JD.com, Inc. Q3 2025 Earnings Recap

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.