Q2 2026 JD.com Inc Earnings Call Transcript
Key Points
- Non-GAAP net income surged 21% year-over-year to RMB8.9 billion, marking a definitive turning point in profitability.
- JD Retail achieved record-high gross margin (18.5%) and operating margin (4.6%) for a peak promotional quarter, with 17 consecutive quarters of gross margin expansion.
- JD Food Delivery narrowed losses by over 50% year-over-year, with significant improvements in unit economics and subsidy efficiency.
- User momentum remained strong with double-digit growth in MAU, quarterly active customers, and plus members, while marketing expenses were streamlined.
- JD Logistics revenue grew 24.3% year-over-year, driven by on-demand delivery, and the company repurchased USD1 billion in shares in H1 2026.
- Total revenues decreased 2.9% year-over-year to RMB346 billion, impacted by high comparison base and upstream price pressure in electronics and home appliances.
- JD Retail revenues declined 4.7% year-over-year, with growth temporarily tempered by category-specific headwinds.
- New business segment reported an operating loss of RMB9.9 billion, though narrowed year-over-year, due to ongoing investments in Joybuy and Jingxi.
- Electronics and home appliances category faced moderated revenue due to high base and rising component prices, with recovery expected only in H2.
- General merchandise growth slowed in Q2, partly due to high base effects and reduced cross-sell from food delivery traffic.
Hello, and thank you for standing by for JD.com's second-quarter 2026 earnings conference call. (Operator Instructions) After management's prepared remarks, there will be a question-and-answer session. Today's conference is being recorded. If you have any objections, you may disconnect at this time. I would now like to turn the meeting over to your host for today's conference, Sean Zhang, Head of Investor Relations.
Thank you, operator. Good day, everyone. Welcome to JD.com's second-quarter 2026 earnings conference call. With us today are JD.com CEO, Sandy Xu; and CFO, Mr. Ian Shan. Sandy will kick off the call with her opening remarks, and Ian will discuss the financial results. Then we'll open the call to questions from analysts. Please note, unless otherwise stated, all comparisons in this call will be against our results from the comparable period of 2025.
Before turning the call over to Sandy, let me quickly cover the Safe Harbor. Please be reminded that during this call, our comments and
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