JD.com: We delivered solid profitability in the second quarter

Second Quarter 2026 Highlights

• Net revenues were RMB346.4 billion (US$¹ 51.1 billion) for the second quarter of 2026, a decrease of 2.9% from the second quarter of 2025, primarily due to a high base effect.
• Income from operations was RMB4.5 billion (US$0.7 billion) for the second quarter of 2026, compared to a loss of RMB0.9 billion for the second quarter of 2025. Operating margin was 1.3% for the second quarter of 2026, compared to negative 0.2% for the second quarter of 2025. Non-GAAP² income from operations was RMB5.5 billion (US$0.8 billion) for the second quarter of 2026, compared to RMB0.9 billion for the second quarter of 2025. Non-GAAP operating margin was 1.6% for the second quarter of 2026, compared to 0.3% for the second quarter of 2025.
• Net income attributable to the Company’s ordinary shareholders was RMB7.1 billion (US$1.1 billion) for the second quarter of 2026, compared to RMB6.2 billion for the second quarter of 2025. Net margin attributable to the Company’s ordinary shareholders was 2.1% for the second quarter of 2026, compared to 1.7% for the second quarter of 2025. Non-GAAP net income attributable to the Company’s ordinary shareholders was RMB8.9 billion (US$1.3 billion) for the second quarter of 2026, compared to RMB7.4 billion for the second quarter of 2025. Non-GAAP net margin attributable to the Company’s ordinary shareholders was 2.6% for the second quarter of 2026, compared to 2.1% for the second quarter of 2025.
• Diluted net income per ADS³ was RMB5.01 (US$0.74) for the second quarter of 2026, compared to RMB4.15 for the second quarter of 2025. Non-GAAP diluted net income per ADS was RMB6.29 (US$0.93) for the second quarter of 2026, compared to RMB4.97 for the second quarter of 2025.
• JD Retail reported income from operations of RMB13.5 billion (US$2.0 billion) for the second quarter of 2026, compared to RMB13.9 billion for the second quarter of 2025. Operating margin of JD Retail was 4.6% for the second quarter of 2026, compared to 4.5% for the second quarter of 2025.

“Our second quarter results reflect our resilient and high-quality operations,” said Sandy Xu, Chief Executive Officer of JD.com. “Despite near-term revenue headwinds, we achieved strong bottom-line growth, marking a clear inflection in our profit trajectory. This improvement was primarily driven by solid profitability in our core JD Retail business and continued narrowing of loss at JD Food Delivery. These results underscore the resilience of our supply chain-driven business model and our team’s focus on operational efficiency—strengths that we will continue to build upon for unlocking further potential as we navigate the second half of the year.”

“We delivered solid profitability in the second quarter despite moderating top-line momentum,” said Ian Su Shan, Chief Financial Officer of JD.com. “JD Retail’s operating margin hit a record high for peak promotional seasons. This performance was driven by margin improvement in certain key categories, as well as a favorable revenue mix as high-margin marketplace and marketing revenues continued to outperform. Losses in our New Businesses segment narrowed significantly year-on-year, primarily driven by continued loss reduction at JD Food Delivery, while our strategic investments in Joybuy and Jingxi remained on track. Looking ahead, our robust business ecosystem will continue to underpin sustained business resilience and a healthy financial trajectory. Backed by our solid financial performance, we repurchased approximately 2.5% of our ordinary shares outstanding in the first half of the year, underscoring our commitment to delivering sustainable shareholder returns.”

As of the second quarter of 2026, JD Logistics had deployed thousands of unmanned vehicles into regular operations across more than 20 provinces nationwide. JDL launched its first “night-time autonomous delivery” routes in Shenzhen, enabling 24-hour uninterrupted vehicle operations. This effectively expands the geographical and operating-time boundaries for unmanned vehicle operations while unlocking further efficiency potential in last-mile fulfillment.