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Q3 25 EPS
$0.52
MISS 82.01%
Est. $2.89
Q3 25 Revenue
$299.06B
BEAT +1.74%
Est. $293.95B
vs S&P Since Q3 25
-29.1%
TRAILING MARKET
JD -18.0% vs S&P +11.1%
Market Reaction
Did JD Beat Earnings? Q3 2025 Results
JD.com delivered a tale of two stories in Q3 2025, posting revenue that cleared expectations while earnings fell sharply short as aggressive investment in new businesses weighed heavily on the bottom line. Total net revenues climbed 14.8% year-over-y… Read more JD.com delivered a tale of two stories in Q3 2025, posting revenue that cleared expectations while earnings fell sharply short as aggressive investment in new businesses weighed heavily on the bottom line. Total net revenues climbed 14.8% year-over-year to $299.06 billion, edging past the $293.95 billion consensus by 1.74%, and the company reached a milestone of over 700 million annual active customers. But profitability told a starkly different story: non-GAAP diluted EPS came in at just $0.52, missing the $2.89 consensus by 82.01%, as the fledgling JD Food Delivery unit recorded a $15.74 billion operating loss on marketing expenses that more than doubled to $21.05 billion. The New Businesses segment, posting a negative 100.9% operating margin, single-handedly turned consolidated GAAP operating income deeply negative. Management acknowledged the drag but expressed confidence that food delivery unit economics are improving and that sequential investment is declining, framing today's losses as the cost of building tomorrow's ecosystem advantage across retail, logistics, and platform monetization.
Key Takeaways
- • Strong growth in both user base and shopping frequency, with annual active customers surpassing 700 million
- • General merchandise category revenue growth accelerated to 18.8% YoY
- • Marketplace and marketing revenues grew 23.7% YoY as advertising monetization improved
- • Net service revenues increased 30.8% reflecting platform and logistics growth
- • JD Retail operating margin expanded to 5.9% from 5.2% year-over-year
JD YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
JD Revenue by Segment
With YoY comparisons, source: SEC Filings
“In the third quarter, we continued to see strong growth in both user base and shopping frequency, and the number of our annual active customers surpassed a new milestone of 700 million in October. Our core JD Retail has built a growth matrix where multiple drivers complement each other. We are confident to further solidify our leading market position in electronics and home appliances despite the high trade-in base, and unlock vast growth potential in the general merchandise category and advertising services. In addition, as JD Food Delivery continued to scale up and generate deeper synergies with JD Retail, it also achieved sequential investment reduction in Q3, thanks to its improved unit economics performance. Overall, we have seen healthy progress across our business lines, and believe they will work in synergies to unlock the full potential of our broader business ecosystem for the long term.”
— Sandy Xu, Q3 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% |