【9618 Performance】JD.com Q4 revenue increased by 1.5%; adjusted net profit dropped 90% to 1.1 billion RMB, still beating expectations; new business operating loss of 14.8 billion RMB

JD.com (09618) Announces Q4 2025 Results, Revenue of 352.3 billion RMB, up 1.5% Year-over-Year, beating the expected 349.89 billion RMB; Recorded a net loss of 2.7 billion RMB, compared to a profit of 9.854 billion RMB in the same period last year; Adjusted net profit of 1.1 billion RMB, down 90.3% YoY, beating the expected 547 million RMB. JD ADR (NYSE: JD) pre-market up 0.4%, at $25.51.

In the quarter, JD Retail’s operating profit was 9.8 billion RMB, down 2% YoY, with an operating margin of 3.2%, a slight decrease of 0.1 percentage points from the same period in 2024; JD Logistics recorded an operating profit of 1.884 billion RMB, up 3.3% YoY.

New Business Segment’s Operating Loss Expanded to 14.8 billion RMB in Q4 Last Year

Market attention on the new business segment, represented by food delivery, which saw quarterly revenue double to 14.085 billion RMB, but operating losses also widened sharply to 14.8 billion RMB, from 890 million RMB in the same period in 2024. The new businesses include JD Food Delivery, JD Industrial Development, JX, and overseas operations.

JD stated that the food delivery business remains healthy, with steady order volume growth and a healthier order structure. Additionally, total investment in food delivery continued to decrease quarter-over-quarter in Q4.

CEO: Confident in More Diversified Profit Sources

JD CEO Xu Ran said the company closed the fourth quarter with results in line with expectations, with stable performance in 2025, and continued strong growth in user numbers and shopping frequency. She also mentioned that despite fierce industry competition, the core retail business demonstrated resilience, achieving double-digit growth in both revenue and operating profit for the full year.

JD CFO Shan Su stated that although categories like consumer electronics were affected by high base effects, categories such as daily necessities, platform, and advertising revenue remained strong, leading to a more diversified revenue structure. With improved profitability across categories and a higher proportion of high-margin businesses like advertising, the company is confident in more diversified profit sources. Despite short-term fluctuations in Q4, financial health remains robust, and the full-year outlook for 2025 remains on track.

For the full year, JD recorded a net profit of 19.6 billion RMB, down 53% YoY; adjusted net profit was 27 billion RMB, down 43.5% YoY.

(Updating)

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