JD.com (JD) Q4 2025 earnings summary

Executive summary

• Q4 2025 net revenues grew 1.5% year-over-year to RMB 352.3 billion, with full-year revenues up 13% to RMB 1,309.1 billion; user base exceeded 700 million annual active customers, and shopping frequency increased over 40%.

• Non-GAAP net income for Q4 2025 was RMB 1.1 billion, with a non-GAAP net margin of 0.3%; full-year non-GAAP net income was RMB 27 billion.

• New businesses, especially JD Food Delivery, showed efficiency gains and narrowed losses, with segment revenues up 201% year-over-year in Q4.

• Strategic investments in AI, technology, and supply chain capabilities advanced, supporting long-term growth and operational efficiency.

• Annual cash dividend of US$1.0 per ADS (US$1.4 billion total) and share repurchases totaling US$3.0 billion (6.3% of shares outstanding) 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).

• Q4 2025 net loss attributable to shareholders was RMB 2.7 billion; full-year net income was RMB 19.6 billion.

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

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

Outlook and guidance

• Confident in sustaining healthy growth in general merchandise, supermarket, fashion, and healthcare in 2026.

• 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 healthy scaling and improved unit economics.

• Management expects continued value creation for shareholders and diversified profit streams as higher-margin businesses grow.

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