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Q1 25 EPS
$1.16
MISS 83.63%
Est. $7.09
Q1 25 Revenue
$41.49B
MISS 85.72%
Est. $290.59B
vs S&P Since Q1 25
-57.3%
TRAILING MARKET
JD -30.1% vs S&P +27.3%
Market Reaction
Did JD Beat Earnings? Q1 2025 Results
JD.com posted a notable miss in its first quarter of 2025, with earnings per share of $1.16 falling 83.63% short of the $7.09 consensus estimate, while revenue of $41.49 billion came in 85.72% below expectations and declined 84.0% year-over-year, fig… Read more JD.com posted a notable miss in its first quarter of 2025, with earnings per share of $1.16 falling 83.63% short of the $7.09 consensus estimate, while revenue of $41.49 billion came in 85.72% below expectations and declined 84.0% year-over-year, figures that, in context, reflect currency conversion and reporting differences between ADS-level and RMB-denominated results rather than an operational collapse. In local-currency terms, the underlying business told a markedly different story: net revenues rose 15.8% in yuan terms, driven by 16.2% growth in product revenues and 14.0% growth in services, with the flagship JD Retail segment expanding its operating margin to 4.9%. The quarter's most material wildcard was the February launch of JD Food Delivery, which widened New Businesses operating losses significantly as the company leaned into what management characterized as a synergistic extension of its logistics and retail ecosystem. Looking ahead, JD announced an export-to-domestic procurement program targeting at least $200.00 billion in goods, while institutional investors holding 46% of shares will be watching closely whether these high-growth bets translate into durable long-term returns.
Key Takeaways
- • Improving consumer sentiment in China
- • Continued enhancements to supply chain capabilities and user experience
- • Strong user growth reflecting increasing trust and mindshare
- • Double-digit growth in both product and service revenues
- • Electronics and home appliances category leading with 17.1% YoY growth
- • JD Retail operating margin expansion to 4.9% from 4.1% YoY
JD YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
JD Revenue by Segment
With YoY comparisons, source: SEC Filings
“We saw a strong start to the year, with solid results on both the top and bottom lines in Q1. Our performance was supported by improving consumer sentiment and continued enhancements to JD's supply chain capabilities and user experience. User growth was particularly strong during the quarter, reflecting the increasing trust and mindshare JD has earned from consumers and further strengthening our ecosystem. We are also seeing encouraging signs from new initiatives, and we believe these emerging opportunities will further position us for long-term, high-quality growth.”
— Sandy Xu, Q1 2025 Earnings Press Release
JD Earnings Trends
JD vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
JD EPS Trend
Earnings per share: estimate vs actual
JD Revenue Trend
Quarterly revenue: estimate vs actual
JD Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $3.64 | $0.74 | -79.66% | $45.77B | -85.28% |
| Q4 25 MISS FY | $0.67 | $0.08 | -88.08% | $352.28B | -0.17% |
| FY Full Year | $17.92 | $2.55 | -85.77% | $1.31T | -0.08% |
| Q3 25 MISS | $2.89 | $0.52 | -82.01% | $299.06B | +1.74% |
| Q2 25 MISS | $3.56 | $0.69 | -80.59% | $49.79B | -85.17% |
| Q1 25 MISS | $7.09 | $1.16 | -83.63% | $41.49B | -85.72% |