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CONSOLIDATED BALANCE SHEETS
¥ in Thousands, $ in Thousands
Dec. 31, 2025
CNY (¥)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
CNY (¥)
Current assets:      
Cash and cash equivalents ¥ 7,773,182 $ 1,111,550 ¥ 11,442,965
Restricted cash 8,170,605 1,168,381 8,858,449
Short-term investments 39,579,961 5,659,859 41,317,700
Financing receivables, net of allowance for credit losses of RMB147,330 and RMB174,478 as of December 31, 2024 and 2025, respectively 1,353,682 193,574 2,835,527
Accounts receivable and contract assets, net of allowance for credit losses of RMB1,636,163 and RMB1,612,202 as of December 31, 2024 and 2025, respectively 3,936,976 562,980 5,497,989
Amounts due from and prepayments to related parties ¥ 409,867 $ 58,610 ¥ 379,218
Other Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration] Related Party Related Party Related Party
Loan receivables from related parties ¥ 315,755 $ 45,152 ¥ 18,797
Inventories 2,854,034 408,121 1,609,876
Prepayments, receivables and other assets 3,726,128 532,829 4,642,824
Total current assets 68,120,190 9,741,056 76,603,345
Non-current assets:      
Property, plant and equipment, net 2,069,624 295,952 2,400,211
Right-of-use assets 19,144,129 2,737,574 23,366,879
Long-term investments, net 20,148,524 2,881,201 23,790,106
Intangible assets, net 722,676 103,341 857,635
Goodwill 4,660,360 666,423 4,777,420
Long-term loan receivables from related parties 39,573 5,659 131,410
Other non-current assets 1,763,102 252,121 1,222,277
Total non-current assets 48,547,988 6,942,271 56,545,938
TOTAL ASSETS 116,668,178 16,683,327 133,149,283
Current liabilities      
Accounts payable (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB66,266 and RMB57,987 as of December 31, 2024 and 2025, respectively) 6,052,129 865,443 9,492,629
Amounts due to related parties (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB322 and RMB463 as of December 31, 2024 and 2025, respectively) ¥ 348,467 $ 49,830 ¥ 391,446
Other Liability, Current, Related Party [Extensible Enumeration] Related Party Related Party Related Party
Loan payable to related parties (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of nil as of both December 31, 2024 and 2025) ¥ 497,939 $ 71,204  
Employee compensation and welfare payable (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB374,213 and RMB411,090 as of December 31, 2024 and 2025, respectively) 6,504,197 930,088 ¥ 8,414,472
Customer deposits payable (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB4,141,792 and RMB3,369,240 as of December 31, 2024 and 2025, respectively) 4,157,248 594,479 6,078,623
Income taxes payable (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB35,277 and RMB34,984 as of December 31, 2024 and 2025, respectively) 702,607 100,471 1,028,735
Short-term borrowings (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of nil as of both December 31, 2024 and 2025) 207,717 29,703 288,280
Lease liabilities current portion (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB369 and RMB198 as of December 31, 2024 and 2025, respectively) 10,658,576 1,524,156 13,729,701
Contract liabilities and deferred revenue (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB2,785 and RMB2,990 as of December 31, 2024 and 2025, respectively) 5,690,293 813,701 6,051,867
Accrued expenses and other current liabilities (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB210,085 and RMB109,199 as of December 31, 2024 and 2025, respectively) 7,588,077 1,085,080 7,268,505
Total current liabilities 42,407,250 6,064,155 52,744,258
Non-current liabilities      
Deferred tax liabilities (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB2,374 and RMB1,679 as of December 31, 2024 and 2025, respectively) 317,209 45,360 317,697
Lease liabilities non-current portion (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB452 and RMB146 as of December 31, 2024 and 2025, respectively) 6,969,571 996,635 8,636,770
Long-term borrowings (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of nil as of both December 31, 2024 and 2025) 182,917 26,157  
Long-term loan payable to related parties (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of nil as of both December 31, 2024 and 2025) 259,249 37,072  
Other non-current liabilities (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of nil as of both December 31, 2024 and 2025) 2,148 307 2,563
Total non-current liabilities 7,731,094 1,105,531 8,957,030
TOTAL LIABILITIES 50,138,344 7,169,686 61,701,288
Commitments and contingencies
KE Holdings Inc. shareholders' equity:      
Ordinary shares 450 [1] 64 [1] 461 [1]
Treasury shares (848,433) (121,324) (949,410)
Additional paid-in capital 64,802,176 9,266,588 72,460,562
Statutory reserves 1,054,872 150,845 926,972
Accumulated other comprehensive income 290,029 41,474 609,112
(Accumulated deficit) / Retained earnings 1,142,194 163,332 (1,723,881)
Total KE Holdings Inc. shareholders' equity 66,441,288 9,500,979 71,323,816
Non-controlling interests 88,546 12,662 124,179
TOTAL SHAREHOLDERS' EQUITY 66,529,834 9,513,641 71,447,995
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY ¥ 116,668,178 $ 16,683,327 ¥ 133,149,283
[1] Excluding the Class A ordinary shares registered in the name of the depositary bank for future issuance of ADSs upon the exercise or vesting of awards granted under our share incentive plans and the Class A ordinary shares repurchased but not cancelled in the form of ADSs.