KE Holdings Inc. cash flow statement

In fiscal 2025, KE Holdings Inc.'s operations generated −$52.3m of cash; it spent $84.6m on capital projects, leaving free cash flow of −$137m. It returned $401m in dividends and $916m through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

KE Holdings Inc.: cash flow statement, annual
Fiscal year	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	487	16	1,357	557	1,269	1,613	1,313	−52
Depreciation and amortisation	99	81	80	136	137	110	103	130
Stock-based pay	58	428	326	238	361	454	379	265
Capital spending	82	102	129	222	118	124	144	85
Free cash flow	405	−86	1,228	336	1,150	1,490	1,169	−137
Free cash flow after stock pay	347	−514	902	97	789	1,035	790	−402
Dividends paid	—	—	—	—	—	201	393	401
Share buybacks	—	30	—	—	197	728	709	916
Shares issued	—	—	2,215	—	—	—	—	—

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from KE Holdings Inc.'s SEC filings (10-K and 10-Q), retrieved November 2, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to KE Holdings Inc.