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 a high base effect 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%, driven by JD Retail margin expansion and narrowing losses in New Businesses, especially JD Food Delivery.

• Core retail business maintained resilient profitability, with JD Retail operating income at RMB 15.0 billion and an operating margin of up to 5.9% in Q2 2026.

• 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 12 months reached RMB 31.8 billion, up from RMB 10 billion a year ago, reflecting strong cash generation.

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

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

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

• Cash and equivalents, restricted cash, and short-term investments totaled RMB 235.1 billion at Q2 end.

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.

• Electronics and home appliances category growth anticipated to improve meaningfully in H2 as comparison base eases and supply chain strengths mitigate price pressures.

• General merchandise expected to maintain healthy growth, supported by operational excellence, user growth, and platform ecosystem improvements.

• Management highlights continued focus on supply chain improvements, operational efficiency, and strategic investments in Joybuy and Jingxi.

• Confident in sustaining expanding profit trajectory and achieving high single-digit margin target over the long term.