Dingdong’s Q1 GMV Rises 6.3% to RMB6.33B, Net Income RMB165M
First Quarter 2026 GMV climbed 6.3% year over year to RMB6,333.3 million (US$918.1 million) with net income of RMB165.4 million (US$24.0 million) and non-GAAP net income of RMB172.0 million (US$24.9 million). Classification of China business as held-for-sale boosted net income by about RMB138 million ahead of its sale to Meituan.
1. Strong First Quarter Performance
Dingdong posted 6.3% year-on-year GMV growth to RMB6,333.3 million (US$918.1 million) and 7.5% revenue increase to RMB5,892.7 million (US$854.3 million). The company achieved net income of RMB165.4 million (US$24.0 million) and non-GAAP net income of RMB172.0 million (US$24.9 million), marking nine and fourteen consecutive profitable quarters, respectively.
2. Held-for-Sale Classification Impact
Under US GAAP, Dingdong classified its China business as discontinued operations held-for-sale, ceasing depreciation and amortization on those assets. This accounting treatment added approximately RMB138 million (US$20.0 million) to net income in the quarter, with the effect recurring until the Meituan transaction closes.
3. China and Overseas Business Breakdown
Revenue from China operations rose 5.9% to RMB5,753.3 million (US$834.1 million) driven by higher order frequency and expanded fulfillment stations, offset by lower CPI prices. Overseas revenue surged 195.2% to RMB139.4 million (US$20.2 million) due to market expansion and customer base growth.
4. Pending Sale of China Operations
Dingdong entered a definitive agreement to sell its China business to Meituan, subject to conditions including SAMR clearance. The company plans to allocate most proceeds to share repurchases and dividends upon closing.