JD.com

JD.com is one of the largest online retailers in China. JD Retail sells electronics, home appliances, groceries, beauty and other goods online, mostly from its own inventory, and it also runs a marketplace for other sellers and sells advertising. It includes JD Health, an online pharmacy and health care business, and JD Industrials, which supplies industrial goods to companies. JD Logistics runs a nationwide network of warehouses and delivery staff for JD and for other companies.

New Businesses include JD Food Delivery, the Jingxi discount platform, JD Property and overseas businesses such as Joybuy in Europe. Net revenues were RMB346.4 billion in Q2 2026. Its American depositary shares trade on Nasdaq, each representing two Class A ordinary shares, and its shares also trade in Hong Kong.

The market prices JD.com for low profits in a weak Chinese consumer market and for the cost of its push into food delivery. Net revenues fell 2.9% in Q2 2026, which JD said was mainly because of a high base in Q2 2025, and net product revenues fell 5.4%. JD Food Delivery and other New Businesses lost RMB4.9 billion in Q2 2026, less than the RMB14.4 billion loss a year earlier but still large. Competition with Alibaba, Meituan and PDD keeps prices and margins low.

Part of the gap is structural: US-China tensions, Chinese regulation and the company's control by its founder through shares with 20 votes each keep the value of many Chinese stocks low. For the gap to close, three things must be true. Revenue must grow again from Q4 2026, after the high base of 2025 ends. Losses in New Businesses must keep falling, while JD Retail keeps its operating margin near 4.5% or more.

JD must keep returning cash through buybacks and dividends, with free cash flow near the RMB31.4 billion of the 12 months to June 30, 2026. The Q3 2026 report, expected in mid-November 2026, and the Q4 report in March 2027 are the next tests. If they pass, part of the gap can close over the next four to six quarters, but the structural China discount will probably stay.

1. Nov 13, 2026 · est.Pending

   Q3 2026 results: revenue and New Businesses lossesRevenue close to flat or growing, with a smaller New Businesses loss and a JD Retail margin near 4.5% or more, passes; another revenue fall with larger losses fails.
2. Mar 2027 · est.Pending

   Q4 2026 and full-year results, buybacks and dividendRevenue growth in Q4 2026, a new or larger buyback program and a higher dividend pass; falling revenue or lower cash returns fail.

Every passed and failed checkpoint across all picks

JD.com holds much more cash than debt. At June 30, 2026, cash and cash equivalents, restricted cash and short-term investments were RMB235.1 billion (US$34.6 billion). Read more

• Competition in Chinese e-commerce and food delivery is strong. Price wars and subsidies can keep margins low and raise losses in New Businesses.
• JD.com is a Chinese company with a structure that gives its founder control through shares with 20 votes each. US-China tensions, possible delisting rules, sanctions or Chinese regulation can lower the value of its shares.
• Chinese consumer demand is weak. Net product revenues fell 5.4% in Q2 2026, and sales of electronics and home appliances depend on consumer confidence and government programs.
• JD.com invests in new businesses outside its core, such as food delivery, discount retail and retail in Europe. Some of these can lose money for longer than planned.

• August 13, 2026JD.com reported Q2 2026 results. Net revenues fell 2.9% to RMB346.4 billion, mainly because of a high base in Q2 2025. Net product revenues fell 5.4%, and net service revenues rose 6.8%. Income from operations was RMB4.5 billion, against a loss a year earlier. JD Retail's operating margin was 4.6%, and the loss of New Businesses fell to RMB4.9 billion from RMB14.4 billion. Diluted net income per ADS was RMB5.01.
• August 13, 2026JD.com said that it bought back about 69.9 million Class A shares, or 34.9 million ADSs, for US$1.0 billion in the first half of 2026, about 2.5% of its shares. US$1.0 billion was left under its US$5.0 billion program, which runs to August 2027.
• July 22, 2026Costco made JD.com its sole official e-commerce partner in China, with a Costco flagship store on JD's platform.