EarningsQ2 2026 Earnings Report
MX:3690N Q2 2026 EPS Results
Actual EPS$1.11
Consensus EPS$0.15
Beat/MissBeat by +$0.96
One Year Ago EPS$0.65
MX:3690N Q2 2026 Revenue Results
Actual Revenue$276.33B
Expected Revenue$271.46B
Beat/MissBeat by +$4.87B
YoY Revenue Growth+21.55%
Earnings Announcement Details
QuarterQ2 2026
Date08/28/2026
TimeBefore Open
Conference CallFriday, August 28, 2026
MX:3690N Upcoming Earnings
Meituan's next earnings date is estimated for November 27, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:3690N Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized clear operational and financial progress: revenue rose 14.4% to RMB 104.6 billion, unit economics turned positive, segments improved to profitability (core commerce) and new initiatives showed revenue growth with narrowing losses. Strong cash and investment positions, rapid grocery and overseas expansion, and significant AI progress were highlighted. Near-term challenges include elevated industry subsidies, Q3 seasonality and cost headwinds (including nationwide courier insurance rollout), continued scale losses in some new initiatives, and intense competition in certain markets. Overall, the positives—accelerating revenue, return to profitability, improved margins and strong strategic investments—outweigh the highlighted near-term pressures.Company Guidance
Revenue Growth and Profitability
Total revenue grew 14.4% year-over-year to RMB 104.6 billion in Q2 2026; the company turned profitable with total segment operating profit of RMB 3.9 billion and adjusted net profit of RMB 2.5 billion.
Core Local Commerce Outperformance
Core local commerce revenue reached RMB 71.5 billion, accelerating to 10.1% YoY growth; product sales within the segment grew 78.9% YoY. Segment operating profit turned positive to RMB 5.7 billion.
New Initiatives Revenue Expansion with Narrowing Losses
New initiatives revenue rose 25% YoY to RMB 33.1 billion while segment operating loss narrowed sequentially to RMB 1.7 billion, reflecting improving operating efficiency despite scale-driven losses in areas like grocery retail.
Improved Unit Economics and Cost Ratios
Cost of revenue ratio decreased to 66.5% and selling & marketing expense ratio fell to 23.6%, driven by better marketing efficiency; on-demand delivery unit economics (UE) turned positive and stayed ahead of industry peers across food and nonfood.
Strong Cash Position and Investment Mark-to-Market
Cash and cash equivalents plus short-term Treasury investments totaled RMB 168.3 billion; investment portfolio valued at ~RMB 77.3 billion and fair value changes of RMB 22.2 billion recognized in other comprehensive income this quarter.
Grocery Retail and Offline Expansion
Xiaoxiang Supermarket expanded to 68 cities and opened multiple offline flagship stores (third offline in Hangzhou in July, additional openings in August), while Happy Monkey grew to 40 neighborhood stores—contributing to rapid GTV growth and improving efficiencies.
KeeTa Overseas Progress
KeeTa showed sustained growth and improved operating efficiency: Hong Kong reached stable profitability, the Middle East saw sequential margin improvement, and Brazil expansion is being focused on São Paulo to build differentiated operations.
AI and Product Innovation
In-house LLM LongCat 2.0 rolled out internally (open weight) and adopted across development, operations and AI agents; R&D ratio increased to 7.3% reflecting AI investments. AI products (Xiao Tuan, CatPaw agents) are driving merchant productivity and user engagement.
Platform Trust, Food Safety and Courier Welfare Enhancements
Rolled out 10 Trusted Food Delivery initiatives (end-to-end food safety system), expanded occupational injury insurance nationwide covering every order and courier, and launched features like pause-the-clock at red lights—strengthening regulatory compliance and courier welfare.
MX:3690N Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed