JD.com (JD) Q1 2026 (USD) 0.74 (exp. 0.57), Revenue 45.8bln (exp. 45.6bln); company remains confident in full-year trajectory

FURTHER METRICS (CNY)

  • Net revenues 315.7bln (prev. 301.1bln Y/Y),
  • Net income attributable 5.1bln (prev. 10.9bln Y/Y),
  • Non-GAAP net income attributable 7.4bln (prev. 12.8bln Y/Y),
  • Diluted EPS per ADS 3.54 (prev. 7.19 Y/Y),
  • Non-GAAP diluted EPS per ADS 5.12 (prev. 8.41 Y/Y),
  • Free Cash Flow -6.481bln (prev. -21.603bln Y/Y).
  • Operating margin 1.2% (prev. 3.5% Y/Y),
  • Non-GAAP operating margin 1.8% (prev. 3.9% Y/Y),
  • Non-GAAP EBITDA margin 2.5% (prev. 4.6% Y/Y),
  • JD Retail operating margin 5.6% (prev. 4.9% Y/Y).
  • Net revenues +4.9% Y/Y,
  • JD Retail income from operations 15.0bln (prev. 12.8bln Y/Y).
Context

JD.com reported Q1 earnings that surpassed estimates with EPS of 0.74 compared to the expected 0.57, and revenues slightly beat expectations as well, reinforcing the company's confidence in its full-year outlook. However, year-over-year declines in net income and operating margins suggest ongoing pressure on profitability, which could raise concerns among investors despite the positive top-line figures.

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