Jun 2026 (Q2 FY26) — Aug 13, 2026
JD.com Q2 FY26 — Robust Profitability Amidst Macro Headwinds
Read the full callJD.com (JD) earnings
- Jun 2026 (Q2 FY26)
- Dec 2025
JD.com earnings: last reported Thu, 13 Aug 2026, for the quarter ended Jun 2026.
Guidance
What management said, and what became of it
2 of 2 judged targets kept · 5 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Electronics & home appliances category revenue growth acceleration (2H FY26) | Electronics & home appliances category revenue growth to accelerate in 2H FY26 versus 1H FY26 as the high trade-in comparison base fades | Mar 2026 | Looking into the second half of the year, we expect top line growth for this category to accelerate from the first half as the high comparison base from the trade-in program fades, and our strong supply chain strength allow us to navigate consumer electronics price cycles more effectively. | On Track |
| Joybuy (Europe online retail platform) official launch | Officially launch the Joybuy e-commerce platform in Europe 'later this year' (i.e., within CY2025) | Jun 2025 | [indiscernible] was officially launched on March 16 | Achieved* |
5 of JD.com, Inc.'s 7 targets are still open. See which are on track and which have gone quiet. The 2 above are the free sample; 5 more targets are in the full ledger.
Claimed
- Non-GAAP net income attributable to ordinary shareholders surged by 20.8% year-on-year to RMB 8.9 billion.
- JD Retail's gross margin expanded by 1.3 percentage points year-on-year to 18.5%, hitting a historic high for peak promotional seasons.
- JD Retail's operating margin increased by 7 basis points to 4.6%, setting a new record for a peak promotional quarter.
- JD Food Delivery narrowed its losses by over 50% year-on-year.
- User momentum maintained double-digit year-on-year growth across MAU, quarterly active customers, and Plus members.
Qualified
- Total revenues decreased slightly by 2.9% year-on-year to RMB 346 billion due to near-term category dynamics.
- Revenues from electronics and home appliances were moderated by a high comparison base and upstream price increases.
- General merchandise growth moderated in Q2 due to a high base from last year's trade-in program.
- Joybuy's absolute operating loss expanded as it entered a rapid scaling phase, despite its loss margin narrowing sequentially.
Price
$26.78 −0.85% · −$0.23
Performance −19.0% 1Y
1Y: $33.07 on 17 Oct 2025 → $26.78. High $34.53 (28 Oct 2025), low $25.19 (25 Jun 2026).
- Previous close
- $27.01
- 52-week range
- $25.19 – $34.53
- One year
- −20.68%
Overview
- Symbol
- JD
- Sector
- Consumer Discretionary
- Industry
- Retail-Retail Stores, NEC
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
2 of 2 judged targets kept · 5 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Electronics & home appliances category revenue growth acceleration (2H FY26) | Electronics & home appliances category revenue growth to accelerate in 2H FY26 versus 1H FY26 as the high trade-in comparison base fades | Mar 2026 | Looking into the second half of the year, we expect top line growth for this category to accelerate from the first half as the high comparison base from the trade-in program fades, and our strong supply chain strength allow us to navigate consumer electronics price cycles more effectively. | On Track |
| Joybuy (Europe online retail platform) official launch | Officially launch the Joybuy e-commerce platform in Europe 'later this year' (i.e., within CY2025) | Jun 2025 | [indiscernible] was officially launched on March 16 | Achieved* |
Claimed
- Non-GAAP net income attributable to ordinary shareholders surged by 20.8% year-on-year to RMB 8.9 billion.
- JD Retail's gross margin expanded by 1.3 percentage points year-on-year to 18.5%, hitting a historic high for peak promotional seasons.
- JD Retail's operating margin increased by 7 basis points to 4.6%, setting a new record for a peak promotional quarter.
- JD Food Delivery narrowed its losses by over 50% year-on-year.
- User momentum maintained double-digit year-on-year growth across MAU, quarterly active customers, and Plus members.
Qualified
- Total revenues decreased slightly by 2.9% year-on-year to RMB 346 billion due to near-term category dynamics.
- Revenues from electronics and home appliances were moderated by a high comparison base and upstream price increases.
- General merchandise growth moderated in Q2 due to a high base from last year's trade-in program.
- Joybuy's absolute operating loss expanded as it entered a rapid scaling phase, despite its loss margin narrowing sequentially.
The full ledger
Open JD.com, Inc.’s full ledger
A free account opens 5 company ledgers a month. All 7 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 12, 2026
JD.com Q1 FY26 — Robust Growth in General Merchandise and Profitability Expansion
Read the full callDec 2025 (Q4 FY25) — Mar 5, 2026
JD.com, Inc. Q4 FY25 — Resilient Performance Driven by User Growth and New Business Efficiency
Read the full callEvery analysed call
JD.com earnings calls (JD)
Financials
What the filings say
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 0 | 0 | 0 | — | — | 0 | 0 | 0 |
| Reserves | -3,496 | -1,711 | 5,735 | 5,305 | 4,249 | 6,205 | 10,491 | 12,149 |
| Total liabilities | 19,248 | 22,853 | 30,754 | 39,187 | 46,558 | 46,842 | 52,736 | 57,402 |
| Fixed assets | 3,066 | 2,967 | 3,463 | 5,170 | 7,986 | 9,864 | 11,335 | 13,063 |
| Investments | 296 | 3,534 | 9,284 | 17,978 | 20,457 | 16,656 | 17,213 | 10,831 |
| Total assets | 30,422 | 37,307 | 64,718 | 77,912 | 86,303 | 88,586 | 95,658 | 99,412 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 3,037 | 3,560 | 6,520 | 6,638 | 8,383 | 8,383 | 7,959 | 2,716 |
| Cash from investing | -3,793 | -3,641 | -8,860 | -11,651 | -7,833 | -8,386 | -119 | 5,982 |
| Cash from financing | 1,632 | 370 | 10,892 | 3,060 | 171 | -818 | -2,877 | -3,822 |
| Net cash flow | 1,120 | 346 | 7,774 | -2,188 | 1,227 | -804 | 4,976 | 4,849 |
| Capital expenditure | -1,070 | -2,597 | -3,370 | -873 | -797 | -567 | -733 | -1,118 |
| Free cash flow | 1,967 | 963 | 3,150 | 5,765 | 7,586 | 7,816 | 7,226 | 1,598 |
Insider filings
17 filings between Apr 1, 2026 and Sep 23, 2026.
Open market
decisions to buy or sellNobody bought or sold JD on the open market in this window. The filings below are 12 option exercises and 5 tax withholdings.
Compensation
not trading decisions- 12
- Option exercise — converted options into shares
- 5
- Tax withheld — shares kept back by the company to cover tax
Latest filings (17)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 23, 2026 | Li Carol Yun Yau Director | Option exercise | 9,329 | $0 |
| Aug 14, 2026 | Yu Jennifer Ngar-Wing Director | Option exercise | 6,950 | $0 |
| Aug 14, 2026 | Ding Kun Director | Option exercise | 6,950 | $0 |
| Jul 2, 2026 | Xu Ran Chief Executive Officer | Tax withheld | 1,148 | $30.4K |
| Jul 2, 2026 | Shan Su Chief Financial Officer | Tax withheld | 574 | $15.2K |
| Jul 1, 2026 | Shan Su Chief Financial Officer | Option exercise | 1,250 | $0 |
| Jul 1, 2026 | Xu Ran Chief Executive Officer | Option exercise | 2,500 | $0 |
| Jun 8, 2026 | Scheufele Caroline Director | Option exercise | 7,631 | $0 |
| May 22, 2026 | Hsieh Louis Director | Option exercise | 7,467 | $0 |
| May 22, 2026 | Xu Dingbo Director | Option exercise | 7,467 | $0 |
| May 15, 2026 | Liu Qiangdong Director | Option exercise | 1,000,000 | $0 |
| Apr 2, 2026 | Zhang Pang Chief Human Resources Officer | Tax withheld | 12,800 | $364.0K |
| Apr 2, 2026 | Xu Ran Chief Executive Officer | Tax withheld | 20,000 | $568.8K |
| Apr 2, 2026 | Shan Su Chief Financial Officer | Tax withheld | 4,600 | $130.8K |
| Apr 1, 2026 | Shan Su Chief Financial Officer | Option exercise | 11,250 | $0 |
| Apr 1, 2026 | Xu Ran Chief Executive Officer | Option exercise | 44,510 | $0 |
| Apr 1, 2026 | Zhang Pang Chief Human Resources Officer | Option exercise | 28,861 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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