BEIJING, March 05, 2026 (GLOBE NEWSWIRE) -- JD.com, Inc. (NASDAQ: JD and HKEX: 9618 (HKD counter) and 89618 (RMB counter), the "Company" or "JD.com"), a leading supply chain-based technology and service provider, today announced its unaudited financial results for the three months and the full year ended December 31, 2025 and an annual cash dividend for the year ended December 31, 2025.
Fourth Quarter and Full Year 2025 Highlights
-- Net revenues were RMB352.3 billion (US$150.4 billion) for the fourth
quarter of 2025, an increase of 1.5% from the fourth quarter of 2024. Net
revenues were RMB1,309.1 billion (US$187.2 billion) for the full year of
2025, an increase of 13.0% from the full year of 2024.
-- Net loss attributable to the Company's ordinary shareholders was RMB2.7
billion (US$0.4 billion) for the fourth quarter of 2025, compared to a
net income of RMB9.9 billion for the fourth quarter of 2024. Non-GAAP2
net income attributable to the Company's ordinary shareholders was RMB1.1
billion (US$0.2 billion) for the fourth quarter of 2025, compared to
RMB11.3 billion for the fourth quarter of 2024. Net income attributable
to the Company's ordinary shareholders was RMB19.6 billion (US$2.8
billion) for the full year of 2025, compared to RMB41.4 billion for the
full year of 2024. Non-GAAP net income attributable to the Company's
ordinary shareholders was RMB27.0 billion (US$3.9 billion) for the full
year of 2025, compared to RMB47.8 billion for the full year of 2024.
-- Diluted net loss per ADS3 was RMB2.07 (US$0.29) for the fourth quarter of
2025, compared to a diluted net income of RMB6.47 for the fourth quarter
of 2024. Non-GAAP diluted net income per ADS was RMB0.57 (US$0.08) for
the fourth quarter of 2025, compared to RMB7.42 for the fourth quarter of
2024. Diluted net income per ADS was RMB12.90 (US$1.84) for the full year
of 2025, compared to RMB26.86 for the full year of 2024. Non-GAAP diluted
net income per ADS was RMB17.82 (US$2.55) for the full year of 2025,
compared to RMB31.07 for the full year of 2024.
-- JD Retail reported income from operations of RMB9.8 billion (US$1.4
billion) for the fourth quarter of 2025, compared to RMB10.0 billion for
the fourth quarter of 2024. Operating margin of JD Retail was 3.2% for
the fourth quarter of 2025, compared to 3.3% for the fourth quarter of
2024. JD Retail reported income from operations of RMB51.4 billion
(US$7.4 billion) for the full year of 2025, compared to RMB41.1 billion
for the full year of 2024. Operating margin of JD Retail was 4.6% for the
full year of 2025, compared to 4.0% for the full year of 2024.
"We were pleased to close out 2025 with fourth quarter results in line with expectations, capping another solid full-year performance," said Sandy Xu, Chief Executive Officer of JD.com. "We continued to see robust user growth and increased shopping frequency during both the quarter and the full year. Our core JD Retail business remained resilient, achieving double-digit growth in both revenues and operating profit for the full year despite a highly competitive industry landscape. Our new businesses progressed in line with our strategic roadmap, with food delivery steadily expanding in scale while narrowing sequential losses every quarter since its launch, and both Jingxi and international businesses continued to unlock new long-term growth opportunities. In addition, we have comprehensively integrated AI across our internal operations to deliver more intelligent user experiences and fully capitalize on its transformative potential. Supported by our strong operational capabilities and advancing AI technologies, we enter 2026 on a steady footing."
"In the fourth quarter, our total revenues were up 1.5% year-on-year. Despite a high comparable base in the electronics and home appliances categories, our general merchandise category and marketplace and marketing revenues maintained strong growth, recording double-digit growth year-on-year during both the quarter and the full year," said Ian Su Shan, Chief Financial Officer of JD.com. "Our revenue mix has become increasingly diversified, and as profitability strengthens across our categories and higher-margin businesses such as advertising contribute a larger share, we are confident that our profit streams will become more diversified as well. Despite some short-term fluctuations in the fourth quarter, our financial position remains solid, and we delivered upon expectations for the full year of 2025. Shareholder returns also remained robust in 2025, with a total return rate of approximately 10%, including share repurchases of 6.3% of our outstanding shares for a total of approximately US$3.0 billion, and annual cash dividend of approximately US$1.4 billion. Going forward, we will continue to create value for shareholders through robust business development and commitment to delivering shareholder returns."
Dividend Payment
The Company announced that its board of directors (the "Board") approved an annual cash dividend for the year ended December 31, 2025 of US$0.5 per ordinary share, or US$1.0 per ADS, to holders of ordinary shares and holders of ADSs, respectively, as of the close of business on April 9, 2026 Beijing/Hong Kong Time and New York Time, respectively, payable in U.S. dollars. The aggregate amount of the dividend is expected to be approximately US$1.4 billion, as calculated on the current number of the Company's total issued and outstanding shares, which may be subject to minor adjustment by the record date. The payment date is expected to be on or around April 23, 2026 and on or around April 29, 2026 for holders of ordinary shares and holders of ADSs, respectively.
Updates of Share Repurchase Program
Pursuant to the Company's share repurchase program of up to US$5.0 billion adopted in August 2024 and effective through August 2027, the Company repurchased a total of approximately 183.2 million Class A ordinary shares (equivalent to 91.6 million ADSs) for a total of approximately US$3.0 billion in 2025. The total number of shares repurchased by the Company during the year ended December 31, 2025 amounted to approximately 6.3% of its ordinary shares outstanding as of December 31, 2024(4) .
All of the 183.2 million Class A ordinary shares (equivalent to 91.6 million ADSs) repurchased in 2025 have been cancelled.
All of these ordinary shares were repurchased from Nasdaq and the Hong Kong Stock Exchange pursuant to the share repurchase program. The remaining amount under the share repurchase program was US$2.0 billion as of December 31, 2025.
Business Highlights
-- JD Retail:During the fourth quarter of 2025, JD's electronics and home
appliances categories continued to expand their offline footprint. In
particular, the first JD MALL in Fujian province opened in Xiamen. The
Company also launched JD Appliance City Flagship Stores in 15 cities
including Shanghai, Jinan, Qingdao, Luoyang and Shantou. As of the end of
the fourth quarter, JD MALL operated 26 stores nationwide, while the
number of JD Appliance City Flagship Stores exceeded 110. The Company
also further expanded its offline stores for 3C products, led by JD Home,
JD Computer & Electronics Specialty Stores and JD Mobile & Electronics
Specialty Stores, which surpassed 4,500 as of the end of the fourth
quarter.As of the end of 2025, JD Fashion's on-demand retail service had
onboarded over 1,000 merchants, including leading domestic retailers and
renowned apparel and sports brands such as Topsports, ANTA, Li-Ning, ERKE,
Bosideng and XTEP. The number of in-operation stores grew by triple
digits year-on-year in 2025, covering core categories including apparel,
footwear, underwear, beauty, and sports & outdoor. Leveraging its
on-demand retail service, JD Fashion aims to deliver a more enriched and
instant shopping experience, while serving as a key channel for brands to
develop their on-demand retail business and for consumers to access
trendy fashion products.AI has been deeply integrated into JD's "Super
Supply Chain". On the marketing front, the number of merchants using JD's
AI-powered digital human JoyStreamer surpassed 50,000 by the end of the
fourth quarter of 2025. On the customer service front, JD's AI customer
service system, empowered by multi-scenario and multi-modal AI
capabilities, supported the surge in service demand across JD's business
segments, handling a total of over 4.2 billion customer inquiries during
JD's 2025 11.11 Grand Promotion. On the operations front, a range of "AI
agents" were integrated into internal workflow, enhancing both business
insights and operational efficiency. By the end of the fourth quarter,
the number of AI agents across JD's internal systems had exceeded 50,000.
In addition, to unlock the consumption potential of AI, JD launched
JoyInside, an AI agent for robots, toys, and devices, which has partnered
with over 40 hardware brands to roll out a variety of AI products. During
JD's 2025 11.11 Grand Promotion, sales of JoyInside-integrated products
surged more than 20 times compared to the 618 Grand Promotion. JD remains
committed to developing sustainable, implementable AI solutions that
create true value for industries.
-- JD Logistics:During 2025, JD Logistics's ("JDL's") self-developed
LangzuTech Goods-to-Person (GTP) automated warehousing solution entered a
new phase of nationwide replication. As of December 31, 2025, over 20
LangzuTech automated warehouses have commenced operation in nearly 20
cities nationwide. Benefiting from the in-depth application of the GTP
model, JDL has achieved high-density storage and ultra-fast picking from
millions of SKUs, and effectively ensured the stable operation during
peak business periods such as grand promotions. In addition, in the
fourth quarter of 2025, JDL launched its first overseas LangzuTech
warehouse in the UK. As JDL's flagship automated warehouse, it is
equipped with hundreds of LangzuTech robots, substantially boosting
picking and outbound efficiency. The launch of the warehouse strongly
supports the premium fulfillment experience in the local market with as
fast as same-day delivery services.
-- JD Health:In the fourth quarter of 2025, a number of innovative medicines
made their debut on JD Health, including Vanrafia$(R)$, an innovative
medicine for nephrology treatment under Novartis, and Anxida(R), a
rare-disease therapy developed by Grand Pharmaceutical Group. By building
a long-term collaborative ecosystem with pharmaceutical companies, JD
Health has improved the accessibility of innovative drugs and facilitated
the translation of research results in the rare-disease field, delivering
benefits to patients. In November 2025, JD Health entered into strategic
partnerships with 21 leading healthcare and pharmaceutical brands from 11
countries at the China International Import Expo.During the fourth
quarter of 2025, JD Health further accelerated the process of AI
applications in healthcare scenarios. It continued to optimize its AI
products including "AI Jingyi" (AI ) and "JD DOC" ( ) for users,
physicians and hospitals. Among these, AI agent "Dr. Dawei" ( ) has
achieved in-depth integration of authoritative clinical guidelines and
medical literature, delivering professional and personalized
recommendations to users. "JD DOC" ( ) has been deployed at multiple
hospitals, cumulatively serving over 5 million patients.
-- JD Industrials:On December 11, 2025, JD Industrials ("JDI") was
officially listed on the Main Board of the Hong Kong Stock Exchange under
stock code 7618, raising net proceeds of approximately RMB2.6 billion
upon partial exercise of the over-allotment option after deducting
underwriting fees and commissions and offering expenses. This listing
marks a new stage in JDI's development, and the funds raised will be
mainly used to enhance JDI's industrial supply chain capabilities and
expand cross-regional businesses, with the aim to help customers increase
supply chain efficiency and reduce costs. As a leading provider of
industrial supply chain technologies and services, JDI will further
upgrade its end-to-end digital and intelligent capabilities to connect
both supply and demand sides, and it is committed to driving ultimate
operational efficiency across the industrial sector through technology.
-- New Businesses:In the fourth quarter of 2025, JD Food Delivery continued
to demonstrate healthy development, with steady momentum in order volume
and a healthier mix between meal and beverage orders. Total investment in
JD Food Delivery further narrowed sequentially in the quarter. This was
mainly attributable to JD Food Delivery's focus on user experience and
mindshare, operational efficiency optimization and rational response to
industry competition. In the meantime, JD Food Delivery continued to
generate synergies with JD Retail, with notable progress in user base
expansion, user shopping frequency improvement and cross-category
purchases. In addition, 7Fresh Kitchen gained increasing consumer
recognition in the quarter. It fully implemented transparent kitchen
operations with live streaming, and voluntarily disclosed its brand
suppliers for core ingredients to the public, upholding its commitment to
very high food safety standards. By the end of the fourth quarter, 7Fresh
Kitchen operated 30 stores in Beijing.Joybuy, JD's online retail business
in Europe, is currently in a beta testing phase in the UK, Germany, the
Netherlands, France, Belgium and Luxembourg. It is making steady progress
towards its full launch in March 2026. Leveraging JD's extensive
experience in retail, technology and logistics supply chain, Joybuy
shares the same principles of quality, speed and trust, and is committed
to delivering a speedy, reliable and joyful shopping experience for
consumers, with as fast as same- and next-day delivery services.
-- Environment, Social and GovernanceAs a testament to JD.com's unwavering
commitment to creating more jobs and making contribution to the society,
the total personnel under the JD Ecosystem5 was over 900,000 as of
December 31, 2025, including the Company's employees, part-time staff and
interns, as well as the personnel of the Company's affiliates in the JD
Ecosystem. The total expenditure for such human resources, together with
the expenditure for external personnel who work for the JD Ecosystem,
amounted to RMB157.2 billion for the year ended December 31, 2025.
Fourth Quarter 2025 Financial Results
Net Revenues. Net revenues increased by 1.5% to RMB352.3 billion (US$50.4 billion) for the fourth quarter of 2025 from RMB347.0 billion for the fourth quarter of 2024. Net product revenues decreased by 2.8% compared to the fourth quarter of 2024, primarily due to a high base effect in the fourth quarter of 2024. While net service revenues increased by 20.1% for the fourth quarter of 2025, compared to the fourth quarter of 2024.
Cost of Revenues. Cost of revenues increased by 1.1% to RMB297.2 billion (US$42.5 billion) for the fourth quarter of 2025 from RMB293.9 billion for the fourth quarter of 2024.
Fulfillment Expenses. Fulfillment expenses, which primarily include procurement, warehousing, delivery, customer service and payment processing expenses, increased by 20.7% to RMB24.3 billion (US$3.5 billion) for the fourth quarter of 2025 from RMB20.1 billion for the fourth quarter of 2024. Fulfillment expenses as a percentage of net revenues was 6.9% for the fourth quarter of 2025, compared to 5.8% for the fourth quarter of 2024, as the Company continues to upgrade fulfillment capabilities and invest in human capital to enhance user experience.
Marketing Expenses. Marketing expenses increased by 50.6% to RMB25.3 billion (US$3.6 billion) for the fourth quarter of 2025 from RMB16.8 billion for the fourth quarter of 2024. Marketing expenses as a percentage of net revenues was 7.2% for the fourth quarter of 2025, compared to 4.9% for the fourth quarter of 2024, primarily due to the increased spending in promotional efforts for new business initiatives.
Research and Development Expenses. Research and development expenses increased by 52.0% to RMB6.7 billion (US$1.0 billion) for the fourth quarter of 2025 from RMB4.4 billion for the fourth quarter of 2024. Research and development expenses as a percentage of net revenues was 1.9% for the fourth quarter of 2025, compared to 1.3% for the fourth quarter of 2024, as the Company continues to invest in technology capabilities and talents.
General and Administrative Expenses. General and administrative expenses increased by 34.8% to RMB3.3 billion (US$0.5 billion) for the fourth quarter of 2025 from RMB2.5 billion for the fourth quarter of 2024. General and administrative expenses as a percentage of net revenues was 0.9% for the fourth quarter of 2025, compared to 0.7% for the fourth quarter of 2024.
Income/(Loss) from Operations and Non-GAAP Income/(Loss) from Operations. Loss from operations for the fourth quarter of 2025 was RMB5.8 billion (US$0.8 billion), compared to an income of RMB8.5 billion for the fourth quarter of 2024. Operating margin was negative 1.7% for the fourth quarter of 2025, compared to 2.4% for the fourth quarter of 2024. Non-GAAP loss from operations was RMB3.1 billion (US$0.4 billion) for the fourth quarter of 2025, compared to an income of RMB10.5 billion for the fourth quarter of 2024. Non-GAAP operating margin was negative 0.9% for the fourth quarter of 2025, compared to 3.0% for the fourth quarter of 2024. The declines were primarily attributable to increased strategic investment in new business initiatives.
Income from operations of JD Retail was RMB9.8 billion (US$1.4 billion) for the fourth quarter of 2025, compared to RMB10.0 billion for the fourth quarter of 2024. Operating margin of JD Retail for the fourth quarter of 2025 was 3.2%, compared to 3.3% for the fourth quarter of 2024.
Non-GAAP EBITDA. Non-GAAP EBITDA was negative RMB0.8 billion (US$0.1 billion) for the fourth quarter of 2025, compared to RMB12.5 billion for the fourth quarter of 2024. Non-GAAP EBITDA margin was negative 0.2% for the fourth quarter of 2025, compared to 3.6% for the fourth quarter of 2024.
Net Income/(Loss) Attributable to the Company's Ordinary Shareholders and Non-GAAP Net Income Attributable to the Company's Ordinary Shareholders. Net loss attributable to the Company's ordinary shareholders was RMB2.7 billion (US$0.4 billion) for the fourth quarter of 2025, compared to a net income of RMB9.9 billion for the fourth quarter of 2024. Net margin attributable to the Company's ordinary shareholders was negative 0.8% for the fourth quarter of 2025, compared to 2.8% for the fourth quarter of 2024. Non-GAAP net income attributable to the Company's ordinary shareholders was RMB1.1 billion (US$0.2 billion) for the fourth quarter of 2025, compared to RMB11.3 billion for the fourth quarter of 2024. Non-GAAP net margin attributable to the Company's ordinary shareholders was 0.3% for the fourth quarter of 2025, compared to 3.3% for the fourth quarter of 2024.
Diluted EPS and Non-GAAP Diluted EPS. Diluted net loss per ADS was RMB2.07 (US$0.29) for the fourth quarter of 2025, compared to a diluted net income RMB6.47 for the fourth quarter of 2024. Non-GAAP diluted net income per ADS was RMB0.57 (US$0.08) for the fourth quarter of 2025, compared to RMB7.42 for the fourth quarter of 2024.
Cash Flow and Working Capital
As of December 31, 2025, the Company's cash and cash equivalents, restricted cash and short-term investments totaled RMB225.4 billion (US$32.2 billion), compared to RMB241.4 billion as of December 31, 2024. For the fourth quarter of 2025, free cash flow of the Company was as follows:
For the three months ended
-------------------------------------------
December 31, December 31, December 31,
2024 2025 2025
------------- ------------ --------------
RMB RMB US$
(In millions)
Net cash provided by
operating activities 24,891 20,879 2,985
Add: Impact from
consumer financing
receivables included
in the operating cash
flow 1,243 1,215 174
Less: Capital
expenditures, net of
related sales
proceeds (2,664) (4,784) (684)
Capital
expenditures
for development
properties (875) (2,029) (290)
Other capital
expenditures* (1,789) (2,755) (394)
------------ ----------- ----------
Free cash flow 23,470 17,310 2,475
============ =========== ==========
* Including capital expenditures related to the Company's headquarters in Beijing and all other CAPEX.
Net cash provided by investing activities was RMB17.5 billion (US$2.5 billion) for the fourth quarter of 2025, consisting primarily of net cash received from maturity of time deposits and wealth management products, partially offset by cash paid for capital expenditures.
Net cash used in financing activities was RMB15.0 billion (US$2.1 billion) for the fourth quarter of 2025, consisting primarily of repurchase of ordinary shares, net repayments of borrowings, partially offset by net proceeds from the initial public offering of JD Industrials.
Full Year 2025 Financial Results
Net Revenues. Net revenues increased by 13.0% to RMB1,309.1 billion (US$187.2 billion) for the year of 2025 from RMB1,158.8 billion for the year of 2024. Net product revenues increased by 10.3%, while net service revenues increased by 23.6% for the year of 2025, compared to the year of 2024.
Cost of Revenues. Cost of revenues increased by 12.7% to RMB1,099.1 billion (US$157.2 billion) for the year of 2025 from RMB975.0 billion for the year of 2024.
Fulfillment Expenses. Fulfillment expenses, which primarily include procurement, warehousing, delivery, customer service and payment processing expenses, increased by 25.2% to RMB88.2 billion (US$12.6 billion) for the year of 2025 from RMB70.4 billion for the year of 2024. Fulfillment expenses as a percentage of net revenues was 6.7% for the year of 2025, compared to 6.1% for the year of 2024, as the Company continues to upgrade fulfillment capabilities and invest in human capital to enhance user experience.
Marketing Expenses. Marketing expenses increased by 75.1% to RMB84.0 billion (US$12.0 billion) for the year of 2025 from RMB48.0 billion for the year of 2024. Marketing expenses as a percentage of net revenues was 6.4% for the year of 2025, compared to 4.1% for the year of 2024, primarily due to the increased spending in promotional efforts for new business initiatives.
Research and Development Expenses. Research and development expenses increased by 30.5% to RMB22.2 billion (US$3.2 billion) for the year of 2025 from RMB17.0 billion for the year of 2024. Research and development expenses as a percentage of net revenues was 1.7% for the year of 2025, compared to 1.5% for the year of 2024.
General and Administrative Expenses. General and administrative expenses increased by 34.8% to RMB12.0 billion (US$1.7 billion) for the year of 2025 from RMB8.9 billion for the year of 2024. General and administrative expenses as a percentage of net revenues was 0.9% for the year of 2025, compared to 0.8% for the year of 2024.
Income from Operations and Non-GAAP Income from Operations. Income from operations for the year of 2025 was RMB2.8 billion (US$0.4 billion), compared to an income of RMB38.7 billion for the year of 2024. Operating margin was 0.2% for the year of 2025, compared to 3.3% for the year of 2024. Non-GAAP income from operations was RMB9.6 billion (US$1.4 billion) for the year of 2025, compared to RMB44.0 billion for the year of 2024. Non-GAAP operating margin was 0.7% for the year of 2025, compared to 3.8% for the year of 2024. The declines were primarily attributable to increased strategic investment in new business initiatives.
Income from operations of JD Retail was RMB51.4 billion (US$7.4 billion) for the year of 2025, compared to RMB41.1 billion for the year of 2024. Operating margin of JD Retail for the year of 2025 was 4.6%, compared to 4.0% for the year of 2024.
Non-GAAP EBITDA. Non-GAAP EBITDA was RMB18.3 billion (US$2.6 billion) for the year of 2025, compared to RMB51.9 billion for the year of 2024. Non-GAAP EBITDA margin was 1.4% for the year of 2025, compared to 4.5% for the year of 2024.
Net Income Attributable to the Company's Ordinary Shareholders and Non-GAAP Net Income Attributable to the Company's Ordinary Shareholders. Net income attributable to the Company's ordinary shareholders was RMB19.6 billion (US$2.8 billion) for the year of 2025, compared to RMB41.4 billion for the year of 2024. Net margin attributable to the Company's ordinary shareholders was 1.5% for the year of 2025, compared to 3.6% for the year of 2024. Non-GAAP net income attributable to the Company's ordinary shareholders was RMB27.0 billion (US$3.9 billion) for the year of 2025, compared to RMB47.8 billion for the year of 2024. Non-GAAP net margin attributable to the Company's ordinary shareholders was 2.1% for the year of 2025, compared to 4.1% for the year of 2024.
Diluted EPS and Non-GAAP Diluted EPS. Diluted net income per ADS was RMB12.90 (US$1.84) for the year of 2025, compared to RMB26.86 for the year of 2024. Non-GAAP diluted net income per ADS was RMB17.82 (US$2.55) for the year of 2025, compared to RMB31.07 for the year of 2024.
Cash Flow and Working Capital
For the full year of 2025, free cash flow of the Company was as follows:
For the year ended
------------------------------------------
December 31, December 31, December 31,
2024 2025 2025
------------ ------------ --------------
RMB RMB US$
(In millions)
Net cash provided by
operating activities 58,095 18,991 2,716
(Less)/Add: Impact from
consumer financing
receivables included in
the operating cash
flow (132) 220 31
Less: Capital
expenditures, net of
related sales proceeds (14,223) (12,735) (1,821)
Capital
expenditures for
development
properties (7,286) (4,098) (586)
Other capital
expenditures (6,937) (8,637) (1,235)
----------- ----------- -----------
Free cash flow 43,740 6,476 926
=========== =========== ===========
Supplemental Information
The Company reports three reportable segments, JD Retail, JD Logistics, and New Businesses. JD Retail, including JD Health and JD Industrials, among other operating segments, mainly engages in online retail, online marketplace and marketing services in China. JD Logistics includes both internal and external logistics businesses. New Businesses mainly include JD Food Delivery, JD Property, Jingxi and overseas businesses.
For the three months ended For the year ended
------------------------------ -----------------------------------
December
December December 31, December December December
31, 2024 31, 2025 2025 31, 2024 31, 2025 31, 2025
--------- --------- -------- ---------- ---------- -----------
RMB RMB US$ RMB RMB US$
(In millions, except percentage data)
Net revenues:
JD Retail 307,055 301,902 43,171 1,015,948 1,126,399 161,073
JD Logistics 52,097 63,531 9,085 182,837 217,146 31,052
New Businesses 4,681 14,085 2,014 19,157 49,282 7,047
Inter-segment
eliminations* (16,847) (27,234) (3,894) (59,123) (83,742) (11,975)
-------- -------- ------- --------- --------- --------
Total consolidated
net revenues 346,986 352,284 50,376 1,158,819 1,309,085 187,197
-------- -------- ------- --------- --------- --------
Less: cost of
revenues:
JD Retail (257,887) (250,171) (35,774) (847,917) (928,261) (132,740)
JD Logistics (47,196) (57,765) (8,260) (164,689) (198,039) (28,319)
New Businesses (3,652) (14,412) (2,061) (15,109) (49,995) (7,149)
Inter-segment
eliminations* 14,892 25,163 3,598 52,844 77,325 11,057
Less: operating
expenses:
JD Retail (39,132) (41,942) (5,997) (126,954) (146,736) (20,983)
JD Logistics (3,077) (3,882) (555) (11,831) (13,838) (1,979)
New Businesses (2,414) (14,474) (2,070) (7,413) (46,315) (6,623)
Inter-segment
eliminations* 1,955 2,071 296 6,279 6,417 918
Income/(Loss) from
operations:
JD Retail 10,036 9,789 1,400 41,077 51,402 7,350
JD Logistics 1,824 1,884 270 6,317 5,269 754
New Businesses (885) (14,801) (2,117) (2,865) (46,641) (6,670)
Including:
gain on
sale of
development
properties 1,527 -- -- 1,527 387 55
Impairment
of
long-lived
assets (1,027) -- -- (1,027) -- --
-------- -------- ------- --------- --------- --------
Total segment
income/(loss)
from operations 10,975 (3,128) (447) 44,529 10,030 1,434
Unallocated
items** (2,484) (2,721) (389) (5,793) (7,256) (1,037)
-------- -------- ------- --------- --------- --------
Total consolidated
income/(loss)
from operations 8,491 (5,849) (836) 38,736 2,774 397
Share of results
of equity
investees 556 1,883 269 2,327 8,025 1,147
Interest expense (926) (830) (119) (2,896) (2,803) (401)
Others, net 3,493 3,445 493 13,371 17,327 2,478
-------- -------- ------- --------- --------- --------
Total consolidated
income/(loss)
before tax 11,614 (1,351) (193) 51,538 25,323 3,621
======== ======== ======= ========= ========= ========
For the three months ended For the year ended
--------------------------------- --------------------------------
December December
December December 31, December December 31,
31, 2024 31, 2025 2025 31, 2024 31, 2025 2025
---------- ----------- -------- ---------- ---------- --------
RMB RMB US$ RMB RMB US$
(In millions, except percentage data)
YoY% change of
net revenues:
JD Retail 14.7% (1.7)% 7.5% 10.9%
JD
Logistics 10.4% 21.9% 9.7% 18.8%
New
Businesses (31.0)% 200.9% (28.0)% 157.3%
Operating
margin:
JD Retail 3.3% 3.2% 4.0% 4.6%
JD
Logistics 3.5% 3.0% 3.5% 2.4%
New
Businesses (18.9)% (105.1)% (15.0)% (94.6)%
* The inter-segment eliminations mainly consist of revenues from supply chain solutions and logistics services provided by JD Logistics to JD Retail and New Businesses, and property leasing services provided by JD Property to JD Logistics.
** Unallocated items include share-based compensation and amortization of intangible assets resulting from assets and business acquisitions, effects of business cooperation arrangements, and impairment of goodwill and intangible assets.
The tables below set forth the revenue information:
For the three months ended
----------------------------------------
December 31, December 31, December 31, YoY%
2024 2025 2025 Change
------------ ------------ ------------
RMB RMB US$
(In millions, except percentage data)
Electronics and
home appliances
revenues 174,149 153,267 21,917 (12.0)%
General merchandise
revenues 106,829 119,720 17,120 12.1%
------------ ------------ ------------
Net product
revenues 280,978 272,987 39,037 (2.8)%
------------ ------------ ------------
Marketplace and
marketing
revenues 26,634 30,616 4,378 15.0%
Logistics and other
service revenues 39,374 48,681 6,961 23.6%
------------ ------------ ------------
Net service
revenues 66,008 79,297 11,339 20.1%
------------ ------------ ------------
Total net revenues 346,986 352,284 50,376 1.5%
============ ============ ============
For the year ended
----------------------------------------
December 31, December 31, December 31, YoY%
2024 2025 2025 Change
------------ ------------ ------------
RMB RMB US$
(In millions, except percentage data)
Electronics and home
appliances revenues 564,982 605,131 86,533 7.1%
General merchandise
revenues 363,025 418,671 59,869 15.3%
------------ ------------ ------------
Net product revenues 928,007 1,023,802 146,402 10.3%
------------ ------------ ------------
Marketplace and
marketing revenues 90,111 107,131 15,320 18.9%
Logistics and other
service revenues 140,701 178,152 25,475 26.6%
------------ ------------ ------------
Net service revenues 230,812 285,283 40,795 23.6%
------------ ------------ ------------
Total net revenues 1,158,819 1,309,085 187,197 13.0%
============ ============ ============
Conference Call
JD.com's management will hold a conference call at 7:00 am, Eastern Time on March 5, 2026, (8:00 pm, Beijing/Hong Kong Time on March 5, 2026) to discuss the fourth quarter and full year 2025 financial results.
Please register in advance of the conference using the link provided below and dial in 15 minutes prior to the call, using participant dial-in numbers, the Passcode and unique access PIN which would be provided upon registering. You will be automatically linked to the live call after completion of this process, unless required to provide the conference ID below due to regional restrictions.
PRE-REGISTER LINK: https://s1.c-conf.com/diamondpass/10052883-dmzuj7.html
CONFERENCE ID: 10052883
A telephone replay will be available for one week until March 13, 2026. The dial-in details are as follows:
US: +1-855-883-1031 International: +61-7-3107-6325 Chinese Mainland: 400-120-9216 Hong Kong, China: 800-930-639 Passcode: 10052883
Additionally, a live and archived webcast of the conference call will also be available on the JD.com's investor relations website at https://ir.jd.com.
About JD.com
JD.com is a leading supply chain-based technology and service provider. The Company's cutting-edge retail infrastructure seeks to enable consumers to buy whatever they want, whenever and wherever they want it. The Company has opened its technology and infrastructure to partners, brands and other sectors, as part of its Retail as a Service offering to help drive productivity and innovation across a range of industries.
Non-GAAP Measures
In evaluating the business, the Company considers and uses non-GAAP measures, such as non-GAAP income/(loss) from operations, non-GAAP operating margin, non-GAAP net income/(loss) attributable to the Company's ordinary shareholders, non-GAAP net margin attributable to the Company's ordinary shareholders, free cash flow, non-GAAP EBITDA, non-GAAP EBITDA margin, non-GAAP net income/(loss) per share and non-GAAP net income/(loss) per ADS, as supplemental measures to review and assess operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Company defines non-GAAP income/(loss) from operations as income/(loss) from operations excluding share-based compensation, amortization of intangible assets resulting from assets and business acquisitions, effects of business cooperation arrangements, gain on sale of development properties and impairment of goodwill and long-lived assets. The Company defines non-GAAP net income/(loss) attributable to the Company's ordinary shareholders as net income/(loss) attributable to the Company's ordinary shareholders excluding share-based compensation, amortization of intangible assets resulting from assets and business acquisitions, effects of business cooperation arrangements and non-compete agreements, gain/(loss) on disposals/deemed disposals of investments, reconciling items on the share of equity method investments, gain/(loss) from fair value change of long-term investments, impairment of goodwill, long-lived assets and investments,
gain on sale of development properties and tax effects on non-GAAP adjustments. The Company defines free cash flow as operating cash flow adjusting the impact from consumer financing receivables included in the operating cash flow and capital expenditures, net of related sales proceeds. Capital expenditures include purchase of property, equipment and software, cash paid for construction in progress, purchase of intangible assets, land use rights and asset acquisitions. The Company defines non-GAAP EBITDA as non-GAAP income/(loss) from operations plus depreciation and amortization excluding amortization of intangible assets resulting from assets and business acquisitions. Non-GAAP basic net income/(loss) per share is calculated by dividing non-GAAP net income/(loss) attributable to the Company's ordinary shareholders by the weighted average number of ordinary shares outstanding during the periods. Non-GAAP diluted net income/(loss) per share is calculated by dividing non-GAAP net income/(loss) attributable to the Company's ordinary shareholders by the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding during the periods, including the dilutive effects of share-based awards as determined under the treasury stock method and convertible senior notes. Non-GAAP net income/(loss) per ADS is equal to non-GAAP net income/(loss) per share multiplied by two.
The Company presents these non-GAAP financial measures because they are used by management to evaluate operating performance and formulate business plans. Non-GAAP income/(loss) from operations, non-GAAP net income/(loss) attributable to the Company's ordinary shareholders and non-GAAP EBITDA reflect the Company's ongoing business operations in a manner that allows more meaningful period-to-period comparisons. Free cash flow enables management to assess liquidity and cash flow while taking into account the impact from consumer financing receivables included in the operating cash flow and the demands that the expansion of fulfillment infrastructure and technology platform has placed on financial resources. The Company believes that the use of the non-GAAP financial measures facilitates investors to understand and evaluate the Company's current operating performance and future prospects in the same manner as management does, if they so choose. The Company also believes that the non-GAAP financial measures provide useful information to both management and investors by excluding certain expenses, gain/loss and other items that are not expected to result in future cash payments or that are non-recurring in nature or may not be indicative of the Company's core operating results and business outlook.
The non-GAAP financial measures have limitations as analytical tools. The Company's non-GAAP financial measures do not reflect all items of income and expense that affect the Company's operations or not represent the residual cash flow available for discretionary expenditures. Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating performance. The Company encourages you to review the Company's financial information in its entirety and not rely on a single financial measure.
CONTACTS:
Investor Relations
Sean Zhang
+86 (10) 8912-6804
IR@JD.com
Media Relations
+86 (10) 8911-6155
Press@JD.com
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as JD.com's strategic and operational plans, contain forward-looking statements. JD.com may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in announcements made on the website of the Hong Kong Stock Exchange, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about JD.com's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: JD.com's growth strategies; its future business development, results of operations and financial condition; its ability to attract and retain new customers and to increase revenues generated from repeat customers; its expectations regarding demand for and market acceptance of its products and services; trends and competition in China's e-commerce market; changes in its revenues and certain cost or expense items; the expected growth of the Chinese e-commerce market; laws, regulations and governmental policies relating to the industries in which JD.com or its business partners operate; potential changes in laws, regulations and governmental policies or changes in the interpretation and implementation of laws, regulations and governmental policies that could adversely affect the industries in which JD.com or its business partners operate, including, among others, initiatives to enhance supervision of companies listed on an overseas exchange and tighten scrutiny over data privacy and data security; risks associated with JD.com's acquisitions, investments and alliances, including fluctuation in the market value of JD.com's investment portfolio; natural disasters and geopolitical events; change in tax rates and financial risks; intensity of competition; and general market and economic conditions in China and globally. Further information regarding these and other risks is included in JD.com's filings with the SEC and the announcements on the website of the Hong Kong Stock Exchange. All information provided herein is as of the date of this announcement, and JD.com undertakes no obligation to update any forward-looking statement, except as required under applicable law.
JD.com, Inc.
Unaudited Condensed Consolidated Balance Sheets
(In millions, except otherwise noted)
As of
----------------------------------------
December 31, December 31, December 31,
2024 2025 2025
------------ ------------ ------------
RMB RMB US$
ASSETS
Current assets
Cash and cash equivalents 108,350 137,488 19,660
Restricted cash 7,366 12,137 1,736
Short-term investments 125,645 75,744 10,831
Accounts receivable, net
(including consumer
financing receivables of
RMB2.0 billion and RMB1.7
billion as of December
31, 2024 and 2025,
respectively)((1) 25,596 27,333 3,909
Advance to suppliers 7,619 5,856 837
Inventories, net 89,326 95,428 13,646
Prepayments and other
current assets 15,951 17,898 2,559
Amount due from related
parties 4,805 2,142 306
Assets held for sale 2,040 395 57
------------ ------------ ------------
Total current assets 386,698 374,421 53,541
------------ ------------ ------------
Non-current assets
Property, equipment and
software, net 82,737 91,349 13,063
Construction in progress 6,164 6,503 930
Intangible assets, net 7,793 7,723 1,104
Land use rights, net 36,833 36,878 5,273
Operating lease
right-of-use assets 24,532 31,128 4,451
Goodwill 25,709 26,291 3,760
Investment in equity
investees 56,850 51,978 7,433
Marketable securities and
other investments 59,370 51,840 7,413
Deferred tax assets 2,459 5,237 749
Other non-current assets 9,089 11,853 1,695
------------ ------------ ------------
Total non-current assets 311,536 320,780 45,871
------------ ------------ ------------
Total assets 698,234 695,201 99,412
============ ============ ============
JD.com, Inc.
Unaudited Condensed Consolidated Balance Sheets
(In millions, except otherwise noted)
As of
----------------------------------------
December 31, December 31, December 31,
2024 2025 2025
------------ ------------ ------------
RMB RMB US$
LIABILITIES
Current liabilities
Short-term debts 7,581 8,014 1,146
Accounts payable 192,860 188,379 26,938
Advance from customers 32,437 36,408 5,206
Deferred revenues 2,097 2,684 384
Taxes payable 9,487 7,008 1,002
Amount due to related
parties 1,367 624 89
Unsecured senior notes -- 3,511 502
Accrued expenses and other
current liabilities 45,985 50,045 7,157
Operating lease
liabilities 7,606 9,399 1,344
Liabilities held for sale 101 -- --
------------ ------------ ------------
Total current liabilities 299,521 306,072 43,768
------------ ------------ ------------
Non-current liabilities
Unsecured senior notes 24,770 20,798 2,974
Deferred tax liabilities 9,498 8,019 1,147
Long-term borrowings 31,705 41,675 5,959
Operating lease
liabilities 18,106 23,708 3,390
Other non-current
liabilities 1,337 1,146 164
------------ ------------ ------------
Total non-current liabilities 85,416 95,346 13,634
------------ ------------ ------------
Total liabilities 384,937 401,418 57,402
------------ ------------ ------------
MEZZANINE EQUITY 484 -- --
------------ ------------ ------------
SHAREHOLDERS' EQUITY
Total JD.com, Inc.
shareholders' equity
(US$0.00002 par value,
100,000 million shares
authorized, 2,818 million
shares issued and 2,742
million shares outstanding
as of December 31, 2025) 239,347 225,040 32,180
Non-controlling interests 73,466 68,743 9,830
------------ ------------ ------------
Total shareholders' equity 312,813 293,783 42,010
------------ ------------ ------------
Total liabilities, mezzanine
equity and shareholders'
equity 698,234 695,201 99,412
============ ============ ============
(1) JD Technology performs credit risk assessment
services for consumer financing receivables business
and absorbs the credit risk of the underlying consumer
financing receivables. Facilitated by JD Technology,
the Company periodically securitizes consumer financing
receivables through the transfer of those assets to
securitization plans and derecognizes the related
consumer financing receivables through sales type
arrangements.
JD.com, Inc.
Unaudited Condensed Consolidated Statements of Operations
(In millions, except per share data)
For the three months ended For the year ended
------------------------------ ------------------------------------
December
December December 31, December December December
31, 2024 31, 2025 2025 31, 2024 31, 2025 31, 2025
--------- --------- -------- ---------- ----------- -----------
RMB RMB US$ RMB RMB US$
Net revenues
Net product revenues 280,978 272,987 39,037 928,007 1,023,802 146,402
Net service revenues 66,008 79,297 11,339 230,812 285,283 40,795
-------- -------- ------- --------- ---------- --------
Total net revenues 346,986 352,284 50,376 1,158,819 1,309,085 187,197
-------- -------- ------- --------- ---------- --------
Cost of revenues (293,869) (297,218) (42,502) (974,951) (1,099,057) (157,163)
Fulfillment (20,121) (24,292) (3,474) (70,426) (88,176) (12,609)
Marketing (16,832) (25,347) (3,624) (47,953) (83,953) (12,005)
Research and
development (4,384) (6,663) (953) (17,031) (22,229) (3,179)
General and
administrative (2,455) (3,310) (473) (8,888) (11,980) (1,713)
Impairment of
goodwill (799) (1,303) (186) (799) (1,303) (186)
Impairment of
long-lived assets (1,562) -- -- (1,562) -- --
Gain on sale of
development
properties 1,527 -- -- 1,527 387 55
-------- -------- ------- --------- ---------- --------
Income/(Loss) from
operations((2) )( (3)
() 8,491 (5,849) (836) 38,736 2,774 397
-------- -------- ------- --------- ---------- --------
Other income/(expenses)
Share of results of
equity investees 556 1,883 269 2,327 8,025 1,147
Interest expense (926) (830) (119) (2,896) (2,803) (401)
Others, net((4) () 3,493 3,445 493 13,371 17,327 2,478
-------- -------- ------- --------- ---------- --------
Income/(Loss) before tax 11,614 (1,351) (193) 51,538 25,323 3,621
Income tax
(expenses)/benefits (750) 124 18 (6,878) (2,181) (312)
-------- -------- ------- --------- ---------- --------
Net income/(loss) 10,864 (1,227) (175) 44,660 23,142 3,309
-------- -------- ------- --------- ---------- --------
Net income
attributable to
non-controlling
interests
shareholders 1,010 1,486 213 3,301 3,511 502
-------- -------- ------- --------- ---------- --------
Net income/(loss)
attributable to the
Company's ordinary
shareholders 9,854 (2,713) (388) 41,359 19,631 2,807
======== ======== ======= ========= ========== ========
Net income/(loss) per
share:
Basic 3.39 (0.97) (0.14) 13.83 6.89 0.99
Diluted 3.23 (1.04) (0.15) 13.43 6.45 0.92
Net income/(loss) per
ADS:
Basic 6.79 (1.93) (0.28) 27.67 13.79 1.97
Diluted 6.47 (2.07) (0.29) 26.86 12.90 1.84
JD.com, Inc.
Unaudited Condensed Consolidated Statements of Operations
(In millions, except per share data)
For the three months ended For the year ended
-------------------------------- ------------------------------
December December December
December 31, December 31, 31, December
31, 2024 2025 31, 2025 2024 2025 31, 2025
---------- -------- ---------- -------- -------- ----------
RMB RMB US$ RMB RMB US$
(2) Includes share-based compensation as follows:
Cost of
revenues (26) (33) (5) (80) (87) (12)
Fulfillment (115) (170) (24) (424) (473) (68)
Marketing (50) (110) (16) (273) (313) (45)
Research and
development (88) (324) (46) (599) (1,144) (164)
General and
administrative (517) (507) (73) (1,623) (2,709) (387)
----- ------- ----- ------- ------- ------
Total (796) (1,144) (164) (2,999) (4,726) (676)
===== ======= ===== ======= ======= ======
(3) Includes amortization of business cooperation
arrangements and intangible assets resulting from
assets and business acquisitions as follows:
Fulfillment (72) (49) (7) (288) (197) (28)
Marketing (229) (189) (27) (903) (886) (126)
Research and
development (53) (36) (5) (205) (144) (21)
General and
administrative -- -- -- (64) -- --
----- --- ------- ----- --- ------- ------- ------
Total (354) (274) (39) (1,460) (1,227) (175)
===== ======= ===== ======= ======= ======
(4) "Others, net" consists of interest income; gains/(losses)
related to long-term investments without significant
influence, including fair value changes, acquisitions
or disposals gains/(losses), and impairments; government
incentives; foreign exchange gains/(losses); and other
non-operating income/(losses).
JD.com, Inc.
Unaudited Non-GAAP Net Income Per Share and Per ADS
(In millions, except per share data)
For the three months ended For the year ended
---------------------------- ----------------------------
December December December December December December
31, 31, 31, 31, 31, 31,
2024 2025 2025 2024 2025 2025
-------- -------- -------- -------- -------- --------
RMB RMB US$ RMB RMB US$
Non-GAAP net
income
attributable
to the
Company's
ordinary
shareholders 11,294 1,084 155 47,827 27,032 3,866
Non-GAAP net
income per
share:
Basic 3.89 0.39 0.06 16.00 9.49 1.36
Diluted 3.71 0.29 0.04 15.53 8.91 1.27
Non-GAAP net
income per
ADS:
Basic 7.78 0.77 0.11 31.99 18.99 2.72
Diluted 7.42 0.57 0.08 31.07 17.82 2.55
Weighted
average
number of
shares:
Basic 2,903 2,811 2,990 2,847
Diluted 3,041 2,939 3,076 2,978
JD.com, Inc.
Unaudited Condensed Consolidated Statements of Cash
Flows and Free Cash Flow
(In millions)
For the three months ended For the year ended
---------------------------- ------------------------------
December December December December December
31, 31, 31, 31, 31, December
2024 2025 2025 2024 2025 31, 2025
-------- -------- -------- -------- -------- ----------
RMB RMB US$ RMB RMB US$
Net cash provided
by operating
activities 24,891 20,879 2,985 58,095 18,991 2,716
Net cash (used
in)/provided by
investing
activities (12,483) 17,532 2,507 (871) 41,832 5,982
Net cash used in
financing
activities (2,784) (15,005) (2,146) (21,004) (26,728) (3,822)
Effect of exchange
rate changes on
cash, cash
equivalents and
restricted cash 1,136 884 127 98 (186) (27)
------- ------- ------- ------- ------- ------
Net increase in
cash, cash
equivalents and
restricted cash 10,760 24,290 3,473 36,318 33,909 4,849
Cash, cash
equivalents and
restricted cash at
beginning of
period, including
cash and cash
equivalents
classified within
assets held for
sale 104,956 125,335 17,923 79,451 115,716 16,547
Less: Cash, cash
equivalents and
restricted cash
classified within
assets held for
sale at beginning
of period (2) --* --* (53) --* --*
------- -------- -------- ------- -------- ----------
Cash, cash
equivalents and
restricted cash at
beginning of
period 104,954 125,335 17,923 79,398 115,716 16,547
------- ------- ------- ------- ------- ------
Cash, cash
equivalents and
restricted cash at
end of period,
including cash and
cash equivalents
classified within
assets held for
sale 115,716 149,625 21,396 115,716 149,625 21,396
Less: Cash, cash
equivalents and
restricted cash
classified within
assets held for
sale at end of
period --* --* --* --* --* --*
-------- -------- -------- -------- -------- ----------
Cash, cash
equivalents and
restricted cash at
end of period 115,716 149,625 21,396 115,716 149,625 21,396
======= ======= ======= ======= ======= ======
Net cash provided
by operating
activities 24,891 20,879 2,985 58,095 18,991 2,716
Add/(Less): Impact
from consumer
financing
receivables
included in the
operating cash
flow 1,243 1,215 174 (132) 220 31
Less: Capital
expenditures, net
of related sales
proceeds (2,664) (4,784) (684) (14,223) (12,735) (1,821)
Capital
expenditures
for
development
properties (875) (2,029) (290) (7,286) (4,098) (586)
Other capital
expenditures (1,789) (2,755) (394) (6,937) (8,637) (1,235)
------- ------- ------- ------- ------- ------
Free cash flow 23,470 17,310 2,475 43,740 6,476 926
======= ======= ======= ======= ======= ======
*Absolute value is less than RMB1 million or US$1
million.
JD.com, Inc.
Supplemental Financial Information and Business Metrics
(In RMB billions, except turnover days data)
Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
------- ------- ------- ------- -------
Cash flow and
turnover days
Operating cash flow
-- trailing twelve
months ("TTM") 58.1 51.1 24.8 23.0 19.0
Free cash flow --
TTM 43.7 37.6 10.1 12.6 6.5
Inventory turnover
days((5) () --
TTM 31.5 32.8 34.1 35.8 37.8
Accounts payable
turnover days((6)
() -- TTM 58.6 57.6 59.0 58.0 60.0
Accounts receivable
turnover days((7)
() -- TTM 5.9 6.4 7.4 8.3 8.7
(5) TTM inventory turnover days are the quotient of average inventory over the immediately preceding five quarters, up to and including the last quarter of the period, to cost of revenues of retail business for the last twelve months, and then multiplied by 360 days.
(6) TTM accounts payable turnover days are the quotient of average accounts payable for retail business over the immediately preceding five quarters, up to and including the last quarter of the period, to cost of revenues of retail business for the last twelve months, and then multiplied by 360 days.
(7) TTM accounts receivable turnover days are the quotient of average accounts receivable over the immediately preceding five quarters, up to and including the last quarter of the period, to total net revenues for the last twelve months and then multiplied by 360 days. Presented are the accounts receivable turnover days excluding the impact from consumer financing receivables.
JD.com, Inc.
Unaudited Reconciliation of GAAP and Non-GAAP Results
(In millions, except percentage data)
For the three months ended For the year ended
---------------------------------- ----------------------------------------
December
December December 31, December 31, December 31, December
31, 2024 31, 2025 2025 2024 2025 31, 2025
----------- ----------- -------- ------------- ------------- ----------
RMB RMB US$ RMB RMB US$
Income/(Loss)
from
operations 8,491 (5,849) (836) 38,736 2,774 397
Add:
Share-based
compensation 796 1,144 164 2,999 4,726 676
Add:
Amortization
of intangible
assets
resulting
from assets
and business
acquisitions 241 274 39 1,010 1,046 149
Add: Effects
of business
cooperation
arrangements 113 -- -- 450 181 26
Add:
Impairment of
goodwill and
long-lived
assets 2,361 1,303 186 2,361 1,303 186
Reversal of:
Gain on sale
of
development
properties (1,527) -- -- (1,527) (387) (55)
------- ------- ------- --------- --------- -------
Non-GAAP
income/(loss)
from
operations 10,475 (3,128) (447) 44,029 9,643 1,379
------- ------- ------- --------- --------- -------
Add:
Depreciation
and other
amortization 2,054 2,305 329 7,894 8,701 1,244
------- ------- ------- --------- --------- -------
Non-GAAP
EBITDA 12,529 (823) (118) 51,923 18,344 2,623
======= ======= ======= ========= ========= =======
Total net
revenues 346,986 352,284 50,376 1,158,819 1,309,085 187,197
Non-GAAP
operating
margin 3.0% (0.9)% 3.8% 0.7%
======= ======= ========= =========
Non-GAAP
EBITDA
margin 3.6% (0.2)% 4.5% 1.4%
======= ======= ========= =========
JD.com, Inc.
Unaudited Reconciliation of GAAP and Non-GAAP Results
(In millions, except percentage data)
For the three months ended For the year ended
---------------------------------- ----------------------------------------
December
(MORE TO FOLLOW) Dow Jones Newswires
March 05, 2026 05:00 ET (10:00 GMT)