JD.com 2025 "Report Card" Released! Revenue Growth of 13%, Profit Plummets, Total Employees Surpass 900,000

On March 5th, JD.com Group released its Q4 and full-year 2025 earnings.

In Q4 2025, JD.com Group achieved revenue of 352.3 billion yuan; for the full year, revenue was 1.3091 trillion yuan, up approximately 13.0% compared to 2024. However, due to investments in new businesses, the group’s profit declined. The financial report shows that for the full year 2025, non-GAAP net profit was 27 billion yuan, compared to 47.8 billion yuan in 2024. Non-GAAP operating profit for 2025 was 9.6 billion yuan, down from 44 billion yuan in 2024. The non-GAAP operating profit margin for 2025 was 0.7%, compared to 3.8% in 2024.

Core Business: JD Retail achieved revenue of 1.1264 trillion yuan in 2025, up from 1.0159 trillion yuan in 2024. The full-year operating profit was 51.4 billion yuan (about $7.4 billion), compared to 41.1 billion yuan in 2024. JD Retail’s operating profit margin for 2025 was 4.6%, up from 4.0% in 2024.

“We closed 2025 with Q4 results in line with expectations, and the full-year performance remains steady,” said Xu Ran, CEO of JD.com Group. “We continued to see strong growth in user numbers and shopping frequency in Q4 and throughout the year. Despite fierce industry competition, our core retail business demonstrated resilience, achieving double-digit growth in both revenue and operating profit. New businesses are progressing according to strategic plans. Since inception, JD Waimai has steadily expanded, with losses narrowing each quarter. JX and international operations are opening new opportunities for long-term growth. Additionally, we have fully integrated AI into internal operations and enhanced user experiences, unlocking its transformative potential. With our strong operational capabilities and advancing AI technology, we are entering 2026 with more confidence.”

Over 15% Market Share in Food Delivery

Data shows that in one year since launch, JD Waimai has processed over 240 million orders, capturing more than 15% of the food delivery market. JD states that Qixian Xiaochu has achieved near-complete coverage within the Fifth Ring Road in Beijing, with new stores opening in Shanghai, Shenzhen, Guangzhou, Tianjin, Harbin, and other cities, aiming to cover all first- and second-tier cities by the end of 2026. JD expects that as Qixian Xiaochu accelerates expansion, JD Waimai’s market share will further increase, targeting 30% by 2026.

Additionally, in 2025, JD’s self-operated 3C digital leasing services officially launched, allowing users to rent smart humanoid robots, quadruped robots, smartphones, drones, cameras, and other trendy digital products directly. The first global store of Yushu Technology opened at JD MALL Beijing Shuangjing, creating a seamless online-offline experience for robot consumers. Data shows that during the Spring Festival broadcast, robot orders increased by 150% compared to the previous period.

In 2025, JX’s self-operated transactions grew tenfold, attracting 150 million new users, deeply connecting with 260 industrial belts nationwide, and driving nearly 100 factories in these belts to sell over one million units annually. Export-to-domestic sales helped nearly 2,000 foreign trade companies sell 180 million units. JX Farm helped over 3,200 agricultural enterprises sell 160 million units. JX Xiaodian, focusing on third-party merchant ecosystems, has over 1.35 million merchants, with order volume increasing by 50% year-over-year. The newly launched JD Index offers users a simpler, ultra-low-price shopping experience, with a repurchase rate 1.35 times higher than similar products and merchant turnover accelerating by 2.3 times.

Offline service networks continue to expand. By the end of 2025, 3C digital stores such as JD Home, JD Computer & Digital Specialty Stores, and JD Mobile & Digital Stores exceeded 4,500 locations. JD MALL has 26 stores nationwide, JD Appliance flagship stores surpassed 110, JD Car Care stores exceeded 4,000, and JD Outlets have over 50 stores across the country.

Continued Investment in Technology R&D

In terms of R&D investment, data shows that JD’s R&D expenses in Q4 2025 reached 6.7 billion yuan, a 52.0% increase from 4.4 billion yuan in the same period of 2024. R&D expenses as a percentage of revenue in Q4 2025 was 1.9%, up from 1.3% in Q4 2024. For the full year, JD’s R&D spending increased by 30.5% to 22.2 billion yuan from 17 billion yuan in 2024. The R&D expense ratio for 2025 was 1.7%, compared to 1.5% in 2024.

JD states that R&D investment in Q4 2025 grew 66% year-over-year. Since its full-scale technological transformation began in 2017, JD’s total R&D investment has reached nearly 170 billion yuan by 2025.

JoyAI’s large model has been deeply integrated into over 2,000 JD business scenarios, enabling full-chain intelligence.

In AI platforms and tools, JD launched the JoyInside brand, which has partnered with over 40 hardware brands to release multiple AI products. During JD 11.11, products equipped with JoyInside saw sales increase over 20 times compared to JD 618. By the end of 2025, the JoyAgent platform had deployed over 50,000 production-level intelligent agents internally, enhancing business insights and operational efficiency. The JoyCode platform generated over 1 billion lines of code annually, with AI-generated code accounting for 40%, greatly improving R&D efficiency. The JoyStreamer digital human platform is open to all merchants for free live streaming, serving over 50,000 businesses.

In scenarios and applications, JD Retail launched the JD AI Shopping Assistant, which not only supports shopping but also engages in natural conversations with users. JD Logistics’ “Super Brain + Wolf Pack” has been used at scale to support full-chain intelligent fulfillment. JD Health’s AI doctor “Dawei” has completed hundreds of millions of interactions, and the hospital AI product “JD Zhuoyi” has been implemented in multiple hospitals. JD Industrial’s large model JoyIndustrial+ and 40 dedicated intelligent agents are applied in high-value industrial supply chain scenarios, integrating massive vertical data and industry-specific use cases.

Global Competitiveness of Super Supply Chain Capabilities

In Q4 2025, JD Europe’s online retail business Joybuy launched trial operations in the UK, Germany, the Netherlands, France, Belgium, and Luxembourg, with a full launch scheduled for March 2026.

By the end of 2025, JD Logistics’ overseas warehouses, bonded warehouses, and direct mail warehouses totaled nearly 200 facilities, covering nearly 2 million square meters across 25 countries. JD’s first overseas Smart Wolf warehouse was put into operation in the UK. JD Express has also launched in multiple European countries and Saudi Arabia, offering same-day and next-day delivery in major cities in the UK, Germany, the Netherlands, and France, along with door-to-door delivery, cold chain logistics for fresh goods, large-item delivery and installation, and returns. JD Logistics has introduced large-item delivery services in Malaysia and Singapore.

JD continues expanding into Asia-Pacific, Europe, and the Middle East. In Q4 2025, JD’s production and supply chain in the UK completed the layout of nine high-standard warehouses in the “Golden Triangle” logistics zone, launched a smart logistics hub in Jeddah with Saudi MODON, and completed joint acquisitions of logistics infrastructure in Singapore with international partners.

Recently, JD Group signed a strategic cooperation agreement with the China-Britain Business Council (CBBC) to build a bridge for Chinese and UK brand cooperation. It also signed an MOU with DHL Group to help German brands deepen their presence in the Central European market.

Total HR Expenditure Reached 157.2 Billion Yuan in 2025

As one of the largest private employers, JD employed over 900,000 people by the end of 2025. Total HR expenses for JD’s system reached 1.572 trillion yuan, an increase of 33.7 billion yuan from 2024.

In Q4 2025, with the latest batch of full-time JD delivery riders moving into the “JD Brother’s Home” in Tongzhou, Beijing, JD provided 28,000 housing units for frontline employees. Over the next five years, JD plans to invest 22 billion yuan to support 150,000 “Brother’s Homes” through leasing, self-building, and housing support funds, further improving living conditions for delivery riders and couriers. Guangdong Province and JD jointly established the country’s first “Modern Rider Academy,” exploring a government-enterprise-school cooperation model for high-skill rider training and career advancement.

During the 2026 Spring Festival, JD invested over 1.3 billion yuan over nine days to provide frontline employees with benefits and protections exceeding national standards. In early 2026, JD was recognized as an “Advanced Private Enterprise in Employment and Social Security,” acknowledging its outstanding performance in stabilizing employment, safeguarding employee rights, and building harmonious labor relations. In 2025, JD ranked on Forbes’ list of the World’s Best Employers for the ninth consecutive year, the only Chinese company in the global retail sector to do so.