On March 5th, JD Group released its fourth quarter and full-year performance for 2025. The financial report shows that the company achieved net revenue of 352.3 billion yuan in the fourth quarter, a year-on-year increase of 1.5%, slightly above market expectations; however, due to increased investment in new business strategies, the company turned from profit to loss for the quarter, recording a net loss attributable to shareholders of 2.7 billion yuan, compared to a profit of 9.9 billion yuan in the same period last year.
From a full-year perspective, JD's total revenue exceeded 1.3 trillion yuan for the first time, reaching 1,309.1 billion yuan, a year-on-year increase of 13%, marking a new high in growth rate in recent years. The core retail business performed steadily, with an operating profit of 51.4 billion yuan for the year, and the operating profit margin increased from 4.0% to 4.6%.
However, profits were clearly under pressure: the full-year net profit attributable to shareholders was 19.6 billion yuan, halved compared to the previous year; the net profit under non-GAAP was 27 billion yuan, down more than 40% year-on-year. The report attributed the sharp decline in profits to strategic investments in new businesses, with the new business segment represented by JD Delivery recording an operating loss of 46.6 billion yuan for the year, becoming the core factor eroding profits.
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Key data is as follows:
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Revenue Performance
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Total revenue for the year reached 1,309.1 billion yuan, a year-on-year increase of 13.0%, marking a new high in growth rate in recent years. Among them, product revenue increased by 10.3% year-on-year, and service revenue increased by 23.6%, with the proportion of service revenue continuing to rise.
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Fourth quarter revenue was 352.3 billion yuan, a year-on-year increase of 1.5%, slightly above market expectations. Among them, product revenue declined by 2.8% year-on-year, mainly affected by the high base of battery-powered categories; service revenue increased by 20.1% year-on-year, with platform and advertising revenue, as well as logistics revenue, all achieving double-digit growth.
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Profit Situation
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The full-year net profit attributable to shareholders was 19.6 billion yuan, a decrease of 52.7% compared to 41.4 billion yuan in 2024; the net profit attributable to shareholders under non-GAAP was 27 billion yuan, down 43.5% year-on-year.
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The fourth quarter net loss attributable to shareholders was 2.7 billion yuan, while the same period last year recorded a profit of 9.9 billion yuan; the net profit attributable to shareholders under non-GAAP was 1.1 billion yuan, down 90.3% year-on-year.
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JD Retail's operating profit for the year was 51.4 billion yuan, a year-on-year increase of 25.1%, with the operating profit margin increasing from 4.0% to 4.6%; the fourth quarter operating profit was 9.8 billion yuan, with a profit margin of 3.2%, basically unchanged from the same period last year.
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The new business segment recorded an operating loss of 46.6 billion yuan for the year, significantly widening from a loss of 2.9 billion yuan in 2024, becoming the main drag on profits.
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Expense Structure
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Fulfillment expenses for the year were 88.2 billion yuan, a year-on-year increase of 25.2%, with the expense ratio rising from 6.1% to 6.7%, mainly due to human resource investment and user experience optimization.
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Marketing expenses for the year were 84 billion yuan, a year-on-year increase of 75.1%, with the expense ratio rising from 4.1% to 6.4%, mainly used for promoting new businesses
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Annual R&amp;D expenditure was CNY 22.2 billion, a year-on-year increase of 30.5%, with the revenue ratio rising from 1.5% to 1.7%, reflecting continued investment in AI and technological capabilities.
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Cash Flow and Shareholder Returns
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As of the end of the year, total cash and short-term investments amounted to CNY 225.4 billion, maintaining ample liquidity. The annual free cash flow was CNY 6.5 billion, a decrease from CNY 43.7 billion in 2024, mainly affected by reduced operating cash flow and capital expenditures.
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The total amount of share repurchases for the year was approximately USD 3 billion, accounting for 6.3% of the circulating shares; the annual cash dividend was approximately USD 1.4 billion, corresponding to USD 1.0 per American Depositary Share. The total shareholder return rate for the year was approximately 10%.
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Business Segment Performance
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JD Retail's annual revenue was CNY 1,126.4 billion, a year-on-year increase of 10.9%; fourth-quarter revenue was CNY 301.9 billion, a slight year-on-year decrease of 1.7%, mainly affected by the decline in electronic products, while daily necessities maintained double-digit growth.
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JD Logistics' annual revenue was CNY 217.1 billion, a year-on-year increase of 18.8%; fourth-quarter revenue was CNY 63.5 billion, a year-on-year increase of 21.9%, with an operating profit margin of 3.0%.
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New business revenue for the year was CNY 49.3 billion, a year-on-year increase of 157.3%; fourth-quarter revenue was CNY 14.1 billion, a year-on-year increase of 200.9%. Losses narrowed quarter by quarter, and the scale of investment in the delivery business decreased month-on-month.
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It is noteworthy that against the backdrop of profit pressure, JD has sent a clear signal of shareholder returns to the market. In 2025, the company repurchased shares totaling approximately USD 3 billion, accounting for 6.3% of the circulating shares; at the same time, it plans to distribute an annual cash dividend of approximately USD 1.4 billion, corresponding to USD 0.5 per common share and USD 1.0 per American Depositary Share. The total shareholder return rate for the year was approximately 10%, highlighting the management's strategic determination to seek a dynamic balance between expansion investment and value return.
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<h2>Annual Revenue Structure: Service Revenue as the Biggest Highlight</h2>
From the breakdown of the revenue structure, in 2025, merchandise revenue increased by 10.3% year-on-year to CNY 1.02 trillion, with electronic products and home appliances growing by 7.1% and daily necessities growing by 15.3%. The latter continued to show faster growth, indicating a trend of users' shopping categories continuously penetrating into daily consumption.
Service revenue was the most impressive segment of the year, soaring by 23.6% year-on-year to CNY 285.3 billion. Among them, platform and advertising service revenue grew by 18.9%, while logistics and other service revenue surged by 26.6%. CFO Shan Su particularly emphasized during the earnings release that as the proportion of high-profit businesses such as advertising expands, the revenue structure is becoming &#34;more diversified,&#34; which means JD's profit model is gradually shifting from merely earning product price differences to platform commissions and service fees
It is worth noting that the revenue for the fourth quarter grew only 1.5% year-on-year, while product revenue declined by 2.8% year-on-year, primarily dragged down by the electronics and home appliances category—revenue in this category plummeted by 12.0% year-on-year in the fourth quarter, which JD.com explained was due to the high base effect from the old-for-new policy in the same period of 2024.
<h2>JD Retail: Core Profit Engine Operating Steadily</h2>
Among the three major segments, JD Retail is the group's most important profit ballast. In 2025, the retail segment's revenue reached 1,126.4 billion yuan, a year-on-year increase of 10.9%; operating profit was 51.4 billion yuan, a significant increase of 25% year-on-year, and the operating profit margin rose from 4.0% to 4.6%, demonstrating a strong operating leverage effect.
From an operational perspective, JD Retail continues to strengthen its offline channels. By the end of 2025, JD MALL had 26 operating stores nationwide, with over 110 JD Electrical city flagship stores, and more than 4,500 3C digital stores represented by JD Home, accelerating the integration of online and offline layouts.
The deep integration of AI capabilities is also an important highlight on the retail side. The number of merchants served by JD's digital human JoyStreamer exceeded 50,000, and during the 11.11 period, the cumulative service volume of intelligent customer service exceeded 4.2 billion times, with the number of internal operating intelligent agents surpassing 50,000. Management positions AI as the core infrastructure of the &#34;super supply chain,&#34; rather than merely a marketing gimmick.
<h2>JD Logistics: Scale Expansion but Narrowing Profit Margins</h2>
In 2025, JD Logistics achieved a revenue of 217.1 billion yuan, a year-on-year increase of 18.8%, with external customer business continuing to expand. However, operating profit was 5.3 billion yuan, a year-on-year decline of 16.6%, and the operating profit margin narrowed from 3.5% in 2024 to 2.4%, reflecting the cost pressures faced by the logistics business during its scale expansion phase.
On the technology front, JD Logistics' self-developed &#34;Smart Wolf&#34; automated warehousing solution has entered the stage of nationwide scale replication. By the end of the year, over 20 Smart Wolf automated warehouses were operating in nearly 20 cities across the country, and in the fourth quarter, the first overseas Smart Wolf warehouse in the UK was put into operation, supporting the fastest same-day delivery capabilities locally. This layout lays the infrastructure foundation for its overseas business expansion.
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<h2>New Business: 46.6 Billion Yuan Loss for Strategic Positioning</h2>
The new business segment is a noteworthy chapter in this financial report. Annual revenue surged by 157.3% year-on-year to 49.3 billion yuan, but operating losses also expanded to 46.6 billion yuan, with an operating loss rate as high as 94.6%. The operating loss for the fourth quarter alone reached 14.8 billion yuan, slightly narrowing compared to the third quarter, but sharply widening compared to a loss of 900 million yuan in the same period of 2024.
JD Takeout is the main &#34;money-burning&#34; entity. However, management emphasized that total investment in takeout in the fourth quarter has narrowed compared to the previous quarter, the structure of food orders is becoming healthier, and there are synergistic effects with JD Retail in terms of user growth, purchase frequency, and cross-category purchases. In addition, the 30 stores of Seven Fresh Kitchen in Beijing officially opened, the European e-commerce platform Joybuy has started trial operations in six countries including the UK, Germany, and France, with plans to officially launch in March 2026, and JD Industry also completed its listing on the Hong Kong Stock Exchange in December 2025
The net financing amount is approximately 2.6 billion yuan.
<h2>All three expenses rise, with significant increases in R&amp;D and marketing investments</h2>
The changes in expenses fully confirm that JD.com is in an active &#34;gear-shifting acceleration&#34; phase.
In 2025, the annual marketing expenses soared by 75.1% year-on-year to 84 billion yuan, with the revenue ratio jumping from 4.1% to 6.4%, serving as the core ammunition for driving user growth in new businesses; R&amp;D expenses increased by 30.5% year-on-year to 22.2 billion yuan, with the revenue ratio rising from 1.5% to 1.7%, reflecting the continued investment in AI and technological infrastructure; fulfillment expenses grew by 25.2% year-on-year to 88.2 billion yuan, with the revenue ratio increasing from 6.1% to 6.7%, mainly due to the expansion of manpower to enhance user experience.
The total of the three expenses reached nearly 194.4 billion yuan, coupled with a 12.7% year-on-year increase in operating costs, collectively compressing the annual GAAP operating profit to only 2.8 billion yuan, with the operating profit margin plummeting from 3.3% in 2024 to 0.2%. Under non-GAAP, the annual operating profit was 9.6 billion yuan, with a profit margin of 0.7%, also significantly lower than 3.8% in 2024.
<h2>Free cash flow significantly narrows</h2>
Free cash flow is an important window for observing JD.com's financial health. In 2025, the annual free cash flow was only 6.5 billion yuan, compared to 43.7 billion yuan in the same period of 2024, a decline of over 85%. The net cash flow from operating activities for the year was 19 billion yuan, significantly shrinking from 58.1 billion yuan in 2024, while capital expenditures remained at approximately 12.7 billion yuan.
As of December 31, 2025, the company held cash and cash equivalents, restricted cash, and short-term investments totaling 225.4 billion yuan, a decrease from 241.4 billion yuan at the end of 2024, but liquidity remains ample. In terms of the debt-to-asset ratio, total liabilities slightly increased from 384.9 billion yuan to 401.4 billion yuan, with long-term borrowings rising to 41.7 billion yuan, indicating a generally robust financial structure.
The inventory turnover days extended from 31.5 days at the end of 2024 to 37.8 days, and accounts receivable turnover days lengthened from 5.9 days to 8.7 days, both indicating a decline in turnover efficiency, necessitating continued attention to supply chain management pressures.

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JD.com’s total revenue for the year exceeded 1.3 trillion yuan for the first time, a year-on-year increase of 13%, marking the highest growth rate in recent years. The profitability of its core retail business continues to improve, with an operating profit margin rising to 4.6%. Service revenue, growing at a rate of 23.6%, has become the main engine of growth. In the fourth quarter, revenue reached 352.3 billion yuan, a year-on-year increase of 1.5%, slightly exceeding expectations. However, due to increased investment in new business strategies, the company turned from profit to loss in that quarter, recording a net loss of 2.7 billion yuan. Overall profitability is under significant pressure, with the annual net profit attributable to shareholders halving to 19.6 billion yuan. The operating loss from new businesses for the year reached 46.6 billion yuan, becoming a core factor dragging down overall profitability

- On March 5, JD Group announced its Q4 and full-year 2025 financial results, reporting a net revenue of 352.3 billion yuan in Q4, a slight increase of 1.5% year-over-year, but a net loss of 2.7 billion yuan due to strategic investments in new businesses.  
- For the full year, revenue surpassed 1.3 trillion yuan, growing 13% from the previous year, while net profit fell 52.7% to 19.6 billion yuan, primarily due to a substantial operational loss in new business ventures totaling 46.6 billion yuan.  
- The company continues to focus on shareholder returns, repurchasing approximately $3 billion in shares and planning to distribute cash dividends totaling about $1.4 billion.

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JD.com's Q4 net revenue increased by 1.5% year-on-year to 352.3 billion yuan, with new business investments resulting in a quarterly net loss of 2.7 billion yuan | Financial Report Insights