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Q2 25 EPS
$0.69
MISS 80.59%
Est. $3.56
Q2 25 Revenue
$49.79B
MISS 85.17%
Est. $335.64B
vs S&P Since Q2 25
-35.2%
TRAILING MARKET
JD -19.4% vs S&P +15.8%
Market Reaction
Did JD Beat Earnings? Q2 2025 Results
JD.com delivered a sharply mixed second quarter for 2025, posting revenue of $49.79 billion, up 22.4% year-over-year, while falling well short of analyst expectations, with EPS of $0.69 missing the $3.56 consensus by 80.59% and revenue coming in 85.1… Read more JD.com delivered a sharply mixed second quarter for 2025, posting revenue of $49.79 billion, up 22.4% year-over-year, while falling well short of analyst expectations, with EPS of $0.69 missing the $3.56 consensus by 80.59% and revenue coming in 85.17% below the $335.64 billion estimate. The headline driver behind the earnings shortfall was a massive ramp-up in strategic spending, particularly on JD Food Delivery, where marketing expenses surged 127.6% and the New Businesses segment alone generated an operating loss of $14.78 billion at a negative 106.7% margin. Offsetting that pain, JD Retail remained resilient, growing revenue 20.6% and expanding its operating margin to a record 4.5% for a promotional quarter, with gross margin rising year-over-year for thirteen consecutive quarters. Management signaled it will continue investing in food delivery and new growth initiatives at a measured pace, framing near-term profit pressure as a deliberate trade-off for long-term value creation.
Key Takeaways
- • Robust growth in user traffic, quarterly active customers, and user shopping frequency
- • JD Retail 20.6% revenue growth with record 4.5% operating margin during promotion quarter
- • Net product revenues increased 20.7% driven by electronics and home appliances growth of 23.4%
- • Net service revenues increased 29.1% driven by logistics and other services growth of 34.3%
- • New Businesses revenue surged 198.8% YoY driven by JD Food Delivery expansion
- • JD Retail gross margin rising year-over-year for thirteen consecutive quarters
JD YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
JD Revenue by Segment
With YoY comparisons, source: SEC Filings
“In the second quarter, we saw robust growth in user traffic, quarterly active customers, and user shopping frequency on JD's platform, driven by sustained momentum across both our core JD Retail business and New Businesses including JD Food Delivery.”
— Sandy Xu, Q2 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% |