HKG$MPNGF
Meituan Class B · Q1 2026 earnings
Q1 2026 earnings · · Investor relations
Briefing
Meituan reported Q1 2026 results with revenue growth amid intensified competition and a net loss.
Meituan announced unaudited results for the three months ended March 31, 2026, showing revenues of RMB 91.0 billion, up 5.6% year-over-year. The company recorded an operating loss of RMB 6.5 billion and a net loss of RMB 6.8 billion, compared to profits in the prior year period, due to higher expenses from competition. Adjusted EBITDA was negative RMB 3.0 billion and adjusted net loss RMB 5.0 billion; cash and cash equivalents stood at RMB 117.0 billion.
- Revenues rose 5.6% YoY to RMB 91.0 billion, driven by New Initiatives segment growth of 21.3%.
- Core Local Commerce revenue was flat at RMB 64.1 billion with operating loss of RMB 2.0 billion.
- New Initiatives revenue reached RMB 27.0 billion with narrowed operating loss of RMB 2.1 billion.
- Cash position remained strong at RMB 117.0 billion plus RMB 63.3 billion in short-term treasury investments.
Headline financials
Revenue by segment
Meituan · ¥91B total across 2 segments · Q1 2026
- Core Local Commerce¥64.1B—70.4%
- New Initiatives¥27B—29.6%
Forward guidance
Management highlighted resilient revenue growth despite competition and focus on high-quality growth and efficiency improvements.
Tailwinds
- New Initiatives segment showed strong 21.3% revenue growth and narrowed losses.
- Core on-demand delivery business maintained leadership with efficiency gains.
- Strong cash position supports ongoing operations and investments.
Headwinds
- Intensified industry competition led to higher marketing expenses and profitability pressure.
- Shift to net loss from prior year profit due to competitive dynamics.
Discussion
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