JD.com 2025 Financial Report: Revenue Growth and Profit Pressure, New Business Expansion and AI Empowerment Show Results

JD.com Group recently announced its financial results for Q4 and the full year of 2025. The data shows the company’s annual revenue maintained double-digit growth, but there was a net loss in Q4, mainly due to investments in new business strategies. Despite this, JD.com still announced cash dividends and continued share repurchase plans, demonstrating confidence in long-term development.

According to the financial report, JD.com’s total revenue for 2025 reached 1.3091 trillion yuan, a 13.0% year-over-year increase. Among them, the daily consumer goods category performed well, achieving double-digit growth for five consecutive quarters, with full-year revenue up 15.3% year-over-year, accounting for over 40% of merchandise revenue, setting a new annual high. The supermarket category maintained double-digit growth for eight consecutive quarters. Service revenue grew 23.6% year-over-year, accounting for 21.8% of total revenue, also hitting a new high. The electronics category, affected by a high base, grew 7.1% year-over-year.

In terms of profit, JD.com faced certain pressures. The net profit attributable to ordinary shareholders for 2025 was 19.6 billion yuan, down 52.7% year-over-year; non-GAAP net profit was 27 billion yuan, down 43.5%. JD Retail remains the core revenue pillar, with full-year operating profit of 51.4 billion yuan, up 25.1%, and operating profit margin increased from 4.0% to 4.6%. Q4 operating profit was 9.8 billion yuan, with a stable operating margin of 3.2%.

JD.com CEO Xu Ran stated at the earnings conference that in 2026, the electronics category will face phased pressure in the first half due to a high base, but the pressure will ease compared to Q4 2025, and growth is expected to gradually recover in the second half. She also pointed out that rising storage chip costs will cause fluctuations in electronic product prices, potentially impacting sales.

Regarding new business expansion, JD.com continues to push offline growth. By the end of Q4 2025, JD MALL had 26 stores nationwide, JD Appliances flagship stores exceeded 110, and offline 3C digital stores surpassed 4,500. The instant retail business “JD Fashion Same-Day Delivery” has over 1,000 merchants, with store numbers growing threefold year-over-year. In overseas markets, JD’s European online retail platform Joybuy has launched trial operations in the UK, Germany, France, and three other countries, with plans to officially launch in March 2026.

On the expense side, JD.com’s expenditures all increased. Full-year marketing expenses rose 75.1% to 84 billion yuan, R&D expenses increased 30.5% to 22.2 billion yuan, and fulfillment costs grew 25.2% to 88.2 billion yuan, mainly for new business promotion, technology R&D, and fulfillment capacity optimization. By the end of 2025, JD’s total staff exceeded 900,000, with total HR expenses reaching 157.2 billion yuan, an increase of 33.7 billion yuan from 2024.

Xu Ran revealed that JD’s food delivery business is steadily expanding, with losses narrowing each quarter, and AI has been fully integrated into internal operations. In 2025, JD Food Delivery underwent significant R&D adjustments, and in 2026, the company will continue to strengthen core capabilities, with total investment expected to decrease compared to 2025. The food delivery business will optimize subsidy strategies, implement refined regional operations, and develop innovative business models deeply integrated with the JD ecosystem.

AI technology applications at JD continue to deepen. By the end of Q4, the digital human JoyStreamer served over 50,000 merchants, and the number of internal intelligent agents exceeded 50,000. Ecosystem products powered by JoyInside smart branding saw sales increase over 20 times during the “11.11” shopping festival compared to “6.18.”

In shareholder returns, JD.com announced approval of its 2025 cash dividend plan, with $0.5 per common share or $1.0 per American Depositary Share, totaling approximately $1.4 billion. The company also continued its share repurchase plan, buying back 183.2 million Class A ordinary shares in 2025, totaling about $3 billion, representing 6.3% of the total outstanding shares at the end of 2024. As of December 31, 2025, the remaining amount for the repurchase plan was $2 billion.