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Q4 25 EPS
$0.08
MISS 88.08%
Est. $0.67
Q4 25 Revenue
$352.28B
MISS 0.17%
Est. $352.89B
vs S&P Since Q4 25
-7.9%
TRAILING MARKET
JD +1.7% vs S&P +9.6%
Full Year 2025 Results
FY 25 EPS
$2.55
MISS 85.77%
Est. $17.92
FY 25 Revenue
$1.31T
MISS 0.08%
Est. $1.31T
Market Reaction
Did JD Beat Earnings? Q4 2025 Results
JD.com delivered a bruising fourth quarter, missing Wall Street expectations on both the top and bottom lines as aggressive investment spending overwhelmed modest revenue gains. The Chinese e-commerce giant posted Q4 2025 earnings per share of just $… Read more JD.com delivered a bruising fourth quarter, missing Wall Street expectations on both the top and bottom lines as aggressive investment spending overwhelmed modest revenue gains. The Chinese e-commerce giant posted Q4 2025 earnings per share of just $0.08, falling sharply short of the $2.33 consensus estimate, a 96.57% miss, while revenue of $352.28 billion edged in 0.30% below forecasts despite rising 1.5% year-over-year. The quarter's defining story was margin collapse: a GAAP operating loss of $5.85 billion swung from $8.49 billion in income a year earlier, as marketing expenses surged 50.6% and R&D spending jumped 52.0% to fund JD Food Delivery, international expansion through its Joybuy platform, and AI integration across its supply chain. Electronics revenues declined 12.0%, though general merchandise grew 12.1% and service revenues climbed 20.1%, signaling a gradual shift toward higher-margin business lines. Management expressed confidence that profit streams will diversify as these investments mature, with Joybuy's full European launch expected in March 2026 and food delivery losses narrowing sequentially each quarter.
Key Takeaways
- • Robust user growth and increased shopping frequency
- • Strong growth in general merchandise category (12.1% YoY in Q4)
- • Net service revenues growth of 20.1% in Q4 driven by marketplace, marketing and logistics
- • JD Retail full-year operating margin improvement to 4.6% from 4.0%
- • JD Logistics revenue growth of 21.9% in Q4
JD YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
JD Revenue by Segment
With YoY comparisons, source: SEC Filings
“We were pleased to close out 2025 with fourth quarter results in line with expectations, capping another solid full-year performance. We continued to see robust user growth and increased shopping frequency during both the quarter and the full year. Our core JD Retail business remained resilient, achieving double-digit growth in both revenues and operating profit for the full year despite a highly competitive industry landscape. Our new businesses progressed in line with our strategic roadmap, with food delivery steadily expanding in scale while narrowing sequential losses every quarter since its launch, and both Jingxi and international businesses continued to unlock new long-term growth opportunities. In addition, we have comprehensively integrated AI across our internal operations to deliver more intelligent user experiences and fully capitalize on its transformative potential. Supported by our strong operational capabilities and advancing AI technologies, we enter 2026 on a steady footing.”
— Sandy Xu, Q4 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% |