Q1 2026 JD.com Inc Earnings Call (Chinese, English) Transcript
Key Points
- JD.com Inc (JD) reported a 4.9% year-on-year revenue growth in Q1 2026, with a sequential acceleration in key growth drivers.
- JD Retail's operating margin expanded by 0.7 percentage points year-on-year to 5.6%, nearing historical highs.
- The general merchandise category saw a revenue growth acceleration to 14.9% year-on-year, contributing significantly to total GMV.
- JD's advertising and commission revenues experienced strong double-digit growth, becoming a powerful engine for high-quality growth.
- JD food delivery achieved a significant sequential loss reduction, contributing to advertising revenues and improving unit economics.
- Revenues from electronics and home appliances were down 8.4% year-on-year, despite a sequential improvement.
- The high trading base and rising product prices for electronics are expected to temper growth in Q2.
- Total operating expenses as a percentage of revenues increased year-on-year, reflecting higher marketing spending and R&D investments.
- Free cash flow decreased to RMB22 billion from RMB38 billion in the prior year, primarily due to cash outflows associated with the trading program.
- JD Retail's marketing expense ratio has declined, but the company continues to face intense market competition in the supermarket sector.
Hello, and thank you for standing by for JD.com's first quarter 2026 earnings conference call. (Operator Instructions) 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. Please go ahead.
Good day, everyone. Welcome to JD.com's first quarter 2026 earnings conference call. With us today are CEO of JD.com, Ms. Sandy Xu; and CFO, Mr. Ian Shan.
Sandy will kick up 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 for the comparable period of 2025.
Before turning the call over to Sandy, let me quickly cover the Safe Harbor. Please be reminded during this call, our comments and responses to your questions reflect management's view as of today only and
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