year.

KE Holdings released the industry's first residential safety enterprise standard for the leasing sector, and the proportion of units under management using the net method exceeded 50%. In Beijing, since the pilot launch of the online service assistant in March 2026, it has served nearly 100,000 people, and customers transferred to agents after in-depth communication have seen a six-fold improvement in transaction efficiency.