ATRenew Q2 2026 Earnings: Revenue Hits $974.1 Million

Quick Verdict

The ATRenew Q2 2026 Earnings report revealed ATRenew posted Q2 2026 revenue of $972.82M (RMB6,609.3M), up 32.4% YoY, beating the $930.34M consensus, with GAAP EPS of $0.10 topping the $0.09 estimate. Shares still fell over 10% as investors focused on softer Q3 guidance.

About ATRenew

ATRenew Inc. (NYSE: RERE) is a Shanghai-headquartered, technology-driven platform for recycling and trading in pre-owned consumer electronics in China, founded in 2011. The company operates an integrated C2B, B2B, and B2C ecosystem spanning its AHS Recycle offline stores, PJT Marketplace (B2B), and Paipai Marketplace (B2C), plus growing overseas distribution of quality pre-owned electronics.

As of late August 2026, RERE traded around $4.15-$4.16 per ADS, giving it a small-cap market capitalization of roughly $921-$965 million with approximately 219.5 million shares outstanding. The stock carries a trailing P/E near 11.6x-18.2x depending on the measure used, a dividend yield of roughly 2.36%, and a consensus “Moderate Buy” rating with an average price target of $5.50.

Top Financial Highlights

1. Total net revenues grew 32.4% YoY to RMB6,609.3 million (US$974.1 million), from RMB4,991.5 million in Q2 2025.
2. Net product revenues rose 35.9% to RMB6,194.7 million (US$913.0 million), driven by online sales of pre-owned consumer electronics.
3. Net service revenues fell 4.2% to RMB414.6 million (US$61.1 million), due to discretionary discounts during the extended “618” promotion.
4. Income from operations jumped 95.7% to RMB178.3 million (US$26.3 million).
5. Adjusted income from operations (non-GAAP) grew 70.1% to RMB206.3 million (US$30.4 million).
6. Net income increased 78.6% to RMB129.1 million (US$19.0 million).
7. Adjusted net income (non-GAAP) grew 57.3% to RMB157.1 million (US$23.1 million).
8. Basic and diluted GAAP EPS were RMB0.80 (US$0.10-0.12), versus RMB0.45/0.44 a year earlier.
9. Adjusted basic/diluted EPS (non-GAAP) were RMB0.97 (US$0.14), versus RMB0.62/0.61 a year earlier, beating the RMB0.89 consensus by RMB0.08.
10. The Number of consumer products transacted rose to 11.6 million, from 10.3 million a year earlier.
11. Merchandise costs increased 31.9% to RMB5,219.2 million, tracking product sales growth.
12. Cash, restricted cash, short-term investments, and third-party payment receivables totaled RMB2,157.2 million (US$317.9 million) as of June 30, 2026.
13. The company repurchased ~1.0 million ADSs for ~US$4.2 million in Q2, with ~US$35.2 million remaining under its buyback authorization.
14. Q3 2026 revenue guidance is RMB6.34 billion to RMB6.44 billion, implying 23.1%-25.1% YoY growth, below the ~RMB6.51 billion ($976.9 million) analyst consensus.

Unaudited Reconciliations of GAAP and Non-GAAP Results

(Source: prnewswire.com)

• The reconciliation highlights a great improvement in ATRenew Inc.’s profitability during 2026. For the three months ended June 30, income from operations increased from RMB 91.1 million in 2025 to RMB 178.3 million in 2026, representing growth of approximately 95.8%. Adjusted operating income also increased from RMB 121.3 million to RMB 206.3 million, while adjusted net income rose from RMB 99.9 million to RMB 157.1 million.
• The improvement was even greater for the first six months of 2026. Income from operations reached RMB 363.6 million, up about 122.0% from RMB 163.8 million in the prior-year period. Net income increased from RMB 115.1 million to RMB 264.2 million, while adjusted net income grew to RMB 297.2 million, equivalent to approximately US$43.8 million.
• Adjusted basic and diluted earnings per ordinary share also increased from around RMB 1.11 and RMB 1.10 in 2025 to RMB 1.85 in 2026, indicating stronger earnings performance and operating profitability.

Beat or Miss?

What Leadership Is Saying

“We are pleased to report another strong quarter for ATRenew. In the second quarter of 2026, total net revenues increased by 32.4% year-on-year to RMB6,609.3 million… On the recycling side, we prioritized providing users with the best-in-class recycling and trade-in experience… we expanded the distribution of quality-preowned products to serve diverse global markets, creating greater value for the global circulation of second-hand electronic products.” — Kerry Xuefeng Chen, Founder, Chairman and CEO

“While exceeding the high end of our revenue guidance, ATRenew once again achieved rapid profit growth. In the second quarter of 2026, adjusted income from operations grew 70.1% year-on-year to RMB206.3 million… we prudently invested in brand marketing and adopted refined cost management in the middle and back offices, achieving continuous optimization of operating profit and maintaining our goal of creating long-term value for shareholders.” — Rex Chen, Chief Financial Officer

Historical Performance: Q2 2026 vs Q2 2025

Competitor Comparison: ATRenew vs ThredUp (Q2 2026 YoY)

ThredUp operates in the U.S. apparel resale segment while ATRenew focuses on Chinese consumer electronics recommerce, so the comparison highlights differing business models within the broader circular-economy/resale sector rather than direct product competition

How the Market Reacted?

RERE shares fell sharply after the report, dropping as much as 10.89% in the August 20 session on volume roughly 668.7 times the daily average, despite the earnings beat. The stock gapped down from a prior close of $4.59 to open at $4.20, later trading near $4.08-$4.16, as investors focused on Q3 revenue guidance of RMB6.34-6.44 billion coming in below the roughly $976.9 million consensus.

Analyst sentiment remained broadly constructive, with a consensus “Moderate Buy” rating and $5.50 price target, alongside continued share buybacks, even as one report suggested the stock trades at a sizeable discount to a $6.88 estimated fair value. Overall, the report reflects a “beat but guide down” pattern that overshadowed record profitability metrics.