JD.com reported second quarter 2026 revenue of $51.1 billion, slightly missing analyst expectations of $51.55 billion as electronics and home appliances revenue contracted 11.8% year-over-year. Despite the top-line pressure, the company delivered a significant bottom-line beat with non-GAAP diluted EPS of $0.93 compared to the $0.77 estimate. Results were bolstered by record-high operating margins in the core JD Retail segment and narrowed losses across new business initiatives.
Key Highlights
- JD Retail operating margin reached a record 4.6% for a peak promotional season, driven by favorable revenue mix and margin improvements in key categories.
- Net service revenues grew 6.8% year-over-year to RMB 79.3 billion, helping offset a 5.4% decline in net product revenues caused by high base effects.
- The company repurchased approximately 69.9 million Class A ordinary shares for $1.0 billion during the first half of 2026, representing 2.5% of shares outstanding.
- JD Logistics revenue surged 24.3% year-over-year to RMB 64.1 billion following the integration of local on-demand delivery services.