JD HKG Earnings call
JD.com
Results Q2 2026 vs Q1 2026 · previous quarter
Net income up 42.1% on the previous quarter. Tone in line with last period.
1 · Numbers
+42.1%
Net income vs Q1 2026
Outlook given
Net income 1.05B vs 739.7M
Revenue +11.6%
Against the same quarter last year (Q2 2025) it is −83.0%, so the move on last quarter looks seasonal or timing-related rather than a trend.
2 · How management spoke
Unchanged
Language tone vs last period
Language: very upbeat — about as upbeat as in Q1 2026.
3 · What stood out
JD.com repurchased a total of approximately 69.9 million Class A ordinary shares during the first half of the year.
Read between the lines
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Guidance
Second-half revenue growth expected to accelerate from first-half levels.
“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...”
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Figure
Company 9618 repurchased 69.9 million Class A shares in the first half of 2026, reducing share count and potentially boosting earnings per share.
“During the first half of the year, we repurchased a total of approximately 69.9 million Class A ordinary shares, equivalent...”
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Fading
General merchandise growth was led by supermarkets, supported by stronger supply chains and a better user experience.
“Our general merchandise category remains a standout with revenue growth accelerating sequentially to 14.9% year-on-year in Q1, led by supermarket... Our confidence is rooted in our continuous efforts to strengthen our supply chain capabilities, prioritize superior user experience and drive systemic cost optimization and efficiency gains. Following 6 consecutive quarters of strong double-digit growth, general merchandise has contributed over half of our total GMV, solidifying its position as an...”
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Fading
Price hikes on smartphones and PCs plus a higher year-ago trade-in base are hurting consumer sentiment.
“We will continue to strengthen our mind share while helping brands achieve more certain sales. This is due to the even higher base from trade-in program last year, combined with the impact of price hikes on smartphones and PCs impacting consumer sentiment. Moving into the second half of this year, we have stronger confidence in a growth acceleration, especially for home appliance category as the comparison base returns to normal and the continuous expansion of our omnichannel sales network further create....”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Very upbeat — about as upbeat as in Q1 2026.
Sentences that drove the tone
“With solid operational momentum and a strong balance sheet, we remain fully committed to delivering sustainable long-term value to our shareholders through high-quality growth, expanding profitability, a disciplined approach to...”
“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...”
“As we headed into the second half of the year, we're confident to return to positive growth on the top line while unlocking further profitability through our supply chain strength...”
Numbers
USD · ROIC.AI fundamentals (HKEX:9618, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 51.06B | 45.77B | +11.6% | 356.66B | −85.7% |
| Gross profit | 8.74B | 7.69B | +13.7% | 56.64B | −84.6% |
| Operating income | 610.6M | 551.9M | +10.6% | -1.08B | Turned profit |
| Net income | 1.05B | 739.7M | +42.1% | 6.18B | −83.0% |
| EPS | 0.39 | 0.27 | +44.6% | 2.17 | −82.0% |
Topics
Most discussed now
- JD.com maintained healthy user momentum while dramatically improving marketing efficiency in the quarter.
- Notably, JD.com's market share across all major home appliance categories grew steadily in the second quarter.
- Starting from Q3, the drag from last year high trading base will gradually ease.
- Even so backed by its strong supply chain capabilities and solid user mindshare, JD.com continues to strengthen its market position.
- The performance of JD.com's electronic home appliance revenue was in line with its previous expectation despite the category faced some...
Faded since Q1 2026
- Fading JD.com is pleased with this strong start to the year with its emerging growth drivers taking solid shape, while...
- Fading In Q1, both JD.com's quarterly active customer and annual active customer base grew by over 20% year-on-year with AAC hitting...
- Fading JD.com's continuous execution of its shareholder return plan underscores its strong conviction in JD's long-term value creation.
- Fading Alongside its resilient financial results, JD.com remains fully committed to shareholder return.