JD.com (JD) Q2 2026 earnings summary

Executive summary

• Net revenues for Q2 2026 were RMB 346.4 billion, down 2.9% year-over-year, mainly due to high base effects in electronics and home appliances.

• Non-GAAP net income attributable to ordinary shareholders rose to RMB 8.93 billion, with a non-GAAP net margin of 2.6%.

• Profitability gains were driven by JD Retail margin expansion and narrowing losses in New Businesses, especially JD Food Delivery.

• Maintained healthy user momentum with double-digit growth in MAU, active customers, and plus members, while improving marketing efficiency.

• Strategic focus shifted from rapid user acquisition to elevating user quality and lifetime value.

Financial highlights

• Free cash flow for the last twelve months reached RMB 31.8 billion, up from RMB 10 billion a year ago.

• Adjusted operating cash flow for TTM Q2 2026 was RMB 59.0 billion.

• Capital expenditures for TTM Q2 2026 totaled RMB 12.7 billion.

• Group gross margin expanded by 1.2 percentage points year-on-year to 17.1%, near all-time high.

• Cost of revenues decreased 4.3% to RMB 287.1 billion.

Outlook and guidance

• Expect JD Retail to return to positive top-line growth in Q3 and accelerate into the second half as base effects normalize.

• General merchandise and supermarket categories projected to maintain healthy growth, with advertising revenue expected to accelerate.

• Continued focus on supply chain efficiency, AI integration, and disciplined investment in new businesses.

• Management expects continued business resilience and a healthy financial trajectory, underpinned by operational efficiency and a robust business ecosystem.

• Strategic investments in Joybuy and Jingxi remain on track.