JD.com (JD) Q2 FY26 earnings call

JD.com delivered robust profitability in Q2 FY26, with non-GAAP net income up 20.8% year-on-year, driven by record margins in JD Retail and significant loss reduction in JD Food Delivery. Despite a slight revenue decline due to macro and category-specific headwinds, the company maintained healthy user momentum and is confident in reaccelerating top-line growth in H2 FY26 through supply chain strength and AI integration. Strategic investments in new businesses are managed with strict financial discipline.