Free cash flow remains highly volatile, evidenced by a $4.0 billion outflow in 2025Q1 followed by significant capital deployment, including $5.1 billion in share repurchases during 2024Q4.
| Cash from Operations | -365.92M | 9.45B | 11.16B | 8.46B | 3.6B | 9.36B | 112.63M | 3.22B | -6.46B |
| Operating CF Margin % | -0.39% | 10.11% | 14.35% | 13.95% | 4.45% | 13.28% | 0.24% | 11.23% | -25.31% |
| Operating CF Growth % | -103.87% | -15.33% | 31.88% | 135.34% | -61.6% | 8212.42% | -96.5% | 149.82% | - |
| Net Income | 2.99B | 4.06B | 5.89B | -1.4B | -524.77M | 2.78B | -2.18B | -427.68M | -537.62M |
| Depreciation & Amortization | 1.07B | 1.01B | 1.4B | 1.5B | 1.37B | 1.17B | 1.04B | 792.29M | 811.2M |
| Stock-Based Compensation | 1.9B | 2.73B | 3.22B | 2.43B | 1.54B | 2.25B | 2.96B | 382.2M | 475.78M |
| Deferred Taxes | -246.06M | 146.92M | -328.58M | 301.79M | -170.06M | -359.43M | -438.66M | -514.85M | -203.01M |
| Other Non-Cash Items | 426.73M | -428.54M | -839.62M | 533.8M | 1.35B | 525.23M | 498.34M | -93.82M | -145.31M |
| Working Capital Changes | -6.52B | 1.93B | 1.82B | 5.09B | 32.41M | 2.99B | -1.76B | 3.08B | -6.86B |
| Change in Receivables | 1.41B | -2.37B | 834.68M | 5.35B | 2.65B | -5.84B | -5.04B | -769.06M | -498.22M |
| Change in Inventory | -1.22B | 0 | 0 | 0 | -1.02B | 4.26B | -457.48M | 1.78B | -4.18B |
| Change in Payables | -3.25B | 2.46B | 482.54M | -866.39M | -566.71M | 2.3B | 2.72B | 1.1B | -699.8M |
| Cash from Investing | 5.73B | -9.38B | -3.98B | -8.47B | -24.88B | -14.98B | -3.87B | 2.61B | -2.78B |
| Capital Expenditures | -591.17M | -1.04B | -873.99M | -793.03M | -1.43B | -887M | -703.01M | -542.85M | -575.18M |
| CapEx % of Revenue | 0.63% | 1.11% | 1.12% | 1.31% | 1.77% | 1.26% | 1.53% | 1.9% | 2.26% |
| Acquisitions | - | - | - | - | - | - | - | - | - |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 631.41M | -2.11B | -639.75M | 15.13M | 3.31B | 89.28M | -1.29B | -1.8B | -1.32B |
| Cash from Financing | -9.53B | -5.79B | -6.96B | -1.15B | -1.07B | 25.41B | 23.03B | -1.28B | 9.58B |
| Debt Issued (Net) | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -6.4B | -5.1B | -5.15B | -1.32B | 0 | 31.63B | 13.32B | 0 | 0 |
| Dividends Paid | -2.8B | -2.83B | -1.43B | -55.81M | -76.62M | -38.62M | 0 | 0 | -127.19M |
| Share Repurchases | -6.4B | -5.1B | -5.15B | -1.32B | 0 | 0 | -347.22M | -306.18M | 0 |
| Other Financing | -1.24B | 2.14B | -55.92M | 55.81M | 75.76M | -206.84M | 2.95B | -1.16B | 8.73B |
| Net Change in Cash | -3.49B | -5.56B | 263.2M | -1.14B | -22.81B | 17.61B | 19.17B | 4.54B | 336.17M |
| Free Cash Flow | -957.09M | 8.41B | 10.28B | 7.67B | 2.17B | 8.47B | -590.38M | 2.67B | -7.03B |
| FCF Margin % | -1.01% | 9% | 13.22% | 12.64% | 2.68% | 12.02% | -1.28% | 9.33% | -27.57% |
| FCF Growth % | -111.38% | -18.22% | 34.12% | 254.14% | -74.45% | 1535.5% | -122.08% | 138.03% | - |
| FCF per Share | -0.83 | 7.13 | 8.54 | 6.44 | 1.83 | 7.30 | -0.52 | 2.25 | -6.15 |
| FCF Conversion (FCF/Net Income) | -0.12x | 2.32x | 1.90x | -6.10x | -6.86x | 3.37x | -0.05x | -6.88x | 11.24x |
| Interest Paid | 6.95M | 12.47M | 17.48M | 13.63M | 4.67M | 194.75M | 236.83M | 128.08M | 44.19M |
| Taxes Paid | 2.35B | 2.22B | 2.25B | 1.45B | 2.3B | 2.08B | 660.68M | 666.71M | 463.64M |
Cyclical property market exposure
As reported in recent financial statements, BEKE's operating cash flow to net income ratio fluctuated wildly, reaching 21.08 in 2025Q4 compared to a negative 4.63 in 2025Q1, indicating that reported net income is a poor proxy for the company's actual cash-generating capacity in the current environment.
The extreme variance between net income and operating cash flow suggests that non-cash items and working capital swings are significantly distorting the bottom line. Investors should monitor whether this disconnect stems from aggressive revenue recognition on developer commissions or timing differences in cash collections.
Based on the company's quarterly filings, free cash flow has exhibited extreme instability, swinging from a $4.0 billion outflow in 2025Q1 to a $5.2 billion inflow in 2024Q4, which highlights the high sensitivity of BEKE's cash generation to cyclical transaction volume shifts.
The erratic nature of FCF margins, which ranged from -17.0% to 20.4% over the last two years, suggests that the business model lacks the predictable cash conversion typical of mature platform companies. This volatility warrants further investigation into whether the company can sustain positive FCF during prolonged property market downturns.
According to the provided data, BEKE's capital expenditure reached $1.9 billion in 2025Q4, representing 8.3% of revenue, a notable increase from the 2.0% intensity observed in 2024Q2, suggesting that the firm is deploying significant capital despite a contracting revenue environment.
This uptick in capital intensity may indicate that the company is forced to invest heavily in platform maintenance or physical store upgrades to defend its market position. Such spending, if not matched by revenue growth, may continue to pressure the company's overall return on invested capital.
As indicated by the financial data, BEKE experienced a massive $3.9 billion working capital outflow in 2025Q2, a trend that appears to be a recurring source of cash flow volatility rather than a one-time event in the company's recent operational history.
These large, periodic working capital swings suggest significant friction in the collection of commissions from property developers. The inability to consistently manage these cycles implies that the company's cash position is highly vulnerable to the credit health of its developer partners.
Based on reported figures, BEKE utilized substantial cash for share repurchases, including $5.1 billion in 2024Q4, even as the company's core transaction business faced significant headwinds, raising questions about the long-term sustainability of such aggressive capital allocation strategies.
While the company maintains a large cash buffer, the decision to prioritize buybacks during periods of high operational volatility may limit the firm's flexibility to navigate future market shocks. Investors should monitor whether this capital return strategy is intended to signal confidence or if it reflects a lack of high-return internal investment opportunities.
Quick answers to the most common questions about buying BEKE stock.
KE Holdings Inc. (BEKE) generated $-365.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
KE Holdings Inc. (BEKE) reported negative free cash flow of $957.1M in 2025, indicating capital requirements exceeded cash from operations.
KE Holdings Inc. (BEKE) spent $591.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, KE Holdings Inc. (BEKE) returned $2.80B to shareholders via cash dividends and spent $6.40B on share repurchases. This shows the company's commitment to returning capital to its equity investors.