JD.com Announces First Quarter 2026 Results
Rhea-AI Summary
JD.com (NASDAQ: JD; HKEX: 9618) reported first quarter 2026 net revenues of RMB315.7 billion, up 4.9% year over year. Net income attributable to shareholders fell to RMB5.1 billion, while non-GAAP net income was RMB7.4 billion.
JD Retail’s operating margin rose to 5.6%. Company-wide operating margin declined to 1.2% amid sharply higher fulfillment, marketing, R&D and G&A expenses, including a SAMR fine of about RMB0.6 billion. JD.com repurchased 1.6% of shares for US$631 million and ended the quarter with RMB215.7 billion in cash and investments.
AI-generated analysis. Not financial advice.
Positive
- Net revenues increased 4.9% year over year to RMB315.7 billion
- Net service revenues grew 20.6% year over year
- JD Retail operating income rose to RMB15.0 billion
- JD Retail operating margin improved to 5.6% from 4.9%
- Repurchased about 1.6% of shares for US$631 million
- Cash, restricted cash and short-term investments totaled RMB215.7 billion
- Twelve-month free cash flow reached RMB21.6 billion
Negative
- Net income attributable to shareholders declined to RMB5.1 billion from RMB10.9 billion
- Company-wide operating margin decreased to 1.2% from 3.5%
- Non-GAAP operating margin fell to 1.8% from 3.9%
- Fulfillment expenses rose 18.5% to RMB23.4 billion (7.4% of revenues)
- Marketing expenses increased 45.8% to RMB15.4 billion (4.9% of revenues)
- R&D expenses increased 48.6% to RMB6.9 billion
- G&A expenses increased 48.7% to RMB3.6 billion, including an SAMR fine of about RMB0.6 billion
- First quarter 2026 free cash flow was negative RMB6.5 billion
Key Figures
Market Reality Check
Peers on Argus
JD gained 1.33% while key peers were mixed: EBAY +0.21%, SE +0.06%, but CPNG -3.99%, MELI -5.12%, DASH -3.10%. With no peers in momentum scanners, the move appeared stock-specific rather than a broad Internet Retail rotation.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 13 | Q3 2025 earnings | Positive | -1.7% | Strong revenue and retail margin growth alongside losses from new business investment. |
| Aug 14 | Q2 2025 earnings | Negative | -2.9% | Revenue growth but declining net income due to heavier investment in new initiatives. |
| May 13 | Q1 2025 earnings | Positive | +3.3% | Strong revenue and net income growth with improving operating margin and expansions. |
| Nov 14 | Q3 2024 earnings | Positive | -6.6% | Robust revenue and profit increases plus new US$5B buyback but shares fell sharply. |
| May 16 | Q1 2024 earnings | Positive | +1.9% | Revenue and profit growth with higher EPS and ongoing buybacks supporting sentiment. |
Earnings releases often showed strong revenue growth but mixed or pressured profitability, and price reactions skewed mildly negative on average, with both aligned and divergent moves.
Recent JD.com earnings releases highlighted consistent revenue growth with varying profitability as investments in new businesses and logistics weighed on margins. Prior reports on May 13, 2025 and Nov 14, 2024 showed strong top-line and margin expansion but drew mixed price reactions, including a -6.56% move after Q3 2024 despite solid metrics. The current Q1 2026 update continues this theme of revenue growth, active buybacks, and investment-driven margin pressure.
Historical Comparison
In the past 5 earnings releases, JD’s average next-day move was about -1.18%, with mostly modest declines even on strong reports. This Q1 2026 earnings event fits into a pattern of revenue growth paired with profitability pressure and sometimes contrarian price reactions.
Across recent earnings, JD.com has repeatedly delivered solid revenue growth and expanding JD Retail margins while overall profitability fluctuated due to heavier investment in logistics and new businesses, alongside ongoing large-scale share repurchases.
Market Pulse Summary
This announcement highlighted modest top-line growth, with Q1 2026 net revenues reaching RMB315.7 billion and JD Retail margin improving to 5.6%, while group net income fell to RMB5.1 billion and free cash flow to RMB-6,481 million. The company continued sizeable buybacks of US$631 million. Investors may watch whether higher marketing, fulfillment and R&D spending translates into sustainable earnings and cash flow improvements over coming quarters.
Key Terms
non-gaap financial
ads financial
ebitda financial
nmpa regulatory
AI-generated analysis. Not financial advice.
BEIJING, May 12, 2026 (GLOBE NEWSWIRE) -- JD.com, Inc. (NASDAQ: JD and HKEX: 9618 (HKD counter) and 89618 (RMB counter), the “Company” or “JD.com”), a leading supply chain-based technology and service provider, today announced its unaudited financial results for the three months ended March 31, 2026.
First Quarter 2026 Highlights
- Net revenues were RMB315.7 billion (US$145.8 billion) for the first quarter of 2026, an increase of
4.9% from the first quarter of 2025. - Net income attributable to the Company’s ordinary shareholders was RMB5.1 billion (US
$0.7 billion ) for the first quarter of 2026, compared to RMB10.9 billion for the first quarter of 2025. Non-GAAP2 net income attributable to the Company’s ordinary shareholders was RMB7.4 billion (US$1.1 billion ) for the first quarter of 2026, compared to RMB12.8 billion for the first quarter of 2025. - Diluted net income per ADS3 was RMB3.54 (US
$0.51) for the first quarter of 2026, compared to RMB7.19 for the first quarter of 2025. Non-GAAP diluted net income per ADS was RMB5.12 (US$0.74) for the first quarter of 2026, compared to RMB8.41 for the first quarter of 2025. - JD Retail reported income from operations of RMB15.0 billion (US
$2.2 billion ) for the first quarter of 2026, compared to RMB12.8 billion for the first quarter of 2025. Operating margin of JD Retail was5.6% for the first quarter of 2026, compared to4.9% for the first quarter of 2025.
“We’re pleased to report a solid first quarter to kick off 2026,” said Sandy Xu, Chief Executive Officer of JD.com. “Our user base and shopping frequency continued to expand robustly, with annual active customers hitting a new record, a clear testament to the deepening synergies across our business ecosystem. JD Retail demonstrated remarkable resilience throughout the quarter, with profitability reaching record levels. Meanwhile, our New Businesses advanced steadily with meaningful bottom-line improvements over the prior quarter. With this solid foundation in place, we remain confident in our full-year trajectory and long-term value creation.”
“In the first quarter, our total revenues were up
Updates of Share Repurchase Program
Pursuant to the Company’s share repurchase program of up to US
All of these ordinary shares were repurchased from Nasdaq and the Hong Kong Stock Exchange pursuant to the share repurchase program. The remaining amount under the share repurchase program was US
Business Highlights
- JD Retail:
During the first quarter of 2026, JD.com deepened its strategic partnerships with leading home appliance manufacturers, such as Midea, Haier, Hisense, and TCL. The collaborations focus on enhancing service experience, joint product innovation, channel penetration and expansion, and marketing operation synergy, thereby driving sales growth across various home appliance categories. Together with its partners, JD.com is committed to creating greater value for consumers and addressing their diverse demand for high-quality lifestyles.
- JD Logistics:
During the first quarter of 2026, JD Logistics (“JDL”) launched an upgraded version of its self-developed embodied intelligent equipment, the “LangzuTech Packer” robotic arm. Powered by JINGDONG Logistics Metabrain, the equipment is specifically designed for parcel picking and cage loading, aiming to improve sorting efficiency. This marks a critical iteration following the initial launch of “LangzuTech Packer” last year. Currently, JDL’s “LangzuTech” series of robots is able to cover the entire logistics chain and has been deployed at scale globally.
- JD Health:
In the first quarter, JD Health debuted over 30 new drugs, including Novartis’ Rhapsido®, the world’s first globally approved oral targeted therapy indicated for chronic spontaneous urticaria, as well as Lumirix®, the first-ever prescription treatment approved by China NMPA for vitiligo repigmentation. This further strengthened JD Health’s position as “the First Online Marketplace for New Drug Launches”. Additionally, during the first quarter, JD Health also entered into strategic partnerships with several leading pharmaceutical companies, including Organon, Kenvue, CR Jiangzhong and Shouer Pharmaceutical, further strengthening its supply chain integration capabilities and ecosystem synergistic advantages within the healthcare sector.
- JD Industrials:
In the first quarter, JD Industrials (“JDI”) continued to strengthen its industrial supply chain capabilities and deepened its strategic collaborations with leading suppliers, including SATA Tools, 3M China and Linde (China) Forklift Truck. By deepening supplier partnership, integrating industry resources and expanding product categories to drive sales synergies, JDI continued to provide its customers with more efficient digital procurement solutions.
- New Businesses:
In the first quarter of 2026, JD Food Delivery sustained its healthy development. Driven by enhanced operational efficiency and revenue diversification, its unit economics per order continued to improve and total investment in JD Food Delivery further narrowed significantly on a sequential basis. Meanwhile, JD Food Delivery is continuously unlocking synergies with core JD Retail, particularly in areas such as user growth, increased shopping frequency and cross-category purchases. In addition, 7Fresh Kitchen gained increasing consumer recognition. By the end of the first quarter, 7Fresh Kitchen further expanded its footprint to multiple cities across China, including Beijing, Shanghai, Guangzhou, Shenzhen, and Tianjin.
On March 16, JD.com officially launched its online retail business, Joybuy, in Europe, further expanding JD.com’s retail and logistics supply chain presence in the region. Joybuy currently offers services in the United Kingdom, Germany, the Netherlands, France, Belgium and Luxembourg. Leveraging JD.com’s super supply chain capabilities and localized operating systems, Joybuy provides consumers with premium branded products, competitive pricing, and superior services. JDL’s own express delivery brand, JoyExpress, provides consumers with professional and fast doorstep delivery services, successfully replicating JD.com’s “Double 11” (211) delivery speed in the European market. By the end of the first quarter, “Double 11” service (211) covered more than 30 major cities and over 40 million people in Europe.
- Environmental, Social and Governance
As a testament to JD.com’s unwavering commitment to creating more jobs and making contribution to the society, the total personnel under the JD Ecosystem5 was over 900,000 as of March 31, 2026, including the Company’s employees, part-time staff and interns, as well as the personnel of the Company’s affiliates in the JD Ecosystem. The total expenditure for such human resources, together with the expenditure for external personnel who work for the JD Ecosystem, amounted to RMB166.4 billion for the twelve months ended March 31, 2026.
First Quarter 2026 Financial Results
Net Revenues. Net revenues increased by
Cost of Revenues. Cost of revenues increased by
Fulfillment Expenses. Fulfillment expenses, which primarily include procurement, warehousing, delivery, customer service and payment processing expenses, increased by
Marketing Expenses. Marketing expenses increased by
Research and Development Expenses. Research and development expenses increased by
General and Administrative Expenses. General and administrative expenses increased by
Income from Operations and Non-GAAP Income from Operations. Income from operations for the first quarter of 2026 was RMB3.8 billion (US
Income from operations of JD Retail was RMB15.0 billion (US
Non-GAAP EBITDA. Non-GAAP EBITDA was RMB8.0 billion (US
Net Income Attributable to the Company’s Ordinary Shareholders and Non-GAAP Net Income Attributable to the Company’s Ordinary Shareholders. Net income attributable to the Company’s ordinary shareholders was RMB5.1 billion (US
Diluted EPS and Non-GAAP Diluted EPS. Diluted net income per ADS was RMB3.54 (US
Cash Flow and Working Capital
As of March 31, 2026, the Company’s cash and cash equivalents, restricted cash and short-term investments totaled RMB215.7 billion (US
| For the three months ended | |||||||||
| March 31, 2025 | March 31, 2026 | March 31, 2026 | |||||||
| RMB | RMB | US$ | |||||||
| (In millions) | |||||||||
| Net cash (used in)/provided by operating activities | (18,262 | ) | 555 | 80 | |||||
| Less: Impact from consumer financing receivables included in the operating cash flow | (1,018 | ) | (1,973 | ) | (286 | ) | |||
| Less: Capital expenditures, net of related sales proceeds | (2,323 | ) | (5,063 | ) | (734 | ) | |||
| Capital expenditures for development properties | (915 | ) | (3,498 | ) | (507 | ) | |||
| Other capital expenditures* | (1,408 | ) | (1,565 | ) | (227 | ) | |||
| Free cash flow | (21,603 | ) | (6,481 | ) | (940 | ) | |||
* Including capital expenditures related to the Company’s headquarters in Beijing and all other CAPEX.
Net cash used in investing activities was RMB27.9 billion (US
Net cash used in financing activities was RMB5.4 billion (US
For the twelve months ended March 31, 2026, free cash flow of the Company was as follows:
| For the twelve months ended | |||||||||
| March 31, 2025 | March 31, 2026 | March 31, 2026 | |||||||
| RMB | RMB | US$ | |||||||
| (In millions) | |||||||||
| Net cash provided by operating activities | 51,148 | 37,808 | 5,481 | ||||||
| Add/(Less): Impact from consumer financing receivables included in the operating cash flow | 131 | (735 | ) | (107 | ) | ||||
| Less: Capital expenditures, net of related sales proceeds | (13,666 | ) | (15,475 | ) | (2,243 | ) | |||
| Capital expenditures for development properties | (6,841 | ) | (6,681 | ) | (968 | ) | |||
| Other capital expenditures | (6,825 | ) | (8,794 | ) | (1,275 | ) | |||
| Free cash flow | 37,613 | 21,598 | 3,131 | ||||||
Supplemental Information
The Company reports three reportable segments, JD Retail, JD Logistics, and New Businesses. JD Retail, which includes JD Health and JD Industrials, mainly engages in online retail, online marketplace and marketing services in China. JD Logistics includes both internal and external logistics businesses. New Businesses mainly include JD Food Delivery, JD Property, Jingxi and overseas businesses.
On October 31, 2025, JD Logistics acquired the local on-demand delivery services business previously under the New Businesses. Following this, JD Logistics integrated its full-time and crowdsourced delivery capabilities to enhance its service quality. Effective January 2026, JD Logistics’s on-demand delivery services shifted from serving the Company’s internal business segments, such as JD Food Delivery, to directly serving third-party merchants on the Company’s platform. Consequently, in the first quarter of 2026, JD Logistics’s internal revenues from on-demand delivery services declined as part of them were reclassified into external revenues, and New Businesses’ external on-demand delivery service revenues reflected a corresponding decrease.
| For the three months ended | ||||||||
| March 31, 2025 | March 31, 2026 | March 31, 2026 | ||||||
| RMB | RMB | US$ | ||||||
| (In millions, except percentage data) | ||||||||
| Net revenues: | ||||||||
| JD Retail | 263,845 | 268,588 | 38,937 | |||||
| JD Logistics | 46,967 | 60,581 | 8,783 | |||||
| New Businesses | 5,753 | 6,279 | 910 | |||||
| Inter-segment eliminations* | (15,483 | ) | (19,754 | ) | (2,864 | ) | ||
| Total consolidated net revenues | 301,082 | 315,694 | 45,766 | |||||
| Less: cost of revenues: | ||||||||
| JD Retail | (219,395 | ) | (218,629 | ) | (31,694 | ) | ||
| JD Logistics | (43,785 | ) | (55,851 | ) | (8,097 | ) | ||
| New Businesses | (4,586 | ) | (4,434 | ) | (643 | ) | ||
| Inter-segment eliminations* | 14,539 | 16,267 | 2,358 | |||||
| Less: operating expenses: | ||||||||
| JD Retail | (31,604 | ) | (34,999 | ) | (5,074 | ) | ||
| JD Logistics | (3,037 | ) | (3,710 | ) | (538 | ) | ||
| New Businesses | (2,494 | ) | (12,197 | ) | (1,768 | ) | ||
| Inter-segment eliminations* | 944 | 3,487 | 506 | |||||
| Income/(Loss) from operations: | ||||||||
| JD Retail | 12,846 | 14,960 | 2,169 | |||||
| JD Logistics | 145 | 1,020 | 148 | |||||
| New Businesses | (1,327 | ) | (10,352 | ) | (1,501 | ) | ||
| Total segment income from operations | 11,664 | 5,628 | 816 | |||||
| Unallocated items** | (1,131 | ) | (1,821 | ) | (264 | ) | ||
| Total consolidated income from operations | 10,533 | 3,807 | 552 | |||||
| Share of results of equity investees | 1,330 | 1,636 | 237 | |||||
| Interest expense | (600 | ) | (686 | ) | (99 | ) | ||
| Others, net | 2,079 | 2,333 | 338 | |||||
| Total consolidated income before tax | 13,342 | 7,090 | 1,028 | |||||
| For the three months ended | |||||||
| March 31, 2025 | March 31, 2026 | March 31, 2026 | |||||
| RMB | RMB | US$ | |||||
| (In millions, except percentage data) | |||||||
| YoY% change of net revenues: | |||||||
| JD Retail | 16.3 | % | 1.8 | % | |||
| JD Logistics | 11.5 | % | 29.0 | % | |||
| New Businesses | 18.1 | % | 9.1 | % | |||
| Operating margin: | |||||||
| JD Retail | 4.9 | % | 5.6 | % | |||
| JD Logistics | 0.3 | % | 1.7 | % | |||
| New Businesses | (23.1 | )% | (164.9 | )% | |||
* The inter-segment eliminations mainly consist of revenues from supply chain solutions and logistics services provided by JD Logistics to JD Retail and New Businesses, and property leasing services provided by JD Property to JD Logistics.
** Unallocated items include share-based compensation, amortization of intangible assets resulting from assets and business acquisitions, effects of business cooperation arrangements, and the Fine imposed by the SAMR.
The table below sets forth the revenue information:
| For the three months ended | ||||||||
| March 31, 2025 | March 31, 2026 | March 31, 2026 | YoY% Change | |||||
| RMB | RMB | US$ | ||||||
| (In millions, except percentage data) | ||||||||
| Electronics and home appliances revenues | 144,295 | 132,171 | 19,161 | (8.4 | )% | |||
| General merchandise revenues | 98,014 | 112,648 | 16,330 | 14.9 | % | |||
| Net product revenues | 242,309 | 244,819 | 35,491 | 1.0 | % | |||
| Marketplace and marketing revenues | 22,320 | 26,517 | 3,844 | 18.8 | % | |||
| Logistics and other service revenues | 36,453 | 44,358 | 6,431 | 21.7 | % | |||
| Net service revenues | 58,773 | 70,875 | 10,275 | 20.6 | % | |||
| Total net revenues | 301,082 | 315,694 | 45,766 | 4.9 | % | |||
Recent Development
As of May 12, 2026, the board of directors of each of JD Health, JD Logistics, JD Industrials and JD Property has approved to grant Mr. Richard Qiangdong Liu restricted share units (to be satisfied by existing shares of the respective subsidiary), each representing approximately
Conference Call
JD.com’s management will hold a conference call at 8:00 am, Eastern Time on May 12, 2026, (8:00 pm, Beijing/Hong Kong Time on May 12, 2026) to discuss the first quarter 2026 financial results.
Please register in advance of the conference using the link provided below and dial in 15 minutes prior to the call, using participant dial-in numbers, the Passcode and unique access PIN which would be provided upon registering. You will be automatically linked to the live call after completion of this process, unless required to provide the conference ID below due to regional restrictions.
PRE-REGISTER LINK: https://s1.c-conf.com/diamondpass/10054511-yugw1e.html
CONFERENCE ID: 10054511
A telephone replay will be available for one week until May 19, 2026. The dial-in details are as follows:
| US: | +1-855-883-1031 |
| International: | +61-7-3107-6325 |
| Chinese Mainland: | 400-120-9216 |
| Hong Kong, China: | 800-930-639 |
| Passcode: | 10054511 |
Additionally, a live and archived webcast of the conference call will also be available on the JD.com’s investor relations website at https://ir.jd.com.
About JD.com
JD.com is a leading supply chain-based technology and service provider. The Company’s cutting-edge retail infrastructure seeks to enable consumers to buy whatever they want, whenever and wherever they want it. The Company has opened its technology and infrastructure to partners, brands and other sectors, as part of its Retail as a Service offering to help drive productivity and innovation across a range of industries.
Non-GAAP Measures
In evaluating the business, the Company considers and uses non-GAAP measures, such as non-GAAP income/(loss) from operations, non-GAAP operating margin, non-GAAP net income/(loss) attributable to the Company’s ordinary shareholders, non-GAAP net margin attributable to the Company’s ordinary shareholders, free cash flow, non-GAAP EBITDA, non-GAAP EBITDA margin, non-GAAP net income/(loss) per share and non-GAAP net income/(loss) per ADS, as supplemental measures to review and assess operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company defines non-GAAP income/(loss) from operations as income/(loss) from operations excluding share-based compensation, amortization of intangible assets resulting from assets and business acquisitions, effects of business cooperation arrangements, gain on sale of development properties, impairment of goodwill and long-lived assets and the Fine imposed by the SAMR. The Company defines non-GAAP net income/(loss) attributable to the Company’s ordinary shareholders as net income/(loss) attributable to the Company’s ordinary shareholders excluding share-based compensation, amortization of intangible assets resulting from assets and business acquisitions, effects of business cooperation arrangements and non-compete agreements, gain/(loss) on disposals/deemed disposals of investments, reconciling items on the share of equity method investments, gain/(loss) from fair value change of long-term investments and derivatives, impairment of goodwill, long-lived assets and investments, gain on sale of development properties, the Fine imposed by the SAMR, and tax effects on non-GAAP adjustments. The Company defines free cash flow as operating cash flow adjusting the impact from consumer financing receivables included in the operating cash flow and capital expenditures, net of related sales proceeds. Capital expenditures include purchase of property, equipment and software, cash paid for construction in progress, purchase of intangible assets, land use rights and asset acquisitions. The Company defines non-GAAP EBITDA as non-GAAP income/(loss) from operations plus depreciation and amortization excluding amortization of intangible assets resulting from assets and business acquisitions. Non-GAAP basic net income/(loss) per share is calculated by dividing non-GAAP net income/(loss) attributable to the Company’s ordinary shareholders by the weighted average number of ordinary shares outstanding during the periods. Non-GAAP diluted net income/(loss) per share is calculated by dividing non-GAAP net income/(loss) attributable to the Company’s ordinary shareholders by the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding during the periods, including the dilutive effects of share-based awards as determined under the treasury stock method and convertible senior notes. Non-GAAP net income/(loss) per ADS is equal to non-GAAP net income/(loss) per share multiplied by two.
The Company presents these non-GAAP financial measures because they are used by management to evaluate operating performance and formulate business plans. Non-GAAP income/(loss) from operations, non-GAAP net income/(loss) attributable to the Company’s ordinary shareholders and non-GAAP EBITDA reflect the Company’s ongoing business operations in a manner that allows more meaningful period-to-period comparisons. Free cash flow enables management to assess liquidity and cash flow while taking into account the impact from consumer financing receivables included in the operating cash flow and the demands that the expansion of fulfillment infrastructure and technology platform has placed on financial resources. The Company believes that the use of the non-GAAP financial measures facilitates investors to understand and evaluate the Company’s current operating performance and future prospects in the same manner as management does, if they so choose. The Company also believes that the non-GAAP financial measures provide useful information to both management and investors by excluding certain expenses, gain/loss and other items that are not expected to result in future cash payments or that are non-recurring in nature or may not be indicative of the Company’s core operating results and business outlook.
The non-GAAP financial measures have limitations as analytical tools. The Company’s non-GAAP financial measures do not reflect all items of income and expense that affect the Company’s operations or not represent the residual cash flow available for discretionary expenditures. Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating performance. The Company encourages you to review the Company’s financial information in its entirety and not rely on a single financial measure.
CONTACTS:
Investor Relations
Sean Zhang
+86 (10) 8912-6804
IR@JD.com
Media Relations
+86 (10) 8911-6155
Press@JD.com
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,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as JD.com’s strategic and operational plans, contain forward-looking statements. JD.com may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in announcements made on the website of the Hong Kong Stock Exchange, in its annual report 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 statements about JD.com’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: JD.com’s growth strategies; its future business development, results of operations and financial condition; its ability to attract and retain new customers and to increase revenues generated from repeat customers; its expectations regarding demand for and market acceptance of its products and services; trends and competition in China’s e-commerce market; changes in its revenues and certain cost or expense items; the expected growth of the Chinese e-commerce market; laws, regulations and governmental policies relating to the industries in which JD.com or its business partners operate; potential changes in laws, regulations and governmental policies or changes in the interpretation and implementation of laws, regulations and governmental policies that could adversely affect the industries in which JD.com or its business partners operate, including, among others, initiatives to enhance supervision of companies listed on an overseas exchange and tighten scrutiny over data privacy and data security; risks associated with JD.com’s acquisitions, investments and alliances, including fluctuation in the market value of JD.com’s investment portfolio; natural disasters and geopolitical events; change in tax rates and financial risks; intensity of competition; and general market and economic conditions in China and globally. Further information regarding these and other risks is included in JD.com’s filings with the SEC and the announcements on the website of the Hong Kong Stock Exchange. All information provided herein is as of the date of this announcement, and JD.com undertakes no obligation to update any forward-looking statement, except as required under applicable law.
| JD.com, Inc. | ||||||
| Unaudited Interim Condensed Consolidated Balance Sheets | ||||||
| (In millions, except otherwise noted) | ||||||
| As of | ||||||
| December 31, 2025 | March 31, 2026 | March 31, 2026 | ||||
| RMB | RMB | US$ | ||||
| ASSETS | ||||||
| Current assets | ||||||
| Cash and cash equivalents | 137,488 | 101,829 | 14,762 | |||
| Restricted cash | 12,137 | 13,540 | 1,963 | |||
| Short-term investments | 75,744 | 100,304 | 14,541 | |||
| Accounts receivable, net (including consumer financing receivables of RMB1.7 billion and RMB0.5 billion as of December 31, 2025 and March 31, 2026, respectively)(1) | 27,333 | 25,430 | 3,687 | |||
| Advance to suppliers | 5,856 | 7,104 | 1,030 | |||
| Inventories, net | 95,428 | 96,166 | 13,941 | |||
| Prepayments and other current assets | 17,898 | 18,888 | 2,738 | |||
| Amount due from related parties | 2,142 | 1,006 | 146 | |||
| Assets held for sale | 395 | 395 | 57 | |||
| Total current assets | 374,421 | 364,662 | 52,865 | |||
| Non-current assets | ||||||
| Property, equipment and software, net | 91,349 | 93,920 | 13,616 | |||
| Construction in progress | 6,503 | 5,516 | 800 | |||
| Intangible assets, net | 7,723 | 7,453 | 1,081 | |||
| Land use rights, net | 36,878 | 36,817 | 5,337 | |||
| Operating lease right-of-use assets | 31,128 | 31,464 | 4,561 | |||
| Goodwill | 26,291 | 26,291 | 3,811 | |||
| Investment in equity investees | 51,978 | 52,964 | 7,678 | |||
| Marketable securities and other investments | 51,840 | 51,061 | 7,402 | |||
| Deferred tax assets | 5,237 | 5,636 | 817 | |||
| Other non-current assets | 11,853 | 9,938 | 1,441 | |||
| Total non-current assets | 320,780 | 321,060 | 46,544 | |||
| Total assets | 695,201 | 685,722 | 99,409 | |||
| JD.com, Inc. | ||||||
| Unaudited Interim Condensed Consolidated Balance Sheets | ||||||
| (In millions, except otherwise noted) | ||||||
| As of | ||||||
| December 31, 2025 | March 31, 2026 | March 31, 2026 | ||||
| RMB | RMB | US$ | ||||
| LIABILITIES | ||||||
| Current liabilities | ||||||
| Short-term debts | 8,014 | 8,274 | 1,200 | |||
| Accounts payable | 188,379 | 187,215 | 27,141 | |||
| Advance from customers | 36,408 | 39,257 | 5,691 | |||
| Deferred revenues | 2,684 | 2,573 | 373 | |||
| Taxes payable | 7,008 | 4,047 | 587 | |||
| Amount due to related parties | 624 | 1,565 | 227 | |||
| Unsecured senior notes | 3,511 | 3,459 | 501 | |||
| Accrued expenses and other current liabilities | 50,045 | 53,151 | 7,705 | |||
| Operating lease liabilities | 9,399 | 9,486 | 1,375 | |||
| Total current liabilities | 306,072 | 309,027 | 44,800 | |||
| Non-current liabilities | ||||||
| Unsecured senior notes | 20,798 | 20,494 | 2,971 | |||
| Deferred tax liabilities | 8,019 | 8,006 | 1,161 | |||
| Long-term debts | 41,675 | 42,162 | 6,112 | |||
| Operating lease liabilities | 23,708 | 24,145 | 3,500 | |||
| Other non-current liabilities | 1,146 | 1,158 | 168 | |||
| Total non-current liabilities | 95,346 | 95,965 | 13,912 | |||
| Total liabilities | 401,418 | 404,992 | 58,712 | |||
| SHAREHOLDERS’ EQUITY | ||||||
| Total JD.com, Inc. shareholders’ equity (US | 225,040 | 216,486 | 31,384 | |||
| Non-controlling interests | 68,743 | 64,244 | 9,313 | |||
| Total shareholders’ equity | 293,783 | 280,730 | 40,697 | |||
| Total liabilities and shareholders’ equity | 695,201 | 685,722 | 99,409 | |||
| (1) JD Technology performs credit risk assessment services for consumer financing receivables business and absorbs the credit risk of the underlying consumer financing receivables. Facilitated by JD Technology, the Company periodically securitizes consumer financing receivables through the transfer of those assets to securitization plans and derecognizes the related consumer financing receivables through sales type arrangements. | ||||||
| JD.com, Inc. | ||||||||
| Unaudited Interim Condensed Consolidated Statements of Operations | ||||||||
| (In millions, except per share data) | ||||||||
| For the three months ended | ||||||||
| March 31, 2025 | March 31, 2026 | March 31, 2026 | ||||||
| RMB | RMB | US$ | ||||||
| Net revenues | ||||||||
| Net product revenues | 242,309 | 244,819 | 35,491 | |||||
| Net service revenues | 58,773 | 70,875 | 10,275 | |||||
| Total net revenues | 301,082 | 315,694 | 45,766 | |||||
| Cost of revenues | (253,234 | ) | (262,667 | ) | (38,079 | ) | ||
| Fulfillment | (19,737 | ) | (23,393 | ) | (3,391 | ) | ||
| Marketing | (10,543 | ) | (15,372 | ) | (2,229 | ) | ||
| Research and development | (4,621 | ) | (6,866 | ) | (995 | ) | ||
| General and administrative | (2,414 | ) | (3,589 | ) | (520 | ) | ||
| Income from operations(2)(3) | 10,533 | 3,807 | 552 | |||||
| Other income/(expenses) | ||||||||
| Share of results of equity investees | 1,330 | 1,636 | 237 | |||||
| Interest expense | (600 | ) | (686 | ) | (99 | ) | ||
| Others, net(4) | 2,079 | 2,333 | 338 | |||||
| Income before tax | 13,342 | 7,090 | 1,028 | |||||
| Income tax expenses | (2,063 | ) | (1,260 | ) | (183 | ) | ||
| Net income | 11,279 | 5,830 | 845 | |||||
| Net income attributable to non-controlling interests shareholders | 389 | 728 | 105 | |||||
| Net income attributable to the Company’s ordinary shareholders | 10,890 | 5,102 | 740 | |||||
| Net income per share: | ||||||||
| Basic | 3.76 | 1.86 | 0.27 | |||||
| Diluted | 3.59 | 1.77 | 0.26 | |||||
| Net income per ADS: | ||||||||
| Basic | 7.51 | 3.72 | 0.54 | |||||
| Diluted | 7.19 | 3.54 | 0.51 | |||||
| JD.com, Inc. | ||||||||
| Unaudited Interim Condensed Consolidated Statements of Operations | ||||||||
| (In millions, except per share data) | ||||||||
| For the three months ended | ||||||||
| March 31, 2025 | March 31, 2026 | March 31, 2026 | ||||||
| RMB | RMB | US$ | ||||||
| (2) Includes share-based compensation as follows: | ||||||||
| Cost of revenues | (7 | ) | (20 | ) | (3 | ) | ||
| Fulfillment | (71 | ) | (116 | ) | (17 | ) | ||
| Marketing | (62 | ) | (72 | ) | (10 | ) | ||
| Research and development | (217 | ) | (236 | ) | (34 | ) | ||
| General and administrative | (410 | ) | (469 | ) | (68 | ) | ||
| Total | (767 | ) | (913 | ) | (132 | ) | ||
| (3) Includes amortization of business cooperation arrangements and intangible assets resulting from assets and business acquisitions as follows: | ||||||||
| Fulfillment | (49 | ) | (49 | ) | (7 | ) | ||
| Marketing | (279 | ) | (188 | ) | (28 | ) | ||
| Research and development | (36 | ) | (36 | ) | (5 | ) | ||
| Total | (364 | ) | (273 | ) | (40 | ) | ||
| (4) “Others, net” consists of interest income; gains/(losses) related to long-term investments without significant influence, including fair value changes, acquisitions or disposals gains/(losses), and impairments; government incentives; foreign exchange gains/(losses); and other non-operating income/(losses). | ||||||||
| JD.com, Inc. | |||||
| Unaudited Non-GAAP Net Income Per Share and Per ADS | |||||
| (In millions, except per share data) | |||||
| For the three months ended | |||||
| March 31, 2025 | March 31, 2026 | March 31, 2026 | |||
| RMB | RMB | US$ | |||
| Non-GAAP net income attributable to the Company’s ordinary shareholders | 12,758 | 7,379 | 1,070 | ||
| Non-GAAP net income per share: | |||||
| Basic | 4.40 | 2.69 | 0.39 | ||
| Diluted | 4.21 | 2.56 | 0.37 | ||
| Non-GAAP net income per ADS: | |||||
| Basic | 8.80 | 5.39 | 0.78 | ||
| Diluted | 8.41 | 5.12 | 0.74 | ||
| Weighted average number of shares: | |||||
| Basic | 2,898 | 2,740 | |||
| Diluted | 3,035 | 2,865 | |||
| JD.com, Inc. | ||||||||
| Unaudited Interim Condensed Consolidated Statements of Cash Flows and Free Cash Flow | ||||||||
| (In millions) | ||||||||
| For the three months ended | ||||||||
| March 31, 2025 | March 31, 2026 | March 31, 2026 | ||||||
| RMB | RMB | US$ | ||||||
| Net cash (used in)/provided by operating activities | (18,262 | ) | 555 | 80 | ||||
| Net cash provided by/(used in) investing activities | 16,236 | (27,855 | ) | (4,038 | ) | |||
| Net cash used in financing activities | (7,288 | ) | (5,445 | ) | (789 | ) | ||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (345 | ) | (1,511 | ) | (219 | ) | ||
| Net decrease in cash, cash equivalents and restricted cash | (9,659 | ) | (34,256 | ) | (4,966 | ) | ||
| Cash, cash equivalents and restricted cash at beginning of period, including cash and cash equivalents classified within assets held for sale | 115,716 | 149,625 | 21,691 | |||||
| Less: Cash, cash equivalents and restricted cash classified within assets held for sale at beginning of period | —* | —* | —* | |||||
| Cash, cash equivalents and restricted cash at beginning of period | 115,716 | 149,625 | 21,691 | |||||
| Cash, cash equivalents and restricted cash at end of period, including cash and cash equivalents classified within assets held for sale | 106,057 | 115,369 | 16,725 | |||||
| Less: Cash, cash equivalents and restricted cash classified within assets held for sale at end of period | —* | —* | —* | |||||
| Cash, cash equivalents and restricted cash at end of period | 106,057 | 115,369 | 16,725 | |||||
| Net cash (used in)/provided by operating activities | (18,262 | ) | 555 | 80 | ||||
| Less: Impact from consumer financing receivables included in the operating cash flow | (1,018 | ) | (1,973 | ) | (286 | ) | ||
| Less: Capital expenditures, net of related sales proceeds | (2,323 | ) | (5,063 | ) | (734 | ) | ||
| Capital expenditures for development properties | (915 | ) | (3,498 | ) | (507 | ) | ||
| Other capital expenditures | (1,408 | ) | (1,565 | ) | (227 | ) | ||
| Free cash flow | (21,603 | ) | (6,481 | ) | (940 | ) | ||
| *Absolute value is less than RMB1 million or US | ||||||||
| JD.com, Inc. | |||||||||||
| Supplemental Financial Information and Business Metrics (In RMB billions, except turnover days data) | |||||||||||
| Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |||||||
| Cash flow and turnover days | |||||||||||
| Operating cash flow – trailing twelve months (“TTM”) | 51.1 | 24.8 | 23.0 | 19.0 | 37.8 | ||||||
| Free cash flow – TTM | 37.6 | 10.1 | 12.6 | 6.5 | 21.6 | ||||||
| Inventory turnover days(5)– TTM | 32.8 | 34.1 | 35.8 | 37.8 | 38.3 | ||||||
| Accounts payable turnover days(6)– TTM | 57.6 | 59.0 | 58.0 | 60.0 | 59.7 | ||||||
| Accounts receivable turnover days(7)– TTM | 6.4 | 7.4 | 8.3 | 8.7 | 8.7 | ||||||
| (5) TTM inventory turnover days are the quotient of average inventory over the immediately preceding five quarters, up to and including the last quarter of the period, to cost of revenues of retail business for the last twelve months, and then multiplied by 360 days. (6) TTM accounts payable turnover days are the quotient of average accounts payable for retail business over the immediately preceding five quarters, up to and including the last quarter of the period, to cost of revenues of retail business for the last twelve months, and then multiplied by 360 days. (7) TTM accounts receivable turnover days are the quotient of average accounts receivable over the immediately preceding five quarters, up to and including the last quarter of the period, to total net revenues for the last twelve months and then multiplied by 360 days. Presented are the accounts receivable turnover days excluding the impact from consumer financing receivables. | |||||||||||
| JD.com, Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results (In millions, except percentage data) | |||||||
| For the three months ended | |||||||
| March 31, 2025 | March 31, 2026 | March 31, 2026 | |||||
| RMB | RMB | US$ | |||||
| Income from operations | 10,533 | 3,807 | 552 | ||||
| Add: Share-based compensation | 767 | 913 | 132 | ||||
| Add: Amortization of intangible assets resulting from assets and business acquisitions | 252 | 273 | 40 | ||||
| Add: Effects of business cooperation arrangements | 112 | — | — | ||||
| Add: The Fine imposed by the SAMR | — | 635 | 92 | ||||
| Non-GAAP income from operations | 11,664 | 5,628 | 816 | ||||
| Add: Depreciation and other amortization | 2,038 | 2,390 | 346 | ||||
| Non-GAAP EBITDA | 13,702 | 8,018 | 1,162 | ||||
| Total net revenues | 301,082 | 315,694 | 45,766 | ||||
| Non-GAAP operating margin | 3.9 | % | 1.8 | % | |||
| Non-GAAP EBITDA margin | 4.6 | % | 2.5 | % | |||
| JD.com, Inc. | |||||||||
| Unaudited Reconciliation of GAAP and Non-GAAP Results | |||||||||
| (In millions, except percentage data) | |||||||||
| For the three months ended | |||||||||
| March 31, 2025 | March 31, 2026 | March 31, 2026 | |||||||
| RMB | RMB | US$ | |||||||
| Net income attributable to the Company’s ordinary shareholders | 10,890 | 5,102 | 740 | ||||||
| Add: Share-based compensation | 650 | 828 | 120 | ||||||
| Add: Amortization of intangible assets resulting from assets and business acquisitions | 186 | 222 | 32 | ||||||
| Add: Reconciling items on the share of equity method investments(8) | 964 | 31 | 4 | ||||||
| Add: Impairment of goodwill, long-lived assets and investments | 437 | 9 | 1 | ||||||
| Add: Loss from fair value change of long-term investments and derivatives | 874 | 501 | 73 | ||||||
| Reversal of: Gain on disposals/deemed disposals of investments | (1,172 | ) | (16 | ) | (2 | ) | |||
| Add: Effects of business cooperation arrangements | 112 | — | — | ||||||
| Add: The Fine imposed by the SAMR | — | 635 | 92 | ||||||
| (Reversal of)/Add: Tax effects on non-GAAP adjustments | (183 | ) | 67 | 10 | |||||
| Non-GAAP net income attributable to the Company’s ordinary shareholders | 12,758 | 7,379 | 1,070 | ||||||
| Total net revenues | 301,082 | 315,694 | 45,766 | ||||||
| Non-GAAP net margin attributable to the Company’s ordinary shareholders | 4.2 | % | 2.3 | % | |||||
| (8) To exclude the GAAP to non-GAAP reconciling items on the share of equity method investments and share of amortization of intangibles not on their books. | |||||||||
1 The U.S. dollar (US$) amounts disclosed in this announcement, except for those transaction amounts that were actually settled in U.S. dollars, are presented solely for the convenience of the readers. The conversion of Renminbi (RMB) into US$ in this announcement is based on the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of March 31, 2026, which was RMB6.8980 to US
2 See the sections entitled “Non-GAAP Measures” and “Unaudited Reconciliation of GAAP and Non-GAAP Results” for more information about the non-GAAP measures referred to in this announcement.
3 The “ADS” refers to the Company’s American depositary share, with each ADS representing two Class A ordinary shares.
4 The number of ordinary shares outstanding as of December 31, 2025 was approximately 2,742 million shares.
5 JD Ecosystem is a closely integrated business network providing comprehensive service for customers and comprises the Company and certain affiliates who share the “JD” brand name, currently including Jingdong Technology Holding Co., Ltd. and Allianz Jingdong General Insurance Company Ltd.
6 On April 17, 2026, JD.com received a notice from the SAMR that imposed administrative penalties on a consolidated affiliated entity of JD.com, among other operators of e-commerce platforms. For JD.com, the penalty relates to compliance deficiencies identified among third-party shops who sell decorated cakes on the Company’s e-commerce platform and third-party service providers offering order transfer services. The SAMR determined that JD.com did not properly fulfill its obligation to verify the qualifications of these shops and take necessary measures against the conduct of these shops and service providers, resulting in violations of the Food Safety Law of the People’s Republic of China and other applicable regulations. The total penalty is approximately RMB635 million, consisting of confiscation and punitive fines (the “Fine imposed by the SAMR”).
