JD.Com (JD) Reports Third Quarter 2025 Earnings Results

JD.com">JD.com, Inc. today announced its financial results for the most recent quarter, revealing a significant miss on both earnings and revenue expectations. The company reported earnings per share of $0.48, falling short of the estimated $2.75, while revenue totaled $42.01 billion, significantly below the anticipated $294.64 billion. This disappointing performance highlights ongoing challenges for the e-commerce giant in a competitive market.

Key Highlights

• Net Revenues: RMB 299.1 billion (US$ 142.0 billion) for Q3 2025, a 14.9% increase from Q3 2024.
• Net Income: RMB 5.3 billion (US$ 0.7 billion) for Q3 2025, down from RMB 11.7 billion in Q3 2024.
• JD Retail Performance: Net revenues of RMB 250.6 billion (US$ 35.2 billion), an 11.4% increase year-on-year.
• User Growth: Annual active customers surpassed 700 million in October 2025.
• Strategic Initiatives: JD Supermarket announced five initiatives to expand its user base over the next three years.
• JD Logistics Expansion: New warehouse opened in Dubai, enhancing logistics capabilities in the Middle East.
• JD Health Partnerships: Collaborated with major pharmaceutical companies to launch innovative drugs and health products.

Summary

JD.com reported its financial results for the third quarter of 2025, showcasing a robust growth in net revenues, which reached RMB 299.1 billion, marking a 14.9% increase compared to the same period last year. However, net income saw a decline to RMB 5.3 billion from RMB 11.7 billion in Q3 2024, attributed to increased investments in new business initiatives. CEO Sandy Xu highlighted the company’s strong growth in user base and shopping frequency, stating, “Our core JD Retail has built a growth matrix where multiple drivers complement each other.” This reflects JD.com’s confidence in solidifying its market position, particularly in electronics and home appliances, while also unlocking growth potential in general merchandise and advertising services.

The company is actively pursuing strategic initiatives to enhance its operations, including JD Supermarket’s five new initiatives aimed at expanding its user base and the launch of the “JD FASHION” label for apparel. JD Logistics is also expanding its international footprint with a new warehouse in Dubai, while JD Health is enhancing its offerings through partnerships with leading pharmaceutical companies. CFO Ian Su Shan noted, “JD Retail revenues were up 11.4% year-on-year in the quarter,” emphasizing the healthy momentum across business lines that will drive future growth.

JD.com">JD.com, Inc. (JD) has experienced a notable decline in its stock price over the past year, with a drop of nearly 11%. This downward trend is reflected in the recent price changes, including a 2.47% decrease over the past week alone. Despite these challenges, the company’s fundamentals present a mixed picture. With a remarkably low price-to-earnings ratio of just 1.23, JD appears undervalued compared to its peers, suggesting potential for recovery. However, the company’s free cash flow has seen a significant contraction, with a two-year compound annual growth rate (CAGR) of -50.12%, raising concerns about its financial health. On a brighter note, JD boasts a solid return on invested capital of 10.37% and a respectable net profit margin of 3.17%, indicating that it can generate profits from its investments. As the company navigates these turbulent waters, investors will be keenly watching for signs of a turnaround in both its stock performance and financial metrics.

JD.com">JD.com, Inc. operates as a supply chain-based technology and service provider in the People’s Republic of China. The company offers computers, communication, and consumer electronics products, as well as home appliances; and general merchandise products comprising food, beverage and fresh produce, baby and maternity products, furniture and household goods, cosmetics and other personal care items, pharmaceutical and healthcare products, industrial products, books, automobile accessories, apparel and footwear, bags, and jewelry. It also provides online marketplace services for third-party merchants; marketing services; and omni-channel solutions to customers and offline retailers, as well as online healthcare services. In addition, the company develops, owns, and manages its logistics facilities and other real estate properties to support third parties; offers asset management services and integrated service platform; leasing of storage facilities and related management services; and engages in online retail business. Further, it provides integrated data, technology, business, and user management industry solutions to support the digitization of enterprises and institutions; and technology-driven supply chain solutions and logistics services. The company was formerly known as 360buy Jingdong Inc. and changed its name to JD.com, Inc. in January 2014. JD.com, Inc. was incorporated in 2006 and is headquartered in Beijing, the People’s Republic of China.