JD.com said second-quarter profitability marked an inflection point even as revenue posted its first quarterly decline since the company's 2014 listing, and management expects JD Retail to return to positive revenue growth in the third quarter. Revenue fell 2.9% year on year to 346.4 billion yuan, or about $51.05 billion, while adjusted net income was 93 cents per ADS, above the 81-cent analyst estimate, and non-GAAP net income attributable to ordinary shareholders rose about 21% to 8.9 billion yuan. Estimate comparisons were mixed across reports: the existing topic cited an LSEG consensus of 344.6 billion yuan, while the new report said revenue missed a $51.55 billion analyst estimate. JD Retail revenue fell 4.7% to 295 billion yuan, but gross margin rose 1.3 percentage points to 18.5% and operating margin reached 4.6%, a record for a promotional season. Losses at JD Food Delivery narrowed by more than 50% from a year earlier as efficiency improved and subsidy spending eased, while JD.com expanded AI and autonomous delivery, including its first round-the-clock routes in Shenzhen. The company repurchased about $1 billion of shares in the first half of 2026, and its U.S.-listed shares fell 3.45% to $28.29 in Friday premarket trading.