JD.com, Inc. Earnings Recaps
Q2 2026
Aug 15, 2026
JD.com’s shares dropped 8.1% after earnings as investors reacted negatively to a cautious outlook and signs of deceleration in consumer electronics revenue, despite margin improvements and reduced losses in new businesses.
Key takeaways
- JD Retail’s electronics and home appliances revenue moderated due to a high comparison base and upstream price pressures, with momentum only picking up late in the quarter.
- Gross margin for JD Retail expanded 1.3 percentage points year-on-year to 18.5%, driven by supply chain scale and higher-margin marketplace revenues.
- Operating margin in JD Retail reached a record 4.6% for a peak promotional quarter, reflecting disciplined, ROI-focused marketing spend.
- JD Food Delivery narrowed losses by over 50% year-on-year while maintaining healthy order momentum, contributing to significant improvement in unit economics.
- Management highlighted a cautious outlook for Q3, expecting JD Retail’s top-line growth to reaccelerate as the trade-in program’s high comparison base fades, indicating near-term pressure on revenue growth.
Q3 2025
Nov 14, 2025
JD.com demonstrated robust Q3 2025 performance, achieving a 15% rise in total revenues year-on-year while expanding its active customer base significantly.
Key takeaways
- Quarterly active customer count rose over 40% year-on-year, surpassing 700 million, with strong growth in JD Plus membership.
- Core retail revenues increased by 11% to RMB 251 billion, boosted by exceptional growth in the general merchandise category (19% year-on-year).
- Marketplace and marketing revenues surged 24% year-on-year, marking four consecutive quarters of double-digit growth, driven by enhanced advertising efficiency.
- JD Food Delivery showed double-digit quarter-on-quarter GMV growth, narrowing operating losses and reinforcing synergies with the core retail business.
- Management remains optimistic about continued market share expansion and improved profitability across business segments.
Q2 2025
Aug 14, 2025
JD.com reported robust second-quarter revenues of RMB 357 billion, reflecting a 22% year-on-year increase, while its core retail segment demonstrated improved profitability despite significant investments in new business ventures.
Key takeaways
- Non-GAAP net income declined to RMB 7.4 billion from RMB 14.5 billion year-on-year due to substantial investments in new initiatives, particularly food delivery.
- JD Retail's non-GAAP operating profit rose 38% year-on-year, reaching RMB 13.9 billion, with an operating margin improvement to 4.5%.
- Quarterly active customer growth accelerated over 40% year-on-year, with user shopping frequency increasing over 40% and over 50% for JD Plus members.
- Strong performance across categories, with electronics and home appliances up 23% and general merchandise up 16% year-on-year.
- JD Food Delivery showed rapid growth with increasing daily order volumes and significant synergies with JD Retail, enhancing overall user engagement and traffic.