Below is Dolphin Research's recap of $JD.com(JD.US) FY26 Q1 earnings call.

I. Core financial highlights review

$JD.com(JD.US) released its Q1 2026 results on May 12. Takeaway: growth has bottomed and is recovering, with profits ahead of expectations. Total revenue was RMB 315.7bn (+~5% YoY), improving from +1.5% in the prior quarter and slightly above market expectations.

Below is Dolphin Research's FY25 earnings call Trans for $京东 (JD.US). For the earnings analysis, see 'JD: As state subsidies faded, still bleeding?'.

Among China's three major e-comm giants—$JD.com(JD.US) was the first to report Q4. At a high level, the print roughly met expectations that had been set low.

1) As state subsidies faded, revenue growth plunged. Total revenue rose just 1.5% YoY, with growth decelerating over 13ppt QoQ.

JD had been the biggest beneficiary of state subsidies, which created a high base. As subsidies receded, the hit to JD was the most pronounced.

That said, the market had largely priced in the impact. The actual print was slightly better vs Bloomberg estimates...

The following are the Minutes of the FY25 Q3 earnings call for $JD.com(JD.US) organized by Dolphin Research. For an interpretation of the financial report, please refer to "JD.com: Even Without State Subsidies, Still 'Striking Everywhere'". 1. Review of Core Financial Data Performance Overview: Total Revenue: RMB 299 billion, a year-on-year increase of 15%. Net Profit: Non-GAAP net profit of RMB 5.8 billion. User Scale: Annual active customer count surpassed the 700 million mark; monthly active customer count grew by over 40% year-on-year. Core Retail: Revenue of RMB 250.6 billion, up 11%; operating profit margin increased to 5.9%...

The three major domestic e-commerce giants--$JD.com(JD.US) first delivered their Q3 financial report on November 13th. In summary, this quarter's performance was also "divided," with both good and bad news. Overall, revenue remained stable, but losses were more severe than expected. By segment, the core mall segment performed excellently, with both revenue and profit being superior, while the profits from new businesses and JD Logistics were worse than expected. Detailed points are as follows: 1. Revenue is okay, profit is not: In terms of overall figures, JD.com's total revenue for the quarter increased by 15% year-on-year, slightly above the market expectation of 13%. Although the growth rate of electrical sales has indeed deteriorated significantly...

The following are the minutes of JD.com's FY25Q2 earnings call organized by Dolphin Research. For an interpretation of the earnings report, please refer to the article "JD.com: Hundreds of Billions in Profits Wiped Out, How Long Can the Food Delivery Dream Last?"

1. Review of Key Financial Information:

1. Cash Flow and Capital Status:

a. Free cash flow over the past 12 months: RMB 10 billion (RMB 56 billion in the same period last year), the decline is mainly due to cash outflows related to the trade-in program and a decrease in operating profit.

b. Cash reserves: As of the end of the second quarter, the total amount of cash and cash equivalents, restricted cash, and short-term investments was RMB 223 billion, indicating a healthy financial position...

The 'trigger' of the food delivery war -- $JD.com(JD.US) delivered its first earnings report on the evening of August 14th, reflecting the impact of its investment in food delivery. In summary, this quarter's performance can be described as 'divided.' The core business—mall segment revenue and profit both exceeded expectations, but on the other hand, the losses caused by food delivery were also far above expectations, dragging the group's overall operating profit into negative territory, which is quite alarming. Key points are as follows: 1. Revenue beat significantly, profit missed significantly: In terms of overall figures, JD.com's total revenue for the quarter increased by 22% year-on-year, far exceeding the market expectation of 15%...

Following the previous article explaining JD.com's motivation and purpose for entering the food delivery market, this article focuses on the current state of the instant delivery war between JD.com and Meituan, the possible outcomes, and the impact on the industry and companies. Let's dive into the main text: 1. What is the current state of JD.com's food delivery service? 1. The undeniable fact is the astonishing scale of growth. After exploring JD.com's motivation for entering the food delivery market, how has JD.com actually performed in food delivery in recent months? Simply put, according to data released by JD.com, the growth has been very rapid, likely exceeding the original expectations of most people in the market. At several key points, since JD.com's food delivery officially launched on March 1st...

Since JD.com made a high-profile entry into the food delivery market in March, it has achieved a daily order volume of over 25 million within just three months through substantial subsidies. However, most people in the market remain skeptical about JD.com's yet another 'must-win battle.' To date, there has been considerable discussion within the market, but Dolphin Research believes JD.com's aggressive move into Meituan's territory is a long-term war rather than a short-term venture. Its impact will gradually become clear and unfold over a significant period. Therefore, in the following text, Dolphin Research will present our thoughts on this issue from multiple perspectives, including JD.com's motivation, objectives, current status, possible outcomes, and the impact on the industry and the company...