JD.com's latest earnings release! Active users exceed 700 million

【Introduction】JD.com’s revenue and active users both achieve double-digit growth in 2025, with core business strengthening and a diversified revenue structure

On March 5th, JD.com Group announced its Q4 and full-year 2025 results, with both annual revenue and active users increasing by double digits. The core retail business demonstrated resilience, and service revenue reached a new high.

At the same time, new businesses like JD Delivery and JD Buy have steadily expanded, AI technology is deeply integrated into operations and products, international supply chain deployment is accelerating, showing steady development and diverse growth drivers.

“We closed 2025 with Q4 results meeting expectations, and the full-year performance remains solid,” said JD.com CEO Xu Ran. “We continued to see strong growth in user numbers and shopping frequency in both Q4 and the full year.”

Xu Ran also mentioned, “Despite fierce industry competition, our core retail business shows resilience, with both revenue and operating profit achieving double-digit growth for the year. New businesses are advancing according to strategic plans. Since its establishment, JD Delivery has steadily expanded, while losses have narrowed each quarter. JD Buy and international operations are opening new opportunities for long-term growth.”

Optimized Revenue Structure

User Base and Engagement Growth

Financially, JD.com’s 2025 revenue reached 1.3091 trillion RMB, a 13% year-over-year increase. Service revenue grew 23.6% YoY, accounting for 21.8% of total revenue, reaching a new annual high, making the revenue structure more diversified.

Among product revenue, daily essentials categories achieved double-digit growth for five consecutive quarters, with a 15.3% increase year-over-year, accounting for over 40% of product revenue. Supermarket categories have maintained double-digit growth for eight consecutive quarters. The electronics category, despite a high base last year, still grew 7.1% YoY.

Net profit under non-GAAP measures for 2025 was 27 billion RMB. JD Retail’s operating profit also achieved double-digit growth, with an operating margin of 4.6%.

Users are the foundation of growth. In 2025, JD’s annual active users exceeded 700 million. Quarterly active users and shopping frequency both increased by over 30% YoY, maintaining strong growth momentum in user scale and engagement.

New Businesses and AI as New Growth Points

On the business front, JD continues to strengthen its supply chain and user experience advantages as “China’s No. 1 brand e-commerce platform.” The launch of the “Hundred Billion Supermarket” channel and expansion of fashion express delivery networks have jointly promoted consumption upgrades.

In new businesses, JD Delivery, launched a year ago, has served over 240 million orders, capturing more than 15% market share, with plans to reach 30% by the end of 2026. JD Buy has attracted 150 million new users and deeply links with 260 industrial belts nationwide. Innovative models like 3C digital leasing and robot experience stores are also well received; during the Spring Festival Gala, robot orders increased by 150% quarter-over-quarter.

AI technology has become a key engine driving business development. In Q4 2025, JD’s R&D investment grew 66% YoY, with over 2,000 business scenarios implemented using JoyAI large models.

For consumers, AI-powered toys and robots are entering thousands of households through JoyInside. For enterprises, platforms like JoyAgent and JoyCode significantly improve internal operations and R&D efficiency. JD Health’s AI doctors and JD Industrial’s large models are also deeply applied in their respective fields.

Xu Ran stated, “We have fully integrated AI into internal operations and provided smarter experiences for users, unlocking its transformative potential. With our strong operational capabilities and advancing AI technology, we are entering 2026 with more confidence.”

Global Expansion of Supply Chain Capabilities

JD’s super supply chain capabilities are transforming into international competitiveness. In Q4 2025, JD Europe’s online retail business Joybuy launched trial operations in multiple countries and will officially go live in March 2026.

JD Logistics’ overseas infrastructure continues to expand, offering high-standard services like same-day delivery and integrated delivery and installation in Europe and Southeast Asia. JD Manufacturing and Supply Chain have also completed key international layouts, helping Chinese companies “go global.”

Additionally, JD Group regards “investing in people” as core to building a sustainable business ecosystem. Financial reports show that by the end of 2025, JD’s total employee count exceeded 900,000, with annual HR expenses reaching 157.2 billion RMB, an increase of 33.7 billion RMB YoY.

JD Group continues to improve employee welfare through initiatives like “Little Brother Home,” establishing the “Modern Rider Academy,” and providing substantial benefits during the Spring Festival, earning honors such as “National Advanced Private Enterprise in Employment and Social Security.”