Market Signal Briefing

One of the final studies required to complete the Environmental and Social Impact Assessment (ESIA) and advance toward mine permitting.
November 10, 2025 5:00 AM EST | Source: Focus Graphite Inc.
Ottawa, Ontario--(Newsfile Corp. - November 10, 2025) - Focus Graphite Inc. (TSXV: FMS) (OTCQB: FCSMF) (FSE: FKC0) ("Focus" or the "Company"), a leading Canadian graphite developer advancing high-grade projects in Quebec, is pleased to announce the commencement of a hydrogeological study (the "Study") at its wholly owned Lac Knife Project (the "Project").

The Study will be executed by Yves Leblanc, P.Geo., of Richelieu Hydrogeologie Inc. ("RHI"), a Quebec based consulting firm specializing in groundwater management, mining and environmental hydrogeology, geothermal systems, and individual well design. RHI has supported Focus and the Lac Knife Project since 2019. The program will be carried out under the supervision and management of IOS Geosciences Inc. ("IOS"), the Company's geological consulting firm and general contractor for the Lac Knife Project.

This Study represents one of the final major technical milestones in advancing the Company's Environmental and Social Impact Assessment ("ESIA") - a critical step toward the mine permitting phase for the Project. The hydrogeological program will characterize groundwater flows, aquifer properties, and potential interactions with Project infrastructure such as the open pit and tailings storage facility, ensuring responsible water management and full compliance with Quebec's regulatory standards.

The Lac Knife deposit is located on a hillcrest between Knife Lake and Pecan River, both tributaries of the Moisie River, which is designated as a planned aquatic reserve. As such, the highest standards of aquifer protection must be applied. This Study aims to address concerns outlined in the second round of questions received in 2019 from Quebec's Ministry of Sustainable Development, Environment, and the Fight Against Climate Change ("MDDELCC") during its review of the Company's original Environmental and Social Impact Study submitted in 2014. As part of the 2021 Lac Knife Feasibility

Study ("Feasibility") update, the Project's tailings storage facility was fully redesigned to incorporate nearby dolomitic marble, which will amend the tailings and eliminate the risk of acid mine drainage. This new design concept required a complete remodelling of the aquifer system. Results from the current hydrogeological modelling are expected by February 2026, aligning with the planned submission of the final ESIA revision.

Focus continues to collaborate with IOS to finalize contracting for the remaining studies, including tailings dam breach analysis and dust dispersion modelling.

“The launch of the hydrogeological study marks another important step toward permit readiness,” said Jason Latkowcer, Vice President, Corporate Development, Focus Graphite. “We are systematically closing out the final technical components of the ESIA — with hydrogeological modelling being the most time-sensitive — ensuring that every environmental and social consideration is addressed with scientific rigour. Our commitment remains to advance Lac Knife responsibly, in alignment with Indigenous and Quebec environmental standards and the growing global demand for ethically sourced graphite.”

The Lac Knife Project hosts one of the highest-grade flake graphite deposits in the world, with measured and indicated resources grading 14.95% graphitic carbon (Cg). Once in production, Lac Knife is expected to supply high-purity graphite for defense, battery, and advanced materials markets, supporting Canada's Critical Minerals Strategy.

On November 3, 2025 the Company announced that it had been selected by Natural Resources Canada ("NRCan") under the Global Partnership Initiatives ("GPI") for conditional approval for a non-repayable contribution of up to $14,062,500, pending final due diligence.

Qualified Persons

The technical content disclosed in this news release was reviewed and approved by Réjean Girard, P.Geo. (QC), President of IOS Geosciences Inc., a consultant to the Company, and a qualified person as defined under National Instrument NI-43-101.

About Richelieu Hydrogeologie Inc.

Founded in 2005, Richelieu Hydrogeologie Inc. is a hydrogreology firm offering interdisciplinary services across groundwater management, mining hydrogeology, environmental hydrogeology, geothermal systems, and individual well design.

Their clientele includes mining companies, engineering-consulting firms, municipalities, commercial enterprises and private interests.

For more information on Richelieu Hydrogeologie Inc. please visit https://www.richelieu-hydro.com

About Focus Graphite Advanced Materials Inc.

Focus Graphite Advanced Materials is redefining the future of critical minerals with two 100% owned world-class graphite projects and cutting-edge battery technology. Focus Graphite's flagship Lac Knife project stands as one of the most advanced high-purity graphite deposits in North America, with a fully completed feasibility study. Lac Knife is set to become a key supplier for the battery, defense, and advanced materials industries.

Focus Graphite's Lac Tetepisca project further strengthens our portfolio, with the potential to be one of the largest and highest-purity and grade graphite deposits in North America. At Focus, they go beyond mining - we are pioneering environmentally sustainable processing solutions and innovative battery technologies, including our patent-pending silicon-enhanced spheroidized graphite, designed to enhance battery performance and efficiency.

Focus Graphite's commitment to innovation ensures a chemical-free, eco-friendly supply chain from mine to market. Collaboration is at the core of our vision. We actively partner with industry leaders, research institutions, and government agencies to accelerate the commercialization of next-generation graphite materials. As a North American company, we are dedicated to securing a resilient, locally sourced supply of critical minerals - reducing dependence on foreign-controlled markets and driving the transition to a sustainable future.

For more information on Focus Graphite Inc. please visit http://www.focusgraphite.com

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could," "intend," "expect," "believe," "will," "projected," "estimated," and similar expressions, as well as statements relating to matters that are not historical facts, are intended to identify forward-looking information and are based on the Company's current beliefs or assumptions as to the outcome and timing of such future events.

In particular, this press release contains forward-looking information regarding, among other things, the anticipated timing, scope, and outcomes of the hydrogeological study at the Lac Knife Project; the completion of the Company's Environmental and Social Impact Assessment ("ESIA") and related technical studies, including tailings dam breach analysis and dust dispersion modelling; the expected timing of regulatory submissions and approvals; the potential for successful mine permitting and development; and the advancement of the Lac Knife Project toward production. Forward-looking information also includes statements regarding the Company's expectations concerning the effectiveness of proposed environmental management measures, the ability to meet Québec's regulatory standards, the anticipated role of the Lac Knife and Lac Tetepisca projects within Canada's Critical Minerals Strategy, and the Company's capacity to secure future project financing or partnerships required for construction and commercialization.

Forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied by such statements. These risks and uncertainties include, but are not limited to, risks related to market conditions, regulatory approvals, changes in economic conditions, the ability to raise sufficient funds on acceptable terms or at all, operational risks associated with mineral exploration and development, and other risks detailed from time to time in the Company's public disclosure documents available under its profile on SEDAR+.

The forward-looking information contained in this release is made as of the date hereof, and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events, or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties, and assumptions contained herein, investors should not place undue reliance on forward-looking information.

Neither TSX Venture Exchange nor its Regulation Services accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/273801

BEIJING, Nov. 10, 2025 (GLOBE NEWSWIRE) -- KE Holdings Inc. (“Beike” or the “Company”) (NYSE: BEKE; HKEX: 2423), a leading integrated online and offline platform for housing transactions and services, today announced its unaudited financial results for the third quarter ended September 30, 2025.

Business and Financial Highlights for the Third Quarter 2025

Gross transaction value (GTV)1 was RMB736.7 billion (US$103.5 billion), relatively flat year-over-year. GTV of existing home transactions was RMB505.6 billion (US$71.0 billion), an increase of 5.8% year-over-year. GTV of new home transactions was RMB196.3 billion (US$27.6 billion), a decrease of 13.7% year-over-year.Net revenues were RMB23.1 billion (US$3.2 billion), an increase of 2.1% year-over-year.Net income was RMB747 million (US$105 million), a decrease of 36.1% year-over-year. Adjusted net income2 was RMB1,286 million (US$181 million), a decrease of 27.8% year-over-year.Number of stores was 61,393 as of September 30, 2025, a 27.3% increase from one year ago. Number of active stores3 was 59,012 as of September 30, 2025, a 25.9% increase from one year ago.Number of agents was 545,511 as of September 30, 2025, a 14.5% increase from one year ago. Number of active agents4 was 471,501 as of September 30, 2025, an 11.4% increase from one year ago.Mobile monthly active users (MAU)5 averaged 49.3 million in the third quarter of 2025, compared to 46.2 million in the same period of 2024.
Mr. Stanley Yongdong Peng, Chairman of the Board and Chief Executive Officer of Beike, commented, “In the third quarter of 2025, we continued to explore ways to improve operational efficiency and enhance customer experience through organizational optimization, process restructuring, and technological innovation. In our home transaction services, we launched a pilot program in Shanghai featuring a ‘buyer-seller agent specialization’ mechanism, helping sell-side agents strengthen their capabilities in marketing and selling properties. In our home rental services, we are deeply integrating AI into our operations, with AI empowering the entire service providers’ workflows and customer experience. This business contributed over RMB100 million in profit in the third quarter of 2025.”

“Continuous innovation is key to navigating industry cycles. Through these efforts, we have identified a new path to growth—one that restructures our operating model with technology and drives scale expansion through efficiency. Looking ahead, we will accelerate the deep integration of AI capabilities into our core business scenarios to achieve dual improvement in experiences for both service providers and customers,” concluded Mr. Peng.

Mr. Tao Xu, Executive Director and Chief Financial Officer of Beike, added, “In the third quarter of 2025, GTV of existing home transactions grew steadily, and the monetization capability of our new home transaction services remained robust. Both home renovation and furnishing business and home rental services achieved city-level profitability before deducting headquarters expenses, with their combined contribution profit to the Company’s total gross profit reaching a record high. Our operational efficiency further improved. The operating expenses in the third quarter of 2025 were RMB4.3 billion, down 1.8% year-over-year and 6.7% quarter-over-quarter.

With robust cash reserves, we reward our shareholders through consistently active share repurchase. In the third quarter of 2025, we allocated US$281 million to share repurchases, with the single-quarter share repurchase spending reaching its highest level in the past two years. As of the end of the third quarter of 2025, we repurchased around US$675 million worth of shares this year, up 15.7% year-over-year, which accounted for around 3% of the Company’s total shares outstanding at the end of 2024. Since the launch of our share repurchase program in September 2022, we have repurchased around US$2.3 billion worth of shares as of the end of September this year, accounting for about 11.5% of our total issued shares before the program began.

We will keep proactively optimizing the business structure, strengthening technology empowerment, and enhancing shareholder returns, so as to generate greater value for investors over the long term.”

Third Quarter 2025 Financial Results

Net Revenues

Net revenues increased by 2.1% to RMB23.1 billion (US$3.2 billion) in the third quarter of 2025 from RMB22.6 billion in the same period of 2024, primarily attributable to the increase of the growth of net revenues from home rental services, which is partially offset by the decrease of net revenues from new home and existing home transaction services.

Net revenues from existing home transaction services were RMB6.0 billion (US$0.8 billion) in the third quarter of 2025, decreased by 3.6% from RMB6.2 billion in the same period of 2024. GTV of existing home transactions increased by 5.8% to RMB505.6 billion (US$71.0 billion) in the third quarter of 2025 from RMB477.8 billion in the same period of 2024. The higher growth rate in GTV compared to net revenues in existing home transaction services was primarily attributable to a higher contribution from GTV of existing home transaction services served by connected agents on the Company’s platform, for which revenue is recorded on a net basis from platform service, franchise service and other value-added services, while for GTV served by Lianjia brand, the revenue is recorded on a gross commission revenue basis.Among that, (i) commission revenue was RMB4.8 billion (US$0.7 billion) in the third quarter of 2025, compared to RMB5.1 billion in the same period of 2024, while the GTV of existing home transactions served by Lianjia stores decreased by 2.3% to RMB190.0 billion (US$26.7 billion) in the third quarter of 2025 from RMB194.5 billion in the same period of 2024; and

(ii) revenues derived from platform service, franchise service and other value-added services, which are mostly charged to connected stores and agents on the Company’s platform increased by 2.7% to RMB1,197 million (US$168 million) in the third quarter of 2025 from RMB1,165 million in the same period of 2024, mainly due to an increase of GTV of existing home transactions served by connected agents on the Company’s platform of 11.4% to RMB315.6 billion (US$44.3 billion) in the third quarter of 2025 from RMB283.3 billion in the same period of 2024, partially offset by the decrease in revenues from certain value-added services which were not directly driven by the GTV of existing home transactions served by connected agents and incentive-based reductions in platform service and franchise service fees for connected stores.

Net revenues from new home transaction services decreased by 14.1% to RMB6.6 billion (US$0.9 billion) in the third quarter of 2025 from RMB7.7 billion in the same period of 2024, primarily due to the decrease of GTV of new home transactions of 13.7% to RMB196.3 billion (US$27.6 billion) in the third quarter of 2025 from RMB227.6 billion in the same period of 2024. Among that, the GTV of new home transactions facilitated on Beike platform through connected agents, dedicated sales team with the expertise on new home transaction services and other sales channels decreased by 12.4% to RMB160.3 billion (US$22.5 billion) in the third quarter of 2025 from RMB183.0 billion in the same period of 2024, and the GTV of new home transactions served by Lianjia brand decreased by 19.2% to RMB36.0 billion (US$5.1 billion) in the third quarter of 2025 from RMB44.5 billion in the same period of 2024.Net revenues from home renovation and furnishing were RMB4.3 billion (US$0.6 billion) in the third quarter of 2025, relatively flat compared with RMB4.2 billion in the same period of 2024.Net revenues from home rental services increased by 45.3% to RMB5.7 billion (US$0.8 billion) in the third quarter of 2025 from RMB3.9 billion in the same period of 2024, primarily attributable to the increase of the number of rental units under the Carefree Rent model.Net revenues from emerging and other services were RMB0.4 billion (US$0.06 billion) in the third quarter of 2025, compared to RMB0.5 billion in the same period of 2024.
Cost of Revenues

Total cost of revenues increased by 3.8% to RMB18.1 billion (US$2.5 billion) in the third quarter of 2025 from RMB17.4 billion in the same period of 2024.

Commission – split. The Company’s cost of revenues for commissions to connected agents and other sales channels decreased by 11.5% to RMB4.6 billion (US$0.6 billion) in the third quarter of 2025, from RMB5.2 billion in the same period of 2024, primarily due to the decrease in GTV of new home transactions facilitated through connected agents and other sales channels.Commission and compensation – internal. The Company’s cost of revenues for internal commission and compensation decreased by 3.7% to RMB4.2 billion (US$0.6 billion) in the third quarter of 2025 from RMB4.4 billion in the same period of 2024, primarily due to the decrease in commission of new home transaction services for Lianjia agents and operation staff of new home transaction services, resulting from the decreased GTV of new home transactions they served by.Cost of home renovation and furnishing. The Company’s cost of revenues for home renovation and furnishing was RMB2.9 billion (US$0.4 billion) in the third quarter of 2025, relatively flat compared with RMB2.9 billion in the same period of 2024, which was in line with the trend of net revenues from home renovation and furnishing.Cost of home rental services. The Company’s cost of revenues for home rental services which mainly consists of variable cost, increased by 38.8% to RMB5.2 billion (US$0.7 billion) in the third quarter of 2025 from RMB3.8 billion in the same period of 2024, primarily attributable to the growth of net revenues from home rental services.Cost related to stores. The Company’s cost related to stores decreased by 5.8% to RMB663 million (US$93 million) in the third quarter of 2025 from RMB703 million in the same period of 2024, primarily attributable to the decreased number of Lianjia stores.Other costs. The Company’s other costs were RMB484 million (US$68 million) in the third quarter of 2025, compared with RMB502 million in the same period of 2024.
Gross Profit

Gross profit decreased by 3.9% to RMB4.9 billion (US$0.7 billion) in the third quarter of 2025 from RMB5.1 billion in the same period of 2024. Gross margin decreased to 21.4% in the third quarter of 2025 from 22.7% in the same period of 2024, primarily due to a) reduced contribution of net revenues from existing home and new home transaction services, which historically carried higher contribution margins than the overall gross margin; and b) a drop in contribution margin of existing home transaction services, which was primarily due to deteriorated fixed compensation costs absorption rates for Lianjia agents caused by lower net revenues in this segment. The decline in gross margin was partially offset by the increased contribution margin of home rental services.

Income from Operations

Total operating expenses were RMB4.3 billion (US$0.6 billion) in the third quarter of 2025, relatively flat compared with RMB4.4 billion in the same period of 2024.

General and administrative expenses were RMB1.9 billion (US$0.3 billion) in the third quarter of 2025, relatively flat compared with RMB1.9 billion in the same period of 2024.Sales and marketing expenses decreased by 10.7% to RMB1.7 billion (US$0.2 billion) in the third quarter of 2025 from RMB1.9 billion in the same period of 2024, primarily due to the decrease in personnel costs for home renovation and furnishing and the decreased advertising and promotion expenses.Research and development expenses increased by 13.2% to RMB648 million (US$91 million) in the third quarter of 2025 from RMB573 million in the same period of 2024, primarily due to the increased headcount of research and development personnel. Income from operations was RMB608 million (US$85 million) in the third quarter of 2025, compared to RMB727 million in the same period of 2024. Operating margin decreased to 2.6% in the third quarter of 2025 from 3.2% in the same period of 2024, primarily due to the decreased gross profit margin, which was partially offset by the improved operating leverage.

Adjusted income from operations6 was RMB1,173 million (US$165 million) in the third quarter of 2025, compared to RMB1,363 million in the same period of 2024. Adjusted operating margin7 was 5.1% in the third quarter of 2025, compared to 6.0% in the same period of 2024. Adjusted EBITDA8 was RMB1,922 million (US$270 million) in the third quarter of 2025, compared to RMB2,154 million in the same period of 2024.

Net Income

Net income was RMB747 million (US$105 million) in the third quarter of 2025, compared to RMB1,168 million in the same period of 2024.

Adjusted net income decreased by 27.8% to RMB1,286 million (US$181 million) in the third quarter of 2025, from RMB1,782 million in the same period of 2024.

Net Income attributable to KE Holdings Inc.’s Ordinary Shareholders

Net income attributable to KE Holdings Inc.’s ordinary shareholders was RMB749 million (US$105 million) in the third quarter of 2025, compared to RMB1,171 million in the same period of 2024.

Adjusted net income attributable to KE Holdings Inc.’s ordinary shareholders9 was RMB1,288 million (US$181 million) in the third quarter of 2025, compared to RMB1,785 million in the same period of 2024.

Net Income per ADS

Basic and diluted net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders10 were RMB0.68 (US$0.10) and RMB0.65 (US$0.09) in the third quarter of 2025, respectively, compared to RMB1.04 and RMB1.00 in the same period of 2024, respectively.

Adjusted basic and diluted net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders11 were RMB1.17 (US$0.16) and RMB1.12 (US$0.16) in the third quarter of 2025, respectively, compared to RMB1.58 and RMB1.53 in the same period of 2024, respectively.

Cash, Cash Equivalents, Restricted Cash and Short-Term Investments

As of September 30, 2025, the combined balance of the Company’s cash, cash equivalents, restricted cash and short-term investments amounted to RMB55.7 billion (US$7.8 billion).

Share Repurchase Program

As previously disclosed, the Company established a share repurchase program in August 2022 and upsized and extended it in August 2023, August 2024 and August 2025, under which the Company may purchase up to US$5 billion of its Class A ordinary shares and/or ADSs until August 31, 2028, subject to obtaining general unconditional mandate for the repurchase from the shareholders of the Company at each of the next three annual general meetings to be held in the forthcoming years to continue its share repurchase after the expiry of the existing share repurchase mandate granted by the annual general meeting held on June 27, 2025. As of September 30, 2025, the Company in aggregate has purchased approximately 145.1 million ADSs (representing approximately 435.4 million Class A ordinary shares) on the New York Stock Exchange with a total consideration of approximately US$2,300.5 million under this share repurchase program since its launch.

Conference Call Information

The Company will hold an earnings conference call at 7:00 A.M. U.S. Eastern Time on Monday, November 10, 2025 (8:00 P.M. Beijing/Hong Kong Time on Monday, November 10, 2025) to discuss the financial results.

For participants who wish to join the conference call using dial-in numbers, please complete online registration using the link provided below at least 20 minutes prior to the scheduled call start time. Dial-in numbers, passcode and unique access PIN would be provided upon registering.

Participant Online Registration:

English Line: https://s1.c-conf.com/diamondpass/10050534-isnceg.html

Chinese Simultaneous Interpretation Line (listen-only mode): https://s1.c-conf.com/diamondpass/10050535-1y2mts.html

A replay of the conference call will be accessible through November 17, 2025, by dialing the following numbers:

United States:+1-855-883-1031Mainland, China:400-1209-216Hong Kong, China:800-930-639International:+61-7-3107-6325Replay PIN (English line):10050534Replay PIN (Chinese simultaneous interpretation line):10050535   A live and archived webcast of the conference call will also be available at the Company’s investor relations website at https://investors.ke.com.

Exchange Rate

This press release contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.1190 to US$1.00, the noon buying rate in effect on September 30, 2025, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial information contained in this earnings release.

Non-GAAP Financial Measures

The Company uses adjusted income (loss) from operations, adjusted net income (loss), adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders, adjusted operating margin, adjusted EBITDA and adjusted net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders, each a non-GAAP financial measure, in evaluating its operating results and formulating its business plan. Beike believes that these non-GAAP financial measures help identify underlying trends in the Company’s business that could otherwise be distorted by the effect of certain expenses that the Company includes in its net income (loss). Beike also believes that these non-GAAP financial measures provide useful information about its results of operations, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by its management in formulating its business plan. A limitation of using these non-GAAP financial measures is that these non-GAAP financial measures exclude share-based compensation expenses that have been, and will continue to be for the foreseeable future, a significant recurring expense in the Company’s business.

The presentation of these non-GAAP financial measures should not be considered in isolation or construed as an alternative to gross profit, net income (loss) or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review these non-GAAP financial measures and the reconciliation to the most directly comparable GAAP measures. The non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data. Beike encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. Adjusted income (loss) from operations is defined as income (loss) from operations, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, and (iii) impairment of goodwill, intangible assets and other long-lived assets. Adjusted operating margin is defined as adjusted income (loss) from operations as a percentage of net revenues. Adjusted net income (loss) is defined as net income (loss), excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of goodwill, intangible assets and other long-lived assets, (v) impairment of investments, and (vi) tax effects of the above non-GAAP adjustments. Adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders is defined as net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of goodwill, intangible assets and other long-lived assets, (v) impairment of investments, (vi) tax effects of the above non-GAAP adjustments, and (vii) effects of non-GAAP adjustments on net income (loss) attributable to non-controlling interests shareholders. Adjusted EBITDA is defined as net income (loss), excluding (i) income tax expense, (ii) share-based compensation expenses, (iii) amortization of intangible assets, (iv) depreciation of property, plant and equipment, (v) interest income, net, (vi) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (vii) impairment of goodwill, intangible assets and other long-lived assets, and (viii) impairment of investments. Adjusted net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is defined as adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating adjusted net income (loss) per ADS, basic and diluted.

Please see the “Unaudited reconciliation of GAAP and non-GAAP results” included in this press release for a full reconciliation of each non-GAAP measure to its respective comparable GAAP measure.

About KE Holdings Inc.

KE Holdings Inc. is a leading integrated online and offline platform for housing transactions and services. The Company is a pioneer in building infrastructure and standards to reinvent how service providers and customers efficiently navigate and complete housing transactions and services in China, ranging from existing and new home sales, home rentals, to home renovation and furnishing, and other services. The Company owns and operates Lianjia, China’s leading real estate brokerage brand and an integral part of its Beike platform. With more than 23 years of operating experience through Lianjia since its inception in 2001, the Company believes the success and proven track record of Lianjia pave the way for it to build its infrastructure and standards and drive the rapid and sustainable growth of Beike.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Among other things, the quotations from management in this press release, as well as Beike’s strategic and operational plans, contain forward-looking statements. Beike may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”) and The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about KE Holdings Inc.’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Beike’s goals and strategies; Beike’s future business development, financial condition and results of operations; expected changes in the Company’s revenues, costs or expenditures; Beike’s ability to empower services and facilitate transactions on Beike platform; competition in the industry in which Beike operates; relevant government policies and regulations relating to the industry; Beike’s ability to protect the Company’s systems and infrastructures from cyber-attacks; Beike’s dependence on the integrity of brokerage brands, stores and agents on the Company’s platform; general economic and business conditions in China and globally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in KE Holdings Inc.’s filings with the SEC and the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and KE Holdings Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For more information, please visit: https://investors.ke.com.

For investor and media inquiries, please contact:

In China:
KE Holdings Inc.
Investor Relations
Siting Li
E-mail: [email protected]

Piacente Financial Communications
Jenny Cai
Tel: +86-10-6508-0677
E-mail: [email protected]

In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: [email protected]

Source: KE Holdings Inc.

  KE Holdings Inc.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, except for share, per share data)    As of
December 31, As of
September 30,  2024 2025  RMB RMB US$       ASSETS      Current assets      Cash and cash equivalents 11,442,965 9,221,654 1,295,358Restricted cash 8,858,449 6,744,815 947,439Short-term investments 41,317,700 39,765,360 5,585,807Financing receivables, net of allowance for credit losses of RMB147,330 and RMB169,973 as of December 31, 2024 and September 30, 2025, respectively 2,835,527 659,905 92,696Accounts receivable and contract assets, net of allowance for credit losses of RMB1,636,163 and RMB1,685,597 as of December 31, 2024 and September 30, 2025, respectively 5,497,989 3,777,678 530,647Amounts due from and prepayments to related parties 379,218 390,379 54,836Loan receivables from related parties 18,797 407,348 57,220Prepayments, receivables and other assets 6,252,700 7,458,565 1,047,697Total current assets 76,603,345 68,425,704 9,611,700Non-current assets      Property, plant and equipment, net 2,400,211 2,286,577 321,194Right-of-use assets 23,366,879 21,835,216 3,067,175Long-term investments, net 23,790,106 19,665,242 2,762,360Intangible assets, net 857,635 755,562 106,133Goodwill 4,777,420 4,664,706 655,247Long-term loan receivables from related parties 131,410 259,442 36,444Other non-current assets 1,222,277 1,403,274 197,116Total non-current assets 56,545,938 50,870,019 7,145,669TOTAL ASSETS 133,149,283 119,295,723 16,757,369   KE Holdings Inc.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)
(All amounts in thousands, except for share, per share data)    As of
December 31, As of
September 30,  2024 2025  RMB RMB US$       LIABILITIES      Current liabilities      Accounts payable 9,492,629 5,955,358 836,544Amounts due to related parties 391,446 540,885 75,978Employee compensation and welfare payable 8,414,472 5,640,906 792,373Customer deposits payable 6,078,623 3,755,202 527,490Income taxes payable 1,028,735 654,724 91,969Short-term borrowings 288,280 657,414 92,346Lease liabilities current portion 13,729,701 12,018,779 1,688,268Contract liabilities and deferred revenue 6,051,867 5,484,769 770,441Accrued expenses and other current liabilities 7,268,505 7,906,559 1,110,627Total current liabilities 52,744,258 42,614,596 5,986,036Non-current liabilities      Deferred tax liabilities 317,697 317,697 44,627Lease liabilities non-current portion 8,636,770 8,283,170 1,163,530Long-term borrowings - 137,934 19,375Other non-current liabilities 2,563 2,269 319Total non-current liabilities 8,957,030 8,741,070 1,227,851TOTAL LIABILITIES 61,701,288 51,355,666 7,213,887   KE Holdings Inc.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)
(All amounts in thousands, except for share, per share data)   As of
December 31, As of
September 30,  2024 2025  RMB RMB US$       SHAREHOLDERS’ EQUITY      KE Holdings Inc. shareholders’ equity      Ordinary Shares (US$0.00002 par value; 25,000,000,000 ordinary shares authorized, comprising of 24,114,698,720 Class A ordinary shares and 885,301,280 Class B ordinary shares. 3,479,616,986 Class A ordinary shares issued and 3,337,567,403 Class A ordinary shares outstanding(1)as of December 31, 2024; 3,403,080,518 Class A ordinary shares issued and 3,272,515,613 Class A ordinary shares outstanding(1)as of September 30, 2025; and 145,413,446 and 140,951,375 Class B ordinary shares issued and outstanding as of December 31, 2024 and September 30, 2025, respectively) 461  454  64 Treasury shares (949,410) (778,411) (109,343)Additional paid-in capital 72,460,562  66,037,233  9,276,195 Statutory reserves 926,972  926,972  130,211 Accumulated other comprehensive income 609,112  473,060  66,450 (Accumulated Deficit) / Retained Earnings (1,723,881) 1,182,240  166,068 Total KE Holdings Inc. shareholders' equity 71,323,816  67,841,548  9,529,645 Non-controlling interests 124,179  98,509  13,837 TOTAL SHAREHOLDERS' EQUITY 71,447,995  67,940,057  9,543,482 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 133,149,283  119,295,723  16,757,369 
(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.

KE Holdings Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS(All amounts in thousands, except for share, per share data, ADS and per ADS data) 

  For the Three Months Ended For the Nine Months Ended September 30, 2024 September 30, 2025 September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2025 RMB RMB US$ RMB RMB US$            Net revenues           Existing home transaction services6,217,054  5,990,720  841,511  19,278,973  19,580,472  2,750,453 New home transaction services7,726,316  6,639,287  932,615  20,576,636  23,333,605  3,277,652 Home renovation and furnishing4,213,041  4,299,985  604,015  10,662,113  11,810,782  1,659,051 Home rental services3,941,234  5,726,701  804,425  9,753,977  16,489,101  2,316,210 Emerging and other services487,002  395,764  55,593  2,060,692  1,177,480  165,400 Total net revenues22,584,647  23,052,457  3,238,159  62,332,391  72,391,440  10,168,766 Cost of revenues           Commission-split(5,199,321) (4,599,490) (646,087) (14,057,167) (16,225,061) (2,279,121)Commission and compensation-internal(4,381,616) (4,218,844) (592,618) (12,446,905) (13,766,340) (1,933,746)Cost of home renovation and furnishing(2,897,013) (2,924,060) (410,740) (7,345,082) (8,008,726) (1,124,979)Cost of home rental services(3,766,972) (5,228,519) (734,446) (9,248,794) (15,174,777) (2,131,588)Cost related to stores(703,045) (662,598) (93,075) (2,069,022) (2,141,348) (300,793)Others(501,947) (483,863) (67,967) (1,391,552) (1,619,423) (227,479)Total cost of revenues(1)(17,449,914) (18,117,374) (2,544,933) (46,558,522) (56,935,675) (7,997,706)Gross profit5,134,733  4,935,083  693,226  15,773,869  15,455,765  2,171,060 Operating expenses           Sales and marketing expenses(1)(1,933,878) (1,727,825) (242,706) (5,439,341) (5,398,770) (758,361)General and administrative expenses(1)(1,900,959) (1,866,486) (262,184) (5,999,453) (5,820,959) (817,665)Research and development expenses(1)(572,932) (648,280) (91,063) (1,544,741) (1,865,332) (262,022)Impairment of goodwill, intangible assets and other long-lived assets-  (84,524) (11,873) (36,397) (112,715) (15,833)Total operating expenses(4,407,769) (4,327,115) (607,826) (13,019,932) (13,197,776) (1,853,881)Income from operations726,964  607,968  85,400  2,753,937  2,257,989  317,179 Interest income, net310,493  176,640  24,812  976,746  669,148  93,995 Share of results of equity investees7,783  8,774  1,232  4,048  23,090  3,243 Fair value changes in investments, net109,170  112,950  15,866  187,458  335,176  47,082 Impairment loss for equity investments accounted for using Measurement Alternative(388) (502) (71) (8,437) (1,716) (241)Foreign currency exchange gain (loss)45,156  (10,141) (1,424) (27,869) (55,088) (7,738)Other income, net472,359  401,396  56,384  1,373,969  1,169,395  164,264 Income before income tax expense1,671,537  1,297,085  182,199  5,259,852  4,397,994  617,784 Income tax expense(503,131) (550,337) (77,305) (1,758,920) (1,489,279) (209,198)Net income1,168,406  746,748  104,894  3,500,932  2,908,715  408,586    KE Holdings Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Continued)(All amounts in thousands, except for share, per share data, ADS and per ADS data) 

  For the Three Months Ended For the Nine Months Ended September 30, 2024 September 30, 2025 September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2025 RMB RMB US$ RMB RMB US$            Net loss (income) attributable to non-controlling interests shareholders2,667  2,535  356  (6,024) (2,594) (364)Net income attributable to KE Holdings Inc.1,171,073  749,283  105,250  3,494,908  2,906,121  408,222 Net income attributable to KE Holdings Inc.’s ordinary shareholders1,171,073  749,283  105,250  3,494,908  2,906,121  408,222             Net income1,168,406  746,748  104,894  3,500,932  2,908,715  408,586 Currency translation adjustments(252,110) (150,981) (21,208) (131,660) (228,088) (32,039)Unrealized gains on available-for-sale investments, net of reclassification130,261  85,944  12,072  162,874  92,036  12,928 Total comprehensive income1,046,557  681,711  95,758  3,532,146  2,772,663  389,475 Comprehensive loss (income) attributable to non-controlling interests shareholders2,667  2,535  356  (6,024) (2,594) (364)Comprehensive income attributable to KE Holdings Inc.1,049,224  684,246  96,114  3,526,122  2,770,069  389,111 Comprehensive income attributable to KE Holdings Inc.’s ordinary shareholders1,049,224  684,246  96,114  3,526,122  2,770,069  389,111    KE Holdings Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Continued)(All amounts in thousands, except for share, per share data, ADS and per ADS data) 

             For the Three Months Ended For the Nine Months Ended September 30, 2024 September 30, 2025 September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2025 RMB RMB US$ RMB RMB US$Weighted average number of ordinary shares used in computing net income per share, basic and diluted           —Basic3,380,011,519 3,313,787,988 3,313,787,988 3,408,518,304 3,360,457,280 3,360,457,280—Diluted3,501,151,763 3,451,304,318 3,451,304,318 3,522,652,156 3,509,432,168 3,509,432,168            Weighted average number of ADS used in computing net income per ADS, basic and diluted           —Basic1,126,670,506 1,104,595,996 1,104,595,996 1,136,172,768 1,120,152,427 1,120,152,427—Diluted1,167,050,588 1,150,434,773 1,150,434,773 1,174,217,385 1,169,810,723 1,169,810,723            Net income per share attributable to KE Holdings Inc.'s ordinary shareholders           —Basic0.35 0.23 0.03 1.03 0.86 0.12—Diluted0.33 0.22 0.03 0.99 0.83 0.12            Net income per ADS attributable to KE Holdings Inc.'s ordinary shareholders           —Basic1.04 0.68 0.10 3.08 2.59 0.36—Diluted1.00 0.65 0.09 2.98 2.48 0.35            (1) Includes share-based compensation expenses as follows: Cost of revenues136,101 122,906 17,264 385,935 326,921 45,922Sales and marketing expenses53,149 50,863 7,145 143,910 131,965 18,537General and administrative expenses370,106 232,514 32,661 1,461,016 881,191 123,781Research and development expenses47,220 43,854 6,160 140,146 126,457 17,763   KE Holdings Inc.
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS(All amounts in thousands, except for share, per share data, ADS and per ADS data) 

  For the Three Months Ended For the Nine Months Ended September 30, 2024 September 30, 2025 September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2025 RMB RMB US$ RMB RMB US$            Income from operations726,964  607,968  85,400  2,753,937  2,257,989  317,179 Share-based compensation expenses606,576  450,137  63,230  2,131,007  1,466,534  206,003 Amortization of intangible assets resulting from acquisitions and business cooperation agreement29,883  29,882  4,197  214,167  89,648  12,593 Impairment of goodwill, intangible assets and other long-lived assets-  84,524  11,873  36,397  112,715  15,833 Adjusted income from operations1,363,423  1,172,511  164,700  5,135,508  3,926,886  551,608             Net income1,168,406  746,748  104,894  3,500,932  2,908,715  408,586 Share-based compensation expenses606,576  450,137  63,230  2,131,007  1,466,534  206,003 Amortization of intangible assets resulting from acquisitions and business cooperation agreement29,883  29,882  4,197  214,167  89,648  12,593 Changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration(16,867) (19,485) (2,737) (3,589) (60,256) (8,464)Impairment of goodwill, intangible assets and other long-lived assets-  84,524  11,873  36,397  112,715  15,833 Impairment of investments388  502  71  8,437  1,716  241 Tax effects on non-GAAP adjustments(6,494) (6,553) (920) (19,904) (19,541) (2,745)Adjusted net income1,781,892  1,285,755  180,608  5,867,447  4,499,531  632,047             Net income1,168,406  746,748  104,894  3,500,932  2,908,715  408,586 Income tax expense503,131  550,337  77,305  1,758,920  1,489,279  209,198 Share-based compensation expenses606,576  450,137  63,230  2,131,007  1,466,534  206,003 Amortization of intangible assets36,125  35,282  4,956  230,643  105,848  14,868 Depreciation of property, plant and equipment166,373  250,101  35,131  505,232  610,920  85,815 Interest income, net(310,493) (176,640) (24,812) (976,746) (669,148) (93,995)Changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration(16,867) (19,485) (2,737) (3,589) (60,256) (8,464)Impairment of goodwill, intangible assets and other long-lived assets-  84,524  11,873  36,397  112,715  15,833 Impairment of investments388  502  71  8,437  1,716  241 Adjusted EBITDA2,153,639  1,921,506  269,911  7,191,233  5,966,323  838,085             Net income attributable to KE Holdings Inc.’s ordinary shareholders1,171,073  749,283  105,250  3,494,908  2,906,121  408,222 Share-based compensation expenses606,576  450,137  63,230  2,131,007  1,466,534  206,003 Amortization of intangible assets resulting from acquisitions and business cooperation agreement29,883  29,882  4,197  214,167  89,648  12,593 Changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration(16,867) (19,485) (2,737) (3,589) (60,256) (8,464)Impairment of goodwill, intangible assets and other long-lived assets-  84,524  11,873  36,397  112,715  15,833 Impairment of investments388  502  71  8,437  1,716  241 Tax effects on non-GAAP adjustments(6,494) (6,553) (920) (19,904) (19,541) (2,745)Effects of non-GAAP adjustments on net income attributable to non-controlling interests shareholders(7) (7) (1) (21) (21) (3)Adjusted net income attributable to KE Holdings Inc.’s ordinary shareholders1,784,552  1,288,283  180,963  5,861,402  4,496,916  631,680    KE Holdings Inc.
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS (Continued)(All amounts in thousands, except for share, per share data, ADS and per ADS data) 

  For the Three Months Ended For the Nine Months Ended September 30, 2024 September 30, 2025 September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2025 RMB RMB US$ RMB RMB US$            Weighted average number of ADS used in computing net income per ADS, basic and diluted           —Basic1,126,670,506 1,104,595,996 1,104,595,996 1,136,172,768 1,120,152,427 1,120,152,427—Diluted1,167,050,588 1,150,434,773 1,150,434,773 1,174,217,385 1,169,810,723 1,169,810,723            Weighted average number of ADS used in calculating adjusted net income per ADS, basic and diluted           —Basic1,126,670,506 1,104,595,996 1,104,595,996 1,136,172,768 1,120,152,427 1,120,152,427—Diluted1,167,050,588 1,150,434,773 1,150,434,773 1,174,217,385 1,169,810,723 1,169,810,723            Net income per ADS attributable to KE Holdings Inc.'s ordinary shareholders           —Basic1.04 0.68 0.10 3.08 2.59 0.36—Diluted1.00 0.65 0.09 2.98 2.48 0.35            Non-GAAP adjustments to net income per ADS attributable to KE Holdings Inc.'s ordinary shareholders           —Basic0.54 0.49 0.06 2.08 1.42 0.20—Diluted0.53 0.47 0.07 2.01 1.36 0.19            Adjusted net income per ADS attributable to KE Holdings Inc.'s ordinary shareholders           —Basic1.58 1.17 0.16 5.16 4.01 0.56—Diluted1.53 1.12 0.16 4.99 3.84 0.54   KE Holdings Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS(All amounts in thousands) 

  For the Three Months Ended For the Nine Months Ended September 30, 2024 September 30, 2025 September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2025 RMB RMB US$ RMB RMB US$            Net cash provided by (used in) operating activities2,248,527  851,130  119,557  4,244,619  (2,287,928) (321,385)Net cash provided by (used in) investing activities(518,848) (944,347) (132,652) (7,362,441) 7,006,145  984,149 Net cash used in financing activities(3,389,027) (3,163,542) (444,380) (6,904,495) (9,084,506) (1,276,095)Effect of exchange rate change on cash, cash equivalents and restricted cash(46,881) (9,346) (1,311) (14,720) 31,344  4,405 Net decrease in cash and cash equivalents and restricted cash(1,706,229) (3,266,105) (458,786) (10,037,037) (4,334,945) (608,926)Cash, cash equivalents and restricted cash at the beginning of the period17,526,653  19,232,574  2,701,583  25,857,461  20,301,414  2,851,723 Cash, cash equivalents and restricted cash at the end of the period15,820,424  15,966,469  2,242,797  15,820,424  15,966,469  2,242,797    KE Holdings Inc.
UNAUDITED SEGMENT CONTRIBUTION MEASURE(All amounts in thousands)

   For the Three Months Ended For the Nine Months Ended  September 30, 2024 September 30, 2025 September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2025  RMB RMB US$ RMB RMB US$Existing home transaction services            Net revenues 6,217,054  5,990,720  841,511  19,278,973  19,580,472  2,750,453 Commission and compensation (3,667,827) (3,656,835) (513,673) (10,700,539) (11,944,430) (1,677,824)Contribution 2,549,227  2,333,885  327,838  8,578,434  7,636,042  1,072,629 New home transaction services            Net revenues 7,726,316  6,639,287  932,615  20,576,636  23,333,605  3,277,652 Commission and compensation (5,812,384) (5,039,448) (707,887) (15,581,327) (17,741,105) (2,492,078)Contribution 1,913,932  1,599,839  224,728  4,995,309  5,592,500  785,574 Home renovation and furnishing            Net revenues 4,213,041  4,299,985  604,015  10,662,113  11,810,782  1,659,051 Material costs, commission and compensation (2,897,013) (2,924,060) (410,740) (7,345,082) (8,008,726) (1,124,979)Contribution 1,316,028  1,375,925  193,275  3,317,031  3,802,056  534,072 Home rental services            Net revenues 3,941,234  5,726,701  804,425  9,753,977  16,489,101  2,316,210 Property leasing costs, commission and compensation (3,766,972) (5,228,519) (734,446) (9,248,794) (15,174,777) (2,131,588)Contribution 174,262  498,182  69,979  505,183  1,314,324  184,622 Emerging and other services            Net revenues 487,002  395,764  55,593  2,060,692  1,177,480  165,400 Commission and compensation (100,726) (122,051) (17,145) (222,206) (305,866) (42,965)Contribution 386,276  273,713  38,448  1,838,486  871,614  122,435    KE Holdings Inc.
UNAUDITED SEGMENT CONTRIBUTION MEASURE (Continued)(All amounts in thousands)

   For the Three Months Ended For the Nine Months Ended  September 30, 2024 September 30, 2025 September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2025  RMB RMB US$ RMB RMB US$Reconciliation of profit            Cost related to stores (703,045) (662,598) (93,075) (2,069,022) (2,141,348) (300,793)Other costs (501,947) (483,863) (67,967) (1,391,552) (1,619,423) (227,479)Amounts not allocated to segment:            Sales and marketing expenses (1,933,878) (1,727,825) (242,706) (5,439,341) (5,398,770) (758,361)General and administrative expenses (1,900,959) (1,866,486) (262,184) (5,999,453) (5,820,959) (817,665)Research and development expenses (572,932) (648,280) (91,063) (1,544,741) (1,865,332) (262,022)Impairment of goodwill, intangible assets and other long-lived assets -  (84,524) (11,873) (36,397) (112,715) (15,833)Total operating expenses (4,407,769) (4,327,115) (607,826) (13,019,932) (13,197,776) (1,853,881)Income from operations 726,964  607,968  85,400  2,753,937  2,257,989  317,179  ________________________
1 GTV for a given period is calculated as the total value of all transactions which the Company facilitated on the Company’s platform and evidenced by signed contracts as of the end of the period, including the value of the existing home transactions, new home transactions, home renovation and furnishing and emerging and other services (excluding home rental services), and including transactions that are contracted but pending closing at the end of the relevant period. For the avoidance of doubt, for transactions that failed to close afterwards, the corresponding GTV represented by these transactions will be deducted accordingly.
2 Adjusted net income (loss) is a non-GAAP financial measure, which is defined as net income (loss), excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of goodwill, intangible assets and other long-lived assets, (v) impairment of investments, and (vi) tax effects of the above non-GAAP adjustments. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
3 Based on our accumulated operational experience, we have introduced the operating metrics of number of active stores and number of active agents on our platform, which can better reflect the operational activeness of stores and agents on our platform.
“Active stores” as of a given date is defined as stores on our platform excluding the stores which (i) have not facilitated any housing transaction during the preceding 60 days, (ii) do not have any agent who has engaged in any critical steps in housing transactions (including but not limited to introducing new properties, attracting new customers and conducting property showings) during the preceding seven days, or (iii) have not been visited by any agent during the preceding 14 days. The number of active stores was 46,857 as of September 30, 2024.
4 “Active agents” as of a given date is defined as agents on our platform excluding the agents who (i) delivered notice to leave but have not yet completed the exit procedures, (ii) have not engaged in any critical steps in housing transactions (including but not limited to introducing new properties, attracting new customers and conducting property showings) during the preceding 30 days, or (iii) have not participated in facilitating any housing transaction during the preceding three months. The number of active agents was 423,400 as of September 30, 2024.
5 “Mobile monthly active users” or “mobile MAU” are to the sum of (i) the number of accounts that have accessed our platform through our Beike or Lianjia mobile app (with duplication eliminated) at least once during a month, and (ii) the number of Weixin users that have accessed our platform through our Weixin Mini Programs at least once during a month. Average mobile MAU for any period is calculated by dividing (i) the sum of the Company’s mobile MAUs for each month of such period, by (ii) the number of months in such period.
6 Adjusted income (loss) from operations is a non-GAAP financial measure, which is defined as income (loss) from operations, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, and (iii) impairment of goodwill, intangible assets and other long-lived assets. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
7 Adjusted operating margin is adjusted income (loss) from operations as a percentage of net revenues.
8 Adjusted EBITDA is a non-GAAP financial measure, which is defined as net income (loss), excluding (i) income tax expense, (ii) share-based compensation expenses, (iii) amortization of intangible assets, (iv) depreciation of property, plant and equipment, (v) interest income, net, (vi) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (vii) impairment of goodwill, intangible assets and other long-lived assets, and (viii) impairment of investments. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
9 Adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders is a non-GAAP financial measure, which is defined as net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of goodwill, intangible assets and other long-lived assets, (v) impairment of investments, (vi) tax effects of the above non-GAAP adjustments, and (vii) effects of non-GAAP adjustments on net income (loss) attributable to non-controlling interests shareholders. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
10 ADS refers to American Depositary Share. Each ADS represents three Class A ordinary shares of the Company. Net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is net income (loss) attributable to ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating net income (loss) per ADS, basic and diluted.
11 Adjusted net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is a non-GAAP financial measure, which is defined as adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating adjusted net income (loss) per ADS, basic and diluted. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.

, /PRNewswire/ -- Vipshop Holdings Limited (NYSE: VIPS), a leading online discount retailer for brands in China ("Vipshop" or the "Company"), today announced that it plans to release its third quarter 2025 financial results on Thursday, November 20, 2025, before the US market open.

The Company will hold a conference call on Thursday, November 20, 2025 at 7:00 am US Eastern Time, 8:00 pm Beijing Time to discuss the financial results.

All participants wishing to join the conference call must pre-register online using the link provided below.

Registration Link:
https://register-conf.media-server.com/register/BIa4c765227cd84d4fb940f017c5724abc

Once pre-registration has been completed, each participant will receive dial-in numbers and a unique access PIN via email. To join the conference, participants should use the dial-in details followed by the PIN code.

A live webcast of the earnings conference call can be accessed at https://edge.media-server.com/mmc/p/o3vfr3h5. An archived webcast will be available at the Company's investor relations website at http://ir.vip.com.

About Vipshop Holdings Limited

Vipshop Holdings Limited is a leading online discount retailer for brands in China. Vipshop offers high quality and popular branded products to consumers throughout China at a significant discount to retail prices. Since it was founded in August 2008, the Company has rapidly built a sizeable and growing base of customers and brand partners. For more information, please visit https://ir.vip.com/. 

Investor Relations Contact

Tel: +86 (20) 2233-0732
Email: [email protected]

SOURCE Vipshop Holdings Limited

, /PRNewswire/ -- Tuya Inc. ("Tuya" or the "Company") (NYSE: TUYA; HKEX: 2391), a global leading AI cloud platform service provider, today announced that it will report its third quarter 2025 unaudited financial results after the market closes on Monday, November 24, 2025.

Tuya's management will hold a conference call at 07:30 P.M. Eastern Time on Monday, November 24, 2025 (08:30 A.M. Hong Kong Time on Tuesday, November 25, 2025) to discuss the financial results. In advance of the conference call, all participants must use the following links to complete the online registration process. Upon registering, each participant will receive the dial-in information and a unique PIN (personal access code) to join the call as well as an email confirmation with the details.

Participants Online Webcast Registration: https://edge.media-server.com/mmc/p/qmezjvzg

Participants Call Registration: https://register-conf.media-server.com/register/BI86c04c19c52a48c6bb64d46104c02dff

A live and archived webcast of the conference call will also be available at the Company's investor relations website at https://ir.tuya.com.

About Tuya Inc.

Tuya Inc. (NYSE: TUYA; HKEX: 2391) is a global leading AI cloud platform service provider with a mission to build an AI developer ecosystem and enable everything to be smart. Tuya has pioneered a purpose-built AI cloud platform with cloud and generative AI capabilities that delivers a full suite of offerings, including Platform-as-a-Service, or PaaS, Software-as-a-Service, or SaaS, and smart solutions for developers of smart device, commercial applications, and industries. Through its AI developer platform, Tuya has activated a vibrant global developer community of brands, OEMs, AI agents, system integrators and independent software vendors to collectively strive for smart solutions ecosystem embodying the principles of green and low-carbon, security, high efficiency, agility, and openness.

Investor Relations Contact

Tuya Inc.
Investor Relations
Email: [email protected]

HL Strategy
Haiyan LI-LABBE
Email: [email protected]

Piacente Financial Communications
China Tel: +86-10-6508-0677
U.S. Tel: +1-212-481-2050
Email: [email protected]

SOURCE Tuya Inc.

Workers picket in front of a Starbucks outlet in New York City, U.S., October 1, 2025. REUTERS/Brendan McDermid/File Photo Purchase Licensing Rights, opens new tab

CompaniesNov 10 - Twenty-six U.S. senators and 82 House representatives have written to Starbucks

(SBUX.O), opens new tab CEO Brian Niccol, urging the company to resume talks with its workers union, the lawmakers said on Monday.

“We have heard of a troubling return to union busting,” states the letter from the group of senators led by Senator Bernie Sanders, which was seen by Reuters. It said Starbucks must “bargain a fair contract in good faith with these employees.”

Sign up here.

House representatives, led by the House Labor Caucus and Representative Pramila Jayapal, penned a similar letter sent on Monday. No Republicans signed either letter.

SIDES BLAME EACH OTHERTalks between Starbucks and Starbucks Workers United, which represents roughly 9,500 workers, began in April last year but have since stalled. Both sides blame the other for ending talks and say they are ready to return to discussions.

Starbucks said in a statement the union represents only 4% of its workforce and that the company already offers “the best job in retail.” Starbucks offers employees who work at least 20 hours a week benefits including healthcare, parental leave, and tuition for online classes at Arizona State University.

Starbucks Workers United has filed more than 100 charges against the company since December for alleged unfair labor practices, such as retaliation against unionizing baristas, according to the letters.

The letters also said Starbucks “has the money to reach a fair agreement,” noting that in 2024 Starbucks spent several billion dollars on dividends and stock buybacks and compensated Niccol $95 million, which largely covered shares he left at Chipotle.

Starbucks said its stock actions benefited workers who own shares through a company program as well as institutional investors and pension funds.

The union said last week workers are prepared to strike if a contract is not finalized by November 13, the company's high-sales “Red Cup Day,” and that strikes could hit more than 25 cities initially and escalate if there is no progress.

Niccol has sought to overhaul U.S. store operations in a bid to win back customers. The coffee company suffered six quarters of sales declines before October 29, when the company reported 1% global sales growth.

Starbucks in September shut more than 600 stores, including its flagship unionized outlet in Seattle, and trimmed its corporate workforce as part of the turnaround efforts.

Reporting by Waylon Cunningham
Editing by Rod Nickel

Our Standards: The Thomson Reuters Trust Principles., opens new tab

SummaryCrocs faces ongoing sales and earnings declines, driven by North American weakness and shifting consumer preferences, but trades at a low forward P/E of 6.Despite business headwinds, CROX maintains premium margins and strong international growth, especially in China, Japan, and Western Europe, partially offsetting U.S. softness.Shareholder-friendly capital allocation, including buybacks and debt reduction, supports a potential turnaround if business erosion slows and margins hold.I rate CROX a Hold with an $86 price target (10% upside), as undervaluation and international momentum balance structural risks and continued top-line pressure. Svetlana Dyachkova/iStock via Getty Images

Crocs, Inc. (CROX) is an American footwear company known for its iconic clogs, slides, sandals, and boots. The company operates in the consumer cyclical sector and designs, manufactures, and markets products for men, women, and children.

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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TSMC reported its slowest pace of monthly sales growth since February 2024.

VANCOUVER, BC / ACCESS Newswire / November 10, 2025 / Kingfisher Metals Corp. (TSX-V:KFR)(FSE:970)(OTCQB:KGFMF) ("Kingfisher" or the "Company") is pleased to announce further results from the 2025 exploration and drilling program at the HWY 37 Project. The 933 km2 HWY 37 Project is located within the Golden Triangle, British Columbia.

Bitcoin surges past $106,000 as US Senate votes to end 40-day government shutdown.

Bitcoin is showing early signs of recovery after last week's sharp decline that sent prices tumbling below the $102,000 level. The leading cryptocurrency has rebounded above $104,000, and traders are watching whether bulls can maintain momentum and push toward key resistance near $106,500.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

In a major Solana news, financial giants Rothschild Investment and PNC Financial Services have revealed interest in SOL. Latest financial disclosures highlighting holdings in Solana ETF are groundbreaking news, as spot Solana ETFs continue to record inflows despite the crypto market meltdown.

Solana News: Rothschild, PNC Financial Services Invest in SOL
Traditional financial giants’ interest in SOL grew significantly in the past few months amid tokenization and Solana ETF launch anticipation. Investors have abandoned Bitcoin ETFs for staking rewards in Solana ETFs, Bitwise Solana ETF staking 100% of holdings in Solana Staking ETF (BSOL).

Rothschild Investment LLC, with $1.5 billion AuM, has disclosed holdings of 6,000 shares of Volatility Shares Solana ETF (SOLZ). The “sole” investment is worth $132,720, according to the latest US SEC filing.

Rothschild remains one of the major holders in many crypto ETFs, including BlackRock iShares Bitcoin ETF (IBIT) and Grayscale Ethereum ETF (ETHE).

In addition, $569 billion PNC Financial Services has reported 1,453 shares worth $32,140 in Volatility Shares Solana ETF (SOLZ). Notably, Heck Capital Advisors, Belvedere Trading, and Tactive Advisors are the largest holders in SOLZ.

SOL Price Rebound Amid Massive Solana ETF Inflows
The continuous inflows into Solana ETFs remained key news for investors amid buy recommendations by analysts. Notably, Bitwise Solana Staking ETF (BSOL) and Grayscale Solana ETF (GSOL) have recorded total inflows of $336 million in two weeks. BSOL leads with $323.8 million in inflows.

Crypto analyst Ali Martinez pointed out the TD Sequential indicator flashing a buy signal on SOL. Holding the $150 support remained a key level for a potential rebound.

Solana Price in 1-Day Timeframe. Source: Ali Charts
SOL price jumped nearly 5% in the past 24 hours, with the price currently trading at $167. The 24-hour low and high are $157.45 and $168.71, respectively. Furthermore, the trading volume has increased by 55% in the last 24 hours, indicating a complete reversal in sentiment among traders.

Meanwhile, Coinglass data shows the total SOL futures open interest climbed nearly 3% to $7.80 billion in the past 24 hours. SOL futures on CME and Binance jumped almost 5% and 4% in the last 4 hours, respectively.

The company’s holdings include 11,542 Bitcoin and over 746 million Cronos tokens. Meanwhile, Binance co-founder Changpeng “CZ” Zhao recently said he was surprised by his recent presidential pardon from Donald Trump, and denied any business ties with the former president or his family.

Trump Media and Technology Group (TMTG), the company behind President Donald Trump’s Truth Social platform, reported a steep third-quarter loss despite holding an impressive Bitcoin treasury and expanding its crypto portfolio. The firm posted a net loss of $54.8 million for the quarter ending Sept. 30, which was more than the $19.3 million loss that was recorded during the same period last year. 

Revenues declined slightly to $972,900, down from just over $1 million a year earlier. This means that the company is still struggling to translate its political brand recognition into sustainable financial performance.

Shares of Trump Media closed Friday at $13.10 after slipping 1.73% before inching up marginally to $13.20 in after-hours trading. The stock fell more than 61% year-to-date, due to investor skepticism despite the firm’s aggressive push into digital assets. 

Trump Media & Technology Group YTD share price (Source: Google Finance)

According to its earnings report, Trump Media held 11,542 Bitcoin as of Sept. 30, worth roughly $1.23 billion at recent market prices. The company began purchasing Bitcoin in May after a $1.5 billion stock sale and a $1 billion convertible bond offering, which positioned cryptocurrency as a key part of its investment strategy.

TMTG also revealed that it generated $15.3 million in realized income from Bitcoin options investments and posted $33 million in unrealized gains from its holdings of Cronos (CRO), the native token of the Cronos blockchain. As of September, the company held more than 746 million CRO tokens, valued at around $0.18 each. 

In August, Trump Media entered into an agreement with Crypto.com and Yorkville Acquisition Corp to launch Trump Media Group CRO Strategy, a digital asset treasury vehicle that plans to purchase up to $1 billion worth of Cronos. This is equivalent to more than 6.3 trillion tokens.

Despite the expansion of its financial assets from $274 million in March to $3.1 billion by the end of September, profitability is still elusive. CEO Devin Nunes described the third quarter as “crucial” to the company’s long-term growth, and specifically pointed to the firm’s strengthened financial position and ongoing pursuit of mergers and acquisitions. However, with mounting costs and continued losses, Trump Media’s reliance on its growing crypto portfolio may not be enough to reverse its declining market performance in the near term.

CZ Denies Trump Ties After PardonIn other Trump-related news, Binance co-founder Changpeng ‘CZ’ Zhao recently said that he was surprised to receive a presidential pardon from President Donald Trump and denied having any business relationship with Trump or his family. In an interview with Fox News on Friday, Zhao explained that he never met or spoke with Trump before or after the pardon, which was granted in October. The Binance founder added that he only met Trump’s son, Eric, once at the Bitcoin Middle East and North Africa conference in Abu Dhabi.

CZ’s Fox News interview

“There is no business relationship between me, Binance, and World Liberty Finance,” Zhao said during the interview. He explained that his lawyers submitted a petition for the pardon in April but that he was never informed of its progress. “I did not know when or if it was going to happen,” he said. “There was no indication of how far it went along. Then, it happened one day.”

The pardon caused a strong reaction across the political spectrum. In the crypto community, many saw it as a victory for the digital asset industry and a sign that the Trump administration is more open to cryptocurrency than the previous government. However, Democratic lawmakers criticized the decision by accusing Trump of corruption and suggesting that the pardon was politically motivated.

At a press conference after the pardon, Trump said he did not personally know Zhao but believed the case against him was unjust. “He had a lot of support, and they said that what he did is not even a crime,” Trump said. “He was persecuted by the Biden administration.”

Statement from Maxine Waters

Democratic Representative Maxine Waters alleged that Trump’s decision was part of a “pay-to-play” arrangement, and suggested that CZ’s pardon was linked to investments in crypto ventures associated with Trump’s family, including World Liberty Financial (WLFI). The allegations led several lawmakers, including Senators Elizabeth Warren and Bernie Sanders, to sign an open letter addressed to Attorney General Pam Bondi, urging more scrutiny of the pardon and Trump’s relationship with Zhao.

Ethereum gas fees have dropped to a record low of 0.067 Gwei, making transactions cost just a few cents.

Chinese scammer Zhimin Qian, who defrauded over 128,000 victims and stashed billions in Bitcoin, is expected to face more than a decade in prison.

Summary

Chinese scammer Zhimin Qian can face up to 14 years in prison for her role in a multi-billion-dollar Ponzi scheme in China.
UK police seized more than 61,000 BTC from Qian in one of the UK’s largest crypto-related raids.

Qian, along with her accomplices, ran a sprawling Ponzi scheme that promised sky-high returns to unsuspecting investors, and has been on the run since fleeing China in 2017 using fake documents.

Now, her long-awaited sentencing in London is set to bring an end to a case that has spanned multiple countries, shattered thousands of lives, and led to the largest Bitcoin seizure in British history. 

According to reports, Qian can face up to 14 years in prison if the court delivers the maximum penalty, a sentencing that would be handed down by Southwark Crown Court in a two-day hearing.

Qian, who used aliases like Yadi Zhang and was also referred to as the “goddess of wealth,” pleaded guilty in late September.

Zhimin Qian behind UK’s largest crypto seizure
UK authorities allege she played a central role in directing a massive fraud and laundering operation in what may be one of the largest crypto-related criminal cases ever pursued against an individual. After soliciting funds from tens of thousands of investors, Qian then moved the money into Bitcoin in an attempt to conceal the scale of the theft.

Between 2014 and 2017, the 47-year-old woman ran an investment operation that promised extraordinary returns while mainly targeting senior citizens and middle-aged savers with limited experience in high-risk products.

After Chinese authorities began closing in on the scheme, Qian fled to the UK using false documents and attempted to launder her crypto fortune through luxury property purchases and high-end living.

One of her accomplices, Jian Wen, was previously arrested and later jailed for more than six years after police uncovered Bitcoin wallets worth billions linked to the same scheme.

Authorities were able to trace Qian’s movements through surveillance and financial records and managed to recover cash, gold, and crypto assets worth millions during coordinated raids. Qian initially pled not guilty and prepared to contest the charges, but later changed her plea as the evidence mounted against her.

More than 61,000 BTC worth over $6 billion have been seized from Qian during the investigation, a haul that marked the largest cryptocurrency recovery ever made by UK authorities and became a central pillar of the case against her.

She is facing charges of possessing and transferring criminal property in the UK under the Proceeds of Crime Act.

ETH prices are more dependent on derivative markets during the current market cycle. The coin recovered to $3,600 after a series of short liquidations.

As Washington nears a deal, crypto traders eye BTC's $106K zone for signs of lasting recovery.

10h05 ▪
5
min read ▪ by
Fenelon L.

Summarize this article with:

Making a transaction on Ethereum now costs only a few cents. This Sunday, gas fees plunged to 0.067 gwei, a level never seen in years. While traders praise this spectacular drop, it raises questions about the economic viability of Ethereum’s model.

In brief

Gas fees on Ethereum dropped to 0.067 gwei on Sunday, in a context of widespread crypto market slowdown.
An exchange transaction now costs only 0.11 dollars, compared to over 150 dollars during congestion periods in 2021.
This drop is notably explained by the March 2024 Dencun update, which reduced fees for layer 2 solutions.
Ethereum base layer revenues have dropped by 99% since 2024, raising concerns about the model’s sustainability.

Ethereum records historically low transaction fees
Yesterday, Ethereum users were able to make transactions for a fraction of a cent. The gas fees hit the floor at 0.067 gwei, a level rarely seen in the network’s history. 

For active traders, it is an unexpected boon. Exchanging tokens costs 0.11 dollars, buying an NFT costs 0.19 dollars, and transferring assets to another blockchain requires only 0.04 dollars.

This phenomenon fits into a downward trend started after the October “flash crash.” On October 10, during a flash crash where some cryptos lost up to 90% of their value in 24 hours, fees momentarily surged to 15.9 gwei. But two days later, they had already fallen back to 0.5 gwei. Since then, they have remained below the symbolic 1 gwei mark.

This situation sharply contrasts with the golden era of 2021. At the height of the bull market, making a simple transaction on Ethereum could cost 150 dollars, or even more during congestion peaks. 

Users then had to choose between paying exorbitant fees or waiting hours, sometimes days, for the network to clear. Today, that problem belongs to the past.

The Dencun update, deployed in March 2024, played a key role in this transformation. By optimizing data management for layer 2 solutions, it significantly reduced pressure on the main network. 

Platforms like Arbitrum, Optimism, and Base can now process massive volumes of transactions at lower costs, freeing up space on layer 1.

Gas price evolution on Ethereum layer 1 over the last 30 days. Source: Etherscan
The dangers of a weakened economic model
However, this medal has its flip side. Since the beginning of 2024, Ethereum’s base layer has been recording net revenue losses. The fees generated are no longer sufficient to cover the network’s operational costs. 

The 99% drop in revenues alarms seasoned observers. How can a network remain viable with such an erosion of its financial income?

Validators, who secure the network by processing transactions, depend on these fees to monetize their investments. With revenues plummeting, their motivation could wane. 

Certainly, staking rewards still exist, but they do not fully offset the disappearance of transaction fees. In fact, nearly 2.45 million ETH are currently waiting in the validator withdrawal queue, indicating some nervousness among participants.

Critics point to Ethereum’s scaling strategy, which heavily relies on a layer 2 ecosystem. This architecture presents an apparent contradiction. 

On one hand, it allows the network to compete with recent blockchains like Solana or Aptos, capable of processing thousands of transactions per second. On the other, it channels economic activity towards external protocols, thus depriving layer 1 of its traditional revenue sources.

According to a Binance analysis, Ethereum faces a “double-edged sword.” Layer 2 solutions strengthen its technical competitiveness but simultaneously create internal competition. 

Users naturally favor networks where fees are lowest. As a result, activity massively shifts toward Base, Arbitrum, or Optimism, leaving the main layer underutilized. This dynamic could ultimately weaken Ethereum’s fundamental value proposition.

A necessary strategic reconsideration
Facing this paradoxical situation, the Ethereum community stands at a crossroads. Low fees undeniably constitute a competitive advantage to attract users. 

However, they also signal a drop in demand for the base layer, casting doubt on the model’s long-term sustainability. Upcoming updates, notably Fusaka scheduled for December 2025, will introduce mechanisms like PeerDAS to further optimize the network. 

But will they solve the structural revenue problem? The community must quickly find a viable model: one that balances accessibility for users and sufficient remuneration for validators, otherwise the leader of smart contracts could lose its throne to competitors less scrupulous about decentralization.

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Fenelon L.

Passionné par le Bitcoin, j'aime explorer les méandres de la blockchain et des cryptos et je partage mes découvertes avec la communauté. Mon rêve est de vivre dans un monde où la vie privée et la liberté financière sont garanties pour tous, et je crois fermement que Bitcoin est l'outil qui peut rendre cela possible.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

Bitcoin (BTC) storms back above $106,000 to start the week as US government reopening excitement takes over.

Bitcoin joins risk assets in rebounding amid hopes that the US government will end its record shutdown this week.

US inflation data could also return, providing key insight into future Fed policy.

US President Donald Trump’s pledge to give most Americans $2,000 rekindles COVID-era stimulus enthusiasm.

Bitcoin derivatives traders remain cautious, with little interest in betting on new highs.

Bitcoin whales are on the radar as consistent sellers throughout 2025.

BTC price spikes to $106,500Bitcoin finally gave bulls hope at the weekly close, which ultimately came in above $104,500.

BTC/USD one-hour chart with 50-week EMA. Source: Cointelegraph/TradingView
Data from Cointelegraph Markets Pro and TradingView also confirms BTC/USD preserving a key nearby support trend line — its 50-week exponential moving average (EMA).

What a weekly candle close.

Are we ready for a green week on the markets?

— Michaël van de Poppe (@CryptoMichNL) November 10, 2025
“Keep an eye on $GOLD & $BTC 4H trend,” trader Skew told followers in one of his latest posts on X.

The US government shutdown marks a pivotal event for market sentiment, affecting both cryptocurrency and the broader risk-asset landscape.

Data from monitoring resource CoinGlass shows the amount of liquidity at stake, even from a relatively small BTC price move. 24-hour cross-crypto liquidations, meanwhile, stood at nearly $350 million at the time of writing.

BTC liquidation heatmap. Source: CoinGlass
Discussing support and resistance levels, trader CrypNuevo had a clear line in the sand in mind.

“Another confluence is the short liquidation cluster at $105.5k. Price will likely target that zone,” he wrote in an X thread.

“Hitting the liquidations would likely add fuel to move price to $106.5k where there is an interesting resistance.”BTC/USDT four-hour chart. Source: CrypNuevo/X
Plenty of caution remained, with various market participants warning that the uptick to local highs near $107,000 could easily reverse.

— Roman (@Roman_Trading) November 10, 2025

Shutdown talk brings CPI week into focusWith talk of the US government shutdown coming to an end imminently, inflation data is back on the menu for the Federal Reserve — and risk-asset traders.

BREAKING: The US Senate votes 60-40 to advance a bill in a major breakthrough to end the US government shutdown.

— The Kobeissi Letter (@KobeissiLetter) November 10, 2025
The Consumer Price Index (CPI) print is notionally due for release on Thursday, along with initial jobless claims, followed by the Producer Price Index (PPI) a day later.

The absence of the shutdown would provide a key window into the state of the economy, including the impact of US trade tariffs.

These currently face Supreme Court scrutiny, and any announcements related to them could inject fresh volatility into the market.

“Amid the data blackout, the Fed is cutting rates and market volatility is returning,” trading resource The Kobeissi Letter summarized Monday.

Kobeissi referred to expectations of further interest-rate cuts in 2025, with the Fed’s December meeting anticipated to produce another 0.25% decrease, per data from CME Group’s FedWatch Tool.

Fed target rate probabilities for December FOMC meeting (screenshot). Source: CME Group
With stocks bouncing back on the improved US outlook, trading resource Mosaic Asset Company argued that the current market trend could be the “most hated bull market ever.”

“While the impact of the government shutdown and speculation over its longevity is driving headlines, private sector data points to an economic backdrop that’s still supportive of the earnings outlook,” it noted in the latest edition of its regular newsletter, “The Market Mosaic.”

Mosaic also referenced “excessive levels of fear,” as reported by several market sentiment gauges.

“If the stock market climbs a ‘wall of worry,’ then this recent leg of the stock market rally could be unprecedented in terms of investor fear relative to market gains,” it added.

S&P 500 sentiment vs. returns (screenshot). Source: Mosaic Asset CompanyTariff “dividends” bring back COVID-19 memoriesBitcoin reacted instantly to comments from US President Donald Trump late Sunday after the latter pledged to pay the majority of US citizens $2,000.

Tied to Trump’s international trade tariffs, the payout was revealed in a post on Truth Social.

“A dividend of at least $2000 a person (not including high income people!) will be paid to everyone,” it stated.

Source: Truth Social
Reacting, Kobeissi quickly likened the move to the COVID-19 era stimulus checks.

“Stimulus checks are officially back,” it wrote on X.

As Cointelegraph reported at the time, the repeat issuance of the checks sparked bullish crypto market price action due to their implied impact on the US money supply. $1,200 checks from April 2020 invested in Bitcoin at the time are now worth around $20,000.

This time around could be no different, analysts told Cointelegraph last week, as they eyed an “additional liquidity catalyst.”

Both US and international liquidity increases have buoyed the crypto bull case throughout the year. Global broad money supply now stands at $142 trillion — a new record.

“Year-to-date, money supply has jumped +9.1%, driven by China and the US,” Kobeissi reported, describing the supply as being “through the roof.”

Broad money-to-GDP ratio data. Source: The Kobeissi Letter/X
The tariff scheme, meanwhile, hangs in the balance as the US Supreme Court decides on its legality.

Options traders are on the alertBitcoin derivatives traders have “little trust in a bottom” around $100,000 as open interest rebounds.

Research from onchain analytics platform Glassnode warns that “fear” remains the driving force on Bitcoin options markets in particular.

Analyzing put-call volumes late last week, Glassnode had little good news for bulls.

“Put–call volumes show little trust in a bottom. Put activity surged during the drop, then calls spiked as traders played the rebound near $100k,” it wrote in an X thread. 

“Even then, puts rose again, markets expect a retest and remain hedged.”Bitcoin options volume put/call ratio. Source: Glassnode
Data further shows that traders lack a long-term mindset when it comes to Bitcoin, even shunning the odds of a rebound to $120,000.

“Options data show the market remains in fear mode, with little confidence in a lasting bottom,” the thread stressed.

Open interest, which had seen a significant decline as the price tumbled, has already started creeping higher.

BTC options open interest. Source: Glassnode
As Cointelegraph reported, bulls may thus end up taking longer to stabilize price and stage a rebound of their own.

Bitcoin whale selling becomes standardBitcoin whales dominate the headlines during the BTC price dip as relentless selling makes traders nervous.

As Cointelegraph reported, 2025 as a whole has been marked by long-term whales reducing their BTC exposure. On average, whales have sold over 1,000 BTC per day.

Zooming out, however, the picture changes when it comes to Bitcoin accumulation. In one of its “Quicktake” blog posts on Sunday, onchain analytics platform CryptoQuant gave several reasons to be bullish.

“Today, these early large holders can finally exit the market more easily, and it’s essential that this distribution phase takes place,” contributor Darkfost argued. 

“Now, if we zoom out and look at the bigger picture, whales are still accumulating in this cycle. Here we can see that the 1-Year Change in Whale Holdings has been increasing since 2023.”BTC whale holdings one-year change. Source: CryptoQuant
An accompanying chart confirms that for the past two years, the one-year change in whale holdings has remained positive. 

Even in recent months, the trend has stabilized — pointing to a brighter outlook for prices.

“After a strong month of August, whale holdings dropped sharply from 398,000 BTC down to 185,000 BTC in October, just as BTC was breaking above $123,000. Since then, accumulation has resumed, and their holdings climbed back up to 294,000 BTC as of November 7,” the post continued. 

“So even though some whales seem to be exiting the market, we’re seeing new ones arrive, and existing players are continuing to accumulate as well.”Bitcoin accumulator wallets added a giant 50,000 BTC to their total holdings in a single day as BTC/USD revisited sub-$100,000 levels.

Bitcoin accumulator address demand. Source: CryptoQuant
“Over the medium to long term, a portion of whales are still increasing their exposure, and the current trend looks nothing like the distribution phase that unfolded at the end of the 2021 cycle,” Darkfost concluded.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Hold Your Horses, BTC Bulls: Bessent Says Tariff ‘Dividend’ Could Be Tax CutsIndirect measures like tax cuts may not have as much bullish impact as direct checks.Updated Nov 10, 2025, 9:18 a.m. Published Nov 10, 2025, 9:18 a.m.

The cryptocurrency market lit up on Sunday, with social media erupting in cheers as users hoped for new bull runs in bitcoin BTC$106,156.47 and tokens like XRP and DOGE fueled by stimulus checks, following President Donald Trump's announcement of a tariff dividend for low-income Americans on Truth Social.

But the reality, as Treasury Secretary Scott Bessent later clarified, is more complicated.

STORY CONTINUES BELOW

Bessent explained that the President's tariff dividend might be delivered through the tax cuts from his major economic policy bill earlier this year.

"The $2,000 dividend could come in lots of forms, in lots of ways. It could be just the tax decreases that we are seeing on the president’s agenda — no tax on tips, no tax on overtime, no tax on Social Security – deductibility on auto loans," Bessent told ABC’s This Week when asked by Trump's social media post.

These indirect measures, as mentioned by Bessent, may not trigger the same immediate surge in bitcoin, altcoins, or consumer spending as direct stimulus checks typically do. That’s because checks provide quick, tangible cash inflows that can rapidly boost demand, while tax cuts tend to distribute benefits more gradually.

It's the case of a bird in the hand is worth two in the bush — the certainty of direct cash inflow generally carries more immediate market impact than the uncertain promise of indirect measures.

Bessent's clarification followed euphoric assumption that the announced dividend would come in the form of stimulus checks, drawing parallels to the COVID-era payments that were closely linked to unprecedented rallies in cryptocurrencies – particularly altcoins.

The narrative lifted market valuations. Bitcoin BTC$106,156.47 rallied from roughly $103,000 to $105,000 on Sunday, extending gains to over $106,500 at one point during Monday's Asian hours.

The leading cryptocurrency has gained 4% in the past 24 hours, with altcoins such as XRP, WLFI, PUMP, UNI, and ZEC rising 8% to 25%, respectively. The CoinDesk 20 Index has gained over 5% to 3,469 points. The rally, however, stalled at around 8:00AM UTC.

It's also worth noting that drawing parallels with 2021 doesn’t quite hold up. Back then, inflation was well below the Federal Reserve’s 2% target, and interest rates were pinned near zero, both factors encouraging increased risk-taking and market exuberance. Today, rates stand around 4% following recent cuts, and inflation remains at least a full percentage point above the Fed’s target.

This raises a crucial question: whether recipients of the tariff dividend—whether through direct payments or indirect measures like tax cuts—will channel those funds into crypto trading or opt to save them instead.

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Shielded adoption surged, with 20–25% of circulating ZEC now held in encrypted addresses and 30% of transactions involving the shielded pool.The Zashi wallet made shielded transfers the default, pushing privacy from optional to standard practice.Project Tachyon, led by Sean Bowe, aims to boost throughput to thousands of private transactions per second.Zcash surpassed Monero in market share, becoming the largest privacy-focused cryptocurrency by capitalization.View Full Report

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This content is a press release provided by a partner. BeInCrypto verifies all partners before publication, but the views and claims expressed do not represent our editorial team and are the sole responsibility of the provider.
Disclosure

Victoria, Seychelles, Nov. 7, 2025: Bitget, the world’s largest Universal Exchange (UEX), has strengthened its leadership in global brand narrative and user engagement strategy with the appointment of Ignacio Aguirre Franco as its new Chief Marketing Officer (CMO).

Ignacio brings over fifteen years of experience across technology, fintech, and blockchain, with a career that bridges engineering and marketing. Before joining Bitget, he held senior roles at Adobe, SAP, Scorechain, and Xapo Bank, where he helped scale global products, strengthen market positioning, and drive user growth. A self-described builder at heart, Ignacio combines an engineer’s analytical mind with a marketer’s storytelling flair, translating complex technology into clear, compelling messages that resonate across cultures.

At Bitget, Ignacio’s mission is to advance the company’s Universal Exchange (UEX) vision, bridging CeFi, DeFi, and TradFi into an easily accessible ecosystem for users of all levels. He will lead the brand’s global marketing initiatives, with a focus on expanding user engagement, enhancing product storytelling, and driving mass adoption of Bitget’s key innovative products, including Onchain, GetAgent, and Stock Futures. His approach emphasizes simplifying complex and technical products and injecting creativity, while positioning Bitget as both a financial and cultural platform for the next generation of users.

“The core of any great tech is based on its access and the greater opportunities it brings to disrupt. For too long, finance has been a fractured landscape; my mission at Bitget is to dismantle those old barriers,” said Ignacio Aguirre Franco, CMO at Bitget.

“I will ensure the story of the UEX, the blueprint for the future of finance, resonates with billions of people across the globe, making secure access to crypto and RWA a reality for every person,” he added. 

Ignacio’s arrival follows Bitget’s recent transition to a new era of the Universal Exchange aimed at deepening Bitget’s global influence and reinforcing its reputation for innovation, security, and trust. With a goal to reach 150 million users by 2026 and a growing number of cross-market trading solutions, Bitget continues to build toward its long-term vision of financial inclusivity.

“Ignacio brings a mix of technical fluency and creative vision, and it aligns perfectly with our mission. His direction will influence how we link innovation, culture, and community globally as Bitget develops into a true Universal Exchange,” said Gracy Chen, CEO of Bitget, in a statement welcoming Ignacio’s appointment.

As Bitget celebrates its seventh year by broadening its cultural reach through global partnerships with icons such as LALIGA, MotoGP, and the UNTOLD Festival, Ignacio’s appointment signifies Bitget’s dedication to bridging the realms of technology and humanity, bringing people closer to a free financial future.

Read Ignacio’s full CMO letter here.

About Bitget
Established in 2018, Bitget is the world’s largest Universal Exchange (UEX), serving over 120 million users with access to millions of crypto tokens, tokenized stocks, ETFs, and other real-world assets on a single platform. The ecosystem is committed to helping users trade smarter with its AI-powered trading tools, interoperability across tokens on Bitcoin, Ethereum, Solana, and BNB Chain, and wider access to real-world assets. On the decentralized side, Bitget Wallet runs as the leading non-custodial crypto wallet supporting 130+ blockchains and millions of tokens. It offers multi-chain trading, staking, payments, and direct access to 20,000+ DApps, with advanced swaps and market insights built into the platform. 

Bitget is driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM markets. Aligned with its global impact strategy, Bitget has joined hands with UNICEF to support blockchain education for 1.1 million people by 2027. In the world of motorsports, Bitget is the exclusive cryptocurrency exchange partner of MotoGP™, one of the world’s most thrilling championships.

For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

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Diageo has appointed Dave Lewis as chief executive officer, after the beverage company parted ways with its former CEO Debra Crew in July.

Rainbow Rare Earths Ltd (LSE:RBW, OTC:RBWRF) has strengthened the value proposition of its Phalaborwa project in South Africa after updating its mineral resource estimate to include yttrium, a heavy rare earth element (REE) that has been under Chinese export controls since April.

The update confirms Phalaborwa as a near-term, strategic source of both medium and heavy REE, including dysprosium, terbium, samarium, europium, gadolinium and yttrium, alongside the critical light elements neodymium and praseodymium.

All have been designated as critical minerals by the United States Geological Survey (USGS) in its 2025 list, published on 6 November.

Rainbow said that although its current economic models account only for neodymium, praseodymium, dysprosium and terbium, it plans to update the valuation as part of its forthcoming Definitive Feasibility Study (DFS) to reflect growing demand for the full suite of valuable rare earths.

The company noted that its test work had confirmed Phalaborwa’s capability to produce a mixed rare earth carbonate (MREC) product containing the complete range of medium and heavy REE, referred to as SEG+.

Yttrium and gadolinium have seen a sharp increase in demand since the introduction of Chinese export restrictions earlier this year.

George Bennett, chief executive, said: “Since the imposition of export controls by China in April 2025, we have seen growing interest in securing supply of the full range of restricted REE, where shortages have already developed in the market.

"This includes yttrium and gadolinium, which are increasingly recognised as key REE required by the U.S. and other aligned nations for important strategic uses, including for defence applications.

“Phalaborwa is a unique project in that it hosts commercial quantities of the full gamut of economically important rare earths, including the medium and heavy REE.

"We will therefore look to incorporate the value of the full range of strategic REE into our economic model for the project as part of the DFS.”

China’s export controls have targeted seven REE, samarium, gadolinium, terbium, dysprosium, lutetium, scandium and yttrium, as well as permanent magnets containing them.

These restrictions have disrupted global supply chains, affecting sectors from electric vehicles and robotics to defence and aerospace.

While Beijing’s proposed extension of the controls has been delayed for at least a year, the measures have spurred Western governments to accelerate efforts to develop independent supply sources.

Rainbow believes both Phalaborwa and its Uberaba project in Brazil, which is currently undergoing economic assessment, will play key roles in meeting that demand.

At full production, Phalaborwa is expected to deliver around 1,817 tonnes of neodymium and praseodymium oxide per year at 99.5% purity, along with 1,159 tonnes annually of a SEG+ MREC product containing 719 tonnes of total rare earth oxides.

COPENHAGEN, Denmark--(BUSINESS WIRE)--Cadeler today announces the signing of two firm contracts covering the full-scope transportation and installation of offshore wind turbines and their foundations for an upcoming offshore wind farm development with a combined value projected to be approximately EUR 500 million.

The foundations transportation and installation (T&I) campaign is set to commence in early 2029 and to be executed using one of Cadeler’s newbuild A-class vessels. This contract, the third full-scope foundation T&I campaign for Cadeler, once again reaffirms the company’s position as a full-service provider in the foundation T&I space.

The turbine installation scope is scheduled to begin in early 2030 and will be carried out by one of Cadeler’s O-class jack-up vessels, with completion expected by late 2030.

The contracts are subject to the client’s investment decision in the project. Should the client be unsuccessful the agreements may be terminated subject to a termination fee.

Mikkel Gleerup, CEO of Cadeler, comments: “This project reinforces Cadeler’s position as a full-service T&I partner in the foundations space and demonstrates that our strategic direction is aligned with current market demands. With our fleet of nine wind installation vessels – and three additional under construction – Cadeler continues to deliver the flexibility, efficiency, and innovative solutions required to execute increasingly complex projects and to support the necessary build-out of offshore wind globally.”

About Cadeler:

Cadeler A/S (Cadeler) is a global leader in offshore wind installation, operations, and maintenance services. Cadeler is a pure play company, operating solely in the offshore wind industry with an uncompromising focus on safety and the environment. Cadeler owns and operates the industry’s largest fleet of jack-up offshore wind installation vessels and has for more than a decade been a key supplier in the development of offshore wind energy to power millions of households. Cadeler’s fleet, expertise and capacity to handle the largest and most complex next-generation offshore wind installation projects positions the company to deliver exceptional services to the industry. Cadeler is committed to being at the forefront of sustainable wind farm installation and to enabling the global energy transition towards a future built on renewable energy. Cadeler is listed on the New York Stock Exchange (ticker: CDLR) and the Oslo Stock Exchange (ticker: CADLR). For more information, please visit www.cadeler.com

November 10, 2025 02:45 ET

 | Source:

Nokia Oyj

Nokia Corporation
Stock Exchange Release
10 November 2025 at 09:45 EET

Nokia appoints Kristen Pressner as Chief People Officer and member of the Group Leadership Team

Espoo, Finland – Nokia today announced the appointment of Kristen Pressner as Chief People Officer and member of the Group Leadership Team, effective 1 May 2026.

Pressner has over 30 years of international experience in HR, talent management, and organizational transformation. She joins Nokia from Roche Holding Group, where she most recently served as Global Head of People & Culture for Roche Diagnostics. Across her tenure at Roche Holding, she played a key role in strengthening leadership, evolving the company’s operating model, and shaping a culture that enables innovation and drives business impact. Earlier in her career at Texas Instruments, she held various HR leadership roles focused on driving culture and capability transformation in the dynamic global technology environment.

“I am thrilled to welcome Kristen to Team Nokia as we work together to build a culture of empowerment, accountability, and a customer-first mindset to increase focus and improve performance across our business. Kristen brings a wealth of experience in driving transformation through business. She will lead our cultural evolution toward an AI-empowered, united team, focused on delivering for our customers and seizing the opportunities the AI supercycle is creating for advanced and trusted connectivity,” said Justin Hotard, President and CEO of Nokia.

“This is an incredibly exciting time to join Nokia. The company is transforming for the era of AI, cloud, and next-generation networks and at the center of that transformation are its people. Nokia’s success depends on the creativity, courage, and collaboration of its teams around the world, and I’m inspired by the opportunity to play a key role in unleashing that potential. As a global technology leader with a remarkable heritage and a bold future, Nokia is poised to shape the next chapter of connectivity and I can’t wait to be part of that journey,” Pressner commented.

Pressner will be based in Finland and report to Nokia’s President and Chief Executive Officer, Justin Hotard.

Additional background information on all current members of the Group Leadership Team can be found at: www.nokia.com/en_int/investors/corporate-governance/group-leadership-team.

Kristen Pressner, CV 
Born: 1970
Nationality: American and Swiss

Education: 
Master of Business Administration (MBA), International Human Resources Management, University of Dallas

Bachelor of Arts, Communication, Purdue University

Experience: 
2005–2025 Roche Holding Group

Global Head of People & Culture, Roche Diagnostics, 2016–2025Vice President, Head of HR, Europe, Middle East, Africa & Latin America, Roche Diagnostics, 2012–2016Sr. Director, Global Learning & Development, Group Human Resources, Roche Holding Group 2007–2012Director, Talent Management, Roche Diagnostics Operations US, 2007Manager, Human Resources Operations US, 2005–2006 1996–2005 Texas Instruments

Human Resources Manager, High Performance Analog, 2001–2005Strategic Staffing Manager, Student Program & University Relations, 1999–2001Mergers & Acquisitions Project Manager, Human Resources, 1998–1999Senior International Assignments Specialist, 1996–1997 1992–1996 Branch Manager, Spherion Corporation

1992–1994 Account Executive, Trade Insurance Services

About Nokia

At Nokia, we create technology that helps the world act together.

As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs, which is celebrating 100 years of innovation.

With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

Media inquiries
Nokia Communications
Maria Vaismaa, Global Head of External Communications
Phone: +358 10 448 4900
Email: [email protected]

For Immediate ReleasesChicago, IL – November 10, 2025 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include Caterpillar Inc. (CAT - Free Report) , Komatsu (KMTUY - Free Report) and Terex Corp. (TEX - Free Report) .

Here are highlights from Monday’s Analyst Blog:Should You Buy, Sell or Hold Caterpillar Stock Post-Q3 Earnings?Caterpillar Inc. a mixed performance in the third quarter of 2025, marking a return to revenue growth after six consecutive quarters of declines. The industrial giant reported higher sales across all segments, driven by strong volume growth, though earnings were pressured by rising costs linked to tariffs.

Both the top and bottom-line figures beat the respective Zacks Consensus Estimate. CAT shares have gained 8.6% post results.

The company has gained 57% year to date, outperforming the industry’s 54.9% growth. In comparison, the Zacks Industrial Products sector has gained 7% and the S&P 500 has risen 16%.

Meanwhile, peers Komatsu and Terex Corp. have gained 23.3% and 0.1%, respectively.

Before addressing the critical question of how investors should position themselves regarding the stock, let us dig deeper into the third-quarter results and evaluate CAT stock’s fundamentals.

CAT’s Q3 Highlights: Record Revenue & Backlog, Margins DipCaterpillar posted revenues of around $17.6 billion, an all-time quarterly record. The top line increased 9.5% year over year, supported by a 10% increase in sales volume, a favorable currency impact of 1% and somewhat offset by unfavorable price realization of 1.3%.
Growth was broad-based, up across all regions and segments. Both the Resource Industries and Construction Industries segments returned to volume growth in the quarter.

Cost of sales increased 16% year over year on higher manufacturing costs, including the impact of tariffs. Adjusted operating profit was down 4% to $3.05 billion. Adjusted operating margin was 17.5% compared with 20% in the third quarter of 2024.

Earnings per share stood at $4.95, down 4% from the year-ago quarter owing to tariffs. For more details, read: CAT Q3 Earnings & Revenues Beat Estimates on Higher Volumes.

Operating cash flow was $8.15 billion in the first nine-month period of 2025 compared with $8.64 billion in the prior-year period. Caterpillar ended the quarter with an all-time high backlog of $39.9 billion.

Caterpillar Lifts 2025 Revenue View, Margin Pressure RemainsCAT now expects 2025 revenues to be “modestly” higher compared with 2024, an improvement from its prior projection of “slightly” higher revenues.
Net incremental tariffs are projected at $1.6-$1.75 billion for 2025. Considering this impact, Caterpillar expects the adjusted operating margin to be near the bottom of its target range.

The company maintains its revenue projection at $42-$72 billion, and margins are anticipated between 10% and 22%, per the respective revenue levels.

Caterpillar expects ME&T free cash flow in 2025 to be above the midpoint of its targeted range of $5-$10 billion.

CAT Sees Upward Estimate Revision ActivityEarnings estimates for CAT have moved up for both 2025 and 2026 over the past 60 days.

The Zacks Consensus Estimate for 2025 indicates a year-over-year decline of 16.26%. The same for 2026 implies 18.8% growth.

How did Caterpillar’s Industry Peers Perform in Q3Terex reported revenues of $1.39 billion, 14.4% higher than last year’s quarter, mainly led by acquisitions. Organic growth was a negative 10%. Adjusted EPS was up 2.7% year over year to $1.50 per share. Revenues missed the Zacks Consensus Estimate, while earnings beat the same.

Komatsu reported adjusted earnings per share of 63 cents, in line with the Zacks Consensus Estimate. Earnings were down 6% year over year. Revenues were $6.66 billion, lower than $6.78 billion in the year-ago quarter.

The broader U.S. manufacturing sector has been in a prolonged downturn, contracting for 26 months through December 2024. After a brief expansion in January and February 2025, the ISM Manufacturing Index has been below 50 for eight straight months. The Index registered 48.7% in October, signaling continued contraction. Rising concerns over tariffs led customers to scale back orders.

Caterpillar’s Premium ValuationCAT is currently trading at a forward 12-month P/E of 26.87X, at a premium compared with the industry’s 24.57X. Its Value Score of D suggests a stretched valuation at this moment.

Meanwhile, Komatsu and Terex are cheaper options, trading at a forward 12-month P/E of 11.70X and 8.6X, respectively.

CAT’s Long-Term Growth Drivers Remain IntactCaterpillar’s long-term outlook is supported by expected increases in U.S. infrastructure spending and growing demand for mining equipment due to the energy transition. As miners are increasingly relying on autonomy to increase productivity and efficiency and improve safety, CAT has been focusing on enhancing its autonomous fleet.

In Energy and Transportation, the increased focus on sustainability and the establishment of data centers will drive the demand for Caterpillar’s equipment. CAT has been seeing growth in aftermarket parts and service-related revenues, which generate high margins. The company is on track to double its service revenues from $14 billion in 2016 to $28 billion in 2026.

How Should Investors Approach CAT Stock?Caterpillar’s premium valuation, industry pressures and the projected decline in earnings for the current year suggest caution for new investors.
Existing shareholders should stay invested in Caterpillar’s stock to benefit from its solid long-term demand prospects, backed by infrastructure spending and energy-transition trends, as well as its focus on growing service revenues. The company currently has a Zacks Rank #3 (Hold), which supports our thesis.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance  for information about the performance numbers displayed in this press release.