JD Logistics (2618) Q4 2025 earnings summary

Executive summary

• Q4 and full-year 2025 results met expectations, with resilience in top line and profitability despite high base in electronics and home appliances.

• Revenue grew 18.8% year-over-year to RMB217.1 billion, driven by integrated supply chain services and expanded customer base.

• User base surpassed 700 million annual active customers, with monthly active customers up 30% year-on-year in Q4.

• Strategic investments in price competitiveness, R&D, AI, automation, and global expansion, including new overseas warehouses and express delivery brands.

• Completed major acquisitions, including full ownership of Kuayue Express and local on-demand delivery services.

Financial highlights

• Q4 total revenues grew 2% year-on-year to RMB 352 billion; full-year revenues up 13% to RMB 1.3 trillion.

• Non-GAAP net profit for Q4 was RMB 1.1 billion; full-year non-GAAP net profit reached RMB 27 billion.

• Gross profit increased 5.7% year-over-year to RMB19.8 billion; gross margin declined to 9.1% from 10.2%.

• Free cash flow for 2025 was RMB 6 billion, down from RMB 44 billion last year, mainly due to trade-in program outflows.

• Cash and equivalents at year-end totaled RMB 225 billion; cash resources RMB45.0 billion.

Outlook and guidance

• Confident in sustaining double-digit growth in general merchandise, supermarket, and healthcare in 2026.

• Focus remains on high-quality growth, technology-driven efficiency, and global network expansion.

• Electronics and home appliances expected to recover in the second half of 2026 as high base effects normalize.

• Continued disciplined investment in international and Jingxi businesses, with profitability improvement expected.

• Plans to further strengthen integrated supply chain logistics and intelligent fulfillment networks.