JD.com (JD) Q4 2025 earnings summary

Executive summary

• Q4 2025 net revenues reached RMB 352.3 billion, up 1.5% year-over-year, and full year revenues grew 13% to RMB 1,309.1 billion, with resilience in general merchandise and marketplace services.

• Non-GAAP net income for Q4 2025 was RMB 1.1 billion, and RMB 27.0 billion for the full year, both lower year-over-year; net loss attributable to shareholders in Q4 was RMB 2.7 billion.

• User base exceeded 700 million annual active customers, with a 30% year-on-year increase in Q4 and over 40% surge in shopping frequency.

• Strategic investments in supply chain, AI, and new businesses, including overseas expansion and JD Food Delivery, underpin long-term growth but weighed on profitability.

• Annual cash dividend of US$1.4 billion and share repurchases totaling US$3.0 billion (6.3% of shares outstanding) were executed in 2025.

Financial highlights

• Q4 2025 total revenues were RMB 352.3 billion (+1.5% YoY); full year revenues reached RMB 1,309.1 billion (+13% YoY).

• Non-GAAP net profit for Q4 was RMB 1.1 billion; full year non-GAAP net profit was RMB 27.0 billion, with a 2.1% margin.

• Free cash flow for 2025 was RMB 6.5 billion, down from RMB 43.7 billion in 2024, mainly due to trade-in program outflows and increased investment.

• Group-level gross margin expanded by 32 bps to 15.6% in Q4 and 18 bps to 16% for the year.

• Cash and cash equivalents at year-end 2025 totaled RMB 137.5 billion.

Outlook and guidance

• Management expects continued value creation for shareholders through business development and returns, with confidence in diversified profit streams as higher-margin businesses grow.

• Electronics and home appliances expected to recover in the second half of 2026 after high base impact in H1.

• Food Delivery investment to decrease in 2026, with focus on efficiency and synergy with core retail.

• Continued disciplined investment in international and Jingxi businesses, with profitability improvements anticipated.

• AI and technology investments are expected to drive operational efficiency and user experience improvements.