EarningsQ2 2026 Earnings Report
MX:9618N Q2 2026 EPS Results
Actual EPS$8.38
Consensus EPS$7.42
Beat/MissBeat by +$0.95
One Year Ago EPS$6.21
MX:9618N Q2 2026 Revenue Results
Actual Revenue$912.66B
Expected Revenue$905.36B
Beat/MissBeat by +$7.30B
YoY Revenue Growth+3.61%
Earnings Announcement Details
QuarterQ2 2026
Date08/13/2026
TimeBefore Open
Conference CallThursday, August 13, 2026
MX:9618N Upcoming Earnings
JD.com, Inc. Class A's next earnings date is estimated for November 12, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
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 a clear pivot toward profitability with strong margin expansion, improved free cash flow and meaningful operational milestones (JD Retail margin records, logistics growth, >50% loss reduction in food delivery). These positive outcomes outweighed near-term top-line softness (total revenues down 2.9%, JD Retail revenue down 4.7%) and ongoing investments in new businesses and R&D. Management signaled confidence in a H2 top-line reacceleration and continued disciplined capital allocation, supporting an overall constructive outlook.Company Guidance
Strong Consolidated Profitability Expansion
Non-GAAP net income attributable to ordinary shareholders rose 20.8% year-on-year to RMB 8.9 billion in Q2 2026; non-GAAP net margin expanded by 0.5 percentage points to 2.6%, with management calling Q2 a definitive turning point for profitability.
Material Gross Margin Improvement
Group-level gross margin expanded by 1.2 percentage points year-on-year to 17.1% (near all-time high), driven primarily by JD Retail margin gains.
JD Retail Profitability Gains
JD Retail gross margin increased 1.3 percentage points year-on-year to 18.5% and operating margin rose 7 basis points to 4.6%; JD Retail non-GAAP operating profit reached RMB 13.5 billion in Q2.
Improved Cash Generation
Last 12 months free cash flow as of Q2 improved to RMB 31 billion from RMB 10 billion a year prior, supported by disciplined working capital management and normalized trade-in cash flows; cash and equivalents plus short-term investments totaled RMB 235 billion at quarter end.
JD Logistics Growth and Profitability
JD Logistics revenue grew ~24.3% year-on-year to RMB ~64.1 billion (reported figure corrected in script) and non-GAAP operating income rose 15.6% year-on-year to RMB 2.3 billion with an operating margin of 3.5%.
New Businesses Unit-Economics Progress (Food Delivery)
JD Food Delivery narrowed losses by over 50% year-on-year in Q2 while maintaining healthy order volume momentum; New Businesses operating loss narrowed substantially to RMB 9.9 billion.
User Metrics and Marketing Efficiency
Monthly active users, quarterly active customers and Plus members sustained double-digit year-on-year growth; marketing expense ratio for JD Retail dropped year-on-year for the fourth consecutive quarter, reflecting improved ROI-driven marketing spend.
International & Lower-Tier Execution (Joybuy & Jingxi)
Joybuy doubled revenues within two quarters and expanded same-day/next-day coverage to major European cities (serving ~40 million customers in Europe); Jingxi QAC rose over 40% year-on-year and contributed 40% of new active customers in Q2.
AI and Automation Integration
Accelerated deployment of generative AI and physical automation across demand forecasting, sourcing, customer service and logistics (LangzuTech G2P, thousands of UGVs in >20 provinces, MetaBrain LLM), supporting long-term operating efficiency and cost structure improvement.
Shareholder Returns and Capital Allocation
Repurchased ~69.9 million Class A ordinary shares (~34.9 million ADS) for USD 1 billion in H1 2026 (~2.5% of ordinary shares outstanding as of 12/31/2025); remaining ~USD 1 billion under the announced USD 5 billion repurchase program; management reiterated multi-form returns (buybacks/dividends).
MX:9618N 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