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Jun 30
JD.com Q2 2025 Earnings Report
JD.com reported strong top-line growth in Q2 2025 but faced declining profitability due to increased operating expenses.
Key Takeaways
JD.com generated $49.8 billion in revenue during Q2 2025, up 22% year-over-year, though net income declined by 8% as marketing and fulfillment expenses rose significantly.
Revenue increased 22% year-over-year to $49.8 billion.
Net income fell 8% YoY to $862 million due to rising expenses.
EPS dropped to $0.58, while non-GAAP EPS stood at $0.69.
Marketplace and marketing revenues surged 34.8% YoY.
JD.com
JD.com
JD.com Revenue by Segment
JD.com Revenue by Geographic Location
Revenue by Segment
Electronics & Appliances Revenue
CapyFin.comGeneral Merchandise Revenue
CapyFin.comMarketplace & Marketing Revenue
CapyFin.comLogistics & Other Svcs Revenue
CapyFin.comJD Retail Revenue
CapyFin.comJD Logistics Revenue
CapyFin.comRevenue by Geographic Location
China Revenue
CapyFin.com Forward Guidance
JD.com expects continued revenue growth in H2 2025, driven by retail momentum and investment in user experience, but margins may remain under pressure.
Positive Outlook
- Strong demand in electronics and general merchandise
- Marketplace & marketing revenue growth of 34.8% YoY
- Retail business outpaced overall market
- Improved user experience driving engagement
- Diversified revenue base with logistics and services
Challenges Ahead
- Operating and net margins declined YoY
- Marketing and fulfillment costs increased significantly
- Declining net income despite higher revenue
- Weak margin guidance due to competitive pressure
- No specific EPS or revenue guidance for Q3
Revenue & Expenses
Visualization of income flow from segment revenue to net income