JD Logistics (2618) Q1 2026 earnings summary

Executive summary

• Revenue grew 29.0% year-over-year to RMB60.6 billion for Q1 2026, driven by both integrated supply chain and other customer segments.

• Net profit increased 41.6% year-over-year to RMB864.6 million, with non-IFRS profit up 40.1% to RMB1.05 billion.

• Significant expansion in European operations, including the launch of JoyExpress and the “211” time-definite delivery service.

• Continued investment in technology, highlighted by the upgraded “LangzuTech Packer” robotic arm and global deployment of logistics robots.

Financial highlights

• Gross profit rose 42.6% year-over-year to RMB4.83 billion, with gross margin improving to 8.0% from 7.2%.

• Non-IFRS EBITDA increased 22.3% to RMB4.59 billion, with a margin of 7.6%.

• Cost of revenue increased 27.9% to RMB55.8 billion, in line with revenue growth.

• Employee benefit expenses for operational staff rose 34.0% to RMB22.5 billion.

• Free cash outflow was RMB2.8 billion, compared to RMB2.2 billion in Q1 2025.

Outlook and guidance

• Focus remains on expanding integrated supply chain solutions and enhancing global logistics capabilities.

• Ongoing commitment to technology innovation and operational efficiency.