JD.com Announces First Quarter 2026 Results
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
“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 4.9% year-on-year, while non-GAAP net profit attributable to ordinary shareholders reached RMB7.4 billion, both reflecting our strengthening sequential momentum,” said Ian Su Shan, Chief Financial Officer of JD.com. “This performance was anchored by the steady progress of JD Retail, as general merchandise categories and high-margin businesses including marketplace and marketing revenues continued to outperform, alongside a substantial narrowing of sequential losses in our New Businesses, led by JD Food Delivery. Backed by our solid financial position, we continued to deliver on our commitment to shareholder returns. During the first quarter, we repurchased approximately 1.6% of our total shares outstanding for a total of US$631 million, and completed our annual dividend payment in April. Going forward, we will continue to drive shareholder value through a dual focus on healthy business development and sustainable shareholder returns.”
Updates of Share Repurchase Program
Pursuant to the Company’s share repurchase program of up to US$5.0 billion adopted in August 2024 and effective through August 2027, the Company repurchased a total of approximately 44.5 million Class A ordinary shares (equivalent to 22.3 million ADSs) for a total of US$631 million during the three months ended March 31, 2026. The total number of shares repurchased by the Company during the three months ended March 31, 2026 amounted to approximately 1.6% of its ordinary shares outstanding as of December 31, 2025 4.
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$1.4 billion as of March 31, 2026.
Business Highlights
First Quarter 2026 Financial Results
Net Revenues. Net revenues increased by 4.9% to RMB315.7 billion (US$45.8 billion) for the first quarter of 2026 from RMB301.1 billion for the first quarter of 2025. Net product revenues increased by 1.0%, while net service revenues increased by 20.6% for the first quarter of 2026, compared to the first quarter of 2025.
Cost of Revenues. Cost of revenues increased by 3.7% to RMB262.7 billion (US$38.1 billion) for the first quarter of 2026 from RMB253.2 billion for the first quarter of 2025.
Fulfillment Expenses. Fulfillment expenses, which primarily include procurement, warehousing, delivery, customer service and payment processing expenses, increased by 18.5% to RMB23.4 billion (US$3.4 billion) for the first quarter of 2026 from RMB19.7 billion for the first quarter of 2025. Fulfillment expenses as a percentage of net revenues was 7.4% for the first quarter of 2026, compared to 6.6% for the first quarter of 2025, as the Company continued to upgrade fulfillment capabilities and invest in human capital to enhance user experience.
Marketing Expenses. Marketing expenses increased by 45.8% to RMB15.4 billion (US$2.2 billion) for the first quarter of 2026 from RMB10.5 billion for the first quarter of 2025. Marketing expenses as a percentage of net revenues was 4.9% for the first quarter of 2026, compared to 3.5% for the first quarter of 2025, primarily due to the increased spending in promotional efforts for new business initiatives.
Research and Development Expenses. Research and development expenses increased by 48.6% to RMB6.9 billion (US$1.0 billion) for the first quarter of 2026 from RMB4.6 billion for the first quarter of 2025. Research and development expenses as a percentage of net revenues was 2.2% for the first quarter of 2026, compared to 1.5% for the first quarter of 2025, as the Company continued to invest in technology capabilities and talents.
General and Administrative Expenses. General and administrative expenses increased by 48.7% to RMB3.6 billion (US$0.5 billion) for the first quarter of 2026 from RMB2.4 billion for the first quarter of 2025. General and administrative expenses as a percentage of net revenues was 1.1% for the first quarter of 2026, compared to 0.8% for the first quarter of 2025, primarily due to the fine imposed by the State Administration for Market Regulation of the People’s Republic of China (the “SAMR”) in the amount of approximately RMB0.6 billion (US$0.1 billion) 6.
Income from Operations and Non-GAAP Income from Operations. Income from operations for the first quarter of 2026 was RMB3.8 billion (US$0.6 billion), compared to RMB10.5 billion for the first quarter of 2025. Operating margin was 1.2% for the first quarter of 2026, compared to 3.5% for the first quarter of 2025. Non-GAAP income from operations was RMB5.6 billion (US$0.8 billion) for the first quarter of 2026, compared to RMB11.7 billion for the first quarter of 2025. Non-GAAP operating margin was 1.8% for the first quarter of 2026, compared to 3.9% for the first quarter of 2025. The declines were primarily attributable to increased strategic investment in new business initiatives.
Income from operations of JD Retail was 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 for the first quarter of 2026 was 5.6%, compared to 4.9% for the first quarter of 2025.
Non-GAAP EBITDA. Non-GAAP EBITDA was RMB8.0 billion (US$1.2 billion) for the first quarter of 2026, compared to RMB13.7 billion for the first quarter of 2025. Non-GAAP EBITDA margin was 2.5% for the first quarter of 2026, compared to 4.6% for the first quarter of 2025.
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$0.7 billion) for the first quarter of 2026, compared to RMB10.9 billion for the first quarter of 2025. Net margin attributable to the Company’s ordinary shareholders was 1.6% for the first quarter of 2026, compared to 3.6% for the first quarter of 2025. Non-GAAP 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. Non-GAAP net margin attributable to the Company’s ordinary shareholders was 2.3% for the first quarter of 2026, compared to 4.2% for the first quarter of 2025.
Diluted EPS and Non-GAAP Diluted EPS. Diluted net income per ADS 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.
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$31.3 billion), compared to RMB225.4 billion as of December 31, 2025. For the first quarter of 2026, free cash flow of the Company was as follows:
* 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$4.0 billion) for the first quarter of 2026, consisting primarily of net cash paid for time deposits and wealth management products, and capital expenditures, partially offset by net cash received from loan repayments.
Net cash used in financing activities was RMB5.4 billion (US$0.8 billion) for the first quarter of 2026, consisting primarily of cash paid for repurchase of ordinary shares and acquisition of additional equity interests in non-wholly owned subsidiaries, partially offset by net proceeds from debts.
For the twelve months ended March 31, 2026, free cash flow of the Company was as follows:
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.
* 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:
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 2% of the issued share capital of the respective subsidiary at the time of grant, to motivate him to continue leading the future success of these subsidiaries, consolidating the long-term value of JD.com’s diversified portfolio. The restricted share units are expected to be subject to a four-year vesting schedule and the grants will be made subject to the compliance of relevant rules and regulations.
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:
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.
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$1.00. The percentages stated in this announcement are calculated based on the RMB amounts.
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”).