---
title: "JD.com Starts 2026 with Revenue Growth and Stronger Retail Margins Despite Profit Decline"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/286078055.md"
description: "JD.com reported a 4.9% year-on-year increase in Q1 2026 net revenues, totaling RMB315.7 billion, despite a decline in net income to RMB5.1 billion. The company's retail segment showed improved operating margins at 5.6%, driven by record active customers and higher shopping frequency. Management expressed confidence in long-term value creation, focusing on profitability and operational resilience. Analysts rate the stock as a Buy with a target price of HK$155.00, while the current market cap stands at HK$324.9 billion."
datetime: "2026-05-12T10:10:29.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/286078055.md)
  - [en](https://longbridge.com/en/news/286078055.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/286078055.md)
---

# JD.com Starts 2026 with Revenue Growth and Stronger Retail Margins Despite Profit Decline

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JD.com, Inc. Class A ( (HK:9618) ) just unveiled an update.

JD.com reported first-quarter 2026 net revenues of RMB315.7 billion, up 4.9% year on year, while net income attributable to ordinary shareholders fell to RMB5.1 billion and non-GAAP net income to RMB7.4 billion, reflecting lower profitability at the group level. Diluted net income per ADS roughly halved versus a year earlier, even as JD Retail’s income from operations rose to RMB15.0 billion with operating margin improving to 5.6%, underscoring stronger performance in its core retail unit.

Management highlighted record annual active customers, higher shopping frequency and expanding synergies across JD’s ecosystem, as well as steady bottom-line improvements in its New Businesses segment. The company described the quarter as a solid start to 2026 and signaled confidence in its full-year trajectory and long-term value creation, suggesting continued focus on profitability and operational resilience despite the year-on-year decline in overall net income.

The most recent analyst rating on (HK:9618) stock is a Buy with a HK$155.00 price target. To see the full list of analyst forecasts on JD.com, Inc. Class A stock, see the HK:9618 Stock Forecast page.

**More about JD.com, Inc. Class A**

JD.com, Inc. is a leading supply chain-based technology and service provider, best known for its large-scale retail and e-commerce operations in China and its listings on Nasdaq and the Hong Kong Stock Exchange. The company operates with a weighted voting rights structure, offering both Class A and Class B shares, and runs its flagship JD Retail segment alongside newer growth businesses.

**Average Trading Volume:** 11,994,499

**Technical Sentiment Signal:** Sell

**Current Market Cap:** HK$324.9B

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