EarningsQ2 2026 Earnings Report
MX:JDN Q2 2026 EPS Results
Actual EPS$15.84
Consensus EPS$14.13
Beat/MissBeat by +$1.70
One Year Ago EPS$12.51
MX:JDN Q2 2026 Revenue Results
Actual Revenue$859.72B
Expected Revenue$861.82B
Beat/MissMissed by -$2.10B
YoY Revenue Growth+3.21%
Earnings Announcement Details
QuarterQ2 2026
Date08/13/2026
TimeBefore Open
Conference CallThursday, August 13, 2026
MX:JDN Upcoming Earnings
JD's next earnings date is estimated for November 12, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:JDN Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized a clear profitability inflection with strong margin expansion, materially improved free cash flow, disciplined capital allocation and marked unit-economics progress in new initiatives (notably food delivery). Those positive operational and financial developments substantially offset near-term top-line softness (total revenue down 2.9% and JD Retail revenue down 4.7%) and the still-large absolute losses in New Businesses (operating loss RMB 9.9 billion), which are being actively narrowed. Management presented a confident outlook for revenue reacceleration in H2, continued margin improvement and disciplined investment, suggesting the company views headwinds as temporary while structural profitability gains persist.Company Guidance
Definitive Profitability Turning Point
Non-GAAP net income attributable to ordinary shareholders rose ~20.8–21% year-on-year to RMB 8.9 billion; non-GAAP net margin expanded by 0.5 percentage points to 2.6%, marking a pronounced bottom-line improvement for Q2.
JD Retail Margin Expansion and Record Promotional Quarter Profitability
JD Retail gross margin expanded by 1.3 percentage points year-on-year to 18.5% (17th consecutive quarter of y/y gross margin expansion); non-GAAP operating profit reached RMB 13.5 billion with operating margin up 7 basis points to 4.6%, a record for a peak promotional quarter.
Improved Group-Level Profitability and Operating Leverage
Group gross margin widened by 1.2 percentage points to 17.1%; total operating expense decreased by 4.4% year-on-year and expense ratio fell by 0.3 percentage points, demonstrating operating leverage driven by optimized marketing and efficiency gains.
Substantial Free Cash Flow and Strong Liquidity
Last 12 months free cash flow as of end-Q2 improved to RMB 31 billion from RMB 10 billion a year earlier; cash, restricted cash and short-term investments totaled RMB 235 billion, strengthening financial flexibility.
JD Food Delivery Rapid Unit-Economics Improvement
JD Food Delivery narrowed total losses by over 50% year-on-year in Q2 while maintaining healthy order volume momentum; improvements driven by lower subsidy per order, higher delivery efficiency and growing commission/advertising contribution.
Strong JD Logistics Growth and Profitability
JD Logistics revenue grew ~24.3% year-on-year to ~RMB 64.1 billion; non-GAAP operating income rose 15.6% year-on-year to RMB 2.3 billion, with an operating margin of 3.5%, supported by incremental on-demand delivery contribution.
User Metrics and Marketing Efficiency Gains
MAU, quarterly active customers and Plus members sustained double-digit year-on-year growth; June 18 promotion set a new record for purchasing users while group-level marketing expense ratio declined for the fourth consecutive quarter, reflecting improved ROI-driven marketing.
New Businesses Showing Early Success and Selective Scaling
Joybuy doubled revenues within two quarters with improved retention and localized fulfillment in Europe; Jingxi QAC rose over 40% year-on-year and contributed ~40% of new active customers in Q2; investments remained disciplined and loss margins improved sequentially.
Operational Technology and Automation Progress
Accelerated AI and physical automation deployment across demand forecasting, customer service and logistics: expanded LangzuTech Goods-to-Person deployment, thousands of unmanned ground vehicles across 20+ provinces, first 24/7 overnight autonomous delivery routes in Shenzhen, and Jingdong Logistics MetaBrain LLM driving intelligent decisions.
Shareholder Returns and Capital Allocation
Repurchased ~69.9 million Class A ordinary shares (34.9 million ADS) for ~USD 1 billion in H1 (≈2.5% of ordinary shares); continuing execution under a 3-year USD 5 billion buyback program with ~USD 1 billion remaining; company highlighted ~USD 13 billion returned to shareholders since 2023 (dividends + repurchases).
MX:JDN 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