Analyst Consensus ?
ConsensusBuy12 ratings
Bullish1191.7%
Neutral18.3%
Bearish00.0%
KE Holdings Inc. · BEKE · FY2026 Q2 · Calendar Q3 2026
KE Holdings: GTV Growth Returns as Margins Reach a Three-Year High
The Q2 evidence supports a conditional version of the earnings-growth and resilient-demand thesis: GTV growth returned and profitability improved sharply, but revenue pressure in renovation and furnishing, property-market weakness, and AI execution risk leave the durability of the recovery unresolved.
Reported Before market openNYSEReal Estate
$17.99B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.42
Consensus $0.31
EPS surprise
+35.5%
Reported versus consensus
Reported revenue
$3.61B
Consensus $3.59B
Revenue surprise
+0.7%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+4.5%
Event window
SPY move
+0.4%
Same window
Abnormal move
+4.1%
Stock minus SPY
Volume
2.8×
Versus trailing sessions
Subsequent drift
-8.3%
Up to 20 sessions
BEKESPY benchmark
Ask FN2 about BEKE FY2026 Q2
Transcript, numbers and history already loaded
Why did BEKE rise 4.5% after beating EPS estimates in FY2026 Q2?What changed in BEKE's guidance and outlook in FY2026 Q2?Give me the bull and bear case for BEKE after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
GTV growth resumed, while profitability reached a three-year high. Management highlighted stronger platform-service economics, a net-basis rental model, and a broader AI-enabled transformation; renovation and furnishing revenue remained a drag.
Guidance delta
Guidance sentiment was maintained. The supplied analysis does not identify a new quantitative guidance change.
Key takeaways
- GTV growth resumed in Q2, while revenue declined as renovation and furnishing remained under pressure.
- Non-GAAP net income rose 74.9% year over year, with profitability supported by cost discipline and higher contribution margins.
- Management emphasized a consumer-centric, AI-enabled operating model and a shift toward platform services.
- Carefree Rent moved to a net-basis revenue model, while share repurchases continued.
- The central debate is whether operational gains can offset property-market weakness and renovation pressure.
Management priorities
- Build a platform ecosystem around deep service, deep data, and AI-enabled workflows.
- Refine AI applications across client management, pricing, and operations while selectively gating investment by return on investment.
- Scale net-basis rental services and improve renewal rates and asset-light offerings.
- Maintain a lean cost base and flexible resource allocation in a volatile market.
- Focus expansion on Tier 1 and core Chinese cities where transaction recovery is stronger.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$16.28Previous close
$19Low
$23.42Average
$30High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Sep 21, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Barclays | Overweight | Overweight | Maintain | May 21, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Aug 12, 2025 |
| UBS | Buy | Neutral | Upgrade | May 16, 2025 |
| Citigroup | Buy | Buy | Maintain | May 16, 2025 |
| Morgan Stanley | Overweight | Overweight | Maintain | Mar 19, 2025 |
| B of A Securities | Buy | Neutral | Upgrade | Oct 30, 2024 |
| HSBC | Buy | Buy | Maintain | Mar 15, 2024 |
| New Street Research | Buy | Buy | Maintain | May 9, 2023 |
| Goldman Sachs | Buy | Neutral | Upgrade | Feb 18, 2022 |
| 86 Research | Hold | Sell | Upgrade | May 20, 2021 |
| China Renaissance | Buy | Hold | Upgrade | Apr 23, 2021 |
| Jefferies | Buy | Buy | Maintain | Jan 5, 2021 |
Named analyst price targets
Upside is calculated against the persisted previous close $16.28. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| CLSA | Analyst unavailable | $23.8 | $16.87 | +46.2% | Aug 19, 2026 |
| UBS | John Lam | $23 | $18.52 | +41.3% | May 12, 2026 |
| Goldman Sachs | Timothy Zhao | $21 | $17.06 | +29.0% | May 4, 2026 |
| Griffin | Griffin Chan | $24.4 | $15.63 | +49.9% | Apr 8, 2026 |
| Barclays | Analyst unavailable | $23 | $17.22 | +41.3% | Feb 19, 2026 |
| Goldman Sachs | Analyst unavailable | $19 | $18.4 | +16.7% | Feb 2, 2026 |
| UBS | Analyst unavailable | $19 | $17.2 | +16.7% | Oct 31, 2025 |
| Jefferies | Thomas Chong | $22 | $18.58 | +35.1% | Aug 26, 2025 |
| UBS | John Lam | $24.5 | $21.55 | +50.5% | Mar 20, 2025 |
| Bank of America Securities | Miranda Zhuang | $28 | $22.16 | +72.0% | Oct 29, 2024 |
| Griffin | Griffin Chan | $23.8 | $14.24 | +46.2% | Sep 10, 2024 |
| Barclays | Jiong Shao | $30 | $16.97 | +84.3% | May 28, 2024 |
| Jefferies | Thomas Chong | $19.8 | $16.99 | +21.6% | May 23, 2024 |
| HSBC | Albert Tam | $21.8 | $14.03 | +33.9% | Mar 15, 2024 |
| Barclays | Jiong Shao Shao | $26 | $17.41 | +59.7% | Sep 9, 2022 |
| UBS | John Lam | $22.5 | $13.16 | +38.2% | Apr 18, 2022 |
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Start freeCompany context
Snapshot as of publicationKE Holdings Inc., through its various subsidiaries, operates a comprehensive online and offline ecosystem facilitating real estate transactions and services across the People's Republic of China. Its business activities are categorized into five distinct segments: existing home sales, new home sales, home improvement and furnishing solutions, rental property services, and emerging and other offerings. At its core, the company manages the Beike platform, which integrates its digital and physical real estate services.…
Latest beats and misses
Who reports nextBeat on EPS
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- KRFY2026 Q2 · September 11, 2026+2.8% EPS+2.7% move
- ADBEFY2026 Q3 · September 10, 2026+0.8% EPS+1.4% move
- ORCLFY2027 Q1 · September 10, 2026+10.3% EPS-1.7% move
- CASYFY2027 Q1 · September 8, 2026+8.7% EPS-14.2% move
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One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-08-21T20:13:55.181338+00:00
- FN2 earnings calendar · 2026-09-21T01:23:13.071796+00:00
- Polygon adjusted daily market bars · 2026-09-21T10:00:51.850877+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-21T10:00:51.848040+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.