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, driven by strong service revenue growth and resilience in core retail.

• 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 27.0 billion, both significantly lower year-over-year.

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

• Strategic investments in supply chain, AI, and new business initiatives drove diversified growth but weighed on profitability.

• Annual cash dividend of US$1.0 per ADS (approx. US$1.4 billion total) and share repurchases totaling US$3.0 billion (6.3% of shares outstanding) in 2025.

Financial highlights

• Q4 2025 net revenues: RMB 352.3 billion (+1.5% YoY); full year: RMB 1,309.1 billion (+13.0% YoY).

• Q4 2025 net loss: RMB 2.7 billion; non-GAAP net income: RMB 1.1 billion. Full-year net income: RMB 19.6 billion; non-GAAP: RMB 27.0 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-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.

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

• Electronics and home appliances expected to recover in H2 2026 after high base impact in H1.

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

• Profitability is expected to be impacted by ongoing investments and efforts to secure product supplies.