Analyst Consensus ?
ConsensusBuy44 ratings
Bullish3272.7%
Neutral1125.0%
Bearish12.3%
1 unmapped firm rating excluded from the percentages.
JD.com, Inc. · JD · FY2026 Q2 · Calendar Q3 2026
JD.com pairs margin expansion with disciplined investment in Q2
JD.com’s Q2 showed stronger profitability and improving delivery economics despite softer revenue. The next test is whether margin gains, AI-enabled efficiency and disciplined expansion can support renewed retail growth without excessive investment.
Reported Before market openNASDAQConsumer Cyclical
$37.79B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.93
Consensus $0.86
EPS surprise
+8.1%
Reported versus consensus
Reported revenue
$50.98B
Consensus $50.38B
Revenue surprise
+1.2%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-7.3%
Event window
SPY move
+0.7%
Same window
Abnormal move
-8.0%
Stock minus SPY
Volume
4.1×
Versus trailing sessions
Subsequent drift
-7.6%
Up to 20 sessions
JDSPY benchmark
Ask FN2 about JD FY2026 Q2
Transcript, numbers and history already loaded
Why did JD fall 7.3% after beating EPS estimates in FY2026 Q2?What changed in JD's guidance and outlook in FY2026 Q2?Give me the bull and bear case for JD after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The latest analysis shows a sharper profitability profile: JD Retail reached a record 4.6% operating margin, Food Delivery losses fell by more than 50% year over year, and automation expanded. The main change versus the prior analysis is greater evidence of operating leverage, alongside increased capex and continued execution risk in newer businesses.
Guidance delta
Guidance sentiment was maintained; management said it plans to re-accelerate JD Retail growth and continue margin expansion in H2 2026.
Key takeaways
- Revenue declined 2.9% year over year, while non-GAAP net income rose 21% to RMB 8.9 billion.
- JD Retail gross margin expanded to 18.5%, with a record 4.6% operating margin for the promotional quarter.
- JD Food Delivery losses narrowed by more than 50% year over year, improving the unit-economics trajectory.
- AI and logistics automation deepened, including 24/7 overnight autonomous delivery routes in Shenzhen.
Management priorities
- Re-accelerate JD Retail growth and extend margin expansion in H2 2026.
- Expand generative AI, autonomous delivery and LangzuTech logistics automation.
- Maintain disciplined investment in Joybuy, Jingxi and other new businesses with a focus on ROI.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$27.25Current
$22Low
$55.69Average
$123High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 21, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Susquehanna | Neutral | Neutral | Maintain | Aug 17, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jul 15, 2026 |
| Daiwa Capital | Hold | Buy | Downgrade | Jun 24, 2026 |
| Bernstein | Outperform | Outperform | Maintain | May 13, 2026 |
| Benchmark | Buy | Buy | Maintain | May 13, 2026 |
| Citigroup | Buy | Buy | Maintain | Apr 14, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jan 26, 2026 |
| Freedom Broker | Buy | Buy | Maintain | Jan 7, 2026 |
| UBS | Buy | Buy | Maintain | Jul 10, 2025 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jul 10, 2025 |
| JP Morgan | Overweight | Overweight | Maintain | May 27, 2025 |
| Mizuho | Outperform | Outperform | Maintain | May 14, 2025 |
| Macquarie | Neutral | Outperform | Downgrade | Apr 23, 2025 |
| Loop Capital | Buy | Hold | Upgrade | Oct 21, 2024 |
| HSBC | Buy | Buy | Maintain | Mar 7, 2024 |
| Goldman Sachs | Buy | Buy | Maintain | Oct 25, 2023 |
| Atlantic Equities | Overweight | Overweight | Maintain | Jan 11, 2022 |
| DZ Bank | Sell | Buy | Downgrade | Jul 27, 2021 |
| Stifel | Buy | Buy | Maintain | May 12, 2021 |
| CFRA | Buy | Buy | Maintain | May 19, 2020 |
| Nomura | Buy | Buy | Maintain | May 18, 2020 |
| China Renaissance | Buy | Hold | Upgrade | Mar 3, 2020 |
| UOB Kay Hian | Buy | Hold | Upgrade | Nov 18, 2019 |
| Vertical Group | Buy | Buy | Maintain | Oct 22, 2019 |
| 86 Research | Buy | Hold | Upgrade | Oct 11, 2019 |
| Jefferies | Buy | Buy | Maintain | Aug 5, 2019 |
| CICC | Buy | Hold | Upgrade | May 13, 2019 |
| CLSA | Outperform | Underperform | Upgrade | Mar 1, 2019 |
| MKM Partners | Buy | Buy | Maintain | Dec 7, 2018 |
| Keybanc | Overweight | Downgrade | Oct 29, 2018 | |
| Stifel Nicolaus | Buy | Buy | Maintain | Aug 17, 2018 |
| Wells Fargo | Outperform | Outperform | Maintain | Nov 14, 2017 |
| Bank of America | Buy | Neutral | Upgrade | Mar 2, 2017 |
| Evercore ISI Group | Buy | Buy | Maintain | Dec 20, 2016 |
| TH Capital | Hold | Buy | Downgrade | Aug 8, 2016 |
| T.H. Capital | Hold | Buy | Downgrade | Aug 8, 2016 |
| Credit Suisse | Neutral | Outperform | Downgrade | May 10, 2016 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | May 11, 2015 |
| Oppenheimer | Outperform | Outperform | Maintain | May 4, 2015 |
| Summit Research Partners | Hold | Hold | Maintain | Apr 20, 2015 |
| William Blair | Outperform | Market Perform | Upgrade | Mar 17, 2015 |
| Deutsche Bank | Hold | Hold | Maintain | Oct 30, 2014 |
| Brean Capital | Buy | Buy | Maintain | Sep 10, 2014 |
| PiperJaffray | Neutral | Neutral | Maintain | Jul 1, 2014 |
| Cowen & Co. | Perform | Market Perform | Maintain | Jul 1, 2014 |
Named analyst price targets
Upside is calculated against the persisted current price $27.25. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Arete Research | Analyst unavailable | $30 | $28.26 | +10.1% | Sep 7, 2026 |
| Mizuho Securities | Wei Fang | $39 | $29.3 | +43.1% | Aug 14, 2026 |
| Macquarie | Analyst unavailable | $37 | $28.97 | +35.8% | Jul 13, 2026 |
| Daiwa | Analyst unavailable | $27 | $26.26 | -0.9% | Jun 23, 2026 |
| Susquehanna | Shyam Patil | $35 | $33.16 | +28.4% | May 14, 2026 |
| Barclays | Analyst unavailable | $43 | $33.77 | +57.8% | May 14, 2026 |
| Bernstein | Robin Zhu | $40 | $31.49 | +46.8% | May 13, 2026 |
| Arete Research | Analyst unavailable | $37 | $31.85 | +35.8% | Apr 17, 2026 |
| Bernstein | Robin Zhu | $36 | $31.47 | +32.1% | Apr 16, 2026 |
| Macquarie | Analyst unavailable | $35 | $31.25 | +28.4% | Apr 14, 2026 |
| Susquehanna | Analyst unavailable | $30 | $27.47 | +10.1% | Mar 9, 2026 |
| UBS | Analyst unavailable | $33 | $25.47 | +21.1% | Mar 5, 2026 |
| Morgan Stanley | Eddy Wang | $22 | $25.47 | -19.3% | Mar 5, 2026 |
| Macquarie | Ellie Jiang | $25 | $25.47 | -8.3% | Mar 5, 2026 |
| HSBC | Peishan Wang | $37 | $29.4 | +35.8% | Dec 29, 2025 |
| Arete Research | Analyst unavailable | $32 | $29.92 | +17.4% | Dec 9, 2025 |
| Bernstein | Robin Zhu | $38 | $29.75 | +39.4% | Nov 14, 2025 |
| Mizuho Securities | Wei Fang | $41 | $32.83 | +50.5% | Oct 22, 2025 |
| Arete Research | Analyst unavailable | $41 | $35.17 | +50.5% | Sep 26, 2025 |
| Mizuho Securities | Wei Fang | $48 | $36.05 | +76.1% | May 14, 2025 |
| Morgan Stanley | Eddy Wang | $39 | $37.25 | +43.1% | May 13, 2025 |
| Susquehanna | Analyst unavailable | $45 | $40.37 | +65.1% | Mar 12, 2025 |
| Mizuho Securities | Analyst unavailable | $50 | $42.29 | +83.5% | Mar 7, 2025 |
| UBS | Analyst unavailable | $51 | $42.29 | +87.2% | Mar 7, 2025 |
| Barclays | Analyst unavailable | $55 | $41.9 | +101.8% | Feb 28, 2025 |
| Bernstein | Robin Zhu | $46 | $37.18 | +68.8% | Dec 9, 2024 |
| Loop Capital Markets | Rob Sanderson | $48 | $39.98 | +76.1% | Oct 21, 2024 |
| Jefferies | Thomas Chong | $54 | $43.83 | +98.2% | Oct 14, 2024 |
| Morgan Stanley | Eddy Wang | $28 | $26.54 | +2.8% | Aug 27, 2024 |
| Citigroup | Alicia Yap | $41 | $26.3 | +50.5% | Aug 21, 2024 |
| Citigroup | Alicia Yap | $42 | $27.18 | +54.1% | Aug 15, 2024 |
| Loop Capital Markets | Rob Sanderson | $31 | $28.02 | +13.8% | Jun 21, 2024 |
| Mizuho Securities | James Lee | $40 | $34.27 | +46.8% | May 17, 2024 |
| UBS | Jerry Liu | $40 | $34.27 | +46.8% | May 17, 2024 |
| Barclays | Gregory Zhao | $41 | $34.27 | +50.5% | May 17, 2024 |
| Macquarie | Ellie Jiang | $40 | $34.27 | +46.8% | May 17, 2024 |
| Loop Capital Markets | Rob Sanderson | $35 | $33.69 | +28.4% | May 13, 2024 |
| Morgan Stanley | Eddy Wang | $25 | $25.01 | -8.3% | Apr 19, 2024 |
| Morgan Stanley | Eddy Wang | $27 | $25.48 | -0.9% | Apr 18, 2024 |
| Susquehanna | Shyam Patil | $38 | $33.27 | +39.4% | Aug 31, 2023 |
| Morgan Stanley | Eddy Wang | $55 | $36.96 | +101.8% | Oct 28, 2022 |
| Mizuho Securities | James Lee | $90 | $56.66 | +230.3% | Sep 19, 2022 |
| Morgan Stanley | Eddy Wang | $80 | $51.16 | +193.6% | May 18, 2022 |
| Citigroup | Alicia Yap | $97 | $52.04 | +256.0% | Apr 23, 2022 |
| Morgan Stanley | Eddy Wang | $85 | $58.69 | +211.9% | Mar 8, 2022 |
| Macquarie | Ellie Jiang | $112 | $78.09 | +311.0% | Dec 7, 2021 |
| Susquehanna | Shyam Patil | $95 | $89.36 | +248.6% | Nov 24, 2021 |
| Benchmark Co. | Fawne Jiang | $117 | $91.55 | +329.4% | Nov 19, 2021 |
| CLSA | Elinor Leung | $108 | $91.55 | +296.3% | Nov 19, 2021 |
| Credit Suisse | Kenneth Fong | $120 | $91.55 | +340.4% | Nov 19, 2021 |
| Goldman Sachs | Ronald Keung | $123 | $84.2 | +351.4% | Nov 11, 2021 |
| Loop Capital Markets | Rob Sanderson | $115 | $80.17 | +322.0% | Sep 13, 2021 |
| DZ BANK AG | Manuel Muhl | $62 | $64.77 | +127.5% | Jul 27, 2021 |
| China Renaissance Securities (US) Inc. | Ella Ji | $96 | $74.9 | +252.3% | Jun 24, 2021 |
| Daiwa | John Choi | $110 | $78.12 | +303.7% | Apr 14, 2021 |
Track every rating change on JD the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationJD.com, Inc. is a prominent technology and service provider based in the People's Republic of China, distinguished by its robust, supply chain-centric operations. The company's retail segment offers a comprehensive array of products. This includes computing devices, communication equipment, and various consumer electronics, alongside a broad selection of home appliances. Beyond these, JD.com provides an extensive general merchandise category, covering everything from groceries (food, beverages, fresh produce) and daily essentials (baby and maternity items, furniture, household goods, personal care, cosmetics, pharmaceuticals, health products) to specialized goods (industrial products, books, automotive accessories, apparel, footwear, bags, and jewelry).…
Consumer Cyclical peers this season
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|---|---|---|---|---|
| LEN-B Lennar Corporation | FY2026 Q3 · Calendar Q3 2026 | — | — | Lennar: Efficiency Gains Offset Housing-Market Pressures |
| LEN Lennar Corporation | FY2026 Q3 · Calendar Q3 2026 | — | -4.1% | Lennar Holds Volume Guidance as Margins Improve Despite Housing Headwinds |
| TCOM Trip.com Group Limited | FY2026 Q2 · Calendar Q3 2026 | +22.3% | +3.0% | Trip.com pairs international growth with heavier AI investment |
| CASY Casey's General Stores, Inc. | FY2027 Q1 · Calendar Q3 2026 | +8.7% | -14.2% | Casey's Q1: Prepared Food Drives Growth as Fuel Margins Stay Volatile |
| LULU Lululemon Athletica Inc. | FY2026 Q2 · Calendar Q3 2026 | +63.1% | -17.4% | Lululemon lowers FY2026 outlook as North America weakens |
| FIVE Five Below, Inc. | FY2027 Q2 · Calendar Q3 2026 | +20.0% | -1.3% | Five Below raises outlook as its retail flywheel gains momentum |
Latest beats and misses
Who reports nextBeat on EPS
- FPSFY2026 Q4 · September 15, 2026+4.3% EPS+9.5% move
- TCOMFY2026 Q2 · September 15, 2026+22.3% EPS+3.0% move
- KRFY2026 Q2 · September 11, 2026+2.8% EPS+2.7% move
- ADBEFY2026 Q3 · September 10, 2026+0.8% EPS+1.4% move
- ORCLFY2027 Q1 · September 10, 2026+10.3% EPS-1.7% move
- CASYFY2027 Q1 · September 8, 2026+8.7% EPS-14.2% move
Get the JD recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-08-13T16:15:50.411336+00:00
- FN2 earnings calendar · 2026-09-18T01:23:15.369793+00:00
- Polygon adjusted daily market bars · 2026-09-21T16:00:51.846087+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-21T16:00:51.843281+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.