Dingdong (Cayman) (DDL) Q3 2026 earnings summary

Executive summary

• GMV rose 14.3% YoY to RMB8,311.1 million, marking the 11th consecutive quarter of YoY growth; Eastern China GMV increased 17.6%.

• GAAP net income was RMB298.1 million and non-GAAP net income was RMB307.6 million, extending profitability streaks to 11 and 16 quarters, respectively.

• Revenue increased 10.8% YoY to RMB7,380.4 million; operating cash inflow was RMB351.3 million, including RMB384.1 million from China operations.

Financial highlights

• Total revenue rose 10.8% YoY to RMB7,380.4 million; operating income increased 372.4% to RMB280.1 million.

• Net income increased 259.6% YoY to RMB298.1 million; non-GAAP net income, excluding share-based compensation, rose 203.8% to RMB307.6 million.

• Basic and diluted EPS were RMB0.91, versus RMB0.25 in Q3 2025; non-GAAP basic and diluted EPS were RMB0.94, versus RMB0.31.

• Operating cash flow was RMB351.3 million, compared with RMB144.4 million in Q3 2025; investing cash flow was RMB151.1 million, while financing cash outflow was RMB811.7 million.

Outlook and guidance

• Strategic focus is shifting toward differentiated products for household consumption, supported by supply-chain efficiency and continued development of Dingdong V5, elevated to a company-level priority in May 2026.

• Frontline fulfillment openings are being concentrated in Eastern China to increase network density and growth potential in core markets.

• Product development investment will continue to target product capabilities, agricultural technology, data algorithms and AI technology infrastructure.