JD.com (JD) Q1 2025 Earnings
How Did JD Stock React to Q1 2025 Earnings?
S&P 500 over the same 30 days: +1.73%.
Did JD Beat Earnings? Q1 2025 Results
No. JD.com reported Q1 2025 earnings of $1.16 a share on May 13, 2025, missing the $7.09 consensus estimate by 83.6%. Revenue was $41.5B against a $290.6B estimate.
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 <a href="https://247wallst.com/investing/2025/09/04/3-high-growth-tech-stocks-set-to-double-by-2027/">high-growth bets</a> translate into durable long-term returns.
- 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
“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.”
JD.com CEO, on the earnings call
What Was JD.com's Outlook in Q1 2025?
JD.com's CEO expressed confidence that emerging opportunities from new initiatives, including the food delivery business, will further position the company for long-term, high-quality growth. The company announced an export-to-domestic sales program to procure no less than RMB200 billion worth of export-oriented goods for domestic sales, working with Chinese manufacturers. Management highlighted improving consumer sentiment and strong user growth momentum as favorable trends. The CFO noted continued commitment to shareholder returns through dividends and share repurchases.
JD YoY Financials
| Metric | Q1 2025 | Q1 2024 | Year over year |
|---|---|---|---|
| Revenue | $41.5B | $260.1B | −84.1% |
| Gross Profit | $6.6B | $39.4B | −83.3% |
| Operating Income | $1.5B | $7.7B | −81.2% |
| Net Income | $1.5B | $7.1B | −79.0% |
JD Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.