Dingdong (Cayman) Limited Announces Third Quarter 2026 Financial Results

The China business remains held for sale, with halted depreciation and amortization increasing quarterly net income by RMB195.7 million.

Rhea-AI Summary

Dingdong (DDL) reported third-quarter 2026 revenue of RMB7,380.4 million, up year over year, alongside higher net income and gross margin. Revenue increased 10.8%, while net income rose 259.6% to RMB298.1 million. Gross merchandise value, the total value of goods sold, increased 14.3% to RMB8,311.1 million. Gross margin reached 29.7%, versus 28.9% a year earlier.

China revenue grew 11.0% to RMB7,307.2 million, while overseas revenue fell 6.9% to RMB73.2 million. The China business sale to Meituan remains pending, including anti-monopoly approval from SAMR. Classifying that business as held for sale stopped depreciation and amortization, increasing quarterly net income by RMB195.7 million. Operating cash inflow was RMB351 million. Cash, restricted cash and short-term investments totaled RMB4,361.9 million at September 30, versus RMB4,880.9 million at June 30.

13 points · 0 major

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0 major · 10 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointRevenue rose 10.8% year over year to RMB7,380.4 million in third-quarter 2026.
• Moderate pointNet income rose 259.6% year over year to RMB298.1 million, marking eleven consecutive profitable quarters.
• Moderate pointGross merchandise value rose 14.3% year over year to RMB8,311.1 million.
• Moderate pointOperating cash inflow totaled RMB351 million for the quarter, including RMB384 million from China.
• Moderate pointCash and investments including long-term deposits, less short-term borrowings, reached RMB3,576.0 million, versus RMB3,284.0 million at June 30.

8 minor points

• Minor pointChina revenue grew 11.0% year over year to RMB7,307.2 million.
• Minor pointEastern China gross merchandise value grew 17.6% year over year.
• Minor pointGross margin increased to 29.7% from 28.9% in third-quarter 2025.
• Minor pointOperating income rose 372.4% year over year to RMB280.1 million.
• Minor pointBasic and diluted earnings per share reached RMB0.91, versus RMB0.25 each a year earlier.
• Minor pointProduct development expenses fell 6.5% year over year to RMB190.3 million.
• Minor pointEastern China fulfillment expansion continued, with new stations opened in Huai'an, Hefei and Suqian.
• Minor point. Forward-looking: it has not happened yet and may not happen.Technology investment remains planned, including agricultural technology, data algorithms and artificial intelligence capabilities.

Negative

• Moderate pointRMB195.7 million of quarterly net income reflected halted depreciation and amortization for the held-for-sale China business.
• Moderate pointCash, restricted cash and short-term investments fell to RMB4,361.9 million, from RMB4,880.9 million at June 30.
• Minor pointChina business sale to Meituan remains pending, notably requiring SAMR anti-monopoly approval.
• Minor pointOverseas revenue fell 6.9% year over year to RMB73.2 million.
• Minor pointOverseas net loss widened 84.8% year over year to RMB32.5 million.

5 minor points

• Minor pointCost of goods sold increased 9.4% year over year to RMB5,187.4 million.
• Minor pointFulfillment expenses rose 0.4% to RMB1,436.0 million; revenue share fell to 19.5% from 21.5% year over year.
• Minor pointSales and marketing expenses rose 22.8% year over year to RMB156.7 million.
• Minor pointGeneral and administrative expenses rose 2.6% year over year to RMB123.2 million.
• Minor pointCategory price pressure and inefficient station closures partially offset China revenue growth.

News Explained

The company says the RMB195.7 million net-income increase from not recording depreciation or amortization on its held-for-sale China business will continue to affect quarterly results until the Meituan transaction is completed.

Key Figures

GMV: RMB8,311.1 million; +14.3% year over year Total revenues: RMB7,380.4 million; +10.8% year over year Net income: RMB298.1 million; +259.6% year over year +5 more

GMV

RMB8,311.1 million; +14.3% year over year

Third quarter 2026

Total revenues

RMB7,380.4 million; +10.8% year over year

Third quarter 2026

Net income

RMB298.1 million; +259.6% year over year

Third quarter 2026

Held-for-sale accounting impact

RMB195.7 million

Increase to current-quarter net income from cessation of depreciation and amortization

Non-GAAP net income

RMB307.6 million; +203.8% year over year

Third quarter 2026

Operating cash inflow

RMB351 million

Third quarter 2026, consolidated basis

Gross margin

29.7%

Third quarter 2026; 28.9% in the same quarter of 2025

Cash, restricted cash, and short-term investments

RMB4,361.9 million

As of September 30, 2026; compared with RMB4,880.9 million as of June 30, 2026

Previous Earnings Reports

5 past events · Latest: Aug 20

Same Type 5 events

1. Aug 20

   Q2 2026 earnings

   24h Move

   +3.1%

   GMV, revenue, and net income increased; the company reported a tenth consecutive GAAP-profitable quarter.

2. May 21

   Q1 2026 earnings

   24h Move

   -0.4%

   GMV and revenue increased, and net income rose to RMB165.4 million.

3. Mar 04

   Q4 2025 earnings

   24h Move

   -0.7%

   GMV and revenue grew year over year; the company reported GAAP and non-GAAP net income.

4. Nov 12

   Q3 2025 earnings

   24h Move

   -2.3%

   The quarter showed positive GAAP and non-GAAP net income alongside year-over-year GMV and revenue growth.

5. Aug 21

   Q2 2025 earnings

   24h Move

   -4.7%

   Revenue, GMV, and net income increased year over year; gross margin declined.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

gmv, non-gaap, held-for-sale, discontinued operations

4 terms

gmv financial

"GMV: total amount of GMV for the third quarter of 2026 increased by 14.3%"

Gross merchandise value (GMV) is the total dollar value of all goods and services sold through a platform or marketplace over a given period, measured before deducting fees, returns, or discounts. Investors watch GMV to gauge the raw size and growth of customer activity—like counting every ticket sold at a concert before subtracting organizer costs—while remembering it is not the same as revenue or profit.

non-gaap financial

"Non-GAAP net income: total amount of Non-GAAP net income for the third quarter"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

held-for-sale financial

"no depreciation or amortization was recognized for the held-for-sale China business"

An asset classified as "held-for-sale" is one a company has decided to sell rather than keep using, and expects to complete the sale within a short time frame. Investors care because the asset is removed from normal operations and is reported at the lower of its book value or estimated sale value, which can change the balance sheet, signal a shift in strategy, and affect expected cash proceeds—think of it as marking an item in a garage for immediate sale rather than keeping it in the attic.

discontinued operations financial

"Revenues generated from our China business as included in profit from discontinued operations"

Discontinued operations are parts of a company that it has decided to sell or shut down, and no longer plans to run in the future. This matters to investors because it helps them understand which parts of the business are ongoing and which are being phased out, providing a clearer picture of the company’s current performance and future prospects. Think of it like a store closing a department—it no longer contributes to sales or profits.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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SHANGHAI, Nov. 12, 2026 /PRNewswire/ -- Dingdong (Cayman) Limited ("Dingdong" or the "Company") (NYSE: DDL), a leading fresh grocery e-commerce company in China, with advanced supply chain capabilities, today announced its unaudited financial results for the quarter ended September 30, 2026.

Third Quarter 2026 Highlights:^[1]

• GMV: total amount of GMV for the third quarter of 2026 increased by 14.3% year over year to RMB8,311.1 million (US$1,239.6 million) from RMB7,273.2 million in the same quarter of 2025, positive year-on-year growth for eleventh straight quarters.
• Net income: total amount of net income for the third quarter of 2026 was RMB298.1 million (US$44.5 million), the eleventh consecutive quarter of profitability.
• Non-GAAP net income: total amount of Non-GAAP net income for the third quarter of 2026 was RMB307.6 million (US$45.9 million), the sixteenth consecutive quarter of non-GAAP profitability.

Mr. Song Wang, the Chief Executive Officer of Dingdong, stated, "As of the third quarter of 2026, Dingdong has maintained profitability on a non-GAAP basis for the sixteenth consecutive quarters and on a GAAP basis for the eleventh consecutive quarters. The Company has also delivered year-over-year revenue growth for the eleventh consecutive quarters. During the quarter, the Company's GMV increased by 14.3% year over year, with Eastern China region delivering particularly strong performance as GMV grew by 17.6% year over year, demonstrating robust growth momentum in our core markets. In addition, cash flow performance provides further evidence of our operating quality. Net cash inflow from operating activities was RMB351 million for the quarter on a consolidated basis, which included RMB384 million from our China business. 

We continued to advance our strategic transformation from an on-demand fresh grocery platform into a modern retailer centered on differentiated product capabilities, oriented toward household consumption occasions and underpinned by an efficient supply chain. In May 2026, we elevated Dingdong V5, our private label brand launched in 2023, to a company-level strategic priority, strengthening our product development and differentiation. At the same time, we continued to optimize our frontline fulfillment network by concentrating new openings in Eastern China, enhancing density and growth potential in our core markets. Our sustained profitability, accelerating core-market growth and continued progress in our product capability strategy fully demonstrate Dingdong's strategic resolve and solid execution amid fierce competition, laying robust fundamentals for long-term competitive advantage and high-quality, sustainable growth."

On February 5, 2026, the Company entered into a definitive agreement to divest its China business to Meituan. The transaction remains pending as of the date of this release, contingent on standard closing conditions under the Share Purchase Agreement, notably anti-monopoly approval from SAMR. Consistent with prior quarter accounting treatment, no depreciation or amortization was recognized for the held-for-sale China business upon classification as held-for-sale, which resulted in an increase to our net income by RMB195.7 million (US$29.2 million) in the current quarter.

Third Quarter 2026 Financial Results^[1]

Total revenues were RMB7,380.4 million (US$1,100.8 million), compared with total revenues of RMB6,662.4 million in the same quarter of 2025, representing an increase of 10.8% year over year. Revenues generated from our China business^[2] as included in profit from discontinued operations increased by 11.0% year over year to RMB 7,307.2  million (US$1,089.9 million), primarily due to the rise in the number of orders resulting from an increase in the average monthly number of transacting users and higher monthly order frequency, as well as the continued densification of frontline fulfillment stations in Eastern China (including new openings in Huai'an, Hefei, and Suqian during the third quarter). The increase was partially offset by the continued downward pressure on CPI prices for certain key categories, including pork, and by the ongoing closure of some inefficient frontline fulfillment stations in Beijing and the Guangzhou-Shenzhen area throughout the third quarter of 2026. Revenues generated from our overseas business decreased by 6.9% year over year to RMB73.2 million (US$10.9 million), primarily due to the overseas business was managed with a focus on selected regions.

Total operating costs and expenses were RMB7,093.5 million (US$1,058.0 million), compared with RMB6,621.6 million in the same quarter of 2025, with a detailed breakdown as below. No depreciation or amortization is recorded in the cost and the four categories of expenses for long-lived assets in the China business after being classified as held-for-sale, as assets held for sale are measured at the lower of their carrying amount or fair value less costs to sell according to the relevant standards under US GAAP. This has also impacted the line items below:

• Cost of goods sold was RMB5,187.4 million (US$773.7 million), an increase of 9.4% from RMB4,739.8 million in the same quarter of 2025. Cost of goods sold as a percentage of revenues was 70.3%, compared with 71.1% in the same quarter of 2025. Gross margin was 29.7%, compared with 28.9% in the same quarter of 2025. Since we began implementing our 4G Strategy in early 2025, gross margin has improved on a year-over-year basis, while remaining generally consistent with prior quarters.
• Fulfillment expenses were RMB1,436.0 million (US$214.2 million), an increase of 0.4% from RMB1,430.6 million in the same quarter of 2025. Fulfillment expenses as a percentage of total revenues decreased to 19.5% from 21.5% in the same quarter of 2025.
• Sales and marketing expenses were RMB156.7 million (US$23.4 million), an increase of 22.8% from RMB127.7 million in the same quarter of 2025. Sales and marketing expenses as a percentage of total revenues slightly increased to 2.1%, compared with 1.9% in the same quarter of 2025. The year-on-year increase in marketing expenses is mainly attributable to the increased spending on sales and marketing activities.
• General and administrative expenses were RMB123.2 million (US$18.4 million), a slight increase of 2.6% from RMB120.1 million in the same quarter of 2025, mainly due to the increase of professional service fee.
• Product development expenses were RMB190.3 million (US$28.4 million), a slight decrease of 6.5% from RMB203.4 million in the same quarter of 2025. While advocating for energy and resource saving, we will continue to invest in our product development capabilities, agricultural technology, data algorithms, and other technology infrastructure such as the AI technical capability, to further enhance our competitiveness.

Income from operations was RMB280.1 million (US$41.8 million), an increase of 372.4% from RMB59.3 million in the same quarter of 2025.

Net income was RMB298.1 million (US$44.5 million), an increase of 259.6% from RMB82.9 million in the same quarter of 2025. Among which, net income for the China business increased by year over year to RMB330.6 million (US$49.3 million), which was largely due to the cessation of depreciation or amortization of long-lived assets classified as held-for-sale under US GAAP. This factor has resulted in an increase of our net income by RMB195.7 million (US$29.2 million) in the current quarter, and this impact will continue to affect the quarterly net income every period prior to the completion of the Meituan transaction. Net loss for overseas business increased by 84.8% year over year to RMB32.5 million (US$4.9 million).

Non-GAAP net income, which is a non-GAAP measure that only excludes share-based compensation expenses from net income, was RMB307.6 million (US$45.9 million), an increase of 203.8% from RMB101.3 million in the same quarter of 2025. In addition, non-GAAP net income margin, which is the Company's non-GAAP net income as a percentage of total revenues, was 4.2% compared with 1.5% in the same quarter of 2025. Non-GAAP net income for China business increased by 210.3% year over year to RMB341.0 million (US$50.9 million). Non-GAAP net loss for overseas business increased by 287.0% year over year to RMB33.4 million (US$5.0 million). Similarly, non-GAAP net income was subject to the same factors that affected net income.

Basic and diluted net income per share were RMB0.91 (US$0.14) and RMB0.91 (US$0.14), compared with net income per share of RMB0.25 and RMB0.25 in the same quarter of 2025. Non-GAAP net income per share, basic and diluted, were RMB0.94 (US$0.14) and RMB0.94 (US$0.14), compared with RMB0.31 and RMB0.31 in the same quarter of 2025.

Cash and cash equivalents, restricted cash and short-term investments were RMB4,361.9 million (US$650.6 million) as of September 30, 2026, compared with RMB4,880.9 million as of June 30, 2026. We have been working diligently to optimize our capital usage and financing structure. The cash and cash equivalents, restricted cash, short-term investments and long-term deposits as included in the other non-current assets deducting the balance of short-term borrowings, is RMB3,576.0 million, a net increase for the fourteenth consecutive quarter, compared with RMB3,284.0 million as of June 30, 2026.

[1] The Company presents the total amounts of certain line items, which represent the aggregate figures encompassing both continuing operations (overseas business) and discontinued operations (domestic China business).

[2] The Company also discloses figures pertaining to its China business, which are classified within profit generated from discontinued operations. In addition, the Company separately presents data relating to its overseas business.

About Dingdong (Cayman) Limited 

We are a leading fresh grocery e-commerce company in mainland China, with sustainable long-term growth. We directly provide users and households with fresh groceries, prepared food, and other food products through delivering a convenient and excellent shopping experience supported by an extensive self-operated frontline fulfillment grid. Leveraging our deep insights into consumers' evolving needs and our strong food innovation capabilities, we have successfully launched a series of private label products spanning a variety of food categories. Many of our private label products are produced at our Dingdong production plants, allowing us to more efficiently produce and offer safe and high-quality food products. We aim to be the first choice for fresh and food shopping.

For more information, please visit: https://ir.100.me. 

Use of Non-GAAP Financial Measures

The Company uses non-GAAP measures, such as non-GAAP net income, non-GAAP net income margin, in evaluating its operating results and for financial and operational decision-making purposes. The Company believes that the non-GAAP financial measures help identify underlying trends in its business by excluding the impact of share-based compensation expenses, which are non-cash charges and do not correlate to any operating activity trends. The Company believes that the non-GAAP financial measures provide useful information about the Company's results of operations, enhance the overall understanding of the Company's past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision-making.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools, and when assessing the Company's operating performance, cash flows or liquidity, investors should not consider them in isolation, or as a substitute for net loss, cash flows provided by operating activities or other consolidated statements of operations and cash flows data prepared in accordance with U.S. GAAP. The Company's definition of non-GAAP financial measures may differ from those of industry peers and may not be comparable with their non-GAAP financial measures.

The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company's performance.

For more information on the non-GAAP financial measures, please see the table captioned "Unaudited Reconciliation of GAAP and Non-GAAP Results" set forth at the end of this announcement.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB6.7045 to US$1.00, the exchange rate on September 30, 2026 set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement 

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "confident," "potential," "continue," or other similar expressions. Among other things, business outlook and quotations from management in this announcement, as well as Dingdong's strategic and operational plans, contain forward-looking statements. Dingdong may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its interim and annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Dingdong's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Dingdong's goals and strategies; Dingdong's future business development, financial conditions, and results of operations; the expected outlook of the fresh grocery ecommerce market in China; Dingdong's expectations regarding demand for and market acceptance of its products and services; Dingdong's expectations regarding its relationships with its users, clients, business partners, and other stakeholders; competition in Dingdong's industry; and relevant government policies and regulations relating to Dingdong's industry, and general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this announcement and in the attachments is as of the date of the announcement, and the Company undertakes no duty to update such information, except as required under applicable law.

 

DINGDONG (CAYMAN) LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands of RMB and US$)
The China business is reported as discontinued operations in the consolidated statements of comprehensive loss for the current period and the comparative period in accordance with ASC 210-05, Discontinued Operations as the disposal plan of the China business represented a strategic shift that had a major effect on the Group's operations and financial results. Further, the related current and non-current assets and liabilities associated with the China business are reflected as held for sale in the consolidated balance sheets at December 31, 2025 and September 30, 2026.
			As of
			December 31, 2025			September 30, 2026			September 30, 2026
			RMB			RMB			US$
ASSETS
Current assets:
Cash and cash equivalents			45,722			802,444			119,687
Short-term investments			-			960,415			143,249
Accounts receivable, net			48,727			22,374			3,337
Inventories, net			39,179			28,395			4,235
Advance to suppliers			63,638			62,426			9,311
Prepayments and other current assets			11,876			19,820			2,956
Assets held for sale			4,830,947			6,035,772			900,258
Total current assets			5,040,089			7,931,646			1,183,033
Non-current assets:
Property and equipment, net			3,883			25,911			3,865
Operating lease right-of-use assets			280			47,322			7,058
Other non-current assets			15,418			9,891			1,475
Assets held for sale			1,956,498			-			-
Total non-current assets			1,976,079			83,124			12,398
TOTAL ASSETS			7,016,168			8,014,770			1,195,431
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable			47,608			59,180			8,827
Customer advances and deferred revenue			1,242			599			89
Accrued expenses and other current liabilities			4,664			9,854			1,470
Salary and welfare payable			3,713			27,036			4,033
Operating lease liabilities, current			-			10,129			1,511
Liabilities held for sale			4,737,340			6,008,457			896,181
Total current liabilities			4,794,567			6,115,255			912,111
Non-current liabilities:
Operating lease liabilities, non-current			287			42,748			6,376
Other non-current liabilities			-			7,193			1,073
Liabilities held for sale			1,045,097			-			-
Total non-current liabilities			1,045,384			49,941			7,449
TOTAL LIABILITIES			5,839,951			6,165,196			919,560

 

 

DINGDONG (CAYMAN) LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
(Amounts in thousands of RMB and US$)
			As of
			December 31, 2025			September 30, 2026			September 30, 2026
			RMB			RMB			US$
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY (CONTINUED)
Mezzanine Equity:
Redeemable noncontrolling interests			135,435			143,460			21,398
TOTAL MEZZANINE EQUITY			135,435			143,460			21,398
Shareholders' equity:
Ordinary shares			4			4			1
Additional paid-in capital			14,260,014			14,285,753			2,130,771
Treasury stock			(59,969)			(59,969)			(8,945)
Accumulated deficit			(13,163,215)			(12,436,004)			(1,854,874)
Accumulated other comprehensive    income/(loss)			3,948			(83,670)			(12,480)
TOTAL SHAREHOLDERS' EQUITY			1,040,782			1,706,114			254,473
TOTAL LIABILITIES, MEZZANINE EQUITY    AND SHAREHOLDERS' EQUITY			7,016,168			8,014,770			1,195,431

 

 

DINGDONG (CAYMAN) LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Amounts in thousands of RMB and US$, except for number of shares and per share data)
			For the three months ended September 30,
			2025				2026			2026
			RMB				RMB			US$
Revenues:
Product revenues			78,498				72,932			10,878
Service revenues			108				266			40
Total revenues			78,606				73,198			10,918
Operating costs and expenses:
Cost of goods sold			(64,172)				(59,477)			(8,871)
Fulfillment expenses			(18,513)				(34,495)			(5,145)
Sales and marketing expenses			(3,101)				(6,161)			(919)
Product development expenses			(2,205)				(20,112)			(3,000)
General and administrative expenses			(8,190)				(3,574)			(533)
Total operating costs and expenses			(96,181)				(123,819)			(18,468)
Other operating loss, net			(11)				(1,120)			(167)
Loss from operations			(17,586)				(51,741)			(7,717)
Interest income			409				16,679			2,487
Other (loss)/income, net			(401)				2,520			376
Loss before income tax			(17,578)				(32,542)			(4,854)
Income tax expenses			(30)				-			-
Net loss from continuing operations			(17,608)				(32,542)			(4,854)
Net income from discontinued operations, net of tax			100,502				330,646			49,317
Net income			82,894				298,104			44,463
Net loss from discontinued operations attributable to    redeemable noncontrolling interests			(2,552)				(2,757)			(411)
Net income attributable to ordinary shareholders			80,342				295,347			44,052

 

 

DINGDONG (CAYMAN) LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (CONTINUED)
(Amounts in thousands of RMB and US$, except for number of shares and per share data)
			For the three months ended September 30,
			2025			2026			2026
			RMB			RMB			US$
Net income per Class A and Class B ordinary share:
Basic
Continuing operations			（0.05)			（0.10)			（0.01)
Discontinued operations			0.30			1.01			0.15
Diluted
Continuing operations			（0.05)			（0.10)			（0.01)
Discontinued operations			0.30			1.01			0.15
Basic net income per share attributable to Class A and     Class B ordinary shareholders			0.25			0.91			0.14
Diluted net income per share attributable to Class A     and Class B ordinary shareholders			0.25			0.91			0.14
Shares used in net income per Class A and Class B     ordinary share computation:
Basic			325,019,667			325,283,187			325,283,187
Diluted			325,019,667			325,283,187			325,283,187
Other comprehensive loss, net of tax of nil:
Foreign currency translation adjustments from     continuing operations			(19,403)			(27,009)			(4,028)
Foreign currency translation adjustments from     discontinued operations			2,772			4,563			680
Comprehensive loss from continuing operations			(37,011)			(59,551)			(8,882)
Comprehensive income from discontinued operation			103,274			335,209			49,997
Comprehensive income			66,263			275,658			41,115
Net loss from discontinued operations attributable to     redeemable noncontrolling interests			(2,552)			(2,756)			(411)
Comprehensive income attributable to ordinary     shareholders			63,711			272,902			40,704

 

 

DINGDONG (CAYMAN) LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands of RMB and US$)
			For the three months ended September 30,
			2025			2026			2026
			RMB			RMB			US$
Net cash used in continuing operating activities			(71,959)			(32,770)			(4,888)
Net cash generated from discontinued operating activities			216,370			384,055			57,283
Net cash generated from operating activities			144,411			351,285			52,395
Net cash generated from/(used in) continuing investing     activities			21,601			(578,655)			(86,308)
Net cash (used in)/generated from discontinued investing     activities			(113,183)			729,716			108,840
Net cash (used in)/generated from investing activities			(91,582)			151,061			22,532
Net cash generated from continuing financing activities			-			24			4
Net cash used in discontinued financing activities			(145,799)			(811,681)			(121,065)
Net cash used in financing activities			(145,799)			(811,657)			(121,061)
Effect of exchange rate changes on cash and cash     equivalents and restricted cash			(1,949)			(10,203)			(1,523)
Net decrease in cash and cash equivalents and     restricted cash			(94,919)			(319,514)			(47,657)
Cash and cash equivalents and restricted cash at the     beginning of the period			927,838			2,528,370			377,116
Cash and cash equivalents and restricted cash at the     end of the period			832,919			2,208,856			329,459
Less: Cash and cash equivalents and restricted cash held     for sales at end of the period			766,608			1,406,412			209,772
Cash and cash equivalents and restricted cash from     continuing operations at the end of the period			66,311			802,444			119,687

 

 

DINGDONG (CAYMAN) LIMITED
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS
(Amounts in thousands of RMB and US$, except for number of shares and per share data)
			For the three months ended September 30,
			2025			2026			2026
			RMB			RMB			US$
Net loss from continuing operations			(17,608)			(32,542)			(4,854)
Add: Share-based compensation expenses of continuing     operations			8,981			(846)			(126)
Non-GAAP net loss from continuing operations			(8,627)			(33,388)			(4,980)
Net income from discontinued operations			100,502			330,646			49,317
Add: Share-based compensation expenses of discontinued     operations			9,389			10,331			1,541
Non-GAAP net income from discontinued operations			109,891			340,977			50,858
Total Non-GAAP net income			101,263			307,589			45,878

 

 

 

The following schedules set forth the breakdown of assets and liabilities held for sale and
income from discontinued operations of Dingdong's China business which were included in
the Company's unaudited condensed consolidated financial statements:

			As of
			December 31, 2025			September 30, 2026			September 30, 2026
			RMB			RMB			US$
				(in thousands)
Cash and cash equivalents			1,061,073			1,405,761			209,674
Restricted cash			340			651			97
Short-term investments			2,869,681			1,192,583			177,878
Accounts receivable, net			143,212			149,395			22,283
Inventories, net			531,306			600,022			89,495
Advance to suppliers			50,466			73,333			10,938
Prepayments and other current assets			174,869			115,005			17,153
Property and equipment, net			-			318,358			47,484
Operating lease right-of-use assets			-			2,014,380			300,454
Other non-current assets			-			166,284			24,802
Total current assets classified as held for sale			4,830,947			6,035,772			900,258
Property and equipment, net			228,874			-			-
Operating lease right-of-use assets			1,579,819			-			-
Other non-current assets			147,805			-			-
Total non-current assets classified as held for sale			1,956,498			-			-
Accounts payable			1,872,734			2,230,625			332,706
Customer advances and deferred revenue			272,019			269,672			40,223
Accrued expenses and other current liabilities			751,954			776,425			115,804
Salary and welfare payable			300,818			205,475			30,647
Operating lease liabilities, current			668,295			632,594			94,354
Short-term borrowings			871,520			835,885			124,675
Operating lease liabilities, non-current			-			905,641			135,080
Other non-current liabilities			-			152,140			22,692
Total current liabilities classified as held for sale			4,737,340			6,008,457			896,181
Operating lease liabilities, non-current			897,524			-			-
Other non-current liabilities			147,573			-			-
Total non-current liabilities classified as held for sale			1,045,097			-			-

 

 

			For the three months ended September 30,
			2025				2026			2026
			RMB				RMB			US$
			(in thousands)
Total revenues			6,583,790				7,307,181			1,089,892
Operating costs and expenses:
Cost of goods sold			(4,675,667)				(5,127,900)			(764,844)
Fulfillment expenses			(1,412,093)				(1,401,461)			(209,033)
Sales and marketing expenses			(124,568)				(150,555)			(22,456)
Product development expenses			(201,242)				(170,164)			(25,381)
General and administrative expenses			(111,883)				(119,598)			(17,838)
Total operating costs and expenses			(6,525,453)				(6,969,678)			(1,039,552)
Other operating income/(loss), net			18,551				(5,626)			(839)
Income from discontinued operations			76,888				331,877			49,501
Interest income			29,285				10,292			1,535
Interest expenses			(3,168)				(4,724)			(705)
Other expenses, net			(718)				(4,338)			(647)
Income before income tax			102,287				333,107			49,684
Income tax expenses			(1,785)				(2,461)			(367)
Net income from discontinued operations			100,502				330,646			49,317

 

 

View original content:https://www.prnewswire.com/news-releases/dingdong-cayman-limited-announces-third-quarter-2026-financial-results-302937663.html

SOURCE Dingdong (Cayman) Limited

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Dingdong's third-quarter 2026 revenue and earnings?

Dingdong reported RMB7,380.4 million in revenue and RMB298.1 million in net income for the quarter ended September 30, 2026. Revenue increased 10.8% and net income increased 259.6% from the same quarter of 2025.

How did the pending Meituan sale affect Dingdong's third-quarter 2026 earnings?

Stopping depreciation and amortization on the held-for-sale China business increased quarterly net income by RMB195.7 million. Dingdong expects this accounting effect to continue affecting quarterly net income before completion of the Meituan transaction.

What does Dingdong exclude from non-GAAP earnings?

Dingdong's non-GAAP net income excludes only share-based compensation expenses from net income. Third-quarter 2026 non-GAAP net income was RMB307.6 million, up 203.8% year over year. This measure also includes the earnings effect of stopping depreciation and amortization on the held-for-sale China business.