JD.com Inc: First take on 1Q26 results: still solid net cash but higher leverage & debt/cap

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JD.com Inc: First take on 1Q26 results: still solid net cash but higher leverage & debt/cap

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JD.com Inc

First take on 1Q26 results: still solid net

cash but higher leverage & debt/cap

Earnings Review

EBITDA decline driven by lower EBITDA margin 12 May 2026

In 1Q26, JD’s revenue came in at RMB315.7bn (+5% YoY). Its net product revenue Global Emerging Markets | Corporate

increased by 1% YoY to RMB244.8bn, while its net service revenue increased by 21% Credit

YoY to RMB70.9bn. Its EBITDA margin declined by 2.0ppt YoY to 2.5%, sending its Asia | China

TechnologyEBITDA to RMB8.0bn (vs. RMB13.7bn in 1Q25).

Still solid net cash but higher leverage & debt/cap SiriusResearchChanAnalyst

Merrill Lynch (Hong Kong)

Compared to end-4Q25, JD’s cash and short-term investments dropped by 4% to +852 3508 3100

RMB215.7bn, whereas its total debt increased by 1% to RMB98.5bn. Its net cash sirius.chan@bofa.com

dropped by 8% QoQ to RMB117.1bn and its total equity declined by 4% QoQ to Jing Peng

Research Analyst

RMB280.7bn. Its debt/LTM EBITDA increased to 7.8x from 5.3x as of end-4Q25 and Merrill Lynch (Hong Kong)

debt/cap climbed by 1ppt QoQ to 26.0%. Its liquidity remained strong, with its cash +852 3508 3105 jing.peng2@bofa.com

covering 18.4x its short-term debt as of end-1Q26 (vs. 19.6x as of end-4Q25). It

Xiang Gao, CFA

repurchased c.US$631mn ordinary shares under its share repurchase program of Research Analyst

US$5bn effective from Aug 2024 to Aug 2027. The remaining amount under the share Merrill Lynch (Singapore) +65 6678 0941

repurchase program was US$1.4bn as of end-1Q26. xiang.gao@bofa.com

Suyang Lu

Research AnalystYTD performance Merrill Lynch (Hong Kong)

YTD JD bonds have tightened by 16bp in G-spread, outperforming other Chinese A-/ +852 3508 5066