JD.com: 1Q26 First Take: strong profit beat on resilient core retail profitability

Research evidence excerpt

JD.com: 1Q26 First Take: strong profit beat on resilient core retail profitability

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JD.com

1Q26 First Take: strong profit beat on

resilient core retail profitability

Maintain Rating: BUY | PO: 35.00 USD | Price: 30.53 USD

1Q26 a clean beat; JDR profit exceeded raised expectation 12 May 2026

JD.com reported 1Q26 results before US open today. Revenue reached RMB315.7bn, Equity

representing 5% YoY growth, above consensus’ 3%. Non‑GAAP attributable net income

Joyce Ju >>

declined 42% YoY to RMB7.4bn, above consensus estimates of RMB5.3bn and up from Research Analyst

RMB1.1bn in 4Q25. Implications: Group non-GAAP Np exceeded BofA est. by 21% and Merrill Lynch (Hong Kong) +852 3508 3371

beat consensus by 38%, driven by a 16% YoY increase in JDR Op and a sequential joyce.ju@bofa.com

narrowing of new businesses loss to RMB10.4bn (from RMB 14.8bn last quarter). Joanna Du >>

Despite an 8% YoY decline in home appliances & 3C sales due to a high base, JDR Research Analyst Merrill Lynch (Hong Kong)

delivered 2% revenue growth, supported by 15% growth in general merchandise sales joanna.du@bofa.com

and sustained 19% growth in marketplace and marketing services. JDR OpM reached Alex Liu >>

5.6% (vs. 4.9% last year), underscoring solid core business resilience and results of ResearchMerrill LynchAnalyst(Hong Kong)

category expansion and 3P marketplace development. alex.liu3@bofa.com

Miranda Zhuang, CFA >>

Key things to look for from the earning call ResearchMerrill LynchAnalyst(Hong Kong)

1) Update on 2Q consumer sentiment and expectations on upcoming 6.18 promotional miranda.zhuang@bofa.com

campaign; 2) strategic thinking on investment budgets of new businesses, especially the

food delivery business; 3) update on investor return plan of 2026.