On May 13, JD.com rose 5.65% in regular trading, trading at $33.275/share, with trading volume of $152 million, as markets reacted positively to Q1 2026 earnings released the prior evening.
JD.com reported Q1 revenue of RMB 315.7 billion, up 4.9% year-over-year and above market expectations. Non-GAAP net income attributable to shareholders came in at RMB 7.4 billion. The standout was JD Retail, which posted operating profit of RMB 15 billion — a record high — with operating margin improving from 4.9% to 5.6% year-over-year, reflecting successful category diversification and reduced reliance on 3C electronics. Annual active users surpassed 740 million, with quarterly active users achieving double-digit growth for a tenth consecutive quarter. The food delivery business saw losses narrow significantly on a sequential basis. JD also repurchased approximately 44.5 million shares for $631 million during the quarter.
JPMorgan noted that the structural improvement in profitability is substantial, with retail margin resilience and new business loss narrowing establishing a clear earnings upside path, while current valuations remain significantly underappreciated. Huatai Securities added that a more favorable base effect in 2H could accelerate revenue growth from Q2, with adjusted net profit potentially returning to positive growth.
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