JD Logistics, Inc. Q2 2026 Earnings Recap

Shares of JDL fell sharply by 15.4% following the release of Q2 2026 results, as investors were likely disappointed by margin compression driven by operational adjustments and rising outsourcing costs, casting doubt on near-term profitability despite healthy revenue growth.

Key Takeaways

• Total revenue grew 24.3% year-over-year to RMB 64.10 billion, with external customer revenue up 30.8%.
• Integrated supply chain revenue increased 12.1%, led by growth in JD Group fulfillment and external customer expansion.
• Gross profit margin declined 0.9 percentage points year-over-year to 9.7%, weighed down by business adjustments at Deppon.
• Outsourcing costs surged 40.5% to RMB 23.7 billion, increasing as a percentage of revenue by 4.3 points to 37%, reflecting consolidation and higher reliance on crowd-sourced delivery.
• Non-IFRS net profit margin stood at 4.1%, with operating profit up 11.6% year-over-year, but margin pressures persisted amid cost volatility and margin headwinds.