JD.com (JD) Q3 2025 earnings summary

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.