JD.com Q2 Revenue Down Nearly 3% YoY but Beats Estimates, Food Delivery Drag Eases, Operating Profit Turns Positive YoY | Earnings Insights

In Q2 2026, JD.com reported revenue of 346.4 billion yuan, down 2.9% YoY but beating market expectations; operating profit swung to a profit of 4.5 billion yuan from a loss, showing significant profitability recovery. Core retail margin hit a new high for the promotional season, new businesses such as food delivery continued to narrow losses, and marketing expenses contracted sharply. Both profit and cash flow improved, indicating the company is shifting from scale expansion to a phase focused more on efficiency and earnings quality.