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JD.com (JD) investor relations material
JD.com Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Net revenues reached RMB 299.1 billion in Q3 2025, up 14.9% year-on-year, with strong growth in both product and service revenues and expanding user base and engagement over 40% year-on-year.
Non-GAAP net income attributable to shareholders was RMB 5.8 billion, with a non-GAAP net margin of 1.9%.
JD Retail surpassed 700 million annual active customers, achieving margin expansion and resilient profitability.
New Businesses, especially food delivery, showed improved unit economics and narrowed losses, though overall operating loss widened.
The company repurchased 2.8% of its outstanding shares for US$1.5 billion under its ongoing buyback program.
Financial highlights
Total net revenues increased 14.9% year-on-year to RMB 299.1 billion in Q3, with product revenues up 10.5% and service revenues up 30.8%.
Marketplace and marketing revenues increased 23.7% year-on-year, while logistics and other service revenues surged 35%.
JD Retail's non-GAAP operating income was RMB 14.8 billion, with operating margin up to 5.9%.
Free cash flow for Q3 was negative RMB 11.2 billion, with cash and equivalents at RMB 210.5 billion at quarter end.
Non-GAAP EBITDA was RMB 2.5 billion, down from RMB 15.1 billion; non-GAAP EBITDA margin dropped to 0.8%.
Outlook and guidance
Management is confident in expanding core retail market share and margin improvement, with strong growth expected in general merchandise and marketplace/marketing revenues into Q4.
Continued investment in new businesses, including food delivery and property, is expected to impact short-term profitability but drive long-term growth.
High single-digit margin target for the long term remains unchanged.
New Biz investment impact on overall profitability
General merchandise and ad revenue growth outlook
Fulfillment and marketing expense efficiency
Strategy for electronics growth and margin impact?
Food delivery cross-selling to core retail users?
AI's impact on JD's core business efficiency?
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JD.com stands as one of China's premier ecommerce leaders. While its chief rival, Alibaba, largely functions as a platform for third-party merchants, showcased by its Tmall and Taobao marketplaces, JD.com takes a different route.
Frequently asked questions
Chinese E-Commerce Giant
JD.com, also known as Jingdong, is a Chinese e-commerce company with multinational operations. It is one of the largest B2C online retailers in China by transaction volume and revenue, offering a wide variety of products including electronics, apparel, and home goods. JD sets itself apart with a commitment to quality, authenticity, and a logistics network that ensures quick and reliable delivery. The company is headquartered in Beijing, China, and its shares are traded on both the Nasdaq and the SEHK.
Liu Qiangdong
Liu Qiangdong's journey to becoming the founder of JD.com is a remarkable tale of perseverance and determination. Coming from a humble background, Liu was born into a poor farming family in rural China. Despite the financial challenges, he was committed to education as a path to a better life. Liu excelled academically, eventually securing a place at Renmin University of China in Beijing. After graduation, he began his foray into retail with a small store selling magneto-optical products. The transition from a physical storefront to an online platform, which eventually became JD.com, If you’re looking to learn more about the history of JD and the story of Liu Qiangdong, this article is a fantastic place to start. Today, JD is one of the largest companies of its kind in the world and is often compared to the likes of Alibaba and Amazon.
A Masterclass in Logistics
JD.com's logistics network is a critical component of its business model, representing one of the most advanced and extensive systems in China's e-commerce sector. The company operates over 800 warehouses, encompassing a vast area, and has developed an efficient last-mile delivery network that reaches a majority of China's population. Notably, JD.com is focused on driving its logistics solutions forward and has made several investments in automation and technology, including the use of drones, autonomous vehicles, and state-of-the-art warehousing technologies. While the company's logistics network extends far beyond Chinese borders, its most efficient and advanced solutions can be found in its home country.
The Business Models
JD.com has a direct sales model, where it maintains control over the entire supply chain from procurement to delivery. It also has a marketplace platform that allows third-party sellers to sell their products on JD's website, expanding their product offerings.
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