JD.com Inc
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +1.02%.
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-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 $2.8909 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.
- 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
“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.”
JD.com CEO, on the earnings call
Forward Guidance & Outlook
Management expressed confidence in further solidifying market leadership in electronics and home appliances despite a high trade-in base, and sees vast growth potential in general merchandise and advertising services. JD Food Delivery is expected to continue scaling with improving unit economics and reduced investment over time. The company plans to keep investing in new business initiatives while expecting improved financial models over time. The overall strategy centers on unlocking synergies across business lines for long-term ecosystem value.
JD YoY Financials
JD Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.