JD.com: 1Q26 review: solid results underpinned by strong JDR performance

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JD.com: 1Q26 review: solid results underpinned by strong JDR performance

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JD.com

1Q26 review: solid results underpinned by

strong JDR performance

Reiterate Rating: BUY | PO: 37.00 USD | Price: 31.49 USD

Core retail outperformed expectations across the board 14 May 2026

JD reported strong 1Q results, driven by broad-based momentum in JD Retail. General Equity

merchandise revenue growth accelerated to 15% YoY (vs. 12% in the prior quarter),

while marketplace and marketing revenue grew 19% YoY (up from 15% one quarter ago).

Key ChangesDespite an 8% YoY decline in home appliances and electronics sales due to a high base

from last year’s trade-in subsidies, the category delivered meaningful expansion in gross (CNY) Previous Current

and operating margins. This supported a record quarterly operating profit of RMB15bn Price Obj. US$35.00 US$37.00

for JDR (+16% YoY), with operating margin improving to 5.6% (from 4.9% a year ago). 2026E EPS 14.49 16.86

New businesses’ losses narrowed meaningfully 2027E EPS 22.43 23.73 2028E EPS NA 28.24

1Q new businesses’ losses narrowed to RMB10.4bn, down significantly from RMB14.8bn

last quarter. We estimate food delivery accounted for 70% of total losses, implying a

Joyce Ju >>

per-order loss of RMB5-6. Looking ahead, we expect continued improvement in food Research Analyst

delivery UE, supported by easing industry competition and operational efficiencies. We Merrill Lynch (Hong Kong) +852 3508 3371

forecast FY26E new businesses losses of RMB39bn, narrowing from RMB47bn in FY25. joyce.ju@bofa.com

Continued delivery on shareholder return commitment JoannaResearchDuAnalyst>>

The company continued to execute on its shareholder return commitment, repurchasing Merrill Lynch (Hong Kong)

+852 3508 6056