---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/dolphin/post/43375418.md"
description: "JD 2Q26 First Take: results were steady, if subdued. Revenue and profit only slightly beat Bloomberg consensus and lagged some bulge-bracket estimates. As a result, the market reaction was muted.In detail. Highlights follow.1) Total revenue was approx. 3.46bn, down 2.9% YoY, a touch better than Bloomberg cons. of -4.1%.Growth continued to deteriorate, but with 2Q retail sales at the weakest level since 2022, the market was prepared.Adj. OP came in at 5.48bn, marginally above Bloomberg cons.YoY, this was a sharp improvement vs. last year when profits were largely wiped out by the food-delivery price war.2) In core Retail (Mall), revenue fell 4.7% YoY. Segment profit was ~13.5bn (-3.3% YoY), with OPM up 10bps.Two reads. First, JD’s self-help on margins appears largely played out, with no further major upside surprise on OPM. Second, despite multi-year low revenue growth and fading scale benefits, margins still trended up.3) By category, electronics/appliances performed better than expected, down ~12% YoY vs. -8% last quarter. The further slowdown was modest.In contrast, general merchandise growth and ad revenue growth decelerated more, each by ~10ppts. While within expectations, this suggests JD may be hitting a ceiling in using these two lines to offset electronics weakness and lift overall margins.4) On shareholder returns, the company spent approx. $1bn on buybacks in 1H, a slower pace than last year. Annualized, this equals ~5% of the current market cap.As JD does not need heavy AI capex, FCF exceeded 30bn this quarter. Against this backdrop, the lighter buyback may disappoint some investors.$JD.com(JD.US) $JD-SW(09618.HK)"
datetime: "2026-08-13T11:39:14.000Z"
locales:
  - [en](https://longbridge.com/en/dolphin/post/43375418.md)
  - [zh-CN](https://longbridge.com/zh-CN/dolphin/post/43375418.md)
  - [zh-HK](https://longbridge.com/zh-HK/dolphin/post/43375418.md)
author: "[Dolphin Research](https://longbridge.com/en/dolphin.md)"
generator: "portal-rs"
---

# JD 2Q26 First Take: results were steady, if subdue…


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## Comments (1)

- **Fattycat · 2026-08-13T12:42:14.000Z**: Strong free cash flow. The main reason I like JD.com😉.


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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**