JD.com Inc. reported a net loss of 2.71 billion yuan (US$392.9 million) for the fourth quarter of 2025, the first quarterly loss the company has recorded since early 2022. The loss contrasts with a net income of 9.85 billion yuan in the same period a year earlier, and analysts had expected a smaller loss of 203.6 million yuan.
Revenue for the quarter reached 352.3 billion yuan, roughly US$50.4 billion, up 1.5 % year‑over‑year and beating the consensus estimate of US$50.22 billion. The top‑line growth was driven by a 20.1 % increase in service revenue, a 22 % rise in logistics revenue, and a 200.9 % surge in new‑business revenue, which together offset the modest decline in legacy retail sales.
On a non‑GAAP basis, JD’s adjusted net profit fell to 1.08 billion yuan from 11.29 billion yuan in Q4 2024. Adjusted earnings per ADS were $0.08, a beat over the forecasted 3‑cent loss, but the non‑GAAP EPS of RMB0.57 missed consensus estimates of RMB0.67. The divergence reflects heavy investment in new‑business initiatives and subsidies for the food‑delivery segment, which have increased marketing spend by 50.6 % to $3.6 billion in the quarter.
JD Retail, the company’s core retail engine, posted operating income of 9.8 billion yuan with a margin of 3.2 %, essentially unchanged from the prior year. Full‑year operating income for JD Retail rose to 51.4 billion yuan, with an improved margin of 4.6 %. Management noted that competition in the food‑delivery market has pressured margins, while the core retail business continues to grow double‑digit revenue and operating profit.
Full‑year results showed revenue of 1,309.1 billion yuan (US$187.2 billion), up 13 % from the previous year, but net income attributable to shareholders fell to 19.6 billion yuan from 41.4 billion yuan. Consolidated operating margin contracted to –1.7 % from 2.4 % year‑over‑year, a sharp compression driven by the company’s increased marketing spend and subsidies for new‑business growth.
Market reaction was muted as investors weighed the first quarterly loss, the sharp decline in consolidated profitability, and the company’s continued heavy spending on new‑business initiatives. Management emphasized the resilience of JD Retail, the strategic importance of the new‑business pipeline, and the company’s commitment to shareholder returns through dividends and share repurchases.
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